Islamabad, Adamjee Life Assurance Company Limited disclosed its financial results for the first quarter ended March 31, 2024. The board meeting held today confirmed that there will be no cash dividends, bonus shares, right shares, or other entitlements for the quarter.

The company’s financial performance for the period reveals no changes in dividends or stock entitlements. The quarterly report will be made available through PUCARS in due time.

The balance sheet as of March 31, 2024, shows total assets increasing to 89,604,661 thousand Rupees, up from 86,089,668 thousand Rupees at the end of the previous year. The increase in assets is noted across several categories, including investments in government and debt securities. Total equity and liabilities matched the rise in assets, tallying up to 89,604,661 thousand Rupees.

The profit or loss statement for the quarter shows a net premium revenue of 6,342,944 thousand Rupees, up from 5,784,673 thousand Rupees in the prior year. Investment income nearly doubled to 3,642,377 thousand Rupees. However, the company recorded a mixed performance in fair value gains on financial assets, with unrealized gains of 89,188 thousand Rupees contrasting with a larger loss in the previous year.

Overall, the total expenses for the quarter were reported at 9,949,709 thousand Rupees, with significant amounts allocated to insurance and takaful liabilities. Despite higher expenses, the company managed a profit after tax of 303,851 thousand Rupees, reflecting earnings per share of 1.22 Rupees.