diff --git a/src/in/pan.spec.ts b/src/in/pan.spec.ts
index d2025d3..f63bd98 100644
--- a/src/in/pan.spec.ts
+++ b/src/in/pan.spec.ts
@@ -12,6 +12,14 @@ describe('in/pan', () => {
     const result = validate('ACUPA7085R');
 
     expect(result.isValid && result.compact).toEqual('ACUPA7085R');
+    expect(result.isValid && result.isIndividual).toEqual(true);
+  });
+
+  it('validate:AAPFU0939F', () => {
+    const result = validate('AAPFU0939F');
+
+    expect(result.isValid && result.isCompany).toEqual(true);
+    expect(result.isValid && result.isIndividual).toEqual(false);
   });
 
   it('validate:ABMPA32111', () => {
diff --git a/src/in/pan.ts b/src/in/pan.ts
index c3e0c0a..6d32f72 100644
--- a/src/in/pan.ts
+++ b/src/in/pan.ts
@@ -85,8 +85,8 @@ const impl: Validator = {
     return {
       isValid: true,
       compact: value,
-      isIndividual: false,
-      isCompany: true,
+      isIndividual: value[3] === 'P',
+      isCompany: value[3] !== 'P',
     };
   },
 };