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% |
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