EFU Life Assurance Ltd. released the financial results for the year ending December 31st, 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%.
|
Unconsolidated Profit and Loss Account – For the Half Year Ended, December 30th 2017 |
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|---|---|---|---|
|
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.
