Karachi: The Pakistan Reinsurance Company Limited reported its financial outcomes for the third quarter ended September 30, 2024. According to the documents released, the company declared no dividends, bonus shares, or rights shares, maintaining a position of conservative financial management during the period.

The company announced a net income of 2.64 billion rupees, a significant increase from the 2.02 billion rupees recorded in the same period last year. Total earnings per share rose to 2.93 rupees from 2.25 rupees year-over-year.

The detailed financial statements indicate that the net insurance premium for the company grew to 8.06 billion rupees, up from 6.99 billion rupees in the previous year, reflecting a robust growth of 15.2%. This growth is supported by a substantial reduction in net insurance claims, which decreased by approximately 0.5% year-on-year, totaling 4.10 billion rupees. According to information available from the Pakistan Stock Exchange (PSX), the operational efficiency of the company is evident as the management expenses slightly increased to 1.75 billion rupees, which is 21.5% of the total underwriting results.

The investment income for the firm also saw a notable rise, reaching 2.52 billion rupees, which is a 31.3% growth compared to last year. This includes a significant 80.6% increase in rental income, which totaled 1.20 billion rupees.

Furthermore, the financials highlight the company's strategic shift towards more stable income sources, with a fair value gain on investment property reported at 6.76 million rupees, despite a general decrease in other income categories.

Overall, the Pakistan Reinsurance Company Limited's financial performance in the third quarter of 2024 reflects a strong position in the market with increased profitability and efficient management strategies.