Jubilee Life Insurance observes 17% slash in bottom-line earnings

MG News | October 24, 2019 at 05:09 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

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%

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	168,155.49 146.93M	-0.29% -481.36
ALLSHR	101,821.25 491.54M	-0.27% -275.83
KSE30	50,151.61 66.23M	-0.22% -111.06
KMI30	240,694.06 56.00M	-0.34% -821.69
KMIALLSHR	65,906.19 236.46M	-0.35% -230.83
BKTi	46,796.32 10.20M	-0.20% -94.16
OGTi	34,362.14 4.89M	0.39% 134.82

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	85,000.00	85,000.00 84,680.00	410.00 0.48%
BRENT CRUDE	102.61	103.04 98.40	0.30 0.29%
RICHARDS BAY COAL MONTHLY	128.50	0.00 0.00	0.50 0.39%
ROTTERDAM COAL MONTHLY	140.00	143.25 140.00	-3.90 -2.71%
USD RBD PALM OLEIN	1,167.50	1,167.50 1,167.50	0.00 0.00%
CRUDE OIL - WTI	91.26	93.51 88.06	-1.61 -1.73%
SUGAR #11 WORLD	19.91	19.96 18.93	0.97 5.12%