EFU General Insurance’s profits for the half year period ended on June 30th 2018, came down from Rs.1.3 billion to Rs.827.6 million, mainly due to significant increases in Net insurance claims, Insurance claims and acquisition expenses, Management expenses and Net fair value loss on financial assets.
The company compared their financial earnings for this period with the half year period ended in June 30th 2017, in their Board of Directors meeting held on August 18th 2018, Saturday.
EFUG’s Net insurance claims went up majorly by 229%, Insurance claims and acquisition expenses increased by almost 289% whereas Management expenses increased by half.
Moreover, the company’s investments income suffered a drop of 64%.
The overall Profit after tax for the period witnessed a drop of 36% while Earnings per share reduced from Rs.6.49 per share to Rs.3.12 per share, a drop of almost 52%
|
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% |
22700
