Jubilee General Insurance Reports Increased Profits in First Quarter of 2024

Karachi, Jubilee General Insurance Company Limited announced a rise in profits for the first quarter ended March 31, 2024. In a board meeting on April 26, the company disclosed un-audited financial results, showing a profit before taxation of Rs 1,367,114,000 compared to Rs 1,024,567,000 in the same period last year. The profit after taxation also increased to Rs 834,720,000 from Rs 668,763,000.

The company’s earnings from insurance premiums grew to Rs 1,813,421,000, up from Rs 1,629,600,000 in the previous year. However, net insurance claims also rose to Rs 942,558,000 from Rs 874,339,000. Management expenses saw an increase, totaling Rs 601,932,000 compared to Rs 523,076,000 last year.

Despite higher costs, the underwriting results improved, with a profit of Rs 205,083,000 up from Rs 155,795,000 in 2023. Investment income significantly contributed to the financial uplift, with a total of Rs 884,020,000 compared to Rs 569,730,000 last year. Additional revenues included rental income of Rs 18,744,000 and other income totaling Rs 177,254,000.

No interim cash dividend or bonus shares were declared following these results.