Jubilee Life Insurance profits dragged down with increased expenses

MG News | October 25, 2018 at 03:58 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

October 25, 2018 (MLN): Jubilee Life Insurance (JLICL) profits for the nine months period ended 30^th 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 30^th 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%

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	185,372.21 314.71M	0.46% 851.25
ALLSHR	111,991.85 808.33M	0.65% 718.12
KSE30	55,404.49 93.15M	0.58% 321.30
KMI30	262,585.95 95.11M	0.49% 1271.44
KMIALLSHR	72,124.09 476.70M	0.59% 425.45
BKTi	52,005.70 31.68M	0.63% 324.75
OGTi	37,895.90 20.70M	1.63% 608.01

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	63,000.00	63,640.00 61,420.00	1345.00 2.18%
BRENT CRUDE	71.94	72.49 71.30	0.14 0.20%
RICHARDS BAY COAL MONTHLY	107.50	0.00 0.00	-0.50 -0.46%
ROTTERDAM COAL MONTHLY	122.40	122.75 120.45	1.30 1.07%
USD RBD PALM OLEIN	1,135.00	1,135.00 1,135.00	0.00 0.00%
CRUDE OIL - WTI	68.78	69.26 68.08	0.09 0.13%
SUGAR #11 WORLD	14.81	15.17 14.81	-0.18 -1.20%