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Pakistan: Non-life insurers' profits surge 41% to US$100 mln

Source: Asia Insurance Review | Jun 2016

Profits in Pakistan’s non-life sector surged by 41% to PKR10.5 billion (US$100 million) in 2015, on the back of strong growth in investment income and improved underwriting income.
   After adjusting for a one-off provisioning reversal of PKR1.9 billion booked by EFU General Insurance, against its associate, profitability of the sector grew by 63% to PKR12.2 billion in 2015.
   Three insurers, IGI, Adamjee and EFU, which together command 64% of the insurance sector’s earnings, showed growth in profit by 57%, 36% and 28%, respectively, reported the local media.
   For 2015, the investment income of non-life insurance companies increased by 29% to PKR7.7 billion, driving the overall profitability of the sector. The underwriting income of the non-life insurance sector rose by 39% to PKR5.6 billion in 2015. 
   The non-life insurance sector comprises 42 insurers, including three general takaful operators, one state-owned insurer and one state-owned reinsurer.
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