Karachi: IGI Holding Limited has released its condensed interim financial statements for the half year ending June 30, 2026, showcasing a moderate decline in net profit after tax alongside significant strategic measures aimed at enhancing future profitability.

For the reported period, IGI Holding Limited recorded a net profit before tax of Rs. 220.36 million, a decrease from Rs. 244.72 million reported in the corresponding period of the previous year. Following taxation expenses of Rs. 63.16 million, the net profit after tax settled at Rs. 157.20 million, compared to Rs. 168.86 million in the same period last year. The decline represents a big move of 6.9% in net profit after tax.

Earnings per share were noted at Rs. 0.92, down from Rs. 0.99 in the previous year, while the break-up value per share rose to Rs. 16.60 from Rs. 14.31. Gross premiums written by the company, including takaful contributions, amounted to Rs. 5.10 billion, reflecting a significant move from Rs. 7.14 billion in the prior year. The individual life regular premium, including takaful contributions, showed a 3% big move decline to Rs. 2.00 billion.

According to information available from the Pakistan Stock Exchange (PSX), the group life premiums and contributions, including takaful group family, increased by a moderate move of 3% to Rs. 647 million, while group health premiums saw a significant move with a 38% increase, reaching Rs. 1.73 billion. Conversely, single premium individual policies markedly decreased to Rs. 717 million from Rs. 3.19 billion.

In response to higher acquisition costs, IGI Holding Limited's management is undertaking a repricing of products within its Corporate Life and Health business, aiming to bolster overall profitability. The company's Window Takaful Operations reported gross and net contributions of Rs. 1.46 billion and Rs. 1.00 billion, respectively, with investment income reaching Rs. 303.67 million.

The company also addressed sales tax matters, recognizing a liability of Rs. 83.26 million as of June 30, 2026, related to the Sindh exposure. An initial payment of Rs. 29.00 million was made by the fiscal period's end, with the remaining Rs. 54.26 million to be settled by December 31, 2026. This financial liability was acknowledged despite pending legal proceedings, reflecting management's proactive stance in compliance with the Sindh Revenue Board's notification.

The financial results and strategic initiatives underscore IGI Holding Limited's efforts to navigate challenges and position itself for strengthened future performance within the insurance sector.