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Insurance

SHNI Shaheen Insurance Company Limited

Latest results: FY2025 · Dec 2025

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Last close · 16 Oct 2026

Rs 8.45 -5.16%

Annual · FY2006 – FY2025

Shaheen Insurance Company Limited (SHNI) income statement

Shaheen Insurance Company Limited reported total income of Rs 1.2 bn for FY2025 (Jan – Dec 2025), up 19.8% on FY2024. Tax of Rs 48.8 mn took 24.3% of pre-tax profit. Profit attributable to shareholders was Rs 152.3 mn, down 7.8% on FY2024, or Rs 1.45 per share.

SHNI income statement (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
Net premium earned 1,125.5 921.4 443.7 300.9 180.0
Investment income (net) 94.1 96.6 113.0 78.4 47.6
Total income 1,222.2 1,020.3 558.9 381.6 231.6
Net claims & benefits (588.2) (444.0) (149.4) (80.1) (42.5)
Acquisition & underwriting expenses (180.2) (156.7) (82.6) (58.4) (35.2)
Profit before tax 201.2 238.8 163.9 77.8 26.0
Taxation (48.8) (73.5) (47.6) (24.4) 5.1
Profit after tax 152.3 165.3 116.3 53.4 31.1
Profit attributable to shareholders 152.3 165.3 116.3 53.4 31.1
Per share
EPS – basic (Rs) Rs 1.45 1.58 1.11 0.51 0.30
Dividend per share (Rs) Rs 0.00 0.00 0.14 0.00 0.00
SHNI income statement — 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
Net premium earned +22.2% +107.7% +47.5% +67.2% -21.4%
Investment income (net) -2.6% -14.6% +44.2% +64.8% -15.9%
Total income +19.8% +82.6% +46.5% +64.7% -19.9%
Net claims & benefits +32.5% +197.2% +86.6% +88.4% -36.0%
Acquisition & underwriting expenses +15.0% +89.6% +41.6% +65.9% -33.9%
Profit before tax -15.8% +45.7% +110.7% +199.5% -43.5%
Taxation -33.6% +54.4% +95.1% — -149.5%
Profit after tax -7.8% +42.1% +117.9% +71.7% -12.7%
Profit attributable to shareholders -7.8% +42.1% +117.9% +71.7% -12.7%
Per share
EPS – basic (Rs) -7.7% +42.0% +117.9% +71.8% -12.7%
Dividend per share (Rs) — -100.0% — — —

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

SHNI income statement — 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
Net premium earned 92.1% 90.3% 79.4% 78.8% 77.7%
Investment income (net) 7.7% 9.5% 20.2% 20.5% 20.5%
Total income 100.0% 100.0% 100.0% 100.0% 100.0%
Net claims & benefits (48.1%) (43.5%) (26.7%) (21.0%) (18.4%)
Acquisition & underwriting expenses (14.7%) (15.4%) (14.8%) (15.3%) (15.2%)
Profit before tax 16.5% 23.4% 29.3% 20.4% 11.2%
Taxation (4.0%) (7.2%) (8.5%) (6.4%) 2.2%
Profit after tax 12.5% 16.2% 20.8% 14.0% 13.4%
Profit attributable to shareholders 12.5% 16.2% 20.8% 14.0% 13.4%

Each line as a percentage of total income.

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 119
SHNI income statement — 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
Net Premiums Earned 1,125.5 921.4 443.7 300.9 180.0
Fees & Commissions Income 2.6 2.4 2.2 2.4 4.1
Investment Income/(Expense) - Net - Insurance 94.1 96.6 113.0 78.4 47.6
Investment Income - Gross - Insurance - Total 94.1 96.6 113.0 78.4 47.6
Revenue from Business-Related Activities - Other - Total 2.6 2.4 2.2 2.4 4.1
Revenue from Business Activities - Total 1,222.2 1,020.3 558.9 381.6 231.6
Insurance Claims/Reserves - Total 588.2 444.0 149.4 80.1 42.5
Insurance Benefits Paid - Current 588.2 444.0 149.4 80.1 42.7
Selling, General & Administrative Expenses - Total 279.6 254.3 189.3 198.0 140.5
Selling, General & Administrative Expenses - Unclassified — — — 182.6 124.5
Insurance Benefits Ceded — — — 0.0 0.2
Depreciation in Selling, General & Administrative Expenses — — — 15.4 16.0
Amortization of Intangibles in Selling, General & Administrative Expenses — — — — —
Underwriting Expenses 180.2 156.7 82.6 58.4 35.2
Policy Acquisition Costs - Total 180.2 156.7 82.6 58.4 35.2
Other Operating Expense/(Income) - Net 24.9 (2.1) (1.5) 3.0 6.3
Fee & Commission Expense - Insurance 180.2 156.7 82.6 58.4 35.2
Operating Expenses - Total 1,072.9 852.9 419.9 339.4 224.4
Labor & Related Expenses including Stock-Based Compensation in Selling, General & Administrative Expenses — — — — —
Selling, General & Administrative Expenses - Other - Total — — — — —
Advertising Expense — — — — —
Operating Profit before Non-Recurring Income/(Expense) 149.3 167.5 139.0 42.2 7.2
Other Operating Expense — — — — —
Interest Expense - Net of Capitalized Interest 7.2 3.1 2.3 2.4 2.2
Sale of Tangible & Intangible Fixed Assets - Gain/Loss — — — — —
Other Non-Operating Income/(Expense) - Total 50.7 72.6 27.3 25.9 1.4
Normalized Pre-tax Profit 192.7 237.0 163.9 65.7 6.4
Non-Recurring Income/Expense - Total 8.4 1.8 0.0 12.1 19.6
Impairment - Tangible & Intangible Fixed Assets — — — — —
Impairment - Fixed Assets — — — — —
Fair Value Adjustments - Investment Property 8.4 1.8 0.0 12.1 19.6
Non-Recurring Income/(Expense) - Other - Total — — — — —
Provision for Income Tax Expense- Unclassified 48.8 73.5 47.6 — —
Income before Taxes 201.2 238.8 163.9 77.8 26.0
Income Taxes 48.8 73.5 47.6 24.4 (5.1)
Income Taxes for the Year - Current — — — 24.4 (5.1)
Income Taxes - Deferred — — — — —
Income Taxes - Other (by Type) — — — — —
Net Income after Tax 152.3 165.3 116.3 53.4 31.1
Income before Discontinued Operations & Extraordinary Items 152.3 165.3 116.3 53.4 31.1
Net Income before Minority Interest 152.3 165.3 116.3 53.4 31.1
Net Income after Minority Interest 152.3 165.3 116.3 53.4 31.1
Income Available to Common Shares 152.3 165.3 116.3 53.4 31.1
DPS - Common - Gross - Issue - By Period End Date Rs 0.00 0.00 0.14 0.00 0.00
Net Income - Basic - including Extraordinary Items Applicable to Common - Total 152.3 165.3 116.3 53.4 31.1
Income available to Common excluding Extraordinary Items 152.3 165.3 116.3 53.4 31.1
Shares used to calculate Basic EPS - Total mn 104.8 104.9 104.8 104.8 104.8
EPS - Basic - including Extraordinary Items Applicable to Common - Total Rs 1.45 1.58 1.11 0.51 0.30
EPS - Basic - excluding Extraordinary Items Applicable to Common - Total Rs 1.45 1.58 1.11 0.51 0.30
EPS - Basic - excluding Extraordinary Items - Normalized - Total Rs 1.37 1.56 1.11 0.39 0.11
Allocated Net Income including Extraordinary Items Applicable to Common - Issue Specific 152.3 165.3 116.3 53.4 31.1
Earnings Allocation Factor - Basic - Issue Specific 1.00× 1.00× 1.00× 1.00× 1.00×
Shares used to calculate Basic EPS - Issue Specific mn 104.8 104.9 104.8 104.8 104.8
EPS - Basic - including Extraordinary Items Applicable to Common - Issue Specific Rs 1.45 1.58 1.11 0.51 0.30
EPS - Basic - excluding Extraordinary Items Applicable to Common - Issue Specific Rs 1.45 1.58 1.11 0.51 0.30
EPS - Basic - excluding Extraordinary Items - Normalized - Issue Specific Rs 1.37 1.56 1.11 0.39 0.11
EPS - Basic from Discontinued Operations & Extraordinary Items Rs 0.00 0.00 0.00 0.00 0.00
Dilution Adjustment — — — — —
Net Income - Diluted - including Extraordinary Items Applicable to Common - Total 152.3 165.3 116.3 53.4 31.1
Diluted Income available to Common excluding Extraordinary Items 152.3 165.3 116.3 53.4 31.1
Shares used to calculate Diluted EPS - Total mn 104.8 104.9 104.8 104.8 104.8
EPS - Diluted - including Extraordinary Items Applicable to Common - Total Rs 1.45 1.58 1.11 0.51 0.30
EPS - Diluted - excluding Extraordinary Items Applicable to Common - Total Rs 1.45 1.58 1.11 0.51 0.30
EPS - Diluted - excluding Extraordinary Items - Normalized - Total Rs 1.37 1.56 1.11 0.39 0.11
Allocated Diluted Net Income including Extraordinary Items Applicable to Common - Issue Specific 152.3 165.3 116.3 53.4 31.1
Earnings Allocation Factor - Diluted - Issue Specific 1.00× 1.00× 1.00× 1.00× 1.00×
Shares used to calculate Diluted EPS - Issue Specific mn 104.8 104.9 104.8 104.8 104.8
EPS - Diluted - including Extraordinary Items Applicable to Common - Issue Specific Rs 1.45 1.58 1.11 0.51 0.30
EPS - Diluted - excluding Extraordinary Items Applicable to Common - Issue Specific Rs 1.45 1.58 1.11 0.51 0.30
EPS - Diluted - excluding Extraordinary Items - Normalized - Issue Specific Rs 1.37 1.56 1.11 0.39 0.11
EPS - Diluted from Discontinued Operations & Extraordinary Items Rs 0.00 0.00 0.00 0.00 0.00
DPS - Common - Gross - Issue - By Announcement Date Rs 0.00 0.14 0.00 0.00 0.00
DPS - Common - Net - Issue - By Announcement Date Rs 0.00 0.13 0.00 0.00 0.00
Earnings before Interest & Taxes (EBIT) 149.3 167.5 139.0 42.2 7.2
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) 149.3 200.3 151.8 57.7 35.3
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) and Operating Lease Payments — — — — —
Depreciation & Amortization - Supplemental — 32.9 12.8 15.4 16.0
Depreciation Expense - Total - Supplemental — 32.9 12.8 15.4 16.0
Depreciation - Financial Lease Right-of-Use Assets - Supplemental — 13.8 12.8 11.3 12.2
Amortization - Total - Supplemental — — — 0.0 0.0
Intangible Amortization - Other - Supplemental — — — 0.0 0.0
Amortization of Computer Software - Supplemental — — — 0.0 0.0
Depreciation, Depletion & Amortization - Total — 32.9 12.8 15.4 28.1
Depreciation - Total — 32.9 12.8 15.4 28.1
Amortization of Intangible Assets including Goodwill - Total — — — — —
Amortization of Intangible Assets excluding Goodwill - Total — — — 0.0 0.0
Labor & Related Expenses - Total — — — — —
Labor & Related Expenses - Supplemental — — — — —
Auditor Fees — — — — —
Audit-Related Fees — — — — —
Normalized after Tax Profit 143.9 163.4 116.3 41.3 11.5
Normalized Net Income from Continuing Operations 143.9 163.4 116.3 41.3 11.5
Normalized Net Income - Bottom Line 143.9 163.4 116.3 41.3 11.5
Earnings before Interest & Taxes (EBIT) - Normalized 199.9 240.1 166.3 68.1 8.6
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) - Normalized — 273.0 179.0 83.6 36.7
Depreciation of Financial Lease Right-of-Use Assets — 13.8 12.8 — —
Interest Expense on Financial Lease Liabilities - Supplemental 7.2 3.1 2.3 2.4 2.2
Rental/Operating Lease Expense — — — — —
Advertising Expenses - Supplemental — — — — —
Interest Expense 7.2 3.1 2.3 2.4 2.2
Investment Income - Insurance 94.1 96.6 113.0 78.4 47.6
Losses, Benefits & Adjustments - Insurance 588.2 444.0 149.4 80.1 42.7
Operating Expenses 1,072.9 852.9 419.9 339.4 224.4
Selling, General & Administrative Expenses excluding Research & Development Expenses 279.6 254.3 189.3 198.0 140.5
Total Claim & Loss Expense 588.2 444.0 149.4 80.1 42.5
Underwriting & Commissions 180.2 156.7 82.6 58.4 35.2
Underwriting Expenses - Insurance 304.5 252.1 187.9 201.0 146.8
Income before Taxes & Provision for Loan Losses 201.2 238.8 163.9 77.8 26.0
DPS - Common - Gross - Issue - By Payable Date Rs 0.00 0.14 0.00 0.00 0.00
DPS - Common - Gross - Issue - By Ex Date Rs 0.00 0.14 0.00 0.00 0.00
Tax Adjusted Operating Income 157.8 167.4 118.0 55.1 33.7
Underwriting Expenses minus Losses, Benefits & Adjustments - Insurance (283.7) (191.9) 38.4 120.9 104.1
Operating Expenses excluding Non-Cash Charges - Total — 820.0 407.1 324.0 196.3
Premiums Earned - Total 1,128.1 923.7 445.9 303.2 184.1
Losses, Benefits & Adjustments - Total 768.4 600.7 232.1 138.4 78.1
Income Available to Common Shares before Depreciation & Amortization — 198.1 129.1 68.8 59.2
Fixed Charges 7.2 3.1 2.3 2.4 2.2
Estimated Tax Rate 0.29× 0.29× 0.29× 0.29× 0.29×
Total Common & Spl DPS -Gross - Issue - By Announcement Date Rs 0.00 0.14 0.00 0.00 0.00

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