Karachi: Shaheen Insurance Company Limited held a virtual meeting on March 27, 2025, where the Board of Directors announced financial results for the fiscal year ended December 31, 2024. The company declared a 25 percent bonus share issuance while opting out of cash and right shares for the period.

The company reported that the Board had recommended distributing 25 bonus shares for every 100 shares held by the shareholders. No cash dividends or right shares have been proposed. The Board did not introduce any other entitlements or corporate actions, nor did it disclose any other price-sensitive information.

According to the financial results, the company’s Takaful Operations reported contributions earned at 38.05 million for 2024, down from 62.63 million in 2023. After accounting for re-takaful contributions, the net contributions revenue stood at 51.32 million in 2024, a significant increase from 29.98 million in the previous year. The net underwriting income for the period was reported at 51.42 million compared to 29.99 million in 2023.

The net claims reported amounted to 30.48 million, which doubled from the previous year’s 15.97 million. The surplus before investment income rose to 20.25 million, supported by an investment income of 2.03 million, although this was a decrease from 3.33 million in 2023. Other income increased notably to 2.88 million from 1.11 million. The surplus for the period transferred to accumulated surplus was 24.96 million, up from 17.73 million in 2023.

In the Operators Fund (OPF) segment, Wakala fees increased to 31.58 million from 20.72 million the previous year. The net revenue rose to 7.55 million, more than double from 3.75 million in 2023. The profit before taxation was recorded at 13.07 million, with a post-tax profit of 9.28 million, up from 7.01 million in the prior year.

According to information available from the Pakistan Stock Exchange (PSX), the bonus shares will be distributed to shareholders listed in the Register of Members as of April 21, 2025. The Share Transfer Books will remain closed from April 22 to April 28, 2025, for processing these entitlements. The Annual General Meeting is scheduled for April 28, 2025, in Karachi, accessible both physically and electronically.

These developments are categorized under the designated market of insurance and reflect the company’s financial strategy and performance for the fiscal year 2024.