Islamabad: Askari General Insurance Company Limited has reported a significant increase in its financial performance for the first nine months of 2024, with a 23% growth in gross premium written, including Takaful contributions, compared to the same period in 2023. The company disclosed these figures during its Corporate Briefing Session for 2024.

According to the company's financial statement, the gross premium written, including Takaful contributions, reached 5,223.07 million rupees in the nine-month period ending September 2024, up from 4,241.24 million rupees for the corresponding period in 2023. The health segment was a major contributor, with premiums rising by 53% to 2,018.05 million rupees from 1,316.23 million rupees in the prior year.

Other segments also saw growth, with the fire and marine segments increasing by 13% and 15%, respectively. The motor segment posted a 10% growth, while the miscellaneous segment recorded a modest growth of 1%.

The company also reported a 33% increase in net premium revenue, which amounted to 2,579.55 million rupees, compared to 1,938.66 million rupees in the same period last year. Net claims rose by 43% to 1,789.55 million rupees, and net commission income increased by 26% to 41.30 million rupees.

According to information available from the Pakistan Stock Exchange (PSX), Askari General Insurance's contribution margin improved by 16% to 831.30 million rupees. Underwriting results showed a substantial 90% growth, reaching 146.60 million rupees.

Investment income also saw a notable rise of 64%, totaling 468.29 million rupees, while other income increased by 12% to 64.36 million rupees. The company reported a profit before tax of 742.99 million rupees, up 60% from 464.88 million rupees in the previous year. Profit after tax surged by 78% to 461.51 million rupees, resulting in earnings per share of 6.42 rupees, compared to 3.61 rupees last year.

The company's expenses also increased, with management and other expenses growing by 7% to 684.70 million rupees, and finance costs rising by 8% to 16.99 million rupees. Other expenses remained stable at approximately 7.85 million rupees.

Askari General Insurance's net gain from Takaful operations increased by 30%, reaching 88.59 million rupees. The company's strong financial performance underscores its growth strategy and highlights the robust demand in the health insurance sector.