Financial results of Universal Insurance Company Limited for period ended Dec 31, 2015

Karachi: Universal Insurance Company Limited informed Pakistan Stock Exchange about recommendations made by the board of directors in the meeting held at Rawalpindi on April 07, 2016.

The agenda of the meeting was discussion of profit and loss account for period ended Dec 31, 2015 which portrayed a profit of Rs.129,717 and earnings per share 3.50 basic and diluted.

Further, nil payment of cash dividend, bonus shares and right shares was agreed.

The annual general meeting of the company is scheduled to be held on April 30, 2016 at Lahore.

Further, the share transfer books of the company will remain closed from April 25, 2016 to May 02, 2016 (both days inclusive).

Universal Insurance Company Limited is a public limited company incorporated in Pakistan on May 9, 1958. The foundations of the company rely on the Companies Act, 1913 now referred to as Companies Ordinance, 1984. It is engaged in the business of non-life insurance business. The services of the company includes motor insurance, marine insurance, fire insurance, miscellaneous insurance, travel insurance and claim settlement procedures. The registered office of the company is located in Lahore. The stocks of the company are quoted on Karachi and Lahore Stock Exchange of Pakistan.

The company is a part of the Bibojee Group of Companies. The operations of the company started in 1960. The reinsurers of the company are Hanover Reinsurance Company of West Germany, Somitomo Marine and Fire Insurance Company of Japan, Korean Reinsurance Company of Korea and J.B Boda& company broker of Singapore.

This clientage of the company includes Textile/Spinning Mills, Flour Mills, Sports and Surgical Manufacturers, Garment Factories, Sugar Mills, Ghee Industries and various other industrial projects the number of which runs over fifteen thousand. The company is also on the approved panel of all the local and foreign Banks/Financial Institutions/Leasing Companies and Modarabas etc.

The symbol “UVIC” is being used by the stock exchange for the shares of Universal Insurance Company Limited.