EFUG’s profit inches up by 6.7% YoY in CY21
MG News | February 23, 2022 at 02:47 PM GMT+05:00
February 23, 2022 (MLN): EFU General Insurance Limited (PSX: EFUG) has announced its financial results for the year ended December 31, 2021, as per which the insurance company observed a slight increase in its net profits by 6.7% YoY to Rs3.6 billion with earnings per share clocked in at Rs13.90 per share, the company filing on PSX showed today.
Alongside financial results, the board of directors of the company announced a final cash dividend at Rs5.5 per share i.e. 55%. This is in addition to the aggregate amount of first, second and third interim dividends of Rs 4.5 per share (i.e. 45%) declared and paid during the year.
Going by the financial statement the net insurance premium revenue was stood at Rs46.11bn against Rs40.23bn in the last year while the net insurance claims rose by 22.86% YoY to Rs27.29bn against Rs22.2bn in CY20.
The company’s underwriting results remained negative in 2021 to stand at Rs3.9bn due to cost increases be it net claims, commissions or management expenses.
However, investment income (including rental, profit on deposits and other income) usually is the rescuer for the bottom-line of an insurance company remained stable at Rs13.13bn in 2021.
|
Profit and Loss Account for the year ended December 31st 2021 (Rupees in '000) |
|||
|---|---|---|---|
|
Dec-21 |
Dec-20 |
% Change |
|
|
Net insurance premium |
46,117,841 |
40,234,131 |
14.62% |
|
Net insurance claims |
(27,294,322) |
(22,215,455) |
22.86% |
|
Net commission and other acquisition costs |
(9,175,200) |
(7,378,188) |
24.36% |
|
Insurance claims and acquisition expenses |
(36,469,522) |
(29,593,643) |
23.23% |
|
Management expenses |
(5,152,676) |
(4,752,651) |
8.42% |
|
Net change in insurance liabilities (other than outstanding claims) |
(8,430,692) |
(23,624,404) |
-64.31% |
|
Underwriting result |
(3935049) |
(1773567) |
121.87% |
|
Investment income |
13130884 |
12994070 |
1.05% |
|
Net realized fair value losses on financial assets |
2179495 |
3823955 |
-43.00% |
|
Net fair value gain / (loss) on financial assets at fair value through profit and loss |
(6597757) |
5498635 |
- |
|
Rental income |
122193 |
116595 |
4.80% |
|
Other income |
268780 |
203739 |
31.92% |
|
Change in fair value of investment property |
78421 |
170138 |
-53.91% |
|
Other expenses |
(108658) |
(103094) |
5.40% |
|
9073358 |
22704038 |
-60.04% |
|
|
Results of operating activities |
5138309 |
4967471 |
3.44% |
|
Profit from window takaful operations - Operator's Fund |
186105 |
185669 |
0.23% |
|
Profit before tax |
5324114 |
5153140 |
3.32% |
|
Income tax expense |
(1729770) |
(1786001) |
-3.15% |
|
Profit after tax |
3594644 |
3367139 |
6.76% |
|
Earnings (after tax) per share - Rupees |
13.90 |
12.11 |
14.78% |
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