Fauji Foundation acquires majority stake in Askari General Insurance

Business Recorder reported that Fauji Foundation has taken a 51% holding in Askari General Insurance Company Limited (AGICL), based on a PSX filing. The shares were transferred from Army Welfare Trust (AWT) after the deal was carried out on August 28, 2026. The filing covered 51,337,953 ordinary shares, equal to 51% of the insurer's issued and paid-up capital, and the transfer was booked at carrying cost.

Askari General Insurance disclosed the transaction to the Pakistan Stock Exchange on Tuesday. The company told the exchange the transfer is not an acquisition, merger or change of control, and that it brings no significant shift in who ultimately holds economic command of the company.

Fauji Foundation describes itself as a social hybrid enterprise and a charitable trust that supports ex-servicemen, their families and the families of martyrs and veterans through jobs and free healthcare. The Business Recorder report also noted a UAE commitment made in late 2025 to invest $1 billion in Fauji Foundation, with the planned fund expected to target agriculture, energy and mining.