Karachi: EFU General Insurance Limited experienced a slight decrease in its total gross premium for the year ending December 31, 2024, as indicated in their latest financial disclosures. The total business premium dropped to 41.27 million from the previous year's 41.52 million, marking a 1 percent decline.

The company’s class-wise gross premium revealed varied performance across different sectors. Property insurance premiums fell marginally from 27.44 million in 2023 to 27.13 million in 2024, showing a 1 percent decrease. Marine insurance, however, saw an increase, rising 9 percent to 2.98 million from the previous year’s 2.74 million. The aviation sector experienced the most significant decline, with premiums reducing by 15 percent from 2.15 million in 2023 to 1.83 million in 2024.

Motor insurance premiums decreased by 6 percent, from 4.09 million in 2023 to 3.83 million in 2024. Miscellaneous insurance categories reported a 5 percent increase, reaching 2.14 million from 2.03 million the previous year. The total conventional business saw a slight decrease of 1 percent, totaling 37.91 million compared to 38.45 million in 2023.

The Takaful segment of EFU General Insurance experienced a 9 percent growth, with premiums rising to 3.36 million from 3.07 million in the prior year. According to information available from the Pakistan Stock Exchange (PSX), this growth in Takaful contributed to an overall gross premium composition where Takaful accounted for 8 percent of total business, up from 7 percent in 2023.

In terms of the gross premium composition, property insurance maintained its dominant share at 66 percent for both years. Marine, aviation, motor, and other categories remained stable in their percentage contributions, with slight changes observed in the motor segment, which decreased from 10 percent to 9 percent. The company remains categorized under the financial services market segment.