Ritika Pratap 
Sun Insurance Company Ltd office
Sun Insurance Company Ltd has reported an unaudited post-tax profit of $5.06 million.
This is the result for the first nine months of the current fiscal year, which ended on September 30th.
The newly listed company on the stock exchange says they have significantly surpassed investor expectations with these results.
The post-tax profit of over $5million represents a growth of 766 percent when compared to the corresponding period of 2023, where the unaudited post-tax profit stood at $0.58 million.
Company Board Chair, Padam Lala says the growth in profitability is attributed to an improved claims loss ratio mainly due to lower fire claims in the current period as compared to the same period last year.
Lala says in terms of revenue, Sun Insurance has also made substantial strides, recording a turnover of $27.9 million for the first three quarters of 2024.
He adds that this is a notable increase from the $22.6 million turnover achieved for the same period of the previous year, highlighting the company’s robust growth trajectory aided through.
Lala says given the challenging global environment marked by lower economic growth, their achievement is commendable in addition to the fact that the year 2023 had unprecedented number of claims.
The company also reported its first-ever post-IPO interim dividend of $2.5 million based on its nine-month performance.
