TPL Insurance suffers 82% drop in half yearly profits

Financial Results for the Half Year Ended June 30th 2018 ('000 Rupees)

Jun-18

Jun-17

% Change

Net insurance premium

                  639,757,612

                  666,145,201

-3.96%

Net insurance claims

                (258,328,793)

                (279,808,431)

-7.68%

Net commission

                  (62,376,508)

                  (56,443,987)

10.51%

Insurance claims and acquisition expenses

                (320,705,301)

                (336,252,418)

-4.62%

Management expenses

                (244,503,731)

                (237,001,105)

3.17%

Underwriting result

                     74,548,580

                     92,891,678

-19.75%

Investment income

                     17,845,968

                       9,547,885

86.91%

Other income

                  103,783,973

                     72,233,813

43.68%

Other expenses

                (134,290,108)

                  (98,304,462)

36.61%

Results of operating activities

                     61,888,413

                     76,368,914

-18.96%

Financial charges

                        (869,452)

                        (183,675)

373.36%

Profit before tax for the period

                     27,083,089

                  112,191,955

-75.86%

Provision for taxation

                  (13,967,479)

                  (36,603,693)

-61.84%

Profit after tax for the period

                     13,115,610

                     75,588,262

-82.65%

Earning (after tax) per share - Rupees

                                  0.16

                                  0.91

-82.42%