Adamjee Life Assurance Posts Mixed Financial Performance for First Half of 2024

Karachi: Adamjee Life Assurance Company Limited has announced its financial results for the first half of the year ending June 30, 2024. The Board of Directors, meeting on August 23, 2024, declared an interim cash dividend of Rs. 1 per share, equating to a 10% payout, with no bonus or right shares issued.

According to information available from the Pakistan Stock Exchange (PSX), the company’s financial stance showed significant movements in asset management and income generation. The Share Transfer Book will close from September 5 to September 6, 2024, for entitlement transfers.

The company’s assets increased to Rs. 95,066.09 million as of June 30, 2024, from Rs. 86,089.67 million at the end of 2023. Key growth was noted in government securities and investments, reflecting a strategic positioning to capitalize on market dynamics. Liabilities also saw an uptick from Rs. 79,559.99 million to Rs. 88,272.49 million over the same period, driven by changes in insurance and takaful liabilities and lease obligations.

Income from premiums and contributions for the half-year rose to Rs. 11.75 billion from Rs. 10.95 billion in the previous year. Investment income nearly doubled to Rs. 7.87 billion, bolstered by substantial realized and unrealized gains across its financial assets. The net income after accounting for expenses and taxes stood at Rs. 648.67 million, translating to earnings of Rs. 2.59 per share, an increase from Rs. 1.69 in the prior year.

The condensed interim statement of profit and loss reflects a robust strategy in managing insurance benefits and operational costs, ensuring profitability amidst challenging market conditions.

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