Premier Insurance Reports Half-Year Financial Results with No Dividends or Shares Issued

Karachi: Premier Insurance Limited disclosed its financial performance for the first half of 2024, revealing no distributions in the form of cash dividends, bonus shares, or rights shares. This decision was made by the Board of Directors during their meeting on August 26, 2024, in Karachi. The financial results, alongside the half-yearly report for the period ending June 30, 2024, are set to be disseminated through PUCARS within the designated timeframe.

According to information available from the Pakistan Stock Exchange (PSX), Premier Insurance’s condensed interim statement of profit and loss for the quarter and half year ended June 30, 2024, shows detailed financial activities. The insurer recorded a net insurance premium of Rs. 148.34 million for the first half of 2024, down from Rs. 156.38 million the previous year. Net insurance claims paid out amounted to Rs. 90.02 million, an increase from Rs. 105.75 million during the same period last year.

Management expenses saw a significant increase, totaling Rs. 587.97 million in the first half of 2024, compared to Rs. 84.99 million in 2023. Despite these costs, the company managed an underwriting loss of Rs. 29.64 million, a slight decrease from Rs. 34.37 million the previous year. Investment income and other revenues brought some positive figures into the mix, with the company earning Rs. 33.13 million from investments, up from Rs. 26.59 million in 2023.

The results from conventional insurance operations indicate a loss before tax of Rs. 12.94 million in the first half of 2024, compared to a profit of Rs. 30.18 million during the same period last year. The takaful operations segment, managed separately under Islamic financial principles, showed a net contribution revenue of Rs. 48.37 million with a resultant surplus of Rs. 4.63 million after accounting for claims and expenses.

These financial disclosures highlight the challenging conditions under which Premier Insurance operated in the first half of 2024, marked by increased claims and operational costs despite steady revenue streams from premiums and investments.

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