October 25, 2018 (MLN): Jubilee Life Insurance (JLICL) profits for the nine months period ended 30th September 2018 have fallen by 13.86%, due to almost equivalent increase in Net income and Total expenses of the company.
According to the notification issued to PSX, the net income for the company increased by 36.36% following a good progress in net premium/contribution revenue by 14.23%, and a drop in Net loss on financial assets by 62.48%.
The net insurance benefits of the company also displayed improvement over the year as it grew by 18.5%, primarily due to increase in insurance benefits by 16.8%
However, total expenses of the company grew by 61.01% i.e. Rs. 9.4 million, which is almost equal to the increase in company’s income and benefits, leading to an overall decrease in the company’s operating profits by 18.66%.
The decrease in income taxes by 26.02%, however, brought down the damage on the net profits to only 13.86% for the said period.
The Earnings per share of the company were stated at Rs. 25.36 for the nine months period ended 30th September 2018, 13.86% down by previous year.
|
Profit and loss account for the nine months ended September 30th 2018 (Rupees'million) |
|||
|---|---|---|---|
|
|
Sep-18 |
Sep-17 |
% Change |
|
REVENUE |
|||
|
Premiums / Contributions Revenue |
37,009.04 |
32,468.37 |
13.98% |
|
Premiums / Contributions ceded to reinsurers |
-982.55 |
-929.94 |
5.66% |
|
Net premiums / contributions revenue |
36,026.49 |
31,538.43 |
14.23% |
|
Fee income |
34.69 |
34.23 |
1.34% |
|
Investment income |
5,239.80 |
4,057.93 |
29.12% |
|
Net realized fair value gains on financial assets |
655.42 |
-84 |
|
|
Net fair value loss on financial assets at fair value through profit or loss |
-2,489.06 |
-6,633.59 |
-62.48% |
|
Other income |
118.44 |
117.85 |
0.50% |
|
Net income |
39,585.78 |
29,031.04 |
36.36% |
|
Insurance benefits |
12,262.18 |
10,498.82 |
16.80% |
|
Recoveries from reinsurers |
-683.22 |
-727.21 |
-6.05% |
|
Claims related expenses |
5.17 |
3.71 |
39.35% |
|
Net Insurance Benefits |
11,584.13 |
9,775.32 |
18.50% |
|
Net Change in Insurance Liabilities (other than outstanding claims) |
16,105.51 |
7,701.74 |
109.12% |
|
Acquisition expenses |
6,832.82 |
5,928.14 |
15.26% |
|
Marketing and administration expenses |
2,045.29 |
1,883.73 |
8.58% |
|
Other expenses |
27.61 |
20.28 |
36.14% |
|
Total Expenses |
25,011.23 |
15,533.89 |
61.01% |
|
Realized loss on derivative financial instrument |
-19.02 |
-8.54 |
122.72% |
|
Unrealized gain / (loss) on derivative financial instrument |
57.68 |
-4.74 |
|
|
Share of profit from associates |
6.42 |
6.01 |
6.82% |
|
Profit before tax for the period |
3,035.50 |
3,714.56 |
-18.28% |
|
Taxation |
-999.55 |
-1,351.14 |
-26.02% |
|
Profit after tax for the period |
2,035.95 |
2,363.42 |
-13.86% |
|
Earnings (after tax) per share – Rupees |
25.66 |
29.79 |
-13.86% |
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