EFU General Insurance suffers 36.2% drop in half yearly profits

Profit and Loss Account for the half year ended June 30th 2018 (Rupees in '000)

Jun-18

Jun-17

% Change

Net insurance premium

                     10,522,762

                       3,756,708

180.11%

Net insurance claims

                     (4,812,210)

                     (1,460,979)

229.38%

Net commission

                     (1,950,742)

                        (278,007)

601.69%

Insurance claims and acquisition expenses

                     (6,762,952)

                     (1,738,986)

288.90%

Management expenses

                     (1,784,491)

                     (1,168,105)

52.77%

Investment income - statutory fund

                       1,636,771

                                      -  

Net realized fair value losses on financial assets

                        (496,676)

                                      -  

Net fair value loss on financial assets at fair value through profit and loss

                     (3,292,572)

                                      -  

Net change in insurance liabilities (other than outstanding claims)

                       1,175,109

                                      -  

Underwriting results

                           997,951

                           849,617

17.46%

Investment income

                           368,834

                       1,045,934

-64.74%

Rental income

                             49,995

                             43,938

13.79%

Other income

                             58,310

                             54,792

6.42%

Other expenses

                           (39,390)

                           (27,706)

42.17%

Results of operating activities

                       1,435,700

                       1,966,575

-26.99%

Finance cost

                             16,153

                                   200

7976.50%

Profit from window takaful operations - Operator's fund

                             53,230

                             18,611

186.01%

Profit before tax

                       1,505,083

                       1,985,386

-24.19%

Income tax expenses

                        (677,481)

                        (688,240)

-1.56%

Profit after tax

                           827,602

                       1,297,146

-36.20%

Earnings per share -  basic and diluted (Rupees)

                                  3.12

                                  6.49

-51.93%