EFU General Insurance profits fall by 28.96 percent to Rs. 430.663 million

EFU General Insurance (EFUG) today announced financial results for the three months period ending 31 March, 2018 reporting Sales at Rs. 1.865 billion; up 2.53 percent from same period last year. Furthermore, the company’s Net Insurance Claims rose to Rs. 751.282 million from Rs. 725.618 million last year during the outgoing three months.

On the expenses front, EFUG reported 6.03 percent increase in Insurance Clams and Acquisition Expenses, 12.77 percent increase in Management Expenses, whereas, Finance Costs incurred by the company went up by 126983.33 percent during the period.

Furthermore, EFUG also reported a 4.48 percent increase in Other Income reaching Rs. 25.163 million during the three months.

EFU General Insurance Limited reported profit after taxation at Rs. 430.663 million against Rs. 606.191 million during the same period last year translating into an EPS of Rs. 2.15 vs. an EPS of Rs. 3.03 during the three months ending March, 2017. 

Comparison of Key Financials

Unconsolidated Profit and Loss Account – For the Three Months Ended, March 30th 2018

Key Financials

March, 2018

March, 2017

% Change

 

Amounts in PKR’ 000

Net Insurance Premium

1,865,786

1,819,791

2.53%

Net Insurance Claims

751,282

725,618

3.54%

Insurance Claims and Acquisition Expenses

942,428

888,810

6.03%

Management Expenses

651,817

577,982

12.77%

Underwriting Results

271,541

352,999

-23.08%

Investment Income

188,726

210,829

-10.48%

Rental Income

19,343

12,354

56.57%

Other Income

25,163

24,085

4.48%

Other Expenses

19,414

13,807

40.61%

Results for Operating Activities

485,359

586,460

-17.24%

Finance Costs

7,625

6

126983.33%

Profit before Tax from Takaful Operations

33,086

10,098

227.65%

Profit before Tax

617,756

847,752

-27.13%

Income Tax Expense

187,093

241,561

-22.55%

Profit after Tax

430,663

606,191

-28.96%

EPS

2.15

3.03

-29.04%

Company release on Earnings Report can be accessed here.

Posted on: 2018-04-27T15:13:00+05:00