Asia Insurance Company Approves Dividend and Auditor Appointment at 43rd AGM in Lahore

Lahore, At the 43rd Annual General Meeting of Asia Insurance Company Limited, held on April 29, 2024, shareholders passed several key resolutions impacting the company’s governance and financial management. The meeting approved the minutes of the previous Extraordinary General Meeting dated January 9, 2024, and ratified the Audited Accounts for the year ended December 31, 2023, along with the associated directors’ and auditors’ reports.

The shareholders appointed M/s Ilyas Saeed & Co. as the company’s auditors for the year ending December 31, 2024, following recommendations from both the Audit Committee and the Board of Directors. The Chief Executive Officer was authorized to set the auditors’ remuneration for the upcoming year.

A final cash dividend for the year ended December 31, 2023, was declared at Rs. 0.5 per share, equivalent to 5%. This dividend, drawn from the company’s profits, is to be electronically transferred to shareholders listed in the Register of Members as of April 21, 2024.

Additionally, the renewal of lease agreements for multiple floors of Asia House in Lahore was approved for a ten-year period starting from April 1, 2024. This resolution passed despite the involvement of directors with a vested interest in the related parties. The CEO and the company secretary were authorized to execute necessary documents and take actions to implement the resolutions and comply with regulatory requirements, including the circulation of audited accounts via QR Code and a web link, adhering to a March 2023 SECP notification.