EFU General Insurance Announces Strong Half-Year Financial Results and Dividend Payout

Karachi: EFU General Insurance Limited has reported a significant uptick in its financial performance for the first half of 2024, ending June 30. According to information available from the Pakistan Stock Exchange (PSX), the company’s Board of Directors met on August 23, 2024, in Karachi, where they approved the condensed interim unconsolidated and consolidated accounts.

The Board declared a second interim cash dividend of Rs. 1.50 per share, amounting to 15% for the period, matching the first interim dividend paid for the quarter ended March 31, 2024. These financial statements reveal substantial growth in net insurance premiums and a robust increase in profit after tax, showcasing the company’s strong operational performance.

The unconsolidated interim results highlighted a net insurance premium of Rs. 7.15 billion, up from Rs. 5.89 billion during the same period last year. The company’s net insurance claims showed a decrease, resulting in a profit after tax of Rs. 2.48 billion, a notable rise from Rs. 647 million in the previous year.

On a consolidated basis, EFU General Insurance reported a net insurance premium of Rs. 24.29 billion for the first half of 2024, up from Rs. 22.72 billion during the same period in 2023. Despite a high volume of claims, which totalled Rs. 21.86 billion, the firm achieved a profit after tax of Rs. 3.29 billion, a significant improvement from Rs. 695 million in the prior year.

Shareholders registered by September 5, 2024, will be eligible for the dividend, with the share transfer books closing the following day. This payout follows a trend of robust dividends and reflects the company’s confidence in its financial health and outlook.

EFU General Insurance’s strategic management and operational efficiency are evident in these results, positioning the company for continued financial success in the insurance sector.

The post EFU General Insurance Announces Strong Half-Year Financial Results and Dividend Payout appeared first on .