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Adamjee Insurance Company Limited (PSX:AICL)

AICL: Financial Results - Year Ended 31 December 2023


EPS: Rs 6.46 down almost 13%  over last year due to higher Underwriting losses.
Cash Dividend Rs 1.5 per share. AICL has paid Rs 1.5 as interim dividend.

  • Profit before Tax (PBT) at Rs. 3.91 billion grew by more than 24%. A substantial portion of income in the insurance sector is from investments. AICL income from investment for this year is Rs. 3.9 billion.

  • Underwriting Results in Loss. This year AICL booked a loss of Rs 1.365 billion on that account.
  • Investment Income  at Rs. 3.9 for the year ending Dec 2023, grew by more than 83% over last year.
  • Good growth of around 50% in Window Takaful Operations. AICL earned Rs 507 million on this account in this year.
  • Tax Rate: Very high this year at 42% compared to around 18% last year. There had been changes in taxation on income from investments for corporate sector. Higher tax rate is impact of those changes.
  • Higher Underwriting losses at Rs. 1.36 billion and higher tax impacted the bottom-line and Profit After Tax at Rs. 2.26 billion was less than 12% over last year.

AICL trading around Rs. 34. One Year price gain is over 26%. 52 Week Price Range 20.66 — 40.53.

AICL is principally engaged in the general insurance business and was incorporated in 1960.

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