Karachi: Askari General Insurance Company Limited recorded a 23% increase in gross premium written, totaling Rs. 5.22 billion, for the nine months ending September 30, 2024, compared to Rs. 4.24 billion in the corresponding period last year, according to the company’s latest financial report. The company also saw its net premium revenue rise to Rs. 2.58 billion from Rs. 1.94 billion year-on-year, underscoring growth across its insurance segments.

According to information available from the Pakistan Stock Exchange (PSX), the company's Fire segment achieved a 174% increase in profitability, attributed to profit commissions from reinsurers, while the Motor segment saw a 17% growth, bolstered by higher car sales. This overall expansion contributed to a 90% rise in underwriting profit, which reached Rs. 146.60 million in the current period.

Askari General Insurance’s investment and other income also reported an increase of 55%, totaling Rs. 532.65 million. This income was supported by a high policy rate and a favorable performance in the Pakistan Stock Exchange, leading to a 78% increase in profit after tax, which reached Rs. 461.51 million, compared to Rs. 259.88 million in the same period last year. Earnings per share for the nine months rose to Rs. 6.42, compared to Rs. 3.61 in the prior year.

In addition, the company’s Window Takaful Operations recorded a gross premium written of Rs. 861.70 million for the period, up from Rs. 496.80 million in the corresponding period. Profit before tax from the Window Takaful Operations reached Rs. 88.50 million, compared to Rs. 68.10 million last year.

Looking forward, the management of Askari General Insurance highlighted its commitment to a cautious growth strategy amidst Pakistan’s evolving macro-economic landscape, aiming to balance growth with profitability.