Jubilee Life Insurance observes 17% slash in bottom-line earnings
MG News | October 24, 2019 at 05:09 PM GMT+05:00
October 24, 2019 (MLN): Jubilee Life Insurance Company Limited has reported earnings of Rs. 1.55 billion (EPS: Rs. 19.65) for the nine months ended September 30, 2019, i.e. 17.09% lower than the earnings recorded in same period last year.
According to the financial report sent to PSX revealed that the company observed a decline of 1.91% in net premiums / contribution revenue.
While the non-core income improved by a substantial margin of 75%, the increase in fair value loss on financial assets by a massive magnitude dragged down the net income by almost 6.1%.
Furthermore, the total expenses declined by 25.7% due to fall in net change in insurance liabilities by 38% and non-core expenses by 17%
| Financial Results for the nine months ended September 30, 2019 (Rupees in million) | |||
|---|---|---|---|
| Sep-19 | Sep-18 | % Change | |
| REVENUE | |||
| Premiums/Contributions Revenue | 36,326.64 | 37,009.04 | -1.84% |
| Premiums/Contributions ceded to reinsurers | (987.17) | (982.55) | 0.47% |
| Net premiums/contributions revenue | 35,339.47 | 36,026.49 | -1.91% |
| Fee income | 23.83 | 34.69 | -31.31% |
| Investment income | 8,814.27 | 5,015.06 | 75.76% |
| Net realized fair value gains on financial assets | (1,468.07) | 655.42 | |
| Net fair value loss on financial assets at fair value through profit or loss | (5,961.39) | (2,489.06) | 139.50% |
| Other income | 207.72 | 118.44 | 75.38% |
| Net income | 36,955.83 | 39,361.04 | -6.11% |
| Insurance benefits | 16,638.37 | 12,262.18 | 35.69% |
| Recoveries from reinsurers | (855.49) | (683.22) | 25.21% |
| Claims related expenses | 5.51 | 5.17 | 6.58% |
| Net insurance Benefits | 15,788.39 | 11,584.13 | 36.29% |
| Net change in Insurance liabilities (other than outstanding claims) | 9,967.33 | 16,201.17 | -38.48% |
| Acquisition expenses | 6,441.72 | 6,832.82 | -5.72% |
| Marketing and administrative expenses | 2,222.80 | 2,045.29 | 8.68% |
| Other expenses | 22.80 | 27.61 | -17.42% |
| Total expenses | 18,654.65 | 25,106.89 | -25.70% |
| Realized gain / (loss) on derivative financial instrument | 23.27 | (19.02) | |
| Unrealized (loss) /gain on derivative financial instrument | (16.30) | 57.68 | |
| Finance cost | (41.30) | (84.39) | -51.06% |
| Results of operating activities | 2,478.46 | 2,624.29 | -5.56% |
| Share of profit from associates | 7.68 | 6.42 | 19.63% |
| Profit before tax for the period | 2,486.14 | 2,630.71 | -5.50% |
| Taxation | (927.03) | (750.27) | 23.56% |
| Profit after tax for the period | 1,559.11 | 1,880.44 | -17.09% |
| Earnings (after tax) per share (Rupees) | 19.65 | 23.70 | -17.09% |
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