EFU Life Assurance Ltd. profits fall 3.23% to Rs. 1.812 billion

By MG News | February 14, 2018 at 02:41 PM GMT+05:00

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EFU Life Assurance Ltd. released the financial results for the year ending December 31^st, 2017 today as it reported a 31.28% decrease in Revenue at Rs. 27.154 billion with Investment and other income falling by 76.97% during the year, following the decline in equity markets.

Claims against EFU fell by 44.57% to clock in at Rs. 17.432 billion vs. Rs. 31.448 billion last year. However, Bank’s total profit before tax took a dip downwards by 4.19%% with total amount clocking in at Rs. 2.680 billion for the period.

Bottom-line profits for the bank fell by 3.23% to reach Rs. 1.812 billion against Rs. 1.872 billion during last year. On the earnings front, EFU Life Assurance earnings per share reached 18.12 Rupees for the period.

The Board decided to approve a final cash dividend of Rs. 11.25 per share at a rate of 112.5%.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Half Year Ended, December 30^th 2017
Key Financials	2017	2016	% Change
	Amounts in PKR ‘000
Revenue	27,154,243	39,515,849	-31.28%
Premium net of reinsurance	30,759,730	23,861,851	28.91%
Investment Income and other income	3,605,487	15,653,998	-76.97%
Expenses	24,496,904	37,017,725	-33.82%
Claims including movement in policy holders' liability	17,432,520	31,448,317	-44.57%
Management Expenses	7,064,384	5,569,408	26.84%
Surplus available in Revenue Account	2,657,339	2,498,124	6.37%
Surplus transferred to P&L Account	2,543,879	2,326,078	9.36%
P&L Account before appropriation of surplus to shareholders' fund	136,902	472,018	-71.00%
Profit before Tax	2,680,781	2,798,096	-4.19%
Tax	868,400	925,200	-6.14%
Profit after Tax	1,812,381	1,872,896	-3.23%
EPS - Basic and diluted	18.12	18.73	-3.26%

Company release on Earnings Report can be accessed here.

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