Adamjee Life Insurance’s (AICL) Top-line gains during the half year ended June 30th 2018 increased by 8% as compared to that made during the half year ended on June 30th 2017, as per the financial earnings report issued by the company on August 29, 2018.
The company’s board of directors’ meeting took place on August 28th 2018, in which the company reviewed its financial earnings for the period.
AICL’s Insurance claims and acquisition expenses increased by 11.7% whereas management expenses went up by almost 17%.
Underwriting results witnessed an increase of 55%. Likewise, Investment income went up buy 4%.
Although Results of operating activities observed 9% increment, increased income tax expenses led to a 1% drop in overall profits for the period.
The company also reported its basic and diluted earnings per share at Rs.2.99 as compared to Rs.3.03 on year-on-year basis.
|
Consolidated Profit and Loss account for the half year ended June 30th 2018 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Jun-18 |
Jun-17 |
% Change |
|
Net insurance premium |
12,168,397 |
11,221,287 |
8.44% |
|
Net insurance claims |
(6,699,310) |
(6,052,412) |
10.69% |
|
Premium deficiency |
– |
47,171 |
|
|
Net commission and other acquisition cost |
(1,452,875) |
(1,293,608) |
12.31% |
|
Insurance claims and acquisition expenses |
(8,152,185) |
(7,298,849) |
11.69% |
|
Investment income – statutory funds |
1,024,175 |
479,903 |
113.41% |
|
Net change in policy holder liabilities |
(2,519,288) |
(2,406,126) |
4.70% |
|
Surplus of policyholders' funds |
(60,815) |
(15,284) |
297.90% |
|
Management expenses |
(1,875,509) |
(1,604,357) |
16.90% |
|
Underwriting result |
584,775 |
376,574 |
55.29% |
|
Investment income |
1,089,657 |
1,139,140 |
-4.34% |
|
Rental income |
5,030 |
1,614 |
211.65% |
|
Other income |
46,338 |
53,289 |
-13.04% |
|
Other expenses |
(85,112) |
(66,178) |
28.61% |
|
Results of operating activities |
1,640,688 |
1,504,439 |
9.06% |
|
Exchange(loss)/gain |
3,086 |
(203) |
|
|
Profit/(loss) from Window Takaful Operations |
44,281 |
31,025 |
42.73% |
|
Profit before tax |
1,688,055 |
1,535,261 |
9.95% |
|
Income tax expense |
(641,061) |
(475,952) |
34.69% |
|
Profit after tax |
1,046,994 |
1,059,309 |
-1.16% |
|
Basic and diluted earnings per share – Rupees |
2.99 |
3.03 |
-1.32% |
22801
