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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