August 24, 2020 (MLN): EFU General Insurance Limited (EFUG) has unveiled its financial results for the 1HCY20 ended June 30, 2020, as per which the company has posted its profit after tax of Rs 1.53 billion (EPS: Rs 5.84) i.e. around 2.3 times higher than the net profits of Rs 646 million (EPS: Rs 2.05) of the corresponding period last year.
The financial results announced today were also accompanied by the second interim cash dividend for the six months ended June 30, 2020, at Rs 1.5 per share i.e. 15%.
As per the financial statement issued by the company, the increase in profitability of the company was attributable to an increase in investment income which went up by 32% YoY to Rs 6.82 billion and a net fair gain on financial assets of Rs 2.04 billion.
The company reported a loss in underwriting income of Rs 7.88 billion due to a decline in the company’s net insurance premium by 5.43% YoY along with an increase in net insurance liabilities by 5 times YoY, despite a decline in insurance claims and acquisition expenses by 10% YoY.
During the period, the rental income jumped by 17.7% YoY to Rs 62 million. On the other hand, other income plunged by 21.5% YoY to stand at Rs 120 million.
Meanwhile, the tax expenses of the company went up by 12% YoY to Rs 900 million.
|
Profit and Loss Account for the Half-Year ended June 30, 2020 (Rupees in '000) |
|||
|---|---|---|---|
|
|
Jun-20 |
Jun-19 |
% Change |
|
Net insurance premium |
17487834 |
18491395 |
-5.43% |
|
Net insurance claims |
-8914394 |
-9635655 |
-7.49% |
|
Net commission and other acquisition costs |
-3179259 |
-3814275 |
-16.65% |
|
Insurance claims and acquisition expenses |
-12093653 |
-13449930 |
-10.08% |
|
Management expenses |
-2256936 |
-2279340 |
-0.98% |
|
Net change in insurance liabilities (other than outstanding claims) |
-11018887 |
-2171030 |
407.54% |
|
Underwriting result |
-7881642 |
591095 |
-1433.40% |
|
Investment income |
6823590 |
5168257 |
32.03% |
|
Net realized fair value gain/(losses) on financial assets |
1222820 |
-5567340 |
– |
|
Net fair value gain / (loss) on financial assets at fair value through profit and loss |
2047474 |
1019971 |
– |
|
Rental income |
62812 |
53351 |
17.73% |
|
Other income |
120830 |
153915 |
-21.50% |
|
Other expenses |
-71281 |
-58027 |
22.84% |
|
|
10206245 |
770127 |
1225.27% |
|
Results of operating activities |
2324603 |
1361222 |
70.77% |
|
Profit from window takaful operations – Operator's Fund |
108185 |
88216 |
22.64% |
|
Profit before tax |
2432788 |
1449438 |
67.84% |
|
Income tax expense |
-900409 |
-803005 |
12.13% |
|
Profit after tax |
1,532,379.00 |
646,433.00 |
137.05% |
|
Profit attributable to: |
|
|
|
|
Equity holders of the parent |
1168090 |
410902 |
184.27% |
|
Non-controlling interest |
364289 |
235531 |
54.67% |
|
|
1532379 |
646433 |
137.05% |
|
Earnings (after tax) per share – Rupees |
5.84 |
2.05 |
184.88% |
Copyright Mettis Link News
36498
