Karachi: The United Insurance Company of Pakistan Limited (UIC) disclosed its financial performance for the first quarter ending March 31, 2025, showing increased profitability and premium growth compared to the prior year. The company's gross written premium rose to Rs. 1,768.87 million from Rs. 1,619.55 million in the same period of 2024. Meanwhile, net premium income increased to Rs. 1,159.59 million from Rs. 1,096.25 million.

The company reported an improvement in underwriting results, reaching Rs. 579.39 million, up from Rs. 445.54 million in the first quarter of 2024. The profit before tax surged by 37.42%, climbing from Rs. 500.85 million in 2024 to Rs. 688.25 million in 2025. Profit after tax for the quarter was recorded at Rs. 523.07 million, compared to Rs. 373.36 million in the previous year. Earnings per share increased to Rs. 1.51 from Rs. 1.09 in 2024.

Investment income for the quarter was Rs. 35.25 million. Management expenses rose to Rs. 373.36 million, compared to Rs. 281.04 million in the corresponding period of 2024.

In the Window Takaful Operations, the gross contribution for the quarter was Rs. 536.71 million, up from Rs. 493.31 million in 2024. The investment income of the Participants Takaful fund increased to Rs. 8.53 million from Rs. 5.37 million, while the Operator's fund investment income rose to Rs. 17.33 million from Rs. 8.21 million in 2024. The operator's general, administrative, and management expenses grew to Rs. 159.66 million, up from Rs. 147.13 million in 2024.

According to information available from the Pakistan Stock Exchange (PSX), the company is navigating a competitive insurance market. UIC is focusing on enhancing profitability and adopting modern strategies, smart underwriting criteria, and customized services to maintain and grow its market share.

The insurance sector in Pakistan is expected to experience significant changes in 2025, with a focus on climate change resilience and sustainability. This shift will impact the asset and liability portfolios of insurance companies, driving them to integrate sustainable practices and develop products addressing climate risks. UIC acknowledges the importance of these trends and is preparing to meet challenges such as inflation, climate change, and evolving technologies.

The company expresses gratitude to its stakeholders, including shareholders and regulatory bodies, for their support. It also credits its staff for their contributions to achieving these results and anticipates continued efforts to reach higher goals.