Jubilee General Insurance Company Ltd. profit falls 8.18% to Rs. 1.083 billion
MG News | February 13, 2018 at 01:54 PM GMT+05:00
JGICL today released financial results for year ending December 31st, 2017. The company reported an increase of 10.54% in Net Premium Revenue, whereas, net claims also surged by more than 20%.
Underwriting Result suffered a dip during the year clocking in at Rs. 408.689 million falling by more than 13% from last year’s tally.
JGICL releases show a dismal performance by the insurance giant during the year, as Rental, Net Investment Income and Return on Bank Deposits all suffered a fall during the year.
Despite an increase in profit from window Takaful Operations, the company’s bottom line profits shrank during the year. JGICL profits fell by 8.18% during the year with total clocking in at Rs. 1.083 billion, with earnings per share of Rs. 6.00.
The Board also approved a final cash dividend of Rs. 4.00/share i.e. at the rate of 40%.
| Unconsolidated Profit and Loss Account - For the Half Year Ended, December 30th 2017 | |||
|---|---|---|---|
| Key Financials | 2017 | 2016 | % Change |
| Amounts in PKR ‘000 | |||
| Net Premium Revenue | 4,610,717 | 4,170,928 | 10.54% |
| Net Claims | 2,450,107 | 2,030,292 | 20.68% |
| Expenses | 1,360,183 | 1,256,675 | 8.24% |
| Net Commission | 391,783 | 410,982 | -4.67% |
| Underwriting Results | 408,689 | 472,979 | -13.59% |
| Net Investing Income | 869,283 | 1,111,438 | -21.79% |
| Rental Income | 84,017 | 86,250 | -2.59% |
| Return on bank deposits | 88,338 | 118,017 | -25.15% |
| Other income - net | 4,975 | 1,103 | 351.04% |
| General and Administration Expenses | 65,246 | 76,064 | -14.22% |
| Share in profit from Associates | 165,592 | 123,945 | 33.60% |
| Profit before Tax from Window Takaful Operations | 60,109 | 16,187 | 271.34% |
| Profit before Taxation | 1,615,757 | 1,854,125 | -12.86% |
| Taxation - Net | 532,755 | 674,694 | -21.04% |
| Profit after Taxation | 1,083,002 | 1,179,431 | -8.18% |
| EPS - Basic and diluted | 6.00 | 6.54 | -8.26% |
Company release on Earnings Report can be accessed here.
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