TPL Insurance profits plunge by 88% owing to increased expenses
MG News | October 15, 2018 at 03:21 PM GMT+05:00
October 15, 2018 (MLN): TPL Insurance has witnessed an 88% decline in its overall profits for the nine months ending September 30th, 2018.
According to the report on financial earnings issued to PSX, TPL Insurance witnessed a minor drop of 4% in net insurance premium, which along with enhanced net commission expenses, weighed down the underwriting results by 11% as compared to the corresponding period of last year.
The increase in other expenses by Rs. 54 million cancelled out the impact of the increase in Investment income by Rs. 12 million and other income by Rs. 40 million, negating any positive affect on the profitability of the company.
Although finance charges grew by a considerable 232%, they left little impact on the ultimate result because of the low base effect.
Furthermore, reduction in Income tax expense by Rs 38 million (72.15%) failed to upsurge the profits of the company for this year.
The earning per share of the company witnessed an overall decline of 88.1%.
Other than this, the board of TPL Insurance has recommended an interim cash dividend at Rs.2 per share, i.e. 20%.
| Financial Results for the nine months ended on September 30th 2018 (Rupees) | |||
|
| Sep-18 | Sep-17 | % Change |
| Net insurance premium | 957,552,152 | 997,301,069 | -3.99% |
| Net insurance claims | (399,399,572) | (422,322,501) | -5.43% |
| Net commission expense | (98,411,896) | (86,421,853) | 13.87% |
| Insurance claims and commission expenses | (497,811,468) | (508,744,354) | -2.15% |
| Management expenses | (338,544,996) | (351,901,913) | -3.80% |
| Underwriting result | 121,195,688 | 136,654,802 | -11.31% |
| Investment income | 26,126,205 | 14,092,167 | 85.40% |
| Other income | 158,220,518 | 117,436,450 | 34.73% |
| Other expenses | (208,063,151) | (153,824,198) | 35.26% |
| Results of operating activities | 97,479,260 | 114,359,221 | -14.76% |
| Financial charges | (943,661) | (284,155) | 232.09% |
| Profit before tax from General Insurance Options | 96,535,599 | 114,075,066 | -15.38% |
| Profit/(loss) before tax from Window Takaful Operations | (67,963,007) | 57,546,259 |
|
| Profit before tax for the period | 28,572,592 | 171,621,325 | -83.35% |
| Income tax expense | (14,917,822) | (53,568,239) | -72.15% |
| Profit after tax | 13,654,770 | 118,053,086 | -88.43% |
| Earning (after tax) per share | 0.15 | 1.26 | -88.10% |
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