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

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%.

Comparison of Key Financials

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.

Posted on: 2018-02-13T13:54:00+05:00