Karachi: EFU Life Insurance has reported significant financial growth in its third quarter results for 2024, as disclosed in the latest directors’ review on 30 September 2024. The company has witnessed a robust increase in gross premium income and profits, alongside successful expansions into new business segments.

During the nine-month period ending on 30 September 2024, EFU Life's gross premium income reached Rs. 28.47 billion, marking a growth of 7.6% from the previous year's figure of Rs. 26.46 billion. The renewal premium income soared to Rs. 17.94 billion from Rs. 18.19 billion in the prior year, contributing to a total individual life regular premium of Rs. 21.19 billion.

The company's foray into takaful contributions has also seen positive outcomes, with the total family takaful contribution growing by 12.6% to Rs. 6.73 billion. The individual family takaful business alone brought in Rs. 5.55 billion, while the group life family takaful registered a remarkable increase of 60.9%, amounting to Rs. 1.05 billion.

Additionally, EFU Life commenced its health insurance operations through a complete acquisition of EFU Health Insurance Limited, integrating it into EFU Life. The new segment's premium income since its initiation on 1 May 2024 was reported at Rs. 1.27 billion.

A notable development in the third quarter was the launch of the Well-being segment, "WIN," aimed at encouraging healthier lifestyle choices and unlocking new customer segments. This initiative is expected to bolster customer engagement and drive growth.

Financially, the company has excelled with a pre-tax profit of Rs. 3.47 billion, a 22.8% increase from Rs. 2.82 billion in 2023. After-tax profits surged by 52.9%, totaling Rs. 2.09 billion compared to Rs. 1.37 billion the previous year. The earnings per share also rose significantly to Rs. 20.26 from Rs. 13.69.

According to information available from the Pakistan Stock Exchange (PSX), the directors declared an interim dividend of Rs. 1.5 per share, equivalent to a 15% yield, signaling strong confidence in the company’s financial health and future prospects.

The company has expressed gratitude towards its customers for their continued support and the Securities and Exchange Commission of Pakistan for its guidance. EFU Life's directors also acknowledged the support from major reinsurance companies, including Hannover Re and Swiss Re, which have been instrumental in the company's sustained growth and success.