Karachi: Jubilee General Insurance Company Limited has reported a significant increase in profits for the first half of 2024, ending June 30. The company’s financial results were approved by the Board of Directors on August 20, 2024, in Karachi, highlighting growth in both profit before and after taxation compared to the same period last year.

According to information available from the Pakistan Stock Exchange (PSX), the insurance company’s profit before taxation rose from Rs. 2,100.15 million in the first half of 2023 to Rs. 2,806.79 million in the same period in 2024. Profit after taxation also saw a substantial increase, reaching Rs. 1,714.89 million up from Rs. 1,106.00 million a year earlier.

The company did not declare any interim cash dividends or bonus shares during this period. A detailed un-audited Profit and Loss Account for the first half of 2024 was also released, showing that net insurance premiums grew to Rs. 3,696.96 million, up from Rs. 3,408.28 million in the prior year. However, net insurance claims decreased slightly from Rs. 1,874.84 million to Rs. 1,850.99 million.

Other financial highlights include an increase in net investment income, which nearly doubled from Rs. 1,214.29 million in the first half of 2023 to Rs. 1,756.84 million in 2024. Rental income and other income also showed positive trends, contributing to the overall profitability of the company.

The results reflect a robust performance in key financial metrics, indicating a strong position in the market despite not offering dividends or bonus shares to shareholders for the period.