Karachi: East West Insurance Company Limited has reported its financial results for the year ended December 31, 2024, which were discussed during the Board of Directors meeting held on March 24, 2025. The company’s profit before taxation surged to 1.20 billion rupees from 676.57 million rupees in the previous year. Following an income tax expense of 223.96 million rupees, the profit for the year reached 972.85 million rupees, marking a significant increase from the 583.15 million rupees recorded in 2023. Earnings per share also rose to 3.99 rupees, compared to 2.69 rupees in the previous year.

Despite the increase in profits, the Board of Directors decided not to recommend any cash dividends, bonus shares, right shares, or any other entitlements for the year. The absence of these distributions was a notable decision during the meeting.

According to information available from the Pakistan Stock Exchange (PSX), the company’s total assets by the end of 2024 stood at 9.81 billion rupees, a rise from 7.43 billion rupees in 2023. The company’s equity securities investments saw a substantial increase to 3.27 billion rupees from 2.40 billion rupees, while debt securities jumped significantly to 2.03 billion rupees from 708.38 million rupees. Additionally, term deposit receipts increased to 192.82 million rupees.

The company’s total equity also rose to 4.67 billion rupees from 3.33 billion rupees in the previous year, with ordinary share capital increasing to 2.56 billion rupees from 1.76 billion rupees. Reserves marginally increased to 1.13 billion rupees from 1.09 billion rupees, and unappropriated profit climbed to 981.81 million rupees from 211.24 million rupees.

Liabilities, including underwriting provisions, totaled 3.73 billion rupees, up from 3.00 billion rupees in 2023. The unearned premium reserves increased to 2.01 billion rupees from 1.46 billion rupees, while outstanding claims, including Incurred But Not Reported (IBNR) claims, rose to 1.57 billion rupees from 1.28 billion rupees.

The Annual General Meeting of the company is scheduled for April 28, 2025, at the company’s registered office in Quetta. The share transfer books will remain closed from April 24, 2025, to April 28, 2025, inclusive of both days.