Rawalpindi: The Universal Insurance Company Limited disclosed its financial outcomes for the third quarter and the nine-month period ending September 30, 2024, revealing a continued loss in its latest quarterly earnings.

According to information available from the Pakistan Stock Exchange (PSX), the company reported a loss per share of Rs. 0.19 for the three months ending September 2024, compared to a loss per share of Rs. 0.11 in the same period in 2023. For the nine-month period ending September 2024, the loss per share was Rs. 0.38 compared to Rs. 0.13 in the corresponding period last year.

The net insurance premium income for the quarter was Rs. 5,452,000, a decrease from Rs. 9,044,000 in the previous year's same quarter. Over the nine months, the premium income totaled Rs. 14,123,000, significantly lower than Rs. 38,067,000 recorded in the same period of 2023.

The company’s management expenses for the quarter stood at Rs. 18,121,000 compared to Rs. 22,923,000 for the third quarter of 2023, showing a decrease. Cumulatively for the nine months, management expenses amounted to Rs. 57,335,000 against Rs. 66,896,000 in 2023.

The Board of Directors, in their meeting held on October 19, 2024, in Rawalpindi, decided not to distribute any cash dividends, bonus shares, or right shares to the shareholders for this period.

Other income for the quarter was reported at Rs. 27,837,000, an increase from Rs. 17,611,000 in the third quarter of the previous year. The company's results from operating activities for the quarter showed a profit of Rs. 12,935,000 despite a loss in the previous year's corresponding quarter of Rs. 9,367,000.

The report also noted a loss after taxation of Rs. (3,391,000) for the quarter, a reversal from a gain of Rs. 19,699,000 in the same quarter of the previous year. Over the nine-month period, the loss after taxation widened to Rs. (18,968,000) from a loss of Rs. (6,628,000) witnessed in 2023.

The detailed financial report reflects challenges in underwriting and investment income, which have impacted the overall profitability of The Universal Insurance Company Limited. Members of the company have been notified of these results accordingly.