Karachi: Askari General Insurance Company Limited has reported a significant growth in profitability for the fiscal year 2024, achieving its highest-ever profit before tax, surpassing Rs. 1.0 billion. This represents a 37% increase compared to the previous year, reflecting the company's effective strategic investment management and improved underwriting results. The company's revenue streams were bolstered by gross premiums written, which reached Rs. 6.50 billion.
According to the company's unconsolidated financial statements as of December 31, 2024, total assets grew to Rs. 8,429 million, up from Rs. 8,283 million the previous year. The company increased its investments in both equity and debt securities, with Rs. 1,652.67 million in equity securities and Rs. 2,078.22 million in debt securities. Cash and bank balances stood at Rs. 430.66 million, reflecting enhanced liquidity.
In his message to stakeholders, the President of Askari General Insurance highlighted the favorable economic conditions of 2024, citing declining interest rates and easing inflation as key factors contributing to the company's success. The company capitalized on these conditions with resilience and adaptability, embracing new technologies and digital solutions to enhance service quality and optimize processes.
According to information available from the Pakistan Stock Exchange (PSX), Askari General Insurance achieved a profit after taxation from general insurance operations of Rs. 520.06 million, compared to Rs. 328.01 million in the previous year. The company's window Takaful operations contributed an additional Rs. 135.84 million to the profit after taxation, bringing the total profit after taxation to Rs. 655.90 million, up from Rs. 432.52 million in 2023.
The company's operating cash flows experienced a downturn, with a cash outflow of Rs. 344.19 million, compared to an inflow of Rs. 281.82 million in the previous year. Despite this, investment income rose to Rs. 512.38 million, driven by gains on trading and dividend income, which also saw an increase from the previous year.
Askari General Insurance's financial position remains robust, with total assets from window Takaful operations reaching Rs. 568.13 million. The company's commitment to innovation and client satisfaction has set it apart in the industry, as it continues to make insurance services more accessible and transparent.
Looking ahead, the President expressed optimism for 2025, citing opportunities for economic growth in Pakistan and the insurance industry. The company remains committed to innovation, value creation, and exceeding stakeholder expectations, with gratitude extended to clients, employees, business partners, and regulators for their continued support.