Karachi, According to information available from the Pakistan Stock Exchange (PSX), the Board of Directors of Progressive Insurance Company Limited held a meeting on May 13, 2024, in Karachi, where they discussed the financial outcomes for the special year ending December 30, 2023. The company reported a loss after tax of Rs. 8,341,336, an improvement from the previous year's loss of Rs. 10,038,638. No dividends, bonus shares, or rights shares were declared.

The financial results reveal that Progressive Insurance Company had no revenue, net premium revenue, net claims, premium deficiency expenses, expenses, net commission, underwriting results, or capital gain recorded for the years ended December 2023 and December 2022. However, the company earned Rs. 49,945 from profit on deposits, a significant decrease from Rs. 216,278 the prior year.

General and administrative expenses amounted to Rs. 8,387,774, down from Rs. 10,251,656 reported in the previous year. Bank charges incurred were Rs. 3,507, compared to Rs. 3,260 in 2022. The company also reported unrealized losses on equity investments of Rs. 35,987, an improvement over the Rs. 94,980 losses recorded in the previous year.

The loss per share for the year was Rs. 0.50, better than the loss per share of Rs. 0.65 reported in 2022.