PICIC Insurance Limited Reports Fiscal Year 2023 Financial Results

Karachi, The Board of Directors of PICIC Insurance Limited convened on March 29, 2024, in Karachi to disclose the company’s financial outcomes for the year concluded on December 31, 2023. The board announced no cash dividends, bonus shares, or rights issues during their meeting.

The company’s financial performance for the year is detailed in the provided financial results. According to the Profit and Loss Account, PICIC Insurance Limited recorded a notable shift in its financial standing from the previous year. The firm’s management expenses increased from 4,700 thousand Rupees in 2022 to 5,948 thousand Rupees in 2023, reflecting a rise in operational costs. Despite this uptick, the company managed to achieve positive underwriting results, which remained stable at (5,948) thousand Rupees, consistent with the prior year.

Significantly, the investment income for PICIC Insurance Limited surged from 4,661 thousand Rupees in 2022 to 8,247 thousand Rupees in 2023, marking a critical improvement in its investment activities. Other incomes and expenses showed minor fluctuations, with other expenses holding steady at 300 thousand Rupees across both years.

The culmination of these financial dynamics led to an operational result of 1,999 thousand Rupees in profit for 2023, a notable rebound from a loss of 338 thousand Rupees in 2022. Following taxation adjustments, the net profit after tax stood at 762 thousand Rupees, recovering from a previous net loss of 3,069 thousand Rupees. Consequently, the earnings per share adjusted from a loss of 0.09 in 2022 to a positive 0.02 in 2023.

PICIC Insurance Limited has scheduled its Annual General Meeting (AGM) for April 26, 2024, at Nadir House, Karachi with the Share Transfer Books to remain closed from April 20 to April 26, 2024, to finalize the entitlements.