Karachi: Shaheen Insurance Company Limited has released its Statement of Changes in Operator’s Fund and Participants’ Takaful Fund for the year ending December 31, 2024, showcasing a substantial growth in both funds compared to the previous year.

For the year ending December 31, 2024, the Operator’s Fund reported a total balance of 71.23 million rupees, an increase from the 61.27 million rupees recorded at the end of 2023. This rise was attributed to a profit after tax of 9.28 million rupees and an additional comprehensive income of 678,372 rupees. The statutory fund remained stable at 50 million rupees throughout the year.

The Participants’ Takaful Fund exhibited similar growth, with a total balance reaching 28.34 million rupees by December 31, 2024, up from 3.38 million rupees at the end of the previous year. This increase was primarily due to a surplus of 24.96 million rupees for the year, significantly enhancing the accumulated surplus from the beginning balance of 2.88 million rupees in 2024.

According to information available from the Pakistan Stock Exchange (PSX), the company’s operating activities yielded a net cash generation of 4.35 million rupees for the Operator’s Fund and 12.46 million rupees for the Participants’ Takaful Fund in 2024. Contributions received for the Participants’ Takaful Fund amounted to 61.82 million rupees, while claims and benefits paid stood at 21.71 million rupees. Re-takaful contributions paid decreased slightly to 7.97 million rupees from 8.95 million rupees in the previous year.

Investing activities generated cash flows of 9.59 million rupees and 5.44 million rupees for the Operator’s Fund and Participants’ Takaful Fund, respectively. Financing activities contributed 12.50 million rupees to the Operator’s Fund and saw a repayment of 12.50 million rupees from the Participants’ Takaful Fund.

The net increase in cash and cash equivalents for the Operator’s Fund was 26.44 million rupees, leading to a year-end balance of 78.23 million rupees. Meanwhile, the Participants’ Takaful Fund observed a net increase of 5.41 million rupees, resulting in a closing balance of 37.77 million rupees.

The financial statements, including annexed notes from 1 to 39, form an integral part of this report, ensuring transparency and detailed financial disclosure.