Crescent Star Insurance Limited (CSIL), a Pakistani insurance service provider, has signalled plans to enter the digital and virtual assets space through a proposed joint venture with SG Power Limited (SGPL), as the insurer looks to diversify beyond its traditional insurance business.
The listed insurance company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Friday.
The company said its board of directors, in an emergent meeting held on December 24, 2025, reviewed strategic matters relating to its investment portfolio and long-term platform strategy.
“The Board further approved, in principle, the activation of Crescent Star Technologies (Private) Limited (CST), a wholly-owned subsidiary of CSIL, by way of a proposed joint-venture arrangement with SGPL in which SGPL is expected to acquire a 51% equity stake in CST, with the remaining 49% to be retained by CSIL,” read the notice.
The approval is subject to obtaining all necessary regulatory and corporate approvals.
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According to the disclosure, CST, under the joint umbrella of CSIL and SGPL, will explore and develop a detailed proposal for “making an application to the Pakistan Virtual Assets Regulatory Authority (PVARA) or any other relevant authority, as may be required, to enable CST to undertake digital and virtual asset-related activities”.
Separately, the board also approved, in principle, a review of CSIL’s investment position in SG Power Limited to optimise investment returns, the notice said.
The board has authorised the chief executive officer and the company secretary to carry out preparatory work and make the required applications in connection with the proposed initiatives.
CSIL was incorporated in Pakistan as a Public Limited Company in the year 1957 under the Companies Act, 1913 (now the Companies Act, 2017). The company is engaged in providing non-life general insurance services mainly in the spheres of fire and property damage, marine, aviation and transport, motor, credit & suretyship, accident & health and miscellaneous.
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