EFU GENERAL INSURANCE LIMITED Directors' Review
We are pleased to present the unaudited financial statements for the six months period ended 30 June 2023.
Performance Review
The Written Premium for the period increased by 31% to Rs. 18 357 million (including Takaful Contribution of Rs. 1 361 million) as against Rs. 14 020 million (including Takaful Contribution of Rs. 1 302 million) for the corresponding period of last year. The Net Premium Revenue was Rs. 5 894 million as against Rs. 5 190 million for the corresponding period of last year. The overall Claims ratio to Net Premium Revenue was 61% as compared to 55% for the corresponding period of last year.
Investment income (including rental income, profit on deposits and other income) for the period was Rs. 1 288 million as compared to Rs. 1 291 million for the corresponding period of last year.
The profit before tax for the period was Rs. 1 196 million as compared to Rs. 1 521 million in the corresponding period of last year. The after-tax profit for the period was Rs. 647 million as compared to Rs. 942 million in the corresponding period last year. The incidence of tax is higher in current period as compared to corresponding period of last year due to the introduction of an additional 6% super tax in the June 2023 Budget retrospectively from 2022.
The earnings per share for the period was Rs. 3.23 against Rs. 4.71 in the corresponding period of last year.
Your Directors have pleasure in declaring the second interim cash dividend of Rs. 1.50 (15.00 %) per share for the year 2023.
Outlook
The recently approved IMF Stand-By Arrangement (SBA) is expected to assist the country. It is also anticipated to provide the much-needed stability to the economic landscape.
Acknowledgments
It is a matter of deep gratification for your Directors to place on record their appreciation of the efforts made by officers, field force and staff who had contributed to the growth of the Company and the continued success of its operations.
Your Directors would also like to thank the Securities & Exchange Commission of Pakistan, Pakistan Reinsurance Company Limited and all our reinsurers for their continued guidance and support.
KAMRAN ARSHAD INAM | SAIFUDDIN N. ZOOMKAWALA | ||
Director | Director | Managing Director & | Chairman |
Chief Executive Officer | |||
Karachi 29 August 2023 |
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2 0 2 3
Second Quarter
Unconsolidated Condensed Interim Statement of Financial Position
As at 30 June 2023 (Unaudited)
Rupees '000 | ||
30 June | 31 December | |
Note | 2023 | 2022 |
(Unaudited) | (Audited) |
Assets | |
Property and equipment | 6 |
Investment property | 7 |
Investment in subsidiary | 8 |
Investments | |
Equity securities | 9 |
Debt securities | 10 |
Term deposits | |
Loans and other receivables | 11 |
Insurance / reinsurance receivables | 12 |
Reinsurance recoveries against outstanding claims | 19 |
Salvage recoveries accrued | |
Deferred commission expense | 20 |
Retirement benefit | |
Deferred taxation | |
Prepayments | 13 |
Cash and bank | 14 |
Total assets of window takaful operations - Operator's Fund | |
Total assets | |
Equity and Liabilities | |
Capital and reserves attributable to Company's equity holders | |
Ordinary share capital | |
Reserves | 15 |
Unappropriated profit | |
Total equity | |
Surplus on revaluation of property and equipment | |
Liabilities | |
Underwriting provisions | |
Outstanding claims including IBNR | 19 |
Unearned premium reserve | 18 |
Unearned reinsurance commission | 20 |
Retirement benefit obligations | |
Deferred taxation | |
Premium received in advance | |
Insurance / reinsurance payables | |
Other creditors and accruals | 16 |
Taxation - provision less payments | |
Total liabilities | |
Total liabilities of window takaful operations - Operator's Fund | |
Total equity and liabilities | |
Contingencies and commitments | 17 |
3 213 751
3 050 470
9 709 846
2 599 286
11 413 279
- 809
- 698
8 902 363
10 130 807
33 962
985 268
9 856
29 370
10 395 414
1 532 744
63 342 923
1 773 934
65 116 857
2 000 000
15 126 375
746 771
17 873 146
1 028 014
14 985 471
15 837 132
187 698
-
-
28 275
10 687 374
3 689 131
73 920
45 489 001
64 390 161
726 696
65 116 857
3 101 685
3 050 470
9 516 994
2 718 022
11 923 983
- 692
- 327
5 876 086
6 503 793
45 757
1 111 775
-
-
8 551 868
1 634 869
55 018 321
1 601 167
56 619 488
2 000 000
15 099 111
1 327 614
18 426 725
1 133 089
10 368 176
14 167 219
- 585
- 009
- 483
- 385
7 683 702
3 766 305
35 035
36 335 899
55 895 713
723 775
56 619 488
The annexed notes 1 to 33 form an integral part of these unconsolidated condensed interim financial statements.
MAHMOOD LOTIA | TAHER G. SACHAK | ALTAF GOKAL | KAMRAN ARSHAD INAM | SAIFUDDIN N. ZOOMKAWALA |
Director | Director | Chief Financial Officer | Managing Director & | Chairman |
Chief Executive Officer | ||||
EFU GENERAL INSURANCE LIMITED | Karachi 29 August 2023 |
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EFU General Insurance Ltd. published this content on 29 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2023 10:44:13 UTC.
