General Accident Insurance Company has reported a sharp decline in profit for the year ended December 31, 2024, despite posting strong growth in insurance revenue.
According to the company's consolidated statement of comprehensive income, released Monday, insurance revenue surged by 33.2% to $11.43 billion, up from $8.58 billion in 2023.
But higher insurance service expenses and significantly larger net expenses from reinsurance contracts held, which more than doubled to $3.34 billion, weighed heavily on the overall profitability.
As a result, the company recorded an insurance service result of $248.9 million for 2024, a steep 64.3?cline from $696.1 million the previous year.
Net investment income provided some support rising 20.8% to $411.7 million.
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