Adamjee Insurance profits slump by 7.7% for 3QFY18

MG News | October 25, 2018 at 05:28 PM GMT+05:00

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October 25, 2018 (MLN): Adamjee Insurance Company Limited (AICL) profits have reported a slender decrease of 7.71% for the nine months period ended 30^th September 2018.

According to the notification issued to PSX, the company’s underwriting results displayed a decent progress of 75.99%, owing to the presence of investment income this year as compared to last year.

However, the results of operating activities stumbled by 1.96% as the company’s other investment income fell by a margin of 20.52% and its non-core expenses showed growth of 17.4%.

The profits before tax for the company remained almost the same over the year as there was only slight variation of 0.8%, however, the increase in income tax expenses by 14.38% dragged down the net profits by 7.71% i.e. Rs. 125 million.

The Earnings per share of the company were stated at Rs. 4.3 for the nine months period ended 30^th September 2018, 7.73% down from the previous year.

Profit and loss account for the nine months ended September 30th 2018 (Rupees'000)
	Sep-18	Sep-17	% Change
Net Insurance Premium	18,872,622	17,058,922	10.63%
Net Insurance Claims	-10,316,005	-8,778,431	17.52%
Premium deficiency	-	47,171
Net Commission and other acquisition costs	-2,102,815	-1,971,384	6.67%
Insurance claims and acquisition expenses	-12,418,820	-10,702,644	16.04%
Investment income / (loss) - Statutory funds	1,266,295	-124,902
Net change in policy holder liabilities	-3,725,052	-3,183,650	17.01%
(Surplus) / deficit of Policyholders' fund	-147,942	36,341
Management expenses	-3,015,576	-2,611,569	15.47%
Underwriting results	831,527	472,498	75.99%
Investment income - others	1,492,253	1,877,588	-20.52%
Rental income	5,479	1,078	408.26%
Other income	70,471	76,543	-7.93%
Other expenses	-120,884	-103,287	17.04%
Results of operating activities	2,278,846	2,324,420	-1.96%
Exchange gain / (loss)	6,402	-350
Profit from 'Window Takaful Operations'	69,769	49,848	39.96%
Profit before tax	2,355,017	2,373,918	-0.80%
Income tax expense	-849,818	-742,986	14.38%
Profit after tax	1,505,199	1,630,932	-7.71%
Earnings per share - basic and diluted	4.30	4.66	-7.73%

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