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

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

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

Posted on: 2019-10-24T17:09:00+05:00

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