Adamjee Insurance profits slump by 7.7% for 3QFY18

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By 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 30th 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 30th 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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