Jubilee General Insurance Company Ltd. profit falls 8.18% to Rs. 1.083 billion

By MG News | February 13, 2018 at 01:54 PM GMT+05:00

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JGICL today released financial results for year ending December 31^st, 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%.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Half Year Ended, December 30^th 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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