Karachi: Century Insurance Company Limited has shown substantial growth in its financial performance for the nine-month period ending September 30, 2024. The company's financial statements reveal significant increases in premiums, underwriting results, and overall profits.

The gross written premium, including Takaful contribution, rose by 17%, reaching 2.05 billion rupees compared to 1.75 billion rupees in the previous year. Net premiums followed suit, increasing by 11% to 964.00 million rupees. Despite a 19% decrease in underwriting results to 131.00 million rupees, other financial indicators have improved markedly. According to information available from the Pakistan Stock Exchange (PSX), investment and other income surged by 35%, totaling 471.00 million rupees.

The company's profit before tax grew by 20%, resulting in a net profit after tax of 421.00 million rupees, marking a 32% increase from the previous year. Earnings per share also rose significantly, from 5.75 rupees to 7.60 rupees.

Specific sector performance indicated varied results; Marine insurance premiums increased by 23%, while Motor and Accident and Health sectors saw increases of 19% and 32% respectively. However, Fire insurance experienced a slight decline.

The financial position of Century Insurance has strengthened, with total assets growing by 12% to 5.58 billion rupees. Total equity also increased by 16% to 3.03 billion rupees, maintaining the paid-up capital at 553.00 million rupees.

The company's future outlook remains positive, with plans to expand its market share and profitability through new products, distribution channels, and enhanced network presence. Management's ongoing efforts aim to ensure sustained growth and increased shareholder equity.