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

MG News | April 27, 2018 at 03:13 PM GMT+05:00

0:00

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 30^th 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.

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