Karachi: Adamjee Life Assurance Company Limited has showcased significant financial growth for the nine months ending September 30, 2024, with a profit after tax increase of nearly 64%, reaching Rs. 1,139.43 million, according to information available from the Pakistan Stock Exchange (PSX). This is a considerable rise from Rs. 696.27 million reported during the same period in 2023. Earnings per share have also increased, from Rs. 2.79 to Rs. 4.56.

The company's gross premium rose to Rs. 19,643.00 million, a 12% increase compared to last year’s Rs. 17,445.47 million. Net premiums also saw an uptick, amounting to Rs. 19,002.45 million, up from Rs. 16,852.06 million, underscoring Adamjee’s growing foothold in the market. Investment income surged by 78% year-over-year, reaching Rs. 17,625.32 million, which speaks to the company's effective asset management strategies in challenging economic conditions.

Adamjee's strategic portfolio buildup and reduced acquisition costs have played a pivotal role in boosting returns on non-policyholder reserves. Benefits paid to and reserved for policyholders have markedly increased by 40%, totaling Rs. 31,168.62 million, up from Rs. 22,297.57 million last year, indicating robust fund management and commitment to policyholder interests.

Window Takaful Operations (WTO) continue to contribute significantly to the overall business, with gross contributions reaching Rs. 8,926.00 million, an increase from Rs. 8,479.00 million last year. This represents a 5% growth in this sector, with total corporate business under both conventional and window takaful modes reaching Rs. 14,817.00 million, a 21% increase from the previous year.

As economic challenges persist, Adamjee Life remains focused on innovation and developing products that meet evolving customer needs, promoting financial protection for a wide demographic. The company’s forward-looking investment strategy and resilient performance underpin its optimistic outlook amid ongoing global economic and geopolitical uncertainties.

Adamjee Life expresses gratitude to its shareholders, customers, employees, and regulators, including the Securities and Exchange Commission of Pakistan and the State Bank of Pakistan, for their continued support and guidance.