Karachi: PICIC Insurance Limited has disclosed its financial results for the year ending December 31, 2024, during a board meeting held on March 26, 2025, at the company’s headquarters on I.I. Chundrigar Road. The board has recommended no cash dividend, bonus shares, or right shares for the fiscal year.
The meeting, conducted at 11:30 a.m., concluded with the approval of several key financial documents, including the Statement of Financial Position, Statement of Change in Equity, and Statement of Cash Flow. The board reported no additional price-sensitive information during the session. The Annual General Meeting (AGM) is scheduled for April 29, 2025, at 9:30 a.m., to be held at the same location. Share transfer books will remain closed from April 23, 2025, to April 29, 2025, inclusive, with transfers received by April 22, 2025, being considered valid for entitlements.
According to information available from the Pakistan Stock Exchange (PSX), PICIC Insurance Limited’s financial performance showed an increase in profits. The company’s management expenses rose to 7.06 million rupees, compared to 5.95 million rupees in the previous year. The underwriting results mirrored these figures. However, investment income saw a significant rise from 8.25 million rupees in 2023 to 12.58 million rupees in 2024, leading to an increase in operating activity results to 5.22 million rupees from 1.99 million rupees in the previous year.
The company’s profit before taxation stood at 5.22 million rupees, with a post-tax profit of 3.34 million rupees, up from 762,000 rupees in 2023. Other comprehensive income, primarily driven by unrealized gains on available-for-sale investments, amounted to 1.64 million rupees. Total comprehensive income for the year was 4.97 million rupees, compared to 3.56 million rupees in the preceding year. Earnings per share increased to 0.10 rupees from 0.02 rupees in 2023.
PICIC Insurance Limited operates within the insurance market segment, and its annual report will be made available through the Pakistan Unified Corporate Action Reporting System (PUCARS) at least three weeks before the AGM.