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Adamjee Insurance KASE:AICL Stock Report

Last Price


Market Cap







09 Aug, 2022


Company Financials
AICL fundamental analysis
Snowflake Score
Future Growth0/6
Past Performance1/6
Financial Health5/6

AICL Stock Overview

Adamjee Insurance Company Limited engages in the general insurance business in Pakistan and the United Arab Emirates.

Adamjee Insurance Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Adamjee Insurance
Historical stock prices
Current Share PricePK₨31.80
52 Week HighPK₨44.95
52 Week LowPK₨29.00
1 Month Change0.13%
3 Month Change0.66%
1 Year Change-22.44%
3 Year Change15.64%
5 Year Change-53.94%
Change since IPO471.93%

Recent News & Updates

Shareholder Returns

AICLPK InsurancePK Market

Return vs Industry: AICL exceeded the PK Insurance industry which returned -26.5% over the past year.

Return vs Market: AICL underperformed the PK Market which returned -16.2% over the past year.

Price Volatility

Is AICL's price volatile compared to industry and market?
AICL volatility
AICL Average Weekly Movement4.7%
Insurance Industry Average Movement5.6%
Market Average Movement5.4%
10% most volatile stocks in PK Market8.0%
10% least volatile stocks in PK Market3.4%

Stable Share Price: AICL is not significantly more volatile than the rest of PK stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: AICL's weekly volatility (5%) has been stable over the past year.

About the Company

19602,912Muhammad Zeb

Adamjee Insurance Company Limited engages in the general insurance business in Pakistan and the United Arab Emirates. The company offers engineering insurance, including electronic equipment, boiler and pressure vessel, machinery, erection all risks, and contractor's all risk insurance; fire and property insurance for buildings, stock, machinery, and other contents; and health and medical insurance. It also provides marine insurance, such as marine hull and machinery, marine cargo, and marine umbrella liability insurance; and retail auto insurance.

Adamjee Insurance Fundamentals Summary

How do Adamjee Insurance's earnings and revenue compare to its market cap?
AICL fundamental statistics
Market CapPK₨11.13b
Earnings (TTM)PK₨2.55b
Revenue (TTM)PK₨40.06b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
AICL income statement (TTM)
Cost of RevenuePK₨31.75b
Gross ProfitPK₨8.31b
Other ExpensesPK₨5.76b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date


Earnings per share (EPS)7.29
Gross Margin20.74%
Net Profit Margin6.37%
Debt/Equity Ratio3.2%

How did AICL perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is AICL undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AICL?

Other financial metrics that can be useful for relative valuation.

AICL key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ration/a

Price to Earnings Ratio vs Peers

How does AICL's PE Ratio compare to its peers?

AICL PE Ratio vs Peers
The above table shows the PE ratio for AICL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average5.2x
EFUG EFU General Insurance
JGICL Jubilee General Insurance
ATIL Atlas Insurance
UNIC United Insurance Company of Pakistan
AICL Adamjee Insurance

Price-To-Earnings vs Peers: AICL is good value based on its Price-To-Earnings Ratio (4.4x) compared to the peer average (5.2x).

Price to Earnings Ratio vs Industry

How does AICL's PE Ratio compare vs other companies in the Asian Insurance Industry?

Price-To-Earnings vs Industry: AICL is good value based on its Price-To-Earnings Ratio (4.4x) compared to the PK Insurance industry average (6.3x)

Price to Earnings Ratio vs Fair Ratio

What is AICL's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AICL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio4.4x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate AICL's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of AICL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate AICL's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate AICL's fair value for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Adamjee Insurance forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score


Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted Insurance industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Adamjee Insurance has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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  • Examine Adamjee Insurance's financial health to determine how well-positioned it is against times of financial stress by looking at its level of debt over time and how much cash it has left.

Past Performance

How has Adamjee Insurance performed over the past 5 years?

Past Performance Score


Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: AICL has a large one-off gain of PKR655.9M impacting its March 31 2022 financial results.

Growing Profit Margin: AICL's current net profit margins (6.4%) are lower than last year (6.4%).

Past Earnings Growth Analysis

Earnings Trend: AICL's earnings have grown by 8.5% per year over the past 5 years.

Accelerating Growth: AICL's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: AICL had negative earnings growth (-0.3%) over the past year, making it difficult to compare to the Insurance industry average (0.3%).

Return on Equity

High ROE: AICL's Return on Equity (9.5%) is considered low.

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Financial Health

How is Adamjee Insurance's financial position?

Financial Health Score


Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: AICL's short term assets (PKR97.9B) exceed its short term liabilities (PKR37.6B).

Long Term Liabilities: AICL's short term assets (PKR97.9B) exceed its long term liabilities (PKR63.6B).

Debt to Equity History and Analysis

Debt Level: AICL has more cash than its total debt.

Reducing Debt: Insufficient data to determine if AICL's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: AICL's debt is well covered by operating cash flow (1019.7%).

Interest Coverage: AICL's interest payments on its debt are well covered by EBIT (40.3x coverage).

Balance Sheet

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What is Adamjee Insurance current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: AICL's dividend (9.43%) is higher than the bottom 25% of dividend payers in the PK market (3.8%).

High Dividend: AICL's dividend (9.43%) is low compared to the top 25% of dividend payers in the PK market (10.99%).

Stability and Growth of Payments

Stable Dividend: AICL's dividend payments have been volatile in the past 10 years.

Growing Dividend: AICL's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (41.2%), AICL's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (12.3%), AICL's dividend payments are thoroughly covered by cash flows.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Muhammad Zeb



Mr. Muhammad Ali Zeb, ECA, has been the Chief Executive Officer of Adamjee Insurance Company Limited since June 4, 2013 and serves as its Managing Director. Previously, Mr. Zeb served as Managing Director...

Leadership Team

Experienced Management: AICL's management team is seasoned and experienced (8.4 years average tenure).

Board Members

Experienced Board: AICL's board of directors are considered experienced (3.7 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Adamjee Insurance Company Limited's employee growth, exchange listings and data sources

Key Information

  • Name: Adamjee Insurance Company Limited
  • Ticker: AICL
  • Exchange: KASE
  • Founded: 1960
  • Industry: Property and Casualty Insurance
  • Sector: Insurance
  • Implied Market Cap: PK₨11.130b
  • Shares outstanding: 350.00m
  • Website:

Number of Employees


  • Adamjee Insurance Company Limited
  • Adamjee House 80/A
  • Block E-1, Main Boulevard
  • Lahore
  • 54000
  • Pakistan


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/09 00:00
End of Day Share Price2022/08/05 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.