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TPL Insurance suffers 82% drop in half yearly profits

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In a Board of Directors meeting held on August 11th 2018, TPL Insurancefinalized the report for their financial earnings during the half year period ended June 30th 2018.

As compared to the half year ended June 30th 2017, TPLI's Net Commission increased by 10.5%. Other than that, the Insurance Claims and Acquisition Expenses dropped by 4%, while underwriting result dropped by 19%.

Investment income experienced a remarkable increase of around 87%, while Other Income went up by 43.7%.

On the other hand, Financial Charges witnessed an increase of 373%, therefore overall profit for the period slipped majorly by 82%.

TPLI reported Earnings per share of Rs.0.16 per share from Rs.0.91 per share last year.

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%

 

 

 

 

Posted on: 2018-08-13T11:47:00+05:00

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