Karachi: On October 23, 2024, Crescent Star Insurance Limited reported its financial results for the quarter ended September 30, 2024, showing no distribution of dividends, bonus shares, or rights issues, and no other corporate actions, keeping in line with the static strategic approaches observed this year. The company's meeting held in Karachi yielded these decisions, which align with the fiscal conservancy they've maintained through the fiscal periods.

The financial statements, according to information available from the Pakistan Stock Exchange (PSX), reveal a comprehensive income with significant numbers. For the quarter, Crescent Star posted net insurance premiums of PKR 48.68 billion, a slight increase from the PKR 74.74 billion reported in the same period last year. However, the company faced a substantial loss in other comprehensive income, totaling PKR 31.66 billion lost, mainly due to unrealized gains on investments during the period.

Operational costs for the quarter stood at PKR 4.93 billion in net commission expense and acquisition costs combined with PKR 0.24 billion in insurance claims and acquisition expenses. Management and underwriting expenses totaled PKR 29.57 billion and PKR 18.87 billion, respectively.

Despite these challenges, Crescent Star achieved a profit before tax of PKR 14.68 billion, although after-tax figures were considerably lower at PKR 10.34 billion due to a PKR 4.34 billion taxation expense. This resulted in an earnings per share of PKR 0.10, a decrease compared to the PKR 0.41 in the same quarter last year.

The comprehensive income figures for the year reflect a difficult market, with total comprehensive loss for the period standing at PKR 21.32 billion, compared to a gain last year. This financial downturn has affected their overall performance on the stock exchange, underlining the challenges faced in the insurance sector in Pakistan.