Jubilee Life Insurance observes 23.5% slash in net earnings

MG News | August 20, 2019 at 04:04 PM GMT+05:00

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August 20, 2019 (MLN): Jubilee Life Insurance has declared net earnings of Rs. 979.7 million (EPS: Rs. 12.35) for the half year ended June 30, 2019, which is 23.5% lesser than the earnings recorded in same period of last year. The company has also announced an interim cash dividend for the year 2019 at Rs. 3 per share i.e. at 30%.

An official document covering the details of financial results revealed that the company observed almost no change in its contribution revenues. While the non-core income improved by a substantial margin of 84%, the increase in fair value loss on financial assets by a massive magnitude dragged down the net income by almost 10%.

On the brighter side, the company witnessed a 30% slash in its total expenses. However, increase in finance cost by 33% kept the earnings at check.

Profit and loss account for the half year ended June 30, 2019 (millions)
	June, 2019	June, 2018	% Change
REVENUE
Premiums / Contributions Revenue	24,915.35	24,871.16	0.18%
Premiums / Contributions ceded to reinsurers	-695.36	-631.76	10.07%
Net premiums / contributions revenue	24,219.99	24,239.40	-0.08%
Fee income	15.65	25.72	-39.15%
Investment income	5,451.27	3,206.36	70.01%
Net realized fair value (loss) / gains financial assets	-372.63	863.31	-143.16%
Net fair value loss on financial assets at fair value through profit or loss	-4,378.05	-590.42	641.51%
Other income	140.60	76.46	83.89%
Net income	25,076.83	27,820.83	-9.86%
Insurance benefits	11,256.05	8,176.65	37.66%
Recoveries from reinsurers	-578.81	-435.32	32.96%
Claims related expenses	3.52	3.58	-1.68%
Net Insurance Benefits	10,680.76	7,744.91	37.91%
Net Change in insurance liabilities (other than outstanding claims)	6,705.95	12,306.34	-45.51%
Acquisition expenses	4,407.49	4,498.85	-2.03%
Marketing and administration expenses	1,572.69	1,434.17	9.66%
Other expenses	20.10	20.31	-1.03%
Total Expenses	12,706.23	18,259.67	-30.41%
Realized gain / (loss) on derivative financial instrument	11.96	-11.34	-205.47%
Unrealized (loss) / gain on derivative financial Instrument	5.82	20.68	-71.86%
Finance cost	-71.49	-53.75	33.00%
Results of operating activities	1,636.13	1,771.84	-7.66%
Share of profit of associate	7.72	4.43	74.27%
Profit before tax for the period	1,643.85	1,776.27	-7.45%
Income tax expense	-664.10	-494.54	34.29%
Profit after tax for the period	979.75	1,281.73	-23.56%
Earnings (after tax) per share - Rupees	12.35	16.16	-23.58%

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