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Jubilee General Insurance half year profits fall by 23.46%

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Jubilee General Insurance’s profits for the half year ended 30 June 2018 have dropped by 23.46% as the company reported after tax profits amounting to Rs 467.450 million compared to 610.708 million in profits reported last year on 30 June 2017.

The results were announced following the company’s Board of Directors meeting held on August 16, 2018 at 10:00 am.

For the six months period ended on June 30, 2018, the company reported a 9.18% increase in net insurance premium while Net insurance claims surged by 31.84% over this period.

Insurance claims and acquisition expenses, on the other hand, increased by 27.53%.

Rising expenses for insurance claims and acquisition handling along with management expenses, coupled with a negative underwriting result lead to a decline of 26.71% in the results of operating activities, even when investment incomes rose by 12.07%.

The company declares an earnings per share of Rs 2.59 for the six months ended in June 2018, compared to Rs 3.38 a year ago, a decline of 23.37%.

Profit and Loss account for the half year ended June 30th 2018 (000' Rupees)
  Jun-18 Jun-17 % Change
Net insurance premium  2,502,864  2,292,368 9.18%
Net insurance claims  1,582,157  1,200,042 31.84%
Net commission and other acquition costs  214,163  208,517 2.71%
Insurance claims and acquisition expenses  1,796,320  1,408,559 27.53%
Management expenses  836,715  707,710 18.23%
Underwriting result  (130,171)  176,099 -173.92%
Investment income  667,894  595,949 12.07%
Rental income  45,117  43,391 3.98%
Other income – net  49,015  34,778 40.94%
Other expenses  (41,512)  (44,692) -7.12%
Results of operating activities  590,343  805,525 -26.71%
Share in profit of associates  108,110  98,594 9.65%
Profit from Window Takaful Operations  45,150  28,523 58.29%
Profit before tax  743,603  932,642 -20.27%
Provision for taxation  (276,153)  (321,934) -14.22%
Profit after tax  467,450  610,708 -23.46%
Earnings per share – basic and diluted (Rupees)  2.59  3.38 -23.37%
Posted on: 2018-08-16T13:53:00+05:00

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