Jubilee Life Insurance: PAT slashes by 30% YoY in 1HCY21

By MG News | August 25, 2021 at 08:55 PM GMT+05:00

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August 25, 2021 (MLN): Jubilee Life Insurance Company Limited (JLICL) has disclosed its financial performance for the half year ended on June 30, 2021 as per which profit after tax (PAT) of the company plunged by 30% from Rs1.41 billion to Rs988.71 million.

This reflected in company’s earnings per share which also tumbled by the same percentage from Rs16.16 per share to Rs11.33 per share.

Alongside financial results, the company also announced an interim cash dividend for the year 2021 at Rs 3 per share i.e, 30%.

As per the financial statement sent to PSX today, the net income for the company jumped by 66.20% to Rs29.76bn following an up in net premium/contribution revenue by 13.30%. The surge in net income is also attributable to the substantial decline in Net loss on financial assets from Rs13.45bn to Rs290.81mn.

The net insurance benefits of the company staged a significant improvement during the period as it grew by 61.24%, primarily due to increase in insurance benefits by 60.80%.

During the period, the total expenses of the company mounted by 2.3x which narrowed down the company’s operating profit by 29.9%.

On the taxation front, the company paid Rs415.22mn in 1HCY21, showing a decline of 30% as compared to the taxes paid in 1HCY20.

Financial Results for the half year ended June, 2021 (Rupees in million)
	Jun-21	Jun-20	% Change
REVENUE
Premiums/Contributions Revenue	23,259.12	20,375.84	14.15%
Premiums/Contributions ceded to reinsurers	(910.14)	(649.73)	40.08%
Net premiums/contributions revenue	22,348.98	19,726.11	13.30%
Fee income	22.38	16.04	39.53%
Investment income	6,185.85	6,589.52	-6.13%
Net realised fair value gains on financial assets	1,408.76	4,866.61
Net fair value loss on financial assets at fair value through profit or loss	(290.81)	(13,451.65)	-97.84%
Other income	84.79	159.97	-47.00%
Net income	29,759.95	17,906.60	66.20%
Insurance benefits	19,457.18	12,100.45	60.80%
Recoveries from reinsurers	(895.06)	(588.44)	52.11%
Claims related expenses	3.1	1.69	83.43%
Net insurance Benefits	18,565.22	11,513.70	61.24%
Net change in Insurance liabilities (other than outstanding claims)	4,239.80	(587.26)
Acquisition expenses	3,454.79	2,875.29	20.15%
Marketing and administrative expenses	1,979.44	1,891.08	4.67%
Other expenses	29.57	30.4	-2.73%
Total expenses	9,703.60	4,209.51	130.52%
Realized gain / (loss) on derivative financial instrument	(6.03)	34.86
Unrealized (loss) /gain on derivative financial instrument	8.11	(120.97)
Finance cost	(97.32)	(104.4)	-6.78%
Results of operating activities	1,395.89	1,992.88	-29.96%
Share of profit from associates	8.04	11.85	-32.15%
Profit before tax for the period	1,403.93	2,004.73	-29.97%
Taxation	(415.22)	(594.4)	-30.14%
Profit after tax for the period	988.71	1,410.33	-29.90%
Earnings (after tax) per share (Rupees)	11.33	16.16	-29.89%

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