Sun Insurance Company Ltd has recorded an unaudited post tax profit of $5.06 million compared to last year the unaudited post tax profit stood at $0.58 million.
Sun Insurance says this represents a growth of 766 percent as they are newly listed on the stock exchange.
They say the growth in profitability is attributed to an improved claims loss ratio mainly due to lower fire claims in the current year compared to the previous year.
The Sun Insurance says they have also made substantial strides recording a turnover of $27.9 million for the first three quarters of 2024, this is a notable increase from $22.6 million turnover achieved for the same period last year.
Chairman Padam Lala says given the challenging global environment their growth is commendable and it’s a result of the partnership and efforts of insurance brokers and agents.
The company’s Principal Officer, Tarlochan Singh says customer confidence has been instrumental in their success.
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