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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