Karachi: TPL Insurance Limited announced its financial results for the year ended December 31, 2024, revealing a significant decrease in profit after taxation compared to the previous year. The company reported a profit after taxation of 71.63 million rupees for 2024, a stark contrast to the 1.13 billion rupees recorded in 2023. The financial results were disclosed following a Board of Directors meeting held on February 25, 2025, at the company's headquarters in Karachi.
According to the statement, TPL Insurance Limited did not declare any cash dividend, bonus shares, right shares, or any other entitlement for its shareholders for the year 2024. The company also announced that its Annual General Meeting is scheduled to take place on April 25, 2025, in Karachi, with the annual report to be made available at least 21 days prior to the meeting.
The company reported net insurance premiums of 3.42 billion rupees for the year 2024, an increase from 3.08 billion rupees in 2023. However, the net insurance claims expense also rose to 1.66 billion rupees from 1.51 billion rupees in the previous year. Additionally, management expenses amounted to 1.38 billion rupees, a slight decrease from 1.42 billion rupees in 2023.
Investment income for TPL Insurance Limited decreased to 388.83 million rupees in 2024, down from 445.46 million rupees in 2023. Other income stood at 78.94 million rupees compared to 86.16 million rupees in the previous year. The results of operating activities showed an increase, with a total of 173.68 million rupees in 2024 compared to 118.34 million rupees in 2023.
According to information available from the Pakistan Stock Exchange (PSX), TPL Insurance Limited's profit before taxation and minimum tax differential for 2024 was 144.70 million rupees, down from 1.17 billion rupees in 2023. The minimum tax differential amounted to 29.10 million rupees, resulting in a profit before taxation of 115.60 million rupees for 2024, a significant decline from the previous year's 1.15 billion rupees.
The taxation expense for 2024 was reported at 43.97 million rupees, up from 18.15 million rupees in 2023. This contributed to the overall decrease in profit after taxation. The company's total comprehensive income for the year 2024 was 112.30 million rupees, compared to 1.09 billion rupees in 2023.
Earnings after tax per share were reported at 0.11 rupees for 2024, a decline from 5.62 rupees in 2023. The net profit attributable to shareholders' fund was 21.31 million rupees, significantly lower than the 1.11 billion rupees reported in the previous year. The net surplus attributable to participants' takaful fund increased to 30.32 million rupees from 12.08 million rupees in 2023.
The changes in fair value of investments classified as financial assets through other comprehensive income resulted in a positive impact of 40.67 million rupees for 2024, compared to a loss of 37.92 million rupees in 2023. This was attributed to the shareholders' fund, as no other comprehensive loss was recorded for the participants' takaful fund.