Earning Release - Annual Dec 2023
IGI Life Insurance Limited (PSX: IGIL) has delivered robust financial results for the year 2023, characterized by significant increases in net premium, investment income, profit before tax, and profit after tax.
EPS for the year ending Dec 2023 came at Rs 0.84 compared to Rs 0.25 last year; growing almost 2.4 times.
No dividend however.
Financial Highlights:
Net Premium: Increased from Rs. 5.8 billion in 2022 to Rs. 7.685 billion in 2023, indicating a growth rate of approximately 33%.
Investment Income: Rose from Rs. 1.639 billion in 2022 to Rs. 2.505 billion in 2023, marking an impressive growth rate of around 53%.
Profit Before Tax (PBT): Showed a substantial increase from Rs. 60.2 million in 2022 to Rs. 224.8 million in 2023, reflecting a growth rate of approximately 2.7 times.
Profit After Tax (PAT): Escalated from Rs. 42 million in 2022 to Rs. 142.69 million in 2023, indicating a remarkable growth of 2.4 times.
Tax Rate: The tax rate for 2023 stood at 36%, slightly higher than the previous year's rate of 30%.
Earnings Per Share (EPS): The EPS surged from Rs. 0.25 in 2022 to Rs. 0.84 in 2023, demonstrating substantial growth.
IGI Life Insurance Limited was incorporated in Pakistan in 1994. The Company is a subsidiary of IGI Holdings Limited.
