Century Insurance Company Limited observed 87% reduction in half yearly profits during the six months’ period ended on June 30th 2018, as the profits decreased from Rs.106.6 million during the half year ended on June 30th 2017, to Rs.13.8 million, a year later.
In a Board of Directors meeting that took place on August 20, 2018, the company discussed its financial earnings for the period under review
Century Insurance’s Net insurance claims increased by a quarter while Insurance claims and acquisition expenses increased by 36%.
Moreover, other expenses witnessed an increment of 13% while Share of profit of associates dropped by 32%.
Additionally, the company’s Earnings per share dropped by 86%, as it reduced from Rs.2.12 per share to Rs.0.28 per share.
Financial Results for the half year ended June 30th 2018 (Rupees) |
|||
|
Jun-18 |
Jun-17 |
% Change |
Net insurance premium |
322,176,683 |
269,565,005 |
19.52% |
Net insurance claims |
(142,313,895) |
(113,307,630) |
25.60% |
Premium deficiency |
|
|
|
Net commission and other acquisition costs |
2,035,441 |
10,364,791 |
-80.36% |
Insurance claims and acquisition expenses |
(140,278,454) |
(102,942,839) |
36.27% |
Management Expenses |
(141,094,797) |
(133,210,338) |
5.92% |
Underwriting results |
40,803,432 |
33,411,828 |
22.12% |
Investment(loss)/income |
(28,656,600) |
154,056,144 |
|
Other income |
8,394,565 |
3,381,901 |
148.22% |
Other expenses |
(3,708,932) |
(3,271,774) |
13.36% |
Results of operating activities |
16,832,465 |
187,578,099 |
-91.03% |
Finance costs |
|
|
|
Share of profit of associates |
1,547,408 |
2,300,721 |
-32.74% |
Profit from Window Takaful Operations |
148,934 |
– |
|
(Loss)/profit before tax |
18,528,807 |
189,878,820 |
-90.24% |
Income tax expense |
(4,687,146) |
(83,310,504) |
-94.37% |
(Loss)/profit after tax |
13,841,661 |
106,568,316 |
-87.01% |
Earnings per share – basic and diluted (Rupees) |
0.28 |
2.12 |
-86.79% |
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