Adamjee Insurance Company Limited Unconsolidated Statement of Profit and Loss Account For the Year Ended December 31, 2023
December 31, 2023
December 31, 2022
-------- (Rupees in thousand) --------
Net insurance premium | 19,319,089 | 16,980,105 |
Net insurance claims | (13,606,120) | (11,284,674) |
Net commission and other acquisition costs | (2,530,569) | (2,072,014) |
Insurance claims and acquisition expenses | (16,136,689) | (13,356,688) |
Management expenses | (4,547,706) | (3,832,873) |
Underwriting results | (1,365,306) | (209,456) |
Investment income | 3,902,919 | 2,127,600 |
Rental income | 182,048 | 162,205 |
Other income | 544,579 | 222,868 |
Fair value adjustment to investment property | 358,100 | 794,372 |
Other expenses | (133,307) | (105,553) |
Workers' Welfare Fund charge | (79,842) | (148,021) |
Results of operating activities | 3,409,191 | 2,844,015 |
Finance cost | (4,674) | (35,384) |
Profit from Window Takaful Operations - Operator's fund | 507,750 | 338,577 |
Profit before taxation | 3,912,267 | 3,147,208 |
Income tax expense | (1,650,237) | (562,195) |
Profit for the year | 2,262,030 | 2,585,013 |
Earnings per share - basic and diluted |
-------------(Rupees)------------
6.46
7.39
Adamjee Insurance Company Limited Consolidated Statement of Profit and Loss Account For the Year Ended December 31, 2023
December 31, 2023
December 31, 2022
-------- (Rupees in thousand) --------
Net insurance premium / contribution | 41,976,789 | 37,266,033 |
Net insurance claims | (32,603,123) | (25,519,110) |
Net commission and other acquisition costs | (5,703,821) | (5,256,341) |
Insurance claims and acquisition expenses | (38,306,944) | (30,775,451) |
Management expenses | (5,595,728) | (4,618,562) |
Net change in insurance liabilities (other than outstanding claims) | (15,896,770) | (4,937,305) |
Underwriting results | (17,822,653) | (3,065,285) |
Investment income | 17,508,276 | 7,419,976 |
Net fair value gain / (loss) on financial assets | ||
at fair value through profit or loss | 3,223,460 | (2,682,111) |
Rental income | 117,741 | 104,855 |
Other income | 1,427,607 | 944,541 |
Fair value adjustment to investment property | 268,309 | 497,698 |
Other expenses | (145,700) | (110,885) |
Workers' Welfare Fund charge | (79,842) | (148,021) |
Results of operating activities | 4,497,198 | 2,960,768 |
Finance cost | (4,669) | (38,187) |
Profit from Window Takaful Operations - Operator's Fund (Parent Company) | 507,750 | 338,577 |
Profit before taxation | 5,000,279 | 3,261,158 |
Income tax expense | (2,283,364) | (874,803) |
Profit for the year | 2,716,915 | 2,386,355 |
Profit attributable to: | ||
Equity holders of the Parent | 2,626,107 | 2,341,165 |
Non-controlling interest | 90,808 | 45,190 |
2,716,915 | 2,386,355 | |
Earnings per share - basic and diluted |
-------------(Rupees)------------
7.50
6.69