Jubilee Life Insurance Company Limited (JLICL) suffered a drop of 24% in its half yearly profits, owing to increased Net insurance benefits and Total expenses
JLICL finalized their financial earnings for the half year ended on June 30th 2018, in its Board of Directors meeting conducted on August 17th 2018.
As compared to the half year ended on June 30th 2017, the company’s Net premiums/contributions revenue increased by almost 18% while Net income went up by 18.3%
However, Net insurance benefits witnessed an increment of 20% whereas Total expenses increased by 23.7% as well.
Collectively, these components led to the Results of operating activities to drop by 18%, and overall profits came down to Rs.1.3 billion from Rs.1.7 billion.
Additionally, the company also reported Earnings per share at Rs.16.14 from Rs.21.31 during the same period last year.
|
Financial Results for the Half Year ended June 30th 2018 (Rupees in million) |
|||
|
|
Jun-18 |
Jun-17 |
% Change |
|
REVENUE |
|
|
|
|
Premiums/Contributions Revenue |
24,871.16 |
21,230.33 |
17.15% |
|
Premiums/Contributions ceded to reinsurers |
(631.76) |
(645.67) |
-2.15% |
|
Net premiums/contributions revenue |
24,239.40 |
20,584.66 |
17.75% |
|
Fee income |
25.72 |
26.75 |
-3.85% |
|
Investment income |
3,355.96 |
2,697.42 |
24.41% |
|
Net realized fair value gains on financial assets |
863.31 |
524.64 |
64.55% |
|
Net fair value loss on financial assets at fair value through profit or loss |
(590.42) |
(266.32) |
121.70% |
|
Other income |
76.46 |
73.78 |
3.63% |
|
Net income |
27,970.43 |
23,640.93 |
18.31% |
|
Insurance benefits |
8,176.65 |
6,896.99 |
18.55% |
|
Recoveries from reinsurers |
(435.32) |
(448.34) |
-2.90% |
|
Claims related expenses |
3.58 |
2.65 |
35.09% |
|
Net insurance Benefits |
7,744.91 |
6,451.30 |
20.05% |
|
Net change in Insurance liabilities (other than outstanding claims) |
12,246.97 |
9,362.06 |
30.81% |
|
Acquisition expenses |
4,498.85 |
4,086.18 |
10.10% |
|
Marketing and administrative expenses |
1,434.17 |
1,232.37 |
16.37% |
|
Other expenses |
10.96 |
23.21 |
-52.78% |
|
Total expenses |
18,190.95 |
14,703.82 |
23.72% |
|
Results of operating activities |
2,034.57 |
2,485.81 |
-18.15% |
|
Share of profit from associates |
4.43 |
3.82 |
15.97% |
|
Profit before tax for the period |
2,039.00 |
2,489.63 |
-18.10% |
|
Taxation |
(758.42) |
(798.96) |
-5.07% |
|
Profit after tax for the period |
1,280.58 |
1,690.67 |
-24.26% |
|
Earnings (after tax) per share (Rupees) |
16.14 |
21.31 |
-24.26% |
22704
