SHNI Shaheen Insurance Company Limited

Shaheen Insurance Company Limited (SHNI) balance sheet

At the end of FY2025 (Jan – Dec 2025) Shaheen Insurance Company Limited had total assets of Rs 2.9 bn, up 43.4% on FY2024. Shareholders' equity was Rs 1.1 bn (Rs 10.94 per share), 39.3% of total assets.

SHNI balance sheet (annual) (Rs mn)
Rs mn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 * Jan – Dec 2013	FY2012 Jan – Dec 2012	FY2011 Jan – Dec 2011	FY2010 Jan – Dec 2010	FY2009 Jan – Dec 2009	FY2008 Jan – Dec 2008	FY2007 Jan – Dec 2007	FY2006 Jan – Dec 2006
Assets
Cash & cash equivalents	203.7	272.9	701.1	470.5	396.6	387.3	450.9	457.7	439.2	218.3	174.4	230.4	71.5	48.5	26.3	137.0	132.7	166.8	235.9	197.4
Investments	497.8	547.1	286.3	250.1	323.6	302.7	208.7	47.8	82.7	301.8	302.8	297.7	291.1	268.4	81.1	160.3	182.6	183.3	235.2	217.8
Premium receivables	449.4	409.2	241.4	122.6	142.2	178.2	252.5	271.5	181.1	106.9	123.5	142.7	285.7	323.9	376.6	194.5	163.4	152.2	184.3	112.4
Reinsurance assets	50.8	11.8	8.0	46.3	13.9	14.6	12.7	5.6	3.7	5.7	41.7	30.1	94.6	—	—	—	—	—	—	—
Total assets	2,916.3	2,034.0	1,620.6	1,237.4	1,093.8	1,092.0	1,174.2	1,152.3	1,035.7	770.6	780.9	786.8	864.4	879.1	832.5	717.7	729.7	755.2	871.7	675.0
Liabilities
Insurance reserves	693.9	675.6	471.2	289.5	185.7	224.5	262.6	264.2	262.2	276.2	331.2	374.8	546.0	495.9	476.6	461.5	435.4	479.8	528.2	404.8
Unearned premiums	682.4	672.3	468.0	286.8	184.0	221.6	261.3	263.0	261.1	260.1	310.9	358.3	501.4	451.4	429.2	430.6	400.7	453.9	492.6	384.4
Total liabilities	1,769.2	1,026.3	776.0	505.5	406.5	436.2	553.1	468.6	421.0	364.2	414.6	446.7	687.3	595.7	567.1	521.5	504.4	547.5	592.2	455.6
Equity
Equity attributable to shareholders	1,147.1	1,007.7	844.6	731.9	687.3	655.8	621.1	683.7	614.7	406.4	366.3	340.1	177.1	283.4	265.5	196.2	225.3	207.8	279.5	219.3
Total equity	1,147.1	1,007.7	844.6	731.9	687.3	655.8	621.1	683.7	614.7	406.4	366.3	340.1	177.1	283.4	265.5	196.2	225.3	207.8	279.5	219.3
Total liabilities & equity	2,916.3	2,034.0	1,620.6	1,237.4	1,093.8	1,092.0	1,174.2	1,152.3	1,035.7	770.6	780.9	786.8	864.4	879.1	832.5	717.7	729.7	755.2	871.7	675.0
Key figures
Shares outstanding mn	104.8	104.8	104.8	104.8	104.8	104.8	104.8	104.8	104.8	78.6	78.6	78.6	52.4	52.4	45.6	37.8	37.8	43.2	43.2	75.7
Common equity	1,147.1	1,007.7	844.6	731.9	687.3	655.8	621.1	683.7	614.7	406.4	366.3	340.1	177.1	283.4	265.5	196.2	225.3	207.8	279.5	219.3
Book value per share (Rs) Rs	10.94	9.61	8.06	6.98	6.56	6.26	5.93	6.52	5.86	5.17	4.66	4.33	3.38	5.41	5.82	5.19	5.95	4.80	6.46	2.90

SHNI balance sheet — year-on-year change (Rs mn)
Rs mn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 * Jan – Dec 2013	FY2012 Jan – Dec 2012	FY2011 Jan – Dec 2011	FY2010 Jan – Dec 2010	FY2009 Jan – Dec 2009	FY2008 Jan – Dec 2008	FY2007 Jan – Dec 2007	FY2006 Jan – Dec 2006
Assets
Cash & cash equivalents	-25.4%	-61.1%	+49.0%	+18.6%	+2.4%	-14.1%	-1.5%	+4.2%	+101.2%	+25.1%	-24.3%	+222.1%	+47.5%	+84.2%	-80.8%	+3.2%	-20.4%	-29.3%	+19.5%	—
Investments	-9.0%	+91.1%	+14.5%	-22.7%	+6.9%	+45.1%	+336.3%	-42.2%	-72.6%	-0.3%	+1.7%	+2.2%	+8.5%	+231.0%	-49.4%	-12.2%	-0.4%	-22.1%	+8.0%	—
Premium receivables	+9.8%	+69.5%	+97.0%	-13.8%	-20.2%	-29.5%	-7.0%	+49.9%	+69.5%	-13.4%	-13.5%	-50.0%	-11.8%	-14.0%	+93.6%	+19.1%	+7.3%	-17.4%	+64.0%	—
Reinsurance assets	+330.1%	+47.5%	-82.7%	+232.2%	-4.3%	+14.3%	+129.1%	+51.7%	-36.2%	-86.2%	+38.5%	-68.2%	—	—	—	—	—	—	—	—
Total assets	+43.4%	+25.5%	+31.0%	+13.1%	+0.2%	-7.0%	+1.9%	+11.3%	+34.4%	-1.3%	-0.7%	-9.0%	-1.7%	+5.6%	+16.0%	-1.6%	-3.4%	-13.4%	+29.1%	—
Liabilities
Insurance reserves	+2.7%	+43.4%	+62.8%	+55.9%	-17.3%	-14.5%	-0.6%	+0.7%	-5.0%	-16.6%	-11.6%	-31.4%	+10.1%	+4.1%	+3.3%	+6.0%	-9.2%	-9.2%	+30.5%	—
Unearned premiums	+1.5%	+43.7%	+63.2%	+55.9%	-17.0%	-15.2%	-0.6%	+0.8%	+0.4%	-16.4%	-13.2%	-28.5%	+11.1%	+5.2%	-0.3%	+7.4%	-11.7%	-7.9%	+28.2%	—
Total liabilities	+72.4%	+32.3%	+53.5%	+24.4%	-6.8%	-21.1%	+18.0%	+11.3%	+15.6%	-12.2%	-7.2%	-35.0%	+15.4%	+5.1%	+8.7%	+3.4%	-7.9%	-7.6%	+30.0%	—
Equity
Equity attributable to shareholders	+13.8%	+19.3%	+15.4%	+6.5%	+4.8%	+5.6%	-9.2%	+11.2%	+51.3%	+11.0%	+7.7%	+92.0%	-37.5%	+6.7%	+35.3%	-12.9%	+8.4%	-25.7%	+27.5%	—
Total equity	+13.8%	+19.3%	+15.4%	+6.5%	+4.8%	+5.6%	-9.2%	+11.2%	+51.3%	+11.0%	+7.7%	+92.0%	-37.5%	+6.7%	+35.3%	-12.9%	+8.4%	-25.7%	+27.5%	—
Total liabilities & equity	+43.4%	+25.5%	+31.0%	+13.1%	+0.2%	-7.0%	+1.9%	+11.3%	+34.4%	-1.3%	-0.7%	-9.0%	-1.7%	+5.6%	+16.0%	-1.6%	-3.4%	-13.4%	+29.1%	—
Key figures
Shares outstanding	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Common equity	+13.8%	+19.3%	+15.4%	+6.5%	+4.8%	+5.6%	-9.2%	+11.2%	+51.3%	+11.0%	+7.7%	+92.0%	-37.5%	+6.7%	+35.3%	-12.9%	+8.4%	-25.7%	+27.5%	—
Book value per share (Rs)	+13.8%	+19.3%	+15.4%	+6.5%	+4.8%	+5.6%	-9.2%	+11.2%	+13.4%	+11.0%	+7.7%	+28.0%	-37.5%	-7.1%	+12.2%	-12.9%	+23.9%	-25.7%	+123.0%	—

Change against the previous fiscal year; shown when the earlier figure is positive.

SHNI balance sheet — common size (Rs mn)
Rs mn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 * Jan – Dec 2013	FY2012 Jan – Dec 2012	FY2011 Jan – Dec 2011	FY2010 Jan – Dec 2010	FY2009 Jan – Dec 2009	FY2008 Jan – Dec 2008	FY2007 Jan – Dec 2007	FY2006 Jan – Dec 2006
Assets
Cash & cash equivalents	7.0%	13.4%	43.3%	38.0%	36.3%	35.5%	38.4%	39.7%	42.4%	28.3%	22.3%	29.3%	8.3%	5.5%	3.2%	19.1%	18.2%	22.1%	27.1%	29.2%
Investments	17.1%	26.9%	17.7%	20.2%	29.6%	27.7%	17.8%	4.2%	8.0%	39.2%	38.8%	37.8%	33.7%	30.5%	9.7%	22.3%	25.0%	24.3%	27.0%	32.3%
Premium receivables	15.4%	20.1%	14.9%	9.9%	13.0%	16.3%	21.5%	23.6%	17.5%	13.9%	15.8%	18.1%	33.1%	36.8%	45.2%	27.1%	22.4%	20.2%	21.1%	16.6%
Reinsurance assets	1.7%	0.6%	0.5%	3.7%	1.3%	1.3%	1.1%	0.5%	0.4%	0.7%	5.3%	3.8%	10.9%	—	—	—	—	—	—	—
Total assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Insurance reserves	23.8%	33.2%	29.1%	23.4%	17.0%	20.6%	22.4%	22.9%	25.3%	35.8%	42.4%	47.6%	63.2%	56.4%	57.2%	64.3%	59.7%	63.5%	60.6%	60.0%
Unearned premiums	23.4%	33.1%	28.9%	23.2%	16.8%	20.3%	22.3%	22.8%	25.2%	33.7%	39.8%	45.5%	58.0%	51.4%	51.6%	60.0%	54.9%	60.1%	56.5%	57.0%
Total liabilities	60.7%	50.5%	47.9%	40.9%	37.2%	39.9%	47.1%	40.7%	40.6%	47.3%	53.1%	56.8%	79.5%	67.8%	68.1%	72.7%	69.1%	72.5%	67.9%	67.5%
Equity
Equity attributable to shareholders	39.3%	49.5%	52.1%	59.1%	62.8%	60.1%	52.9%	59.3%	59.4%	52.7%	46.9%	43.2%	20.5%	32.2%	31.9%	27.3%	30.9%	27.5%	32.1%	32.5%
Total equity	39.3%	49.5%	52.1%	59.1%	62.8%	60.1%	52.9%	59.3%	59.4%	52.7%	46.9%	43.2%	20.5%	32.2%	31.9%	27.3%	30.9%	27.5%	32.1%	32.5%
Total liabilities & equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Key figures
Common equity	39.3%	49.5%	52.1%	59.1%	62.8%	60.1%	52.9%	59.3%	59.4%	52.7%	46.9%	43.2%	20.5%	32.2%	31.9%	27.3%	30.9%	27.5%	32.1%	32.5%

Each line as a percentage of total assets.

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. * Figures in this period do not fully reconcile in the source data (hover the * for details). Updated 15 Oct 2026.

All reported line items 107

SHNI balance sheet — all reported line items (Rs mn)
Rs mn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 Jan – Dec 2013	FY2012 Jan – Dec 2012	FY2011 Jan – Dec 2011	FY2010 Jan – Dec 2010	FY2009 Jan – Dec 2009	FY2008 Jan – Dec 2008	FY2007 Jan – Dec 2007	FY2006 Jan – Dec 2006
Cash & Cash Equivalents	203.7	272.9	701.1	470.5	396.6	387.3	450.9	457.7	439.2	218.3	174.4	230.4	71.5	48.5	26.3	137.0	132.7	166.8	235.9	197.4
Receivables - Total	488.1	440.0	264.1	144.3	173.9	216.9	268.9	284.2	205.7	136.2	151.1	153.1	295.2	323.9	376.6	195.7	165.7	152.2	184.3	112.4
Insurance Premium Receivables	449.4	409.2	241.4	122.6	142.2	178.2	252.5	271.5	181.1	106.9	123.5	142.7	285.7	323.9	376.6	194.5	163.4	152.2	184.3	112.4
Income Tax - Receivables	—	—	0.0	4.1	15.4	3.1	1.1	0.0	15.8	21.4	22.0	—	—	—	0.0	1.1	2.4	—	—	—
Receivables - Other	38.7	30.8	22.6	17.6	16.3	35.7	15.2	12.6	8.7	7.9	5.7	10.3	9.5	—	—	—	—	—	—	—
Investments including Loans - Total	497.8	547.1	286.3	250.1	323.6	302.7	208.7	47.8	82.7	301.8	302.8	297.7	291.1	268.4	81.1	160.3	182.6	183.3	235.2	217.8
Investment Property	177.3	168.9	167.1	167.1	155.0	135.4	130.4	31.0	32.5	20.5	22.4	59.0	60.4	27.5	29.3	4.6	5.1	5.6	6.2	6.7
Investments - Other - Total	320.5	378.2	119.3	83.1	168.6	167.3	78.2	16.9	50.2	281.3	280.4	238.7	230.0	240.9	51.8	155.7	177.5	175.9	227.9	211.1
Loans - Mortgage, Policy & Other	—	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.8	—	—	—	—	1.8	1.1	—
Loans - Other	—	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.8	—	—	—	—	1.8	1.1	—
Property, Plant & Equipment - Net - Total	142.3	115.4	75.7	55.1	39.9	22.0	82.3	11.1	12.2	7.4	6.3	10.1	25.3	67.6	183.3	60.5	51.2	52.9	38.7	22.7
Property, Plant & Equipment - Gross - Total	—	—	—	—	—	—	—	—	—	4.2	7.6	0.8	0.0	127.8	236.1	108.2	92.7	91.7	80.2	62.1
Property, Plant & Equipment - Accumulated Depreciation & Impairment - Total	—	—	—	—	—	—	—	—	—	—	—	—	—	60.2	52.8	47.7	41.5	38.8	41.4	39.3
Deferred Policy Acquisition Costs	54.2	85.1	38.2	26.1	15.5	15.5	26.4	29.5	30.9	25.6	22.1	16.8	23.3	—	—	—	—	—	—	—
Reinsurance Assets	50.8	11.8	8.0	46.3	13.9	14.6	12.7	5.6	3.7	5.7	41.7	30.1	94.6	—	—	—	—	—	—	—
Reinsurance Recoverable - In Insurance Provisions	50.8	11.8	8.0	46.3	13.9	14.6	12.7	5.6	3.7	5.7	41.7	30.1	94.6	—	—	—	—	—	—	—
Other Assets - Total	1,335.6	172.0	132.2	80.9	63.2	70.0	66.4	75.8	23.0	36.7	40.1	47.5	63.3	165.5	164.2	164.3	197.4	199.9	176.9	123.3
Restricted Accounts - Cash	756.3	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Deferred Charges	—	—	—	—	—	—	—	—	—	—	—	—	—	34.3	47.7	37.3	50.2	63.4	69.0	50.9
Investments in Associates, Joint Ventures and Unconsolidated Subsidiaries	143.2	389.2	115.0	164.2	67.1	63.0	57.9	240.6	238.4	—	—	—	—	—	—	—	—	—	—	—
Deferred Tax - Asset - Long-Term & Short-Term	9.2	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Accrued Investment Income	—	—	—	—	—	—	—	3.3	3.9	2.6	2.7	1.8	0.0	0.0	0.0	0.1	0.2	1.8	3.1	1.8
Prepaid Expenses - Total	131.4	51.8	48.5	14.6	6.3	13.6	10.9	20.4	19.1	34.2	37.4	45.7	63.3	—	—	—	—	66.0	58.3	—
Other Assets	438.7	120.2	83.7	66.3	56.9	56.4	55.5	52.1	0.0	—	—	—	—	131.2	116.4	126.9	146.9	68.7	46.5	70.6
Intangible Assets - Total - Net	0.6	0.5	—	0.0	0.0	0.0	—	—	—	—	0.0	0.3	—	5.2	1.0	0.0	0.0	0.0	0.7	1.3
Intangible Assets - Gross - Total	—	—	—	—	—	—	—	—	—	—	—	—	—	10.2	3.3	2.0	2.0	2.0	2.0	2.0
Intangible Assets - excluding Goodwill - Gross	—	—	—	—	—	—	—	—	—	—	—	—	—	10.2	3.3	2.0	2.0	2.0	2.0	2.0
Intangible Assets - Accumulated Amortization & Impairment - Total	—	—	—	—	—	—	—	—	—	—	—	—	—	5.0	2.3	2.0	2.0	2.0	1.3	0.7
Total Assets	2,916.3	2,034.0	1,620.6	1,237.4	1,093.8	1,092.0	1,174.2	1,152.3	1,035.7	770.6	780.9	786.8	864.4	879.1	832.5	717.7	729.7	755.2	871.7	675.0
Insurance Reserves - Total	693.9	675.6	471.2	289.5	185.7	224.5	262.6	264.2	262.2	276.2	331.2	374.8	546.0	495.9	476.6	461.5	435.4	479.8	528.2	404.8
Benefit & Loss Reserves - Gross	0.3	0.3	0.3	0.3	0.3	0.5	0.2	0.0	0.0	3.4	1.0	3.8	3.8	3.3	0.0	—	—	0.0	2.3	1.4
Debt - Total	46.6	16.4	19.4	19.3	26.5	17.2	78.0	0.0	0.2	1.1	2.8	0.6	1.1	3.0	5.4	2.1	3.2	3.9	0.0	—
Benefit & Loss Reserves - Life - Gross	0.3	0.3	0.3	0.3	0.3	0.5	0.2	0.0	0.0	3.4	1.0	3.8	3.8	3.3	0.0	—	—	0.0	2.3	1.4
Short-Term Debt & Current Portion of Long-Term Debt	—	—	—	6.8	6.8	17.2	—	—	—	—	—	—	—	—	1.7	1.1	1.1	0.9	0.0	—
Unearned Premiums - Gross	682.4	672.3	468.0	286.8	184.0	221.6	261.3	263.0	261.1	260.1	310.9	358.3	501.4	451.4	429.2	430.6	400.7	453.9	492.6	384.4
Policy & Contract Claims - Gross	11.2	3.0	2.9	2.3	1.4	2.4	1.1	1.1	1.1	1.3	1.1	0.7	4.1	7.8	12.3	13.2	14.1	15.0	12.6	8.6
Policyholders' Funds	—	—	—	—	—	—	—	—	—	11.4	18.1	12.0	36.7	33.4	35.1	17.6	20.6	10.9	20.6	10.5
Current Portion of Long-Term Debt including Capitalized Leases	—	—	—	6.8	6.8	17.2	—	—	—	—	—	—	—	—	1.7	1.1	1.1	0.9	0.0	—
Capitalized Leases - Current Portion	—	—	—	6.8	6.8	17.2	—	—	—	—	—	—	—	—	1.7	1.1	1.1	0.9	0.0	—
Debt - Long-Term - Total	46.6	16.4	19.4	12.5	19.6	0.0	78.0	0.0	0.2	1.1	2.8	0.6	1.1	3.0	3.7	1.1	2.1	3.0	0.0	—
Capitalized Lease Obligations - Long-Term	46.6	16.4	19.4	12.5	19.6	0.0	78.0	0.0	0.2	1.1	2.8	0.6	1.1	3.0	3.7	1.1	2.1	3.0	0.0	—
Dividends Payable	3.2	3.2	1.8	1.8	1.8	1.8	1.9	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
Payables & Accrued Expenses	656.1	256.1	239.1	182.8	187.4	188.7	208.1	201.2	158.1	86.5	80.3	69.3	135.4	79.5	75.0	49.7	54.5	46.7	48.3	36.9
Accrued Expenses	—	—	—	—	—	—	—	—	—	11.0	9.5	10.6	11.3	17.3	20.6	15.7	19.9	15.8	21.0	10.9
Payable - Reinsurance & Brokers/Agents	102.7	55.4	32.3	54.8	65.0	76.5	61.9	69.0	45.0	38.4	31.5	13.4	76.1	53.3	46.8	29.4	33.0	26.5	25.0	6.7
Other Liabilities - Total	369.4	75.1	44.5	12.1	5.1	3.9	2.5	2.8	0.0	—	0.0	1.6	4.4	16.9	9.7	7.8	10.9	16.6	15.3	13.5
Other Payables - Total	553.4	200.6	206.8	128.1	122.4	112.3	146.2	132.2	113.1	37.1	39.3	45.3	48.0	8.9	7.6	4.5	1.7	4.4	2.3	19.4
Other Liabilities -	369.4	75.1	44.5	12.1	5.1	3.9	2.5	2.8	0.0	—	0.0	1.6	4.4	4.0	0.6	(0.6)	0.3	7.0	8.2	10.1
Deferred Revenue/Income	—	—	—	—	—	—	—	—	—	—	—	—	—	12.9	9.0	8.4	10.5	9.6	7.1	3.3
Total Liabilities	1,769.2	1,026.3	776.0	505.5	406.5	436.2	553.1	468.6	421.0	364.2	414.6	446.7	687.3	595.7	567.1	521.5	504.4	547.5	592.2	455.6
Shareholders' Equity - Attributable to Parent Shareholders - Total	1,147.1	1,007.7	844.6	731.9	687.3	655.8	621.1	683.7	614.7	406.4	366.3	340.1	177.1	283.4	265.5	196.2	225.3	207.8	279.5	219.3
Common Equity Attributable to Parent Shareholders	1,147.1	1,007.7	844.6	731.9	687.3	655.8	621.1	683.7	614.7	406.4	366.3	340.1	177.1	283.4	265.5	196.2	225.3	207.8	279.5	219.3
Common Equity - Contributed	806.3	645.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	450.0	450.0	450.0	300.0	300.0	250.0	200.0	200.0	175.0	175.0	100.0
Common Stock - Issued & Paid	806.3	645.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	450.0	450.0	450.0	300.0	300.0	250.0	200.0	200.0	175.0	175.0	100.0
Equity - Non-Contributed - Reserves & Retained Earnings	340.9	362.7	244.6	131.9	87.3	55.8	21.1	83.7	14.7	(43.6)	(83.7)	(109.9)	(122.9)	(16.6)	15.5	(3.8)	25.3	32.8	104.5	119.3
Retained Earnings - Total	320.7	329.6	224.4	108.1	54.7	23.6	(12.0)	52.3	(16.3)	(63.6)	(103.7)	(129.9)	(142.9)	(36.6)	(4.5)	(23.8)	5.3	12.8	84.5	99.3
Other Reserves/Equity - Total	20.2	33.1	20.2	23.9	32.6	32.2	33.1	31.4	31.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
Common Equity - Total	1,147.1	1,007.7	844.6	731.9	687.3	655.8	621.1	683.7	614.7	406.4	366.3	340.1	177.1	283.4	265.5	196.2	225.3	207.8	279.5	219.3
Total Shareholders' Equity - including Minority Interest & Hybrid Debt	1,147.1	1,007.7	844.6	731.9	687.3	655.8	621.1	683.7	614.7	406.4	366.3	340.1	177.1	283.4	265.5	196.2	225.3	207.8	279.5	219.3
Total Liabilities & Equity	2,916.3	2,034.0	1,620.6	1,237.4	1,093.8	1,092.0	1,174.2	1,152.3	1,035.7	770.6	780.9	786.8	864.4	879.1	832.5	717.7	729.7	755.2	871.7	675.0
Common Shares - Issued - Total mn	104.8	104.8	104.8	104.8	104.8	104.8	104.8	104.8	104.8	78.6	78.6	78.6	52.4	52.4	44.6	36.4	36.4	36.4	36.4	36.4
Common Shares - Outstanding - Total mn	104.8	104.8	104.8	104.8	104.8	104.8	104.8	104.8	104.8	78.6	78.6	78.6	52.4	52.4	45.6	37.8	37.8	43.2	43.2	75.7
Common Shares - Treasury - Total mn	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Common Shares - Authorized - Issue Specific mn	325.0	162.5	174.7	174.7	174.7	174.7	174.7	174.7	174.7	174.7	104.8	104.8	—	—	—	—	—	—	—	—
Common Shares - Issued - Issue Specific mn	104.8	104.8	104.8	104.8	104.8	104.8	104.8	104.8	104.8	78.6	78.6	78.6	52.4	52.4	44.6	36.4	36.4	36.4	36.4	36.4
Common Shares - Outstanding - Issue Specific mn	104.8	104.8	104.8	104.8	104.8	104.8	104.8	104.8	104.8	78.6	78.6	78.6	52.4	52.4	44.6	36.4	36.4	36.4	36.4	36.4
Common Shares - Treasury - Issue Specific mn	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Asset Allocation Factor - Issue Specific	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×
Finance and Operating Lease Liabilities - Total - Supplemental	46.6	16.4	19.4	19.3	26.5	17.2	78.0	0.0	0.2	1.1	2.8	0.6	1.1	3.0	5.4	2.1	3.2	3.9	0.0	—
Debt including Finance and Operating Lease Liabilities - Supplemental	46.6	16.4	19.4	19.3	26.5	17.2	78.0	0.0	0.2	1.1	2.8	0.6	1.1	3.0	5.4	2.1	3.2	3.9	0.0	—
Net Debt	(157.1)	(256.5)	(681.7)	(451.2)	(370.2)	(370.1)	(372.9)	(457.7)	(439.0)	(217.1)	(171.7)	(229.8)	(70.4)	(45.5)	(20.9)	(134.8)	(129.5)	(162.9)	(235.9)	(197.4)
Capital Lease Maturities - Total	—	—	—	—	—	—	—	—	—	—	—	—	—	—	3.7	1.1	2.1	3.0	0.0	—
Capital Lease Maturities - Due within 1 Year	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1.7	1.1	1.1	0.9	0.0	—
Capital Lease Maturities - Remaining Maturities	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2.1	0.0	1.1	2.1	0.0	—
Capital Lease Maturities - Due in Year 6 & Beyond	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2.1	0.0	1.1	2.1	0.0	—
Asset Accruals	(203.7)	(272.9)	(701.1)	(470.5)	(396.6)	(387.3)	(450.9)	(457.7)	(439.2)	(218.3)	(174.4)	(230.4)	(71.5)	(48.5)	(26.3)	(137.0)	(132.7)	(166.8)	(235.9)	(197.4)
Cash & Cash Equivalents - Total	203.7	272.9	701.1	470.5	396.6	387.3	450.9	457.7	439.2	218.3	174.4	230.4	71.5	48.5	26.3	137.0	132.7	166.8	235.9	197.4
Cash & Securities	497.8	547.1	286.3	250.1	323.6	302.7	208.7	47.8	82.7	301.8	302.8	297.6	290.3	268.4	81.1	160.3	182.6	181.5	234.1	217.8
Cash & Short Term Investments - Total	203.7	272.9	701.1	470.5	396.6	387.3	450.9	457.7	439.2	218.3	174.4	230.4	71.5	48.5	26.3	137.0	132.7	166.8	235.9	197.4
Debt - including Preferred Equity & Minority Interest - Total	46.6	16.4	19.4	19.3	26.5	17.2	78.0	0.0	0.2	1.1	2.8	0.6	1.1	3.0	5.4	2.1	3.2	3.9	0.0	—
Earning Assets	497.8	547.1	286.3	250.1	323.6	302.7	208.7	47.8	82.7	301.8	302.8	297.7	291.1	268.4	81.1	160.3	182.6	183.3	235.2	217.8
Equity Securities & Real Estate	177.3	168.9	167.1	167.1	155.0	135.4	130.4	31.0	32.5	20.5	22.4	59.0	60.4	27.5	29.3	4.6	5.1	5.6	6.2	6.7
Invested Assets - Total	497.8	547.1	286.3	250.1	323.6	302.7	208.7	47.8	82.7	301.8	302.8	297.7	291.1	268.4	81.1	160.3	182.6	183.3	235.2	217.8
Investments - Permanent	320.5	558.1	282.1	331.3	222.0	198.4	188.3	271.6	270.8	20.5	22.4	59.0	60.4	27.5	29.3	4.6	5.1	5.6	6.2	6.7
Net Book Capital	990.0	751.2	163.0	280.8	317.1	285.7	248.2	225.9	175.7	189.3	194.6	110.2	106.7	237.9	244.5	61.4	95.7	44.9	43.7	22.0
Net Operating Assets	990.0	751.2	163.0	280.8	317.1	285.7	248.2	225.9	175.7	189.3	194.6	110.2	106.7	237.9	244.5	61.4	95.7	44.9	43.7	22.0
Non-Reserve Liabilities	1,075.3	350.7	304.8	216.0	220.8	211.7	290.5	204.4	158.7	88.1	83.5	71.9	141.3	99.8	90.4	60.0	69.0	67.7	63.9	50.8
Shareholders Equity - Common	1,147.1	1,007.7	844.6	731.9	687.3	655.8	621.1	683.7	614.7	406.4	366.3	340.1	177.1	283.4	265.5	196.2	225.3	207.8	279.5	219.3
Tangible Total Equity	1,146.5	1,007.2	844.6	731.9	687.3	655.8	621.1	683.7	614.7	406.4	366.3	339.8	177.1	278.2	264.5	196.2	225.3	207.8	278.9	218.0
Tangible Book Value	1,146.5	1,007.2	844.6	731.9	687.3	655.8	621.1	683.7	614.7	406.4	366.3	339.8	177.1	278.2	264.5	196.2	225.3	207.8	278.9	218.0
Total Book Capital	1,193.7	1,024.1	864.0	751.2	713.8	673.0	699.1	683.7	614.9	407.5	369.0	340.6	178.2	286.4	270.8	198.4	228.5	211.7	279.5	219.3
Total Capital	1,193.7	1,024.1	864.0	751.2	713.8	673.0	699.1	683.7	614.9	407.5	369.0	340.6	178.2	286.4	270.8	198.4	228.5	211.7	279.5	219.3
Total Long Term Capital	1,147.1	1,007.7	844.6	731.9	687.3	655.8	621.1	683.7	614.7	406.4	366.3	340.1	177.1	283.4	265.5	196.2	225.3	207.8	279.5	219.3
Unearned Revenue - Total	—	—	—	—	—	—	—	—	—	—	—	—	—	12.9	9.0	8.4	10.5	9.6	7.1	3.3
Book Value excluding Other Equity	1,127.0	974.6	824.4	708.1	654.7	623.6	588.0	652.3	583.7	386.4	346.3	320.1	157.1	263.4	245.5	176.2	205.3	187.8	259.5	199.3
Cash & Short Term Investments - Net of Debt	157.1	256.5	681.7	451.2	370.2	370.1	372.9	457.7	439.0	217.1	171.7	229.8	70.4	45.5	20.9	134.8	129.5	162.9	235.9	197.4
Current Portion of Long-Term Debt including Capitalized Leases & Hybrid Financial Instruments	—	—	—	6.8	6.8	17.2	—	—	—	—	—	—	—	—	1.7	1.1	1.1	0.9	0.0	—
Interest Bearing Liabilities - Total	46.6	16.4	19.4	19.3	26.5	17.2	78.0	0.0	0.2	1.1	2.8	0.6	1.1	3.0	5.4	2.1	3.2	3.9	0.0	—
Net Debt Including Preferred Equity & Minority Interest	(157.1)	(256.5)	(681.7)	(451.2)	(370.2)	(370.1)	(372.9)	(457.7)	(439.0)	(217.1)	(171.7)	(229.8)	(70.4)	(45.5)	(20.9)	(134.8)	(129.5)	(162.9)	(235.9)	(197.4)
Other Short-Term & Long-Term Assets - Total	579.3	172.0	132.2	80.9	63.2	70.0	66.4	75.8	23.0	36.7	40.1	47.5	63.3	165.5	164.2	164.3	197.4	199.9	176.9	123.3
Other Short-Term & Long-Term Liabilities - Total	369.4	75.1	44.5	12.1	5.1	3.9	2.5	2.8	0.0	—	0.0	1.6	4.4	4.0	0.6	(0.6)	0.3	7.0	8.2	10.1
Tangible Book Value excluding Other Equity	1,126.4	974.1	824.4	708.1	654.7	623.6	588.0	652.3	583.7	386.4	346.3	319.8	157.1	258.2	244.5	176.2	205.3	187.8	258.9	198.0
Total Debt Excluding Islamic	46.6	16.4	19.4	19.3	26.5	17.2	78.0	0.0	0.2	1.1	2.8	0.6	1.1	3.0	5.4	2.1	3.2	3.9	0.0	—
Investment in Equity, Real Estate & Mortgages	177.3	168.9	167.1	167.1	155.0	135.4	130.4	31.0	32.5	20.5	22.4	59.0	60.4	27.5	29.3	4.6	5.1	5.6	6.2	6.7
Benefit & Claims Reserves - Gross	11.5	3.3	3.2	2.7	1.7	2.9	1.3	1.1	1.2	4.7	2.1	4.5	7.9	11.1	12.3	13.2	14.1	15.0	14.9	10.0
Reinsurance Liabilities	102.7	55.4	32.3	54.8	65.0	76.5	61.9	69.0	45.0	38.4	31.5	13.4	76.1	53.3	46.8	29.4	33.0	26.5	25.0	6.7
Cash in Hand & with Banks - Total	123.7	270.1	252.2	105.7	72.6	14.7	23.3	0.2	0.2	0.2	2.7	1.3	2.2	0.1	0.1	0.0	0.2	0.1	0.1	59.4

Every line the company reported, in the original order and wording, without regrouping or signs changed.