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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