Askari General Insurance Company Limited has reshuffled its board and appointed Lt Gen Anwar Ali Hyder (Retd) as chairman following the transfer of a majority shareholding in the company from Army Welfare Trust to Fauji Foundation. The changes were disclosed through a notice submitted to the Pakistan Stock Exchange as the insurer completed the ownership transfer and made corresponding changes to its board composition.
According to the company, 51,337,953 ordinary shares were transferred from Army Welfare Trust (AWT) to Fauji Foundation (FF) on August 28, 2026. The shares represent 51% of Askari General Insurance’s total issued and paid-up share capital. The transfer changes the ownership structure of the insurer and was followed by changes among the directors serving on the company’s board.
Following completion of the share transfer, four directors submitted their resignations from the board with effect from September 28, 2026. The outgoing directors were Maj Gen Syed Anis Akbar (Retd), Maj Gen Abid Latif Khan (Retd), Malik Riffat Mahmood and Brig Salman Nazar (Retd). The existing board accepted the resignations, creating casual vacancies that required new appointments for the remainder of the respective terms.
The board subsequently approved, subject to the requisite approvals from the Securities and Exchange Commission of Pakistan, the appointment of Lt Gen Anwar Ali Hyder (Retd), Syed Bakhtiar Kazmi, Muhammad Majid Munir and Brig Irfan Khan (Retd) as directors. The new appointments are intended to fill the vacancies created by the resignations and will remain in place for the remaining portions of the terms of the directors they replace.
The leadership change also resulted in the appointment of Lt Gen Anwar Ali Hyder (Retd) as chairman of Askari General Insurance. Maj Gen Syed Anis Akbar (Retd), who resigned from both his position as director and chairman, was replaced by Lt Gen Anwar Ali Hyder for the remainder of the outgoing chairman’s term. The appointment places the new chairman at the head of the insurer’s board following the change in majority ownership.
In addition to the changes involving the board and chairmanship, Askari General Insurance has reconstituted several of its key committees. The Audit Committee, Investment Committee, and Ethics, Human Resource & Remuneration Committee have all been reconstituted with immediate effect. These committees form part of the company’s governance structure and oversee areas including financial reporting, investment-related matters, and ethics and human resource policies.
The ownership transfer and subsequent board reshuffle mark a change in the corporate structure of Askari General Insurance, while the company continues its operations within Pakistan’s regulated insurance sector. The appointments of the new directors remain subject to the required regulatory approvals, while the newly constituted committees are effective immediately. The changes are expected to establish the insurer’s board structure for the remainder of the current directors’ respective terms.
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