In 9MCY23, the company witnessed a growth of 28% YoY in net insurance premium to PKR1,158mn compared to PKR907mn in SPLY. Whereas, PAT clocked in at PKR75mn (EPS: PKR0.61/sh), down by 8% YoY in 9MCY23 against PKR81mn (EPS: PKR0.66/sh) in SPLY.
During the period, the company recorded a notable growth of 20% YoY in Overall Gross Underwritten Premiums during the noted period, with Conventional Premium Growth at 14% YoY and Takaful Premium Growth at 59% YoY, respectively. Moreover, the company has in
The company also experienced a substantial growth of 61% YoY in business premiums underwritten through its Broker Partners’ Network.
Portfolio mix of the company comprises of 38% Motor, followed by 38% Fire, 13% Misc, 11% Marine and 0.3% GHP respectively.
As per management, the company implemented a strategic approach through a new Digital Channel, forming alliances and engagements with multiple Digital Partners and Insurance Aggregators. This initiative facilitated the offering of its retail insurance products through their Digital Platforms, resulting in a Gross Premium Underwritten of PKR17.4mn during the year.
Furthermore, HICL introduced a Corporate Customer Centric Motor Claims Portal for streamlined claim intimation and reporting of Corporate Fleets. Additionally, it ventured into underwriting Specialized Insurance Business Classes and actively participated in multiple Below-the-Line (BTL) Marketing activities to expand our footprint in the Auto Insurance Market.
The company entered into exclusive partnerships, collaborating with Indus Motor Company to offer the Toyota Protection Plan and with Changan for the Changan Care Protection Plan. These customized insurance products have been tailored for the respective customers of these automotive partners.
Moreover, the company expanded its local presence by establishing a dedicated Sales and Service Office in Karachi, reinforcing its marketing officers’ team, and further enhancing service delivery.
In anticipation of the upcoming year, 2024, the Company acknowledged the inherent challenges posed by looming uncertainty surrounding local elections and global conflicts. However, the Company remains committed to progressing. The key focus includes expanding business cautiously and improving investment income to achieve better underwriting results.
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