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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