Jubilee General Insurance profits drop by 9.13% in 3QFY19
MG News | October 23, 2018 at 02:27 PM GMT+05:00
October 23, 2018 (MLN): Jubilee General Insurance’s profits for the nine months period ended 30th September 2018 have sunk by 9.13%, as a result of increase in several cost generating streams of the company.
According to the latest notification issued by PSX, the top-line earnings of the company improved by 7.83%, whereas the insurance claim and management expenses grew by 17.09% and 16.66% respectively, causing the underwriting results to slither by 92.88%.
The investment income (24.74%), Rental income (4.67%) and Non-core income (19.8%) exhibited considerable growth, wrenching down the impact on operating activates to just 7.88%.
Furthermore, increase in profits from Takaful operations caused the profit before tax to fall down by a mere 6.71%
With the income taxes showing a slight increase of just 1.9%, the overall impact on profits after tax was a 9.13% drop.
The Earnings per share of the company reported a decline of 9.05% for the period ended September 30, 2018
| Profit and loss account for the nine months ended September 30th 2018 (Rupees’000) | |||
|---|---|---|---|
| Sep-18 | Sep-17 | % Change | |
| Net insurance premium | 3,733,617 | 3,462,419 | 7.83% |
| Insurance claims and acquisition expenses | 2,512,466 | 2,145,781 | 17.09% |
| Management expenses | 1,200,673 | 1,029,192 | 16.66% |
| Underwriting results | 20,478 | 287,446 | -92.88% |
| Investment income | 857,597 | 687,520 | 24.74% |
| Rental Income | 67,048 | 64,056 | 4.67% |
| Other income | 69,905 | 58,350 | 19.80% |
| Other expenses | -54,162 | -54,353 | -0.35% |
| Results of operating activities | 960,866 | 1,043,019 | -7.88% |
| Share in profit of associates | 150,556 | 167,922 | -10.34% |
| Profit from Window Takaful Operations | 62,476 | 47,454 | 31.66% |
| Profit before tax | 1,173,898 | 1,258,395 | -6.71% |
| Income tax expense | -412,850 | -420,859 | -1.90% |
| Profit after tax | 761,048 | 837,536 | -9.13% |
| Earnings per share - Rupees | 4.22 | 4.64 | -9.05% |
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