Jubilee General Insurance profits drop by 9.13% in 3QFY19

MG News | October 23, 2018 at 02:27 PM GMT+05:00

0:00

October 23, 2018 (MLN): Jubilee General Insurance’s profits for the nine months period ended 30^th 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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