KARACHI: Non-life insurance sector had to face a 32 per cent decline in profits during 3rd quarter of 2017 mainly because of sharp decline in investment income.

A research report of Topiline Research said profitability was down 32pc to Rs1.9 billion due to worst response of equity market during the same period.

“Investment income of the sector that remains a major contributor to sector’s profitability was down by 54pc year-on-year basis to Rs1bn in 3rd quarter 2017,” the report said.

Major contributor to this decline was Adamjee Insurance as its investment income was down 50pc to Rs725 million as capital gains on equities dropped to Rs311m compared to Rs934m in same period last year. The KSE-100 index is so far down 15pc in 2017.

Published in Dawn, November 18th, 2017