Karachi, Crescent Star Insurance Limited announced no changes to dividends, bonus shares, rights issues, or other corporate actions in their recent board meeting. The company's financial results for the first quarter ended March 31, 2024, however, showed significant growth.
For the quarter, Crescent Star Insurance reported an increase in net insurance premiums to 81,911,704 Rupees from 52,427,265 Rupees in the same period last year. The net insurance claims for the period were 320,063 Rupees, compared to a negative figure of 1,126,917 Rupees last year, indicating a reduction in claims paid over recoveries. Despite a premium deficiency of 5,848,912 Rupees, the company's underwriting results substantially increased to 53,704,262 Rupees from 24,538,678 Rupees.
Investment income and other income also contributed positively, with investment income at 3,582,014 Rupees up from 92,905 Rupees, and other income reaching 664,905 Rupees from 20,290,051 Rupees previously. After accounting for expenses and taxes, Crescent Star's profit after tax was 56,341,297 Rupees, up from 43,659,915 Rupees, with earnings per share increasing from 0.41 to 0.52.
On a consolidated basis, including its subsidiaries, the company's results of operating activities were reported at 55,410,940 Rupees compared to 42,266,795 Rupees last year. The consolidated profit after tax was 54,577,693 Rupees, up from 41,252,490 Rupees. The total comprehensive income for the period on a consolidated basis reached 62,732,725 Rupees compared to 44,814,899 Rupees, with earnings per share at 0.51, up from 0.38 the previous year.