Karachi: Premier Insurance Limited has released its financial results for the year ending December 31, 2024. The report, reviewed by the company’s Board of Directors during a meeting on March 26, 2025, revealed that no cash dividends, bonus shares, or right shares will be issued. The meeting, held at 10:00 a.m. in Karachi, also confirmed no other entitlements or price-sensitive information.
The Annual General Meeting (AGM) is scheduled for April 25, 2025, at the company’s registered office. The share transfer books will remain closed from April 18, 2025, to April 25, 2025. Transfers received by the close of business on April 17, 2025, at FAMCO Share Registration Services in Karachi, will be eligible for attendance and voting at the AGM.
According to Premier Insurance Limited’s financial statement, total assets as of December 31, 2024, were reported at 3.01 billion rupees, up from 2.62 billion rupees in the previous year. Equity securities investments increased significantly to 878.30 million rupees from 618.02 million rupees in 2023, while mutual funds investments decreased to 62.44 million rupees from 83.54 million rupees.
Equity and liabilities disclosed a total equity of 1.20 billion rupees, a considerable rise from 947.40 million rupees the previous year. Liabilities were recorded at 1.74 billion rupees, elevated from 1.62 billion rupees in 2023. Notably, insurance and reinsurance payables surged from 469.77 million rupees to 667.74 million rupees.
The company’s financial performance showed a net insurance premium of 269.73 million rupees, a decline from 314.86 million rupees reported the previous year. Insurance claims and acquisition expenses increased slightly to 170.85 million rupees from 165.06 million rupees. Management expenses also rose from 206.77 million rupees to 234.97 million rupees.
Investment income witnessed a substantial increase, reaching 212.30 million rupees from 45.69 million rupees in 2023. The company’s operating activities resulted in a profit of 87.52 million rupees, compared to 20.14 million rupees in the previous year. Total profit from operations was reported at 100.32 million rupees, up from 30.69 million rupees.
Premier Insurance Limited’s loss from Window Takaful Operations – Operator’s Fund was 26.09 million rupees, an increase from the 14.41 million rupees loss in 2023. Profit before income tax stood at 68.00 million rupees, a notable increase from 7.53 million rupees. The profit after income tax was 69.06 million rupees, significantly higher than the previous year’s 7.94 million rupees. Earnings per share improved to 1.37 rupees from 0.16 rupees in 2023.
According to information available from the Pakistan Stock Exchange (PSX), Premier Insurance Limited is categorized under the financial services market.