Karachi: Adarnjee Life Assurance Co. Ltd. announced its financial results for the year ended December 31, 2024, revealing a significant increase in its asset base and profitability. The Board of Directors, in a meeting held on February 25, 2025, at Karachi, approved a final cash dividend of Rs. 1.00 per share, amounting to 10%, in addition to the interim dividend already paid at the same rate.

The company reported total assets of 116.43 billion, reflecting a substantial rise from 86.09 billion in the previous year. This expansion was driven by notable increases in investments in equity securities, government securities, and open-ended mutual funds. Equity securities surged to 15.21 billion from 8.56 billion, while government securities increased to 79.58 billion from 61.37 billion. Investments in open-ended mutual funds also grew to 7.42 billion from 4.98 billion.

According to information available from the Pakistan Stock Exchange (PSX), Adarnjee Life Assurance's net income rose to 57.06 billion, up from 40.75 billion in 2023. The company's profit after tax for the year stood at 1.55 billion, indicating robust financial performance compared to the previous year's 908.08 million. Earnings per share increased to 6.22 from 3.63.

On the liabilities side, insurance and takaful liabilities grew to 106.35 billion from 79.56 billion, while deferred taxation rose to 1.22 billion from 657.30 million. The company's total liabilities amounted to 111.00 billion, compared to 81.67 billion in 2023.

The Annual General Meeting is scheduled for April 28, 2025, in Islamabad, with arrangements for both physical attendance and video-link participation. The share transfer books will be closed from April 22, 2025, to April 28, 2025, inclusive. The annual report for the year ended December 31, 2024, will be transmitted through PUCARS within the specified time.

Adarnjee Life Assurance's capital and reserves attributable to equity holders rose to 5.43 billion from 4.42 billion in the previous year. The retained earnings from business other than participating business increased to 1.89 billion from 1.05 billion. The company's deficit on revaluation of available-for-sale investments stood at 10.97 million.

The financial results indicate a positive trajectory for Adarnjee Life Assurance, underpinned by strategic investments and effective management of liabilities. The designated market category for the company remains robust, reflecting its financial stability and growth potential in the insurance sector.