Adamjee Insurance Ltd. profits fall 65.04 percent to Rs. 1.221 billion

By MG News | March 21, 2018 at 03:39 PM GMT+05:00

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Adamjee Insurance Limited (AICL) today released financial statements for the year ended December, 31^st 2018. The company reported a 14.97 percent increase in Underwriting Result amount. The company’s premium revenue and net claims went up by 19.96 percent and 19.70 percent respectively.

Company’s financial reveal a decline of 57.68 percent in Investment Income, on the other hand, the company reported a 32.84 percent increase in rental income.

Despite a marked reduction in company’s general and administration expenses by more than 39 percent, the company reported a 65 percent decline in profit after taxation clocking in at Rupees 1.221 billion.

Management at Adamjee Insurance reported earnings per share of Rupees 3.49 against 9.98 per share last year. Whereas declared a final cash dividend for the year ended 31-12-2017 at Rs. 1.00 per share i.e. 10 percent. This is in addition to the interim dividend already paid at Rs. 1.50 per sahre at 15 percent.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Year Ended, December 30^th 2017
Key Financials	2017	2016	% Change
	Amounts in PKR ‘000
Net premium Revenue	11,534,999	9,615,381	19.96%
Net Claims	7,433,828	6,210,499	19.70%
Expenses	1,893,360	1,614,629	17.26%
Net Commission	1,090,052	762,579	42.94%
Underwriting Result	1,239,312	1,077,987	14.97%
Investment Income	1,482,144	3,502,042	-57.68%
Rental Income	8,564	6,447	32.84%
General and Administration Expenses	108,355	177,914	-39.10%
Profit before Taxation	2,120,906	4,053,636	-47.68%
Taxation - Net	899,678	560,692	60.46%
Profit after Taxation	1,221,228	3,492,944	-65.04%
Balance at the commencement of the year	12,093,769	9,652,689	25.29%
Profit after tax for the year	1,221,228	3,492,944	-65.04%
Balance unappropriated profit at the end of the year	11,863,964	12,093,769	-1.90%
Earnings per year - basic and diluted	3.49	9.98	-65.03%

Company release on Earnings Report can be accessed here.

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