ASIA INSURANCE COMPANY LIMITED | ||||||||||||
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (UN-AUDITED) | ||||||||||||
FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2022 | ||||||||||||
For the Quarter Ended | For the Nine Months Ended | |||||||||||
30-Sep-22 | 30-Sep-21 | 30-Sep-22 | 30-Sep-21 | |||||||||
Note | Rupees | Rupees | RUPEES | RUPEES | ||||||||
Net Insurance Premium | 21 | 237,586,947 | 175,066,981 | 581,060,858 | 435,565,201 | |||||||
Net Insurance Claims | 22 | (124,627,735) | (40,987,548) | (229,788,906) | (130,626,423) | |||||||
Premium Deficiency | - | - | 9,217,525 | 2,146,443 | ||||||||
Net Commission and Other Acquisition Costs | 23 | (45,988,180) | (39,001,964) | (116,877,701) | (103,925,652) | |||||||
Insurance Claims and Acquisition Expenses | (170,615,915) | (79,989,512) | (337,449,082) | (232,405,632) | ||||||||
Management Expenses | (93,938,294) | (72,573,536) | (273,553,759) | (208,869,085) | ||||||||
Underwriting Results | (26,967,262) | 22,503,933 | (29,941,983) | (5,709,516) | ||||||||
Investment Income | 24 | 14,419,401 | (19,145,410) | (21,024,808) | 16,896,919 | |||||||
Other Income | 3,996,254 | 3,330,423 | 10,374,699 | 8,645,159 | ||||||||
Other Expenses | (1,134,431) | (1,972,843) | (2,356,337) | (3,076,972) | ||||||||
Results of Operating Activities | (9,686,038) | 4,716,103 | (42,948,429) | 16,755,590 | ||||||||
Finance Cost | (3,274,945) | (3,555,996) | (9,803,930) | (10,873,486) | ||||||||
Profit from Window Takaful Operations | 16 | 4,136,425 | 4,777,744 | 12,514,203 | 12,374,152 | |||||||
(Loss) / Profit Before Tax | (8,824,558) | 5,937,851 | (40,238,156) | 18,256,256 | ||||||||
Income Tax Expense | 25 | 1,930,306 | (1,729,765) | 11,754,030 | (5,217,792) | |||||||
(Loss) / Profit After Tax | (6,894,252) | 4,208,086 | (28,484,126) | 13,038,464 | ||||||||
(Loss) / Earnings Per Share - Basic & Diluted (Restated) | 26 | (0.09) | 0.05 | (0.39) | 0.18 |
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 |
ASIA INSURANCE COMPANY LIMITED - WINDOW TAKAFUL OPERATIONS
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (UN-AUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022
For the Quarter Ended | For The Nine Months Ended | |||||||||||
Un-Audited | Un-Audited | Un-Audited | Un-Audited | |||||||||
30-Sep-22 | 30-Sep-21 | 30-Sep-22 | 30-Sep-21 | |||||||||
Participants' Takaful Fund (PTF) | Note | Rupees | Rupees | Rupees | Rupees | |||||||
Contributions Earned | 14 | 12,296,297 | 11,087,291 | 35,133,529 | 32,607,580 | |||||||
Less: Contributions Ceded to Retakaful | (5,478,560) | (4,629,374) | (16,323,658) | (13,992,916) | ||||||||
Net Contributions Revenue | 6,817,737 | 6,457,917 | 18,809,871 | 18,614,664 | ||||||||
Retakaful Rebate Earned | - | - | - | - | ||||||||
Net Underwriting Income | 6,817,737 | 6,457,917 | 18,809,871 | 18,614,664 | ||||||||
Net Claims - Reported / Settled - IBNR | 15 | (17,244,037) | (3,519,221) | (21,370,312) | (13,025,598) | |||||||
Charge of Contribution Deficiency Reserve | (3,837,892) | (34,608) | (3,837,892) | (34,608) | ||||||||
(21,081,929) | (3,553,829) | (25,208,204) | (13,060,206) | |||||||||
Other Direct Expenses | (470) | (33,799) | (1,526) | (63,335) | ||||||||
(Deficit) / Surplus Before Investment Income | (14,264,662) | 2,870,289 | (6,399,859) | 5,491,123 | ||||||||
Other Income | 1,014,562 | 560,110 | 2,297,672 | 1,175,238 | ||||||||
(Deficit) / Surplus Transferred to Accumulated Surplus | (13,250,100) | 3,430,399 | (4,102,187) | 6,666,361 | ||||||||
Operator's Fund (OPF) | ||||||||||||
Wakala Fee | 17 | 9,833,552 | 8,438,476 | 28,009,494 | 24,213,570 | |||||||
Commission Expense | 16 | (4,111,981) | (3,402,127) | (11,559,698) | (10,179,988) | |||||||
General, Adminstration and Management Expenses | (2,350,780) | (858,010) | (6,060,347) | (3,361,245) | ||||||||
Operating Results | 3,370,791 | 4,178,339 | 10,389,449 | 10,672,337 | ||||||||
Other Income | 765,633 | 602,030 | 2,231,142 | 1,782,310 | ||||||||
Other Expenses | - | (2,625) | (106,388) | (80,495) | ||||||||
Profit for the period | 4,136,424 | 4,777,744 | 12,514,203 | 12,374,152 | ||||||||
The annexed notes from 1 to 25 form an integral part of these Financial Statements.
Chairman | Chief Executive Officer | Director | Director | Chief Financial Officer |