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

News Image

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

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 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 11, 2025 at 10:56 PM GMT+05:00

Gold price in Pakistan rises Rs2,300 per tola


July 11, 2025 at 05:49 PM GMT+05:00

PKR gains 10 paisa per USD


July 11, 2025 at 05:41 PM GMT+05:00

PSX Closing Bell: Bulls Serenade The Bourse


July 11, 2025 at 05:06 PM GMT+05:00

UBL doubles profit to Rs65bn in 1HCY25


July 11, 2025 at 04:19 PM GMT+05:00

Ideal Spinning Mills to exit spinning business



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg