Karachi, In a recent development, Reliance Insurance Company Limited has disclosed its un-audited financial statements for the first half of the fiscal year ending June 30, 2023. The announcement came after the company's Board of Directors convened a meeting on August 30, 2023, during which the financial statements were reviewed and approved.
Key Highlights:
Net Insurance Premium: The company reported a substantial increase in net insurance premiums, with figures standing at Rs. 230,109,730 for the six-month period ended June 30, 2023, compared to Rs. 161,380,752 for the same period last year.
Underwriting Results: Reliance Insurance showcased a robust underwriting performance, indicating an impressive underwriting profit of Rs. 44,562,035 for the first half of 2023, in contrast to Rs. 17,030,906 in the corresponding period of 2022.
Investment Income: The company experienced a noteworthy shift in investment income, registering Rs. 47,873,719, compared to a previous year's loss of Rs. 22,915,341 for the six-month period ended June 30, 2023.
Profit After Tax: The unaudited financial report revealed a promising profit after tax of Rs. 43,466,825 for the first half of the fiscal year, indicating a significant improvement compared to the profit of Rs. 16,568,683 reported in the same period of the previous year.
Earnings Per Share: Earnings per share (EPS) also witnessed a positive trajectory, with a reported EPS of Rs. 0.65 (re-stated) for the six-month period ended June 30, 2023, compared to Rs. 0.25 in the prior year's corresponding period.
Interim Dividend and Bonus Shares: It is noteworthy that Reliance Insurance Company Limited did not declare any interim cash dividend or bonus shares as part of its financial results announcement.
The Half-Yearly Report, including these financial results, is slated to be distributed via PUCARS (Public Companies Accounting Reporting System) within the specified time frame. This announcement underscores the company's commitment to transparency and accountability in its financial reporting.
With an impressive underwriting performance and remarkable growth in investment income, Reliance Insurance Company Limited seems to be on a positive trajectory for the first half of the fiscal year 2023. The company's ability to navigate challenges and capitalize on opportunities is evident in the improved financial figures, instilling confidence in stakeholders and investors alike.