Rawalpindi: Askari Life Assurance Company Limited has released its financial results for the first half of 2024, detailing a challenging but improving financial landscape. On August 20, 2024, the company's Board of Directors held a meeting in Rawalpindi to discuss these outcomes.

For the six-month period ended June 30, 2024, Askari Life Assurance recorded a total comprehensive loss of Rs. 54.80 million, an improvement from a loss of Rs. 116.18 million during the same period last year. The company experienced a minor profit of Rs. 4.93 million in the quarter ended June 2024, a notable recovery from a loss of Rs. 53.59 million in the corresponding quarter of the previous year.

According to information available from the Pakistan Stock Exchange (PSX), the company's total income for the half-year stood at Rs. 798.55 million compared to Rs. 639.41 million in the first half of 2023. This increase was supported by a rise in gross premium/contribution revenue, which went up from Rs. 712.83 million to Rs. 751.63 million year-over-year. However, net insurance benefits expense and total expenses also saw an increase, reflecting ongoing challenges in cost management.

The company announced that there would be no cash dividends, bonus shares, right shares, or any other entitlements or corporate actions for shareholders at this time. This decision underscores the financial prudence the company is maintaining in light of its current fiscal performance.

Furthermore, the half-yearly report of Askari Life for the period ended June 30, 2024, will be made available through PUCARS, ensuring stakeholders have timely access to detailed financial data.