Karachi: Atlas Insurance Limited has announced a substantial increase in its profit after tax for the nine months ending on September 30, 2024, according to the company's Corporate Briefing Session held on December 9, 2024. The profit after tax surged to 1,291.22 million rupees, marking a 625.44 million rupee rise from the same period in 2023, where the figure stood at 665.78 million rupees.

The company's net insurance premium saw an increase of 23%, climbing from 1,700.44 million rupees in 2023 to 2,091.92 million rupees in 2024. This growth was driven by performance across various segments, including fire, marine, motor, and miscellaneous insurance. Specifically, the motor insurance segment alone contributed a premium of 695.26 million rupees in 2024, up from 531.39 million rupees the previous year.

Insurance claims and acquisition expenses increased by 105.61 million rupees, totaling 460.37 million rupees for 2024. Notably, the net insurance claim expense rose to 560.31 million rupees in 2024 from 480.65 million rupees in 2023. This reflects an increase in claims across all categories, with the marine segment experiencing the most significant rise at 72%.

According to information available from the Pakistan Stock Exchange (PSX), management expenses for Atlas Insurance Limited also rose to 848.17 million rupees in 2024, up from 659.22 million rupees in 2023, representing an increase of 188.95 million rupees. However, the company reported improved underwriting results of 783.38 million rupees in 2024, compared to 686.46 million rupees in 2023.

The period also saw Atlas Insurance Limited's investment income grow significantly, with dividend income, interest income, and capital gains contributing a total of 1,088.53 million rupees in 2024, compared to 343.46 million rupees in 2023, reflecting a remarkable 217% increase.

The results of operating activities for the period showcased a growth of 859.72 million rupees, reaching 2,041.81 million rupees in 2024, compared to 1,182.09 million rupees in the preceding year. Profit before tax from window takaful operations also noted an increase of 15.75 million rupees.

The company's profit before tax for the nine-month period rose to 2,133.65 million rupees, a significant increase from 1,215.78 million rupees in 2023. Despite the rise in income tax expenses, which increased by 292.43 million rupees, the overall profit after tax demonstrated a noteworthy improvement, reflecting the company's robust financial performance during the period under review.