Lahore: IGI Life Insurance Limited has reported its financial results for the quarter and nine months ending September 30, 2024. The company's Board of Directors, in a meeting on October 23, 2024, disclosed key financial metrics, emphasizing that no dividends, bonus shares, rights shares, or other corporate actions would be issued.

For the quarter, IGI Life registered a net income of 90.99 million rupees, significantly lower compared to the 183.97 million rupees recorded in the same period in 2023. According to information available from the Pakistan Stock Exchange (PSX), total expenses for the company saw a sharp increase to 3.01 billion rupees during the quarter, up from 1.57 billion rupees the previous year. The finance costs remained stable, with minor fluctuations noted.

During the first nine months of 2024, the company’s net income reached 183.97 million rupees, a decrease from the 402.95 million rupees reported in 2023. This was alongside a notable rise in total expenses, which climbed to 8.81 billion rupees. Insurance benefits paid out amounted to 1.65 billion rupees, reflecting a steady rise in claims.

Earnings per share for the nine-month period stood at 0.59 rupees, down from 1.08 rupees year-over-year. This downward trend was also reflected in the quarterly earnings per share, which halved from the same quarter last year to 0.23 rupees.

Further comprehensive income for the period showed an improvement, registering 223.25 million rupees up from 121.30 million rupees in the same period in 2023.

The complete financial statements of IGI Life Insurance will be made available on their official website and through PUCARS in due course. The company has confirmed that there will be no price-sensitive actions following these results.