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

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

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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Posted on: 2022-02-23T14:47:15+05:00

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