Pakistan’s insurance industry is comparatively small compared to other regional and developing states despite the sector having huge potential for expansion and growth.
During FY2016, the government statistics revealed that the industry’s total premium revenue reached almost Rs259 billion as against to Rs233 billion in FY2015. However, the insurance penetration and density have recorded as upward trend at 0.88 percent and 12.87 for FY 2016, as against to 0.84 percent and 12.04 in FY2015. The statistics also shows that the asset size of total insurance industry as of December 31, 2016 reached at Rs1159 billion as against to Rs982 billion to year closed December 31, 2015, which include life insurance sector assets of Rs929 billion and non-life sector assets of Rs230 billion.
EFU General Insurance Limited is offering a full range of non-life insurance products and services customized to meet the varied needs of a wide spectrum of businesses and industrial customers as well as individuals, offering property, marine/aviation, motor and other miscellaneous products to their clients. EFU, enlarging its presence, newly offering a complete insurance services for the large infrastructure projects, counting the regions of oil/gas exploration field in Pakistan.
According to the company’s unaudited financial report for 3 months period closed March 31, 2017 the written premium for the period was Rs5,270 million (including Takaful Contribution of Rs308 million) as compared to Rs4,698 million for the same period of previous year. The Net Premium Revenue for the same period was Rs2,056 million as compared to Rs1,873 million previous year.
The overall claims ratio to Net Premium Revenue was 41 percent as against to 43 percent for the same period of last year. The total underwriting profit for the period was Rs364 million as against to Rs295 million in same period of previous year.
Furthermore, PBT (profit-before-tax) during the period under review recorded at Rs840 million as against to Rs730 million in the same last year period. The profit-after-tax for the three months period ended March 31, 2017 was registered at Rs600 million as against to Rs557 million in the same period previous year. The earnings per share (EPS) are at Rs3.00 in the first quarter of this fiscal year to Rs2.78 in the same period of last year.
The company is completely equipped with technical, marketing and managerial skills supported by reinsurance arrangements with a number of European companies of global repute to cater for all classes of specialized insurance and offer customer service of the highest quality. The company’s clients include both large and medium sized organizations in all sectors of Pakistan.