By Moaaz Manzoor

The National Insurance Company Limited (NICL) has expanded its investment portfolio to Rs122,109 million as of December 31, 2025, with treasury instruments accounting for 80% of total holdings, according to a document available with Wealth Pakistan.

The figures were presented before a meeting of the National Assembly Standing Committee on Commerce, outlining asset allocation, investment performance and regulatory compliance.

As of December 31, 2025, the total portfolio stood at Rs122,109 million, comprising a real estate portfolio (market value) of Rs25,061 million, representing 20%, and a treasury investment portfolio (carrying value) of Rs97,048 million, representing 80%.

The real estate segment has shown consistent growth since 2020. Its market value increased from Rs13,526 million in 2020 to Rs15,741 million in 2021, Rs19,197 million in 2022, Rs22,909 million in 2023, Rs24,112 million in 2024 and Rs25,061 million in 2025. Rental income rose from Rs152 million in 2020 to Rs253 million in 2021, Rs353 million in 2022, Rs434 million in 2023, Rs486 million in 2024 and Rs548 million in 2025.

Treasury investments recorded parallel expansion. The portfolio grew from Rs44,478 million in 2020 to Rs51,845 million in 2021, Rs58,472 million in 2022, Rs71,032 million in 2023, Rs84,097 million in 2024 and Rs97,046 million in 2025. Treasury investment income stood at Rs4,584 million in 2020, Rs3,950 million in 2021, Rs5,181 million in 2022, Rs11,588 million in 2023, Rs16,774 million in 2024 and Rs14,530 million in 2025.

The return on treasury investments was recorded at 11.04% in 2020, 8.20% in 2021, 9.39% in 2022, 17.90% in 2023, 21.63% in 2024 and 16.04% in 2025.

Asset-wise classification of the treasury investment portfolio as of December 31, 2025 shows Pakistan Investment Bonds (PIBs) at a carrying value of Rs45,391 million (47%), Treasury Bills (T-Bills) at Rs21,609 million (22%), shares and stocks at market value of Rs5,657 million (6%), mutual fund units at market value of Rs10,245 million (11%), local currency bank balance of Rs2,839 million (3%), foreign currency bank balance of Rs8,506 million (9%) and foreign deposit receipts of Rs2,801 million (3%). The total treasury investment portfolio was Rs97,048 million, while total treasury income was reported at Rs14,531 million.

Under prescribed investment limits, allocations are defined as government securities (minimum 40%, maximum 90%), bank deposits and daily products (10%–35%), mutual funds (0%–15%), listed equities (0%–15%), real estate (5%–20%), corporate bonds, TFCs and sukuks (0%–5%), unlisted securities (0%–2%) and DFIs (0%–2%).

Compliance status under the Insurance Rules, 2017 indicates government securities at Rs67,000 million (55%), bank deposits at Rs14,146 million (12%), mutual funds at Rs10,245 million (8%), listed equities at Rs5,657 million (5%) and real estate at Rs25,061 million (20%), marked as compliant.

Investment oversight is carried out by the Board of Directors, the Board Investment Committee and the Management Investment Wing. The regulatory framework references the Insurance Ordinance, 2000, including Sections 2 and 29, Sections 32–36 and Section 37, alongside the Insurance Rules, 2017 and the Code of Corporate Governance for Insurers, 2016.

The document also outlines the entity’s evolution from the 1955 National Co-Insurance Scheme (NCS) to the 1973 National Insurance Fund (NIF), the 1976 National Insurance Corporation (NIC), and the formation of the National Insurance Company Limited (NICL) in 2000. NICL is stated as 100% owned by the Government of Pakistan under the administrative control of the Ministry of Commerce, with an authorised capital of Rs6 billion and paid-up capital of Rs2 billion, operating under Section 166 of the Insurance Ordinance, 2000.

Credit: INP-WealthPk