Lahore: IGI Life Insurance Limited has announced its annual financial results for the year ending December 31, 2024, showcasing notable growth in both revenue and profitability despite a challenging macroeconomic environment. The company reported a Profit Before Tax of Rs. 402.11 million, a marked increase from Rs. 225.00 million in the previous year, as detailed in the Directors' Report to the Members.

The gross premium for the year reached Rs. 13.49 billion, significantly up from Rs. 7.99 billion in 2023. The company's flagship product, Vitality, played a major role in driving growth, contributing 69% to the regular premium business through both agency and bancassurance channels. The Group Life and Health premium saw a 50% increase, totaling Rs. 3.18 billion compared to Rs. 2.12 billion in the previous year. Single premium/contribution individual policies experienced a substantial rise, reaching Rs. 6.29 billion, a 243% increase from the previous year's Rs. 1.83 billion.

According to information available from the Pakistan Stock Exchange (PSX), IGI Life Insurance Limited maintained a diversified investment portfolio valued at Rs. 34.64 billion, representing 89% of the company's total assets. The investment strategy yielded a return of Rs. 4.48 billion, up from Rs. 2.93 billion last year. The company offers a variety of unit-linked funds, including conventional and Takaful options, which cater to different risk appetites and have delivered varying returns.

The company has continued to expand its Takaful operations, with funds under management amounting to Rs. 9.10 billion. Takaful Aggressive, Balanced, and Conservative funds yielded gross returns of 57.8%, 32.3%, and 19.5% respectively during 2024. IGI Life Insurance Limited's conventional funds also performed well, with returns ranging from 21.3% to 65.3%.

In terms of profitability, the company reported a Net Profit After Tax of Rs. 278.90 million, up from Rs. 142.70 million in 2023. Other comprehensive income stood at Rs. 53.21 million. The earnings per share for 2024 were Rs. 1.64, with a break-up value per share of Rs. 13.36.

The company's market performance was reflected in the market capitalization, which stood at Rs. 4,601.90 million, with the market value per share at year-end recorded at Rs. 26.98. The highest share price during the year was Rs. 50.00, with the lowest at Rs. 11.50. The company's financial ratios indicated a profitability/return to shareholders of -5.10%, and total expenses (including claims) accounted for 106.33% of total revenue and incomes.

IGI Life Insurance Limited continues to focus on efficient cost management and optimizing its corporate business portfolio, ensuring stable returns for its policyholders. The company remains committed to executing its strategic direction to navigate the persistent inflationary pressures and challenging economic conditions.