ASIA INSURANCE COMPANY LIMITED - WINDOW TAKAFUL OPERATIONS
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (UN-AUDITED)
FOR THE HALF YEAR ENDED JUNE 30, 2022
For the Quarter Ended | For The Half Year Ended | |||||||||||
Un-Audited | Un-Audited | Un-Audited | Un-Audited | |||||||||
30-Jun-22 | 30-Jun-21 | 30-Jun-22 | 30-Jun-21 | |||||||||
Participants' Takaful Fund (PTF) | Note | Rupees | Rupees | Rupees | Rupees | |||||||
Contributions Earned | 14 | 11,641,873 | 10,784,820 | 22,837,232 | 21,520,289 | |||||||
Less: Contributions Ceded to Retakaful | (5,436,413) | (4,721,197) | (10,845,098) | (9,363,542) | ||||||||
Net Contributions Revenue | 6,205,460 | 6,063,623 | 11,992,134 | 12,156,747 | ||||||||
Retakaful Rebate Earned | - | - | - | - | ||||||||
Net Underwriting Income | 6,205,460 | 6,063,623 | 11,992,134 | 12,156,747 | ||||||||
Net Claims - Reported / Settled - IBNR | 15 | (1,178,320) | (6,717,390) | (4,126,275) | (9,506,377) | |||||||
Reversal of Contribution Deficiency Reserve | 415,833 | - | - | - | ||||||||
(762,487) | (6,717,390) | (4,126,275) | (9,506,377) | |||||||||
Other Direct Expenses | (93) | (22,673) | (1,056) | (29,536) | ||||||||
(Deficit) / Surplus Before Investment Income | 5,442,880 | (676,440) | 7,864,803 | 2,620,834 | ||||||||
Other Income | 659,127 | 396,293 | 1,283,110 | 615,128 | ||||||||
(Deficit) / Surplus Transferred to Accumulated Surplus | 6,102,007 | (280,147) | 9,147,913 | 3,235,962 | ||||||||
Operator's Fund (OPF) | ||||||||||||
Wakala Fee | 17 | 9,354,309 | 8,029,234 | 18,175,942 | 15,775,094 | |||||||
Commission Expense | 16 | (3,823,990) | (3,395,727) | (7,447,718) | (6,777,861) | |||||||
General, Adminstration and Management Expenses | (1,843,944) | (984,896) | (3,709,567) | (2,503,235) | ||||||||
Operating Results | 3,686,375 | 3,648,611 | 7,018,657 | 6,493,998 | ||||||||
Other Income | 732,215 | 591,668 | 1,465,509 | 1,180,280 | ||||||||
Other Expenses | (106,388) | (77,870) | (106,388) | (77,870) | ||||||||
Profit for the period | 4,312,202 | 4,162,409 | 8,377,778 | 7,596,408 | ||||||||
The annexed notes from 1 to 25 form an integral part of these Financial Statements.
Chairman | Chief Executive Officer | Director | Director | Chief Financial Officer |
ASIA INSURANCE COMPANY LIMITED | ||||||||||||
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (UN-AUDITED) | ||||||||||||
FOR THE SIX MONTHS PERIOD ENDED JUNE 30, 2022 | ||||||||||||
For the Quarter Ended | For Half Year Ended | |||||||||||
30-Jun-22 | 30-Jun-21 | 30-Jun-22 | 30-Jun-21 | |||||||||
Note | Rupees | Rupees | RUPEES | RUPEES | ||||||||
Net Insurance Premium | 21 | 180,999,820 | 143,036,012 | 343,473,911 | 260,498,220 | |||||||
Net Insurance Claims | 22 | (55,240,816) | (45,923,886) | (105,161,171) | (89,638,875) | |||||||
Premium Deficiency | - | - | 9,217,525 | 2,146,443 | ||||||||
Net Commission and Other Acquisition Costs | 23 | (32,070,178) | (33,990,100) | (70,889,521) | (64,923,688) | |||||||
Insurance Claims and Acquisition Expenses | (87,310,994) | (79,913,986) | (166,833,167) | (152,416,120) | ||||||||
Management Expenses | (92,716,433) | (75,282,394) | (179,615,465) | (136,295,549) | ||||||||
Underwriting Results | 972,393 | (12,160,368) | (2,974,721) | (28,213,449) | ||||||||
Investment Income | 24 | (36,760,885) | 19,049,594 | (35,444,209) | 36,042,329 | |||||||
Other Income | 3,538,865 | 2,116,371 | 6,378,445 | 5,314,736 | ||||||||
Other Expenses | (1,146,249) | (903,888) | (1,221,906) | (1,104,129) | ||||||||
Results of Operating Activities | (33,395,876) | 8,101,709 | (33,262,391) | 12,039,487 | ||||||||
Finance Cost | (3,212,753) | (4,049,735) | (6,528,985) | (7,317,490) | ||||||||
Profit from Window Takaful Operations | 16 | 4,312,202 | 4,162,409 | 8,377,778 | 7,596,408 | |||||||
(Loss) / Profit Before Tax | (32,296,427) | 8,214,383 | (31,413,598) | 12,318,405 | ||||||||
Income Tax Expense | 25 | 10,086,882 | (1,799,563) | 9,823,724 | (3,488,027) | |||||||
(Loss) / Profit After Tax | (22,209,545) | 6,414,820 | (21,589,874) | 8,830,378 | ||||||||
(Loss) / Earnings Per Share - Basic & Diluted (Restated) | 26 | (0.30) | 0.09 | (0.30) | 0.12 |
The annexed notes 1 To 36 form an integral part of these Condensed Interim Financial Statements.
Chairman | Chief Executive Officer | Director | Director | Chief Financial Officer |