Palestine Insurance Company Announces Unaudited Consolidated Earnings Results for the Year Ended December 31, 2017
Palestine Insurance Company announced unaudited consolidated earnings results for the year ended December 31, 2017. For the period, the company reported gross premiums written were USD 13,056,142 against USD 11,180,634 a year ago. Earned insurance revenues were USD 12,753,543 against USD 10,840,472 a year ago. Net Premiums retained was USD 11,476,519 against USD 9,167,572 a year ago. Net premium revenue was USD 15,150,573 against USD 12,825,876 a year ago. Net claims paid were USD 10,245,878 against USD 8,650,307 a year ago. Net claims incurred were USD 4,487,427 against USD 6,382,919 a year ago. Net income before tax was USD 5,856,927 against USD 5,490,820 a year ago. Net income after tax was USD 4,797,569 against USD 5,407,457 a year ago. Basic and diluted earnings per share were USD 0.880 against USD 1.081 a year ago. Net cash flow from operating activities was USD 800,800 against USD 1,153,506 a year ago. Purchase of property, plant and equipment was USD 773,924 against USD 2,664,145 a year ago.