Askari Life Assurance Reports Improvement in Financial Outcomes for First Half of 2024

Karachi: Askari Life Assurance Company Limited has released its unaudited financial statements for the first half of 2024, showcasing a reduced loss and improved gross premium revenues, according to a review by the company’s directors.

The company reported a gross premium of Rs. 751.63 million for the period ended June 30, 2024, up from Rs. 712.83 million in the corresponding period last year. This marks a 5% increase year-over-year. Notably, the individual life business grew by 23.29%, generating Rs. 547.33 million compared to last year’s Rs. 443.95 million.

According to information available from the Pakistan Stock Exchange (PSX), the investment and other income for the company also saw an upward trend, totaling Rs. 189.59 million, a rise from last year’s Rs. 128.13 million. This increase is largely due to strategic high-return investments.

Net insurance benefits paid out amounted to Rs. 156.80 million, showing a modest increase from Rs. 149.31 million in 2023. On the expense front, marketing and administration expenses surged by 32% to Rs. 193.92 million, reflecting an expanding client base and inflationary pressures.

Despite these increased costs, the company narrowed its losses after taxes to Rs. 51.57 million, a significant improvement from a loss of Rs. 115.37 million in the previous year.

Looking forward, the company is focused on enhancing its service offerings and expanding its market presence, which management believes will further stabilize financial performance and lead to profitability.

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