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Karachi: SIA Insurance Company Limited has published its unaudited condensed interim statement of profit and loss for the half-year ended June 30, 2024, showcasing a robust increase in profits and operational performance.
For the six months ending June 30, 2024, SIA Insurance reported a net insurance premium revenue of Rs. 470.72 million, up from Rs. 374.51 million in the same period the previous year. The net insurance claims and acquisition expenses marked a significant portion of the expenses, totaling Rs. 172.24 million for the first half of 2024, compared to Rs. 133.11 million in 2023.
According to information available from the Pakistan Stock Exchange (PSX), the company’s investment income also saw a considerable rise, reaching Rs. 59.84 million, a notable increase from just Rs. 1.79 million in the previous year. Other income for the company, including various operational activities, reached Rs. 49.62 million for the first half of 2024, up from Rs. 36.39 million during the same period in 2023.
Finance costs were managed effectively, totaling Rs. 5.01 million for the half-year, slightly up from Rs. 1.06 million in 2023. After accounting for taxes, SIA Insurance’s profit after tax stood at Rs. 87.79 million, a substantial improvement over the Rs. 3.42 million recorded in the previous year.
The company also reported on its Participants’ Takaful Fund (PTF), showing a net contribution revenue of Rs. 20.91 million for the first half of 2024, compared to Rs. 19.15 million in the same period last year. However, the net claims significantly outweighed contributions, resulting in a net underwriting deficit. Despite these challenges, the combined profit for the period in the Operator’s Fund (OPF) was Rs. 18.97 million, reflecting an increase from Rs. 13.94 million in 2023.
The interim financial statements of SIA Insurance provide a clear picture of the company’s financial health and operational effectiveness during the first half of the fiscal year, demonstrating resilience and a proactive approach to managing both revenues and expenditures.
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