IGI Life Insurance bears 70% reduction in half yearly profits, at the hands of lower net revenue

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MG News | August 28, 2018 at 03:39 PM GMT+05:00

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IGI Life insurance reported a 70% drop in half yearly profits due to reduced Net premium/contribution revenue.

In a Board of Directors meeting conducted on August 28, 2018, IGI reviewed its financial earnings for the half year period, ended on June 30th 2018.

As compared to the half year ended on June 30th 2018, IGI’s net premium/contribution revenue dropped by 9.5%, leading to 11.5% reduction in net income.

Furthermore, net insurance benefits increased by 13%.

Collectively, these components caused the overall half yearly profits to drop from Rs.143.6 million to Rs.42.9 million, on year-on-year basis.

Additionally, earnings per share are reported to be Rs.0.61 per share from Rs.2.03 per share

Profit and Loss account for the half year ended June 30th 2018 ('000 Rupees)

 

Jun-18

Jun-17

% change

Premium/contribution revenue

                      2,686,768

                      2,955,604

-9.10%

Premium ceded to reinsurers/retakaful

                            66,843

                            61,153

9.30%

Net premium/contribution revenue

                      2,619,925

                      2,894,451

-9.48%

Investment income

                         504,088

                         553,288

-8.89%

Net realized fair value gains on financial assets

                            40,169

                         133,717

-69.96%

Other income - net

                            39,039

                            38,249

2.07%

Net income

                      3,203,221

                      3,619,705

-11.51%

Insurance benefits

                      2,608,938

                      2,331,142

11.92%

Recoveries from reinsurers

                         (10,986)

                         (48,243)

-77.23%

Net insurance benefits

                      2,597,952

                      2,282,899

13.80%

Change in Insurance Liabilities (other than outstanding claims)

                       (146,868)

                         532,174

 

Acquisition expenses

                         358,218

                         367,340

-2.48%

Marketing and administration expenses

                         335,838

                         268,515

25.07%

Other expenses

                            15,133

                              7,271

108.13%

Total expenses

                         562,321

                      1,175,300

-52.16%

Finance costs

                                     -  

                                     -  

 

Profit/(loss) before tax

                            42,948

                         161,506

-73.41%

Tax

                                     -  

                            17,919

 

Profit/(loss) after tax

                            42,948

                         143,587

-70.09%

Earnings per share - basic and diluted (Rupees)

                                0.61

                                2.03

-69.95%

 

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