ASIA INSURANCE COMPANY LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UNAUDITED)
FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2023
For the Quarter Ended | For The Nine Months Ended | ||||
30-Sep-23 | 30-Sep-22 | 30-Sep-23 | 30-Sep-22 | ||
Note | Rupees | Rupees | RUPEES | RUPEES | |
Net Insurance Premium | 20 | 205,018,035 | 237,586,947 | 579,528,574 | 581,060,858 |
Net Insurance Claims | 21 | (57,840,402) | (124,627,735) | (190,945,832) | (229,788,906) |
Premium Deficiency | - | - | 2,114,175 | 9,217,525 | |
Net Commission and Other Acquisition Costs | 22 | (65,521,635) | (45,988,180) | (165,058,333) | (116,877,701) |
Insurance Claims and Acquisition Expenses | (123,362,037) | (170,615,915) | (353,889,990) | (337,449,082) | |
Management Expenses | (79,289,636) | (93,938,294) | (258,074,704) | (273,553,759) | |
Underwriting Results | 2,366,362 | (26,967,262) | (32,436,120) | (29,941,983) | |
Investment Income / (Loss) | 23 | 19,219,493 | 14,419,401 | 21,005,938 | (21,024,808) |
Other Income | 13,137,905 | 3,996,254 | 49,524,190 | 10,374,699 | |
Other Expenses | (2,096,521) | (1,134,431) | (3,159,509) | (2,356,337) | |
Results of Operating Activities | 32,627,239 | (9,686,038) | 34,934,499 | (42,948,429) | |
Finance Cost | (3,740,652) | (3,274,945) | (10,956,691) | (9,803,930) | |
Profit from Window Takaful Operations | 16 | 9,716,050 | 4,136,425 | 23,654,484 | 12,514,203 |
Profit / (Loss) Before Tax | 38,602,637 | (8,824,558) | 47,632,292 | (40,238,156) | |
Income Tax Expense | 24 | (11,391,116) | 1,930,306 | (17,003,806) | 11,754,030 |
Profit / (Loss) After Tax | 27,211,521 | (6,894,252) | 30,628,486 | (28,484,126) | |
Earnings / (Loss) Per Share - Basic & Diluted | 25 | 0.37 | (0.09) | 0.42 | (0.39) |
The annexed notes 1 To 35 form an integral part of these condensed interim Financial Statements.
ASIA INSURANCE COMPANY LIMITED - WINDOW TAKAFUL OPERATIONS
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (UNAUDITED)
FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2023
For The Quarter Ended | For The Nine Months Ended | ||||
Unaudited | Unaudited | Unaudited | Unaudited | ||
30-Sep-23 | 30-Sep-22 | 30-Sep-23 | 30-Sep-22 | ||
Participants' Takaful Fund (PTF) | Note | Rupees | Rupees | Rupees | Rupees |
Contributions Earned | 14 | 18,314,446 | 12,296,297 | 49,489,119 | 35,133,529 |
Less: Contributions Ceded to Retakaful | (9,790,980) | (5,478,560) | (21,820,201) | (16,323,658) | |
Net Contributions Revenue | 8,523,466 | 6,817,737 | 27,668,918 | 18,809,871 | |
Retakaful Rebate Earned | - | - | - | - | |
Net Underwriting Income | 8,523,466 | 6,817,737 | 27,668,918 | 18,809,871 | |
Net Claims - Reported / Settled - IBNR | 15 | (3,642,857) | (17,244,037) | (16,282,233) | (21,370,312) |
(Charge)/Reversal of Contribution Deficiency Reserve | (771,766) | (3,837,892) | (1,103,057) | (3,837,892) | |
(4,414,623) | (21,081,929) | (17,385,290) | (25,208,204) | ||
Other Direct Expenses | (35) | (470) | (3,739) | (1,526) | |
Surplus Before Investment Income | 4,108,808 | (14,264,662) | 10,279,889 | (6,399,859) | |
Other Income | 2,754,128 | 1,014,562 | 7,934,491 | 2,297,672 | |
Surplus Transferred to Accumulated Surplus | 6,862,936 | (13,250,100) | 18,214,380 | (4,102,187) | |
Operator's Fund (OPF) | |||||
Wakala Fee | 17 | 12,730,674 | 9,833,552 | 35,847,593 | 28,009,494 |
Commission Expense | 16 | (6,155,555) | (4,111,981) | (16,757,990) | (11,559,698) |
General, Adminstration and Management Expenses | (657,470) | (2,350,780) | (2,047,575) | (6,060,347) | |
Operating Results | 5,917,649 | 3,370,791 | 17,042,028 | 10,389,449 | |
Other Income | 3,798,401 | 765,633 | 6,685,506 | 2,231,142 | |
Other Expenses | - | - | (73,050) | (106,388) | |
Profit for the period | 9,716,050 | 4,136,424 | 23,654,484 | 12,514,203 |
The annexed notes from 1 to 25 form an integral part of these condensed interim Financial Statements.