Karachi: TPL Life Insurance Limited has reported a comprehensive loss of 340.21 million rupees for the financial year ending December 31, 2024, marking a significant increase from the 244.95 million rupees loss recorded in the previous year. The company's financial results were announced on March 17, 2025, following a Board of Directors meeting held in Karachi.
The financial report highlighted a reduction in total assets from the previous year, amounting to 1.25 billion rupees in 2024, compared to 1.12 billion rupees in 2023. Key changes in asset composition included a notable decrease in insurance receivables from 208.14 million rupees in 2023 to 68.27 million rupees in 2024. Conversely, investments in government securities nearly doubled to 244.00 million rupees from 120.12 million rupees last year.
Shareholder equity saw a marginal increase, rising to 291.64 million rupees from 251.00 million rupees in 2023. The company's authorized share capital remained constant at 2.40 billion rupees, while issued, subscribed, and paid-up share capital increased to 2.25 billion rupees from 2.09 billion rupees in the previous year.
According to information available from the Pakistan Stock Exchange (PSX), TPL Life Insurance Limited did not declare any cash dividends, bonus shares, or right shares for the year 2024. The announcement also confirmed no other entitlements for shareholders.
On the liabilities front, the company recorded a total of 955.09 million rupees in 2024, up from 870.54 million rupees in 2023. Insurance liabilities increased to 343.98 million rupees from 271.84 million rupees, while other creditors and accruals rose to 364.13 million rupees from 325.47 million rupees in the previous year.
The company's net premium revenue fell slightly to 294.94 million rupees in 2024 from 308.59 million rupees in 2023. Investment income experienced an increase, however, rising to 45.54 million rupees from 34.73 million rupees. Total expenses for the year escalated to 635.62 million rupees from 537.29 million rupees in 2023.
The Annual General Meeting for TPL Life Insurance Limited is scheduled for April 28, 2025, in Karachi. The company's annual report will be made available through the Pakistan Unified Corporate Action Reporting System (PUCARS) at least 21 days prior to the meeting.
The financial narrative provided by TPL Life Insurance Limited underscores the challenges faced during the fiscal year 2024, reflecting on the increased losses and stagnant growth in several financial segments.