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.