Karachi: Jubilee Life Insurance Company Limited has declared an interim cash dividend of Rs. 3.00 per share, translating to a 30% yield, following the review of its financial performance for the first half of 2024 during a board meeting on August 20, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the meeting, held in Karachi, addressed the company’s financial results up to June 30, 2024. The Share Transfer Books will remain closed from August 28, 2024, to August 30, 2024. Share transfers processed by the close of business on August 27 by CDC Share Registrar Services Limited will be eligible for the dividend.

The financial results revealed significant growth in premium revenue, which stood at Rs. 22,015.55 million for the half-year ended June 30, 2024, slightly down from Rs. 22,151.63 million in the previous year. Investment income also saw a considerable increase, from Rs. 13,295.13 million in the first half of 2023 to Rs. 18,529.04 million in the same period of 2024.

Despite the higher revenue, the net income after accounting for all expenses came to Rs. 41,552.29 million, marking a substantial increase from the Rs. 32,147.75 million reported in the previous year. The company also detailed other comprehensive incomes, such as currency translation differences and changes in unrealized gains on available-for-sale financial assets.

Overall, the profit after tax for the period amounted to Rs. 1,221.71 million, a significant rise from Rs. 774.87 million in the previous year. The earnings per share also increased to Rs. 12.17 from Rs. 7.72.

The half-yearly report of Jubilee Life Insurance will be transmitted through PUCARS within the specified time, ensuring compliance and transparency in its disclosures.