IGI Life Insurance bears 70% reduction in half yearly profits, at the hands of lower net revenue
MG News | August 28, 2018 at 03:39 PM GMT+05:00
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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