Karachi: EFU Life Assurance Limited has reported a notable increase in its financial performance for the year ending 2024, demonstrating a substantial rise in both net income and profit after tax, as per the company's latest financial statement released on March 25, 2025.

According to the financial data, EFU Life Assurance's total net income surged by 33%, reaching PKR 101,121 million, compared to PKR 75,751 million in the previous year. This increase is largely attributed to a significant boost in investment income, which grew by 57%, amounting to PKR 61,712 million from PKR 39,347 million in 2023.

The company also recorded an increase in gross premium/contribution revenue by 11%, totaling PKR 41,672 million, up from PKR 37,467 million in the prior year. Net premium/contribution revenue followed a similar trend, witnessing an 8% rise to PKR 39,408 million from PKR 36,404 million.

EFU Life Assurance experienced a rise in expenses, with total expenses climbing to PKR 55,035 million, a 39% increase from PKR 39,634 million in 2023. Notable among these were net insurance benefits, which rose by 28% to PKR 41,124 million, and net change in insurance liabilities, which increased by 49% to PKR 42,974 million. Acquisition expenses and marketing and administration expenses also saw increments of 8% and 24% respectively.

Despite the increase in expenses, the company's profit before tax improved by 24%, reaching PKR 4,961 million from PKR 3,995 million. The profit after tax showed an even more pronounced increase of 45%, amounting to PKR 2,990 million as compared to PKR 2,065 million in the previous year. The earnings per share rose accordingly, achieving PKR 28.82 from PKR 20.64.

According to information available from the Pakistan Stock Exchange (PSX), EFU Life Assurance Limited is categorized under the insurance market sector. The financial results reflect the company's ability to enhance its profitability amidst rising expenses, showcasing a robust performance in the insurance industry for the year 2024.