Karachi: PICIC Insurance Limited has declared no dividends, bonus shares, or rights issues for the third quarter ending September 30, 2024, as detailed in the company's latest financial disclosures to the Pakistan Stock Exchange.

On October 23, 2024, the Board of Directors met at Karachi, revealing no new entitlements or price-sensitive actions in the period under review. According to information available from the Pakistan Stock Exchange (PSX), this announcement comes amid a backdrop of financial figures which showed the company posted a net loss of 1.79 million in this quarter. In contrast, last year's third quarter had seen a profit after tax of 13.92 million, marking a significant downturn in financial performance.

The Profit and Loss Account indicates a notable absence of net insurance premium and net insurance claims for the quarter, with management expenses accounting for the losses. However, the company did experience unrealized gains of 4.15 million from available-for-sale investments, which slightly cushioned the financial blow.

Despite these gains, the overall comprehensive income for the quarter stood at 2.36 million, significantly lower than the 13.23 million reported in the same quarter of the previous year. This reflects a tough quarter for PICIC Insurance, with earnings per share also taking a hit, landing at a basic and diluted loss of 0.06 per share.

As per the company’s routine procedures, the full quarterly report for September 2024 will be transmitted through PUCARS separately within the specified time.