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Century Insurance’s half yearly profits plunge by 87%

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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%

 

Posted on: 2018-08-20T16:23:00+05:00

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