Karachi: TPL Insurance has announced substantial growth in its financial performance for the nine months ending September 30, 2024, characterized by significant increases in Gross Written Premium (GWP) and profit before tax, according to their latest Director's Report.

The company's GWP surged to Rs. 3.79 billion, marking a 20% increase from Rs. 3.16 billion in the same period last year. This growth includes contributions from Window Takaful Operations, which are integrated into the company’s overall performance metrics. Specifically, TPL Insurance's motor insurance portfolio demonstrated a growth of 18%, reporting a GWP of Rs. 2.39 billion. Additionally, their property business experienced a 24% increase in GWP, while the marine business saw an unprecedented 147% growth year-over-year.

Profit before tax also showed robust growth, reaching Rs. 1.30 billion, inclusive of the positive impact from Window Takaful Operations. This figure compares favorably to the previous year's profit of Rs. 1.20 billion, which included a one-off surplus from a merger with the Pakistan branch of New Hampshire Insurance Company.

The report also highlights several positive economic indicators during the period. Inflationary pressures have decreased, with the discount rate dropping from 22% to 17.5%. The PKR appreciated by 1% against the USD, with the USD/PKR exchange rate improving from 281.5 to 277.7. Additionally, motor vehicle sales in Pakistan surged by 63% to 71.6 thousand units. These favorable economic trends, along with an improved political environment, are expected to bolster the industry’s outlook moving forward.

According to information available from the Pakistan Stock Exchange (PSX), PACRA has maintained the company's IFS rating at AA with a stable outlook, reflecting continued confidence in TPL Insurance's financial stability and performance.

TPL Insurance remains grateful to all stakeholders, including business partners and the SECP, for their ongoing support and contributions to the company’s success.