Karachi: Premier Insurance Limited has announced a corporate briefing session scheduled for December 10, 2024, to discuss the company's financial performance for the nine months ending September 30, 2024, and to provide insights into the company's future outlook. The session will be conducted through a video link, allowing shareholders, investors, and analysts to participate remotely.
The company has invited interested participants to register by emailing company.secretarypil.com.nk. The session will utilize the Zoom platform, with the meeting accessible via a provided link and meeting ID.
According to information available from the Pakistan Stock Exchange (PSX), Premier Insurance Limited reported a profit before taxation of 27.49 million for the period ending September 30, 2024, compared to a loss of 31.44 million in the same period last year. However, the company recorded a loss after taxation of 151.12 million for the current period, a significant decline from a profit of 20.38 million reported in the previous year.
In the conventional insurance segment, the company reported a net insurance premium of 211.95 million for the period ended September 30, 2024, down from 235.17 million in 2023. The underwriting results also showed a negative trend, with losses increasing to 102.55 million from 58.81 million. Despite these challenges, Premier Insurance saw a rise in investment income, which increased to 133.87 million from 31.54 million the previous year.
In the Takaful segment, Premier Insurance reported a net contribution of 73.88 million for the period, up from 66.97 million in the previous year. The deficit before investment income improved to 4.22 million from a deficit of 10.02 million, with investment income rising to 1.63 million from 0.32 million.
The company's balance sheet shows a stable paid-up capital of 505.65 million and an increase in total equity to 996.17 million from 726.15 million in the previous year. Total assets also grew to 2,875.01 million from 2,542.90 million.
Looking ahead, Premier Insurance Limited expressed confidence in the company's potential for growth amid ongoing challenges. The management emphasized its commitment to strategic restructuring and cost reduction initiatives to enhance revenue and profitability, with a focus on capturing new market opportunities and phasing out unprofitable customers.