Karachi, The Universal Insurance Company Limited announced its condensed interim statement of profit or loss for the six-month period ended June 30, 2023. The company's financial performance displayed a downward trend compared to the same period in the previous year.

Net Insurance Premium: The company reported net insurance premiums of Rs. 16.3 million for the three-month period from April to June 2023, compared to Rs. 19.9 million in the same period last year. For the six-month period from January to June 2023, net insurance premiums amounted to Rs. 29.0 million, down from Rs. 34.8 million in the prior year.

Net Insurance Claims: The company faced net insurance claims amounting to Rs. 11.8 million for the three-month period, and Rs. 12.8 million for the six-month period, reflecting a decrease from Rs. 13.2 million and a significant reduction from Rs. 54.2 million in the respective periods of the previous year.

Underwriting Results: Universal Insurance's underwriting results revealed a loss of Rs. 19.1 million for the three-month period ending June 2023, and a loss of Rs. 29.1 million for the six-month period. These figures indicate a decrease from losses of Rs. 20.3 million and Rs. 68.2 million in the same periods last year.

Investment and Other Income: The company generated income from investments amounting to Rs. 2.7 million for the three-month period, compared to Rs. 3.8 million last year. The six-month period yielded an income of Rs. 5.9 million, down from Rs. 7.3 million in 2022. Additionally, Universal Insurance earned rental income of Rs. 132,000 and Rs. 451,000 for the threeand six-month periods, respectively.

Taxation and Loss After Taxation: After accounting for various taxation components, including current, prior year, and deferred taxes, the company reported a loss after taxation of Rs. 13.4 million for the three-month period and a substantial loss of Rs. 33.3 million for the six-month period, indicating a challenging financial landscape.

Loss Per Share: The loss per share after taxation stood at Rs. 0.27 for the three-month period and Rs. 0.67 for the six-month period, compared to losses of Rs. 0.24 and Rs. 0.67, respectively, in the corresponding periods of the previous year.

The Board of Directors of the Universal Insurance Company Limited recommended no cash dividends, bonus shares, or right shares in the wake of the unfavorable financial results. The company's management expenses for the six-month period also remained high at Rs. 43.9 million.

The financial results reflect a challenging operating environment for the insurance sector and signal the need for strategic adjustments to ensure sustainable growth for the Universal Insurance Company Limited in the coming months.