Karachi: Crescent Star Insurance Limited released its financial results for the year ending December 31, 2024. The announcement was made following a Board of Directors meeting held on March 27, 2025, at Nadir House, Karachi.

For the fiscal year 2024, the company reported a net insurance premium of 224.37 million rupees, a decrease from the 277.82 million rupees recorded in 2023. Net insurance claims showed a significant swing, registering at 3.02 million rupees compared to a negative 129.91 million rupees in the previous year. The company also reported a premium deficiency of 15.55 million rupees, contrasting with the previous year’s negative 20.53 million rupees.

The Board of Directors has recommended a right issue at a 38% discount, priced at 3 rupees per share, subject to necessary approvals. No cash dividends or bonus shares were announced for the year. The financial statements, including statements of financial position, changes in equity, and cash flow, were submitted as part of the report.

According to information available from the Pakistan Stock Exchange (PSX), the company’s underwriting results saw a substantial increase to 67.48 million rupees, up from 650,500 rupees in 2023. Investment income for 2024 was reported at 29.97 million rupees, an increase from the previous year’s 21.15 million rupees. Other income, however, saw a decline, coming in at 4.38 million rupees compared to 22.84 million rupees in 2023.

The results of operating activities for the year amounted to 94.79 million rupees, with a corresponding profit before tax of the same figure. Taxation expenses were recorded at 7.63 million rupees, leading to a profit after tax of 87.16 million rupees. This marked an increase from the 68.10 million rupees profit after tax recorded in 2023.

Total comprehensive income for the year was 85.51 million rupees, down from the 74.24 million rupees reported in the previous year. Earnings per share for 2024 were calculated at 0.81 rupees, an increase from the 0.63 rupees per share in 2023.

The company’s Annual General Meeting is scheduled for April 29, 2025, at Nadir House, Karachi. Share transfer books will be closed from April 23 to April 29, 2025. Transfers received by April 22, 2025, will be recorded for entitlements. The annual report will be available via PUCARS at least 21 days prior to the meeting.