Karachi: Premier Insurance has disclosed its unaudited condensed interim financial statements for the first half of the year ended June 30, 2024, revealing mixed financial results amid challenging economic conditions. According to information available from the Pakistan Stock Exchange (PSX), the company reported a net profit after taxation of Rs. 11.55 million, a significant improvement from a loss of Rs. 30.18 million in the corresponding period last year.
The financial statements released by Premier Insurance indicate a decrease in gross conventional premium written, down from Rs. 118.77 million in 2023 to Rs. 99.203 million in 2024. However, the company experienced a slight reduction in net claims from Rs. 95.275 million last year to Rs. 73.776 million this year, contributing to a better overall performance.
In contrast, the company’s Window Takaful Operation saw an increase in gross contributions written, rising from Rs. 81.57 million in 2023 to Rs. 108.082 million in 2024. This segment also reported a decrease in net claims, down from Rs. 51.91 million last year to Rs. 47.73 million this year.
The directors noted an improved investment income of Rs. 33.130 million for the conventional business segment, up from Rs. 26.594 million in the previous year, indicating a stronger financial position due to enhanced market performance.
Despite the fluctuating figures, the company remains optimistic about its future prospects, citing improved business strategies and operational efficiencies as key factors driving potential growth in the latter half of the year.
The company's board expressed gratitude to its customers for their continued support and to regulatory bodies like the Securities and Exchange Commission of Pakistan and the State Bank of Pakistan for their guidance. The directors also acknowledged the efforts of the company's employees in navigating the challenging market dynamics.