EFUG’s profit inches up by 6.7% YoY in CY21

By MG News | February 23, 2022 at 02:47 PM GMT+05:00

0:00

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%

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	127,670.06 250.46M	1.63% 2042.75
ALLSHR	79,494.52 719.49M	1.16% 909.80
KSE30	38,866.79 85.30M	1.87% 713.01
KMI30	186,675.53 102.63M	0.97% 1789.04
KMIALLSHR	54,144.56 401.04M	0.71% 380.76
BKTi	32,889.95 39.97M	3.03% 968.27
OGTi	27,890.17 5.92M	0.42% 116.18

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	107,495.00	108,105.00 107,040.00	-740.00 -0.68%
BRENT CRUDE	66.82	66.93 66.34	0.08 0.12%
RICHARDS BAY COAL MONTHLY	97.00	0.00 0.00	0.20 0.21%
ROTTERDAM COAL MONTHLY	103.80	103.80 103.80	-3.45 -3.22%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	65.18	65.27 64.67	0.07 0.11%
SUGAR #11 WORLD	16.13	16.21 16.12	-0.07 -0.43%