IGI Life Insurance Limited reported a modest improvement in profitability for the quarter ended March 31, 2026, with profit after taxation rising to Rs79.5 million, compared with Rs70.0 million in the same period last year. The company’s earnings per share also improved to Rs0.47 from Rs0.41.

According to the financial results submitted to the Pakistan Stock Exchange, IGI Life’s gross premium/contribution revenue declined to Rs2.64 billion during the quarter, compared with Rs3.96 billion in the corresponding quarter of 2025. After premiums ceded to reinsurers and retakaful operators, net premium/contribution revenue stood at Rs2.52 billion, down from Rs3.83 billion a year earlier.

The company also recorded a significant decline in investment income, which fell to Rs343.2 million from Rs800.9 million in the same period last year. Net realised fair-value gains on financial assets, however, increased to Rs148.2 million from Rs16.3 million. Overall, net income stood at Rs3.05 billion, compared with Rs4.69 billion in the first quarter of 2025.

Despite the weaker revenue base, IGI Life’s bottom line benefited from changes in insurance liabilities and the overall expense structure. Insurance benefits increased to Rs3.53 billion from Rs2.47 billion, while the company reported a reduction of Rs1.29 billion in insurance liabilities during the quarter. Acquisition expenses stood at Rs412.4 million, while marketing and administration expenses rose to Rs324.9 million from Rs282.3 million.

Profit before taxation reached Rs115.6 million, compared with Rs100.8 million a year earlier. After taxation of Rs36.1 million, IGI Life posted profit after tax of Rs79.5 million, representing an increase of about 13.6% year-on-year.

The company’s balance sheet remained substantial, with total assets standing at approximately Rs41.57 billion as of March 31, 2026, compared with Rs43.66 billion at the end of December 2025. Investments in listed, government and debt securities amounted to nearly Rs36.97 billion.

However, cash flows reflected pressure during the quarter. IGI Life reported a net cash outflow from operating activities of Rs2.16 billion, compared with an inflow of Rs221.5 million in the same quarter of 2025. Cash and cash equivalents consequently declined to approximately Rs1.46 billion at March 31, 2026, from Rs4.60 billion at the beginning of the period.

On the shareholder front, the company’s board recommended no cash dividend, bonus shares or right shares for the quarter. The company said its financial statements would also be transmitted through PUCARS and made available on its website.

Overall, IGI Life’s first-quarter results present a mixed picture: premium and investment income weakened considerably, while disciplined financial management and other income components helped the insurer deliver higher after-tax earnings. The improvement in EPS from Rs0.41 to Rs0.47 provides a positive note for shareholders despite the challenging revenue environment.