Adamjee Insurance Limited (AICL) today released financial statements for the year ended December, 31st 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 30th 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.
