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HomeEquityJubilee General Insurance profits drop by 9.13% in 3QFY19

Jubilee General Insurance profits drop by 9.13% in 3QFY19

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%

Copyright Mettis Link News

Posted on: 2018-10-23T14:27:00+05:00

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