ASIA INSURANCE COMPANY LIMITED | |||||
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (UNAUDITED) | |||||
FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2024 | |||||
For the Quarter Ended | For The Nine Months Ended | ||||
30-Sep-24 | 30-Sep-23 | 30-Sep-24 | 30-Sep-23 | ||
Note | Rupees | Rupees | RUPEES | RUPEES | |
Net Insurance Premium | 20 | 270,603,364 | 205,018,035 | 741,326,068 | 579,528,574 |
Net Insurance Claims | 21 | (98,522,103) | (57,840,402) | (270,762,262) | (190,945,832) |
Premium Deficiency | - | - | 6,642,836 | 2,114,175 | |
Net Commission and Other Acquisition Costs | 22 | (65,118,298) | (65,521,635) | (190,792,926) | (165,058,333) |
Insurance Claims and Acquisition Expenses | (163,640,401) | (123,362,037) | (454,912,352) | (353,889,990) | |
Management Expenses | (96,710,344) | (79,289,636) | (272,950,252) | (258,074,704) | |
Underwriting Results | 10,252,619 | 2,366,362 | 13,463,464 | (32,436,120) | |
Investment Income | 23 | 26,223,432 | 19,219,493 | 86,059,408 | 21,005,938 |
Other Income | 8,450,935 | 13,137,905 | 58,071,742 | 49,524,190 | |
Other Expenses | (1,781,512) | (2,096,521) | (6,791,727) | (3,159,509) | |
Results of Operating Activities | 43,145,474 | 32,627,239 | 150,802,887 | 34,934,499 | |
Finance Cost | (3,406,992) | (3,740,652) | (9,865,806) | (10,956,691) | |
Profit from Window Takaful Operations - OPF | 16 | 8,235,410 | 9,716,050 | 27,206,919 | 23,654,484 |
Profit Before Tax | 47,973,892 | 38,602,637 | 168,144,000 | 47,632,292 | |
Taxation | 24 | (7,966,892) | (11,391,116) | (40,345,304) | (17,003,806) |
Profit After Tax | 40,007,000 | 27,211,521 | 127,798,696 | 30,628,486 | |
Earnings Per Share - Basic & Diluted | 25 | 0.55 | 0.37 | 1.75 | 0.42 |
ASIA INSURANCE COMPANY LIMITED - WINDOW TAKAFUL OPERATIONS
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024
For The Quarter Ended | For The Nine Months Ended | ||||
30-Sep-24 | 30-Sep-23 | 30-Sep-24 | 30-Sep-23 | ||
Participants' Takaful Fund (PTF) | Note | Rupees | Rupees | Rupees | Rupees |
Contributions Earned | 14 | 19,182,936 | 18,314,446 | 61,786,085 | 49,489,119 |
Less: Contributions Ceded to Retakaful | (10,674,528) | (9,790,980) | (32,367,628) | (21,820,201) | |
Net Contributions Revenue | 8,508,408 | 8,523,466 | 29,418,457 | 27,668,918 | |
Retakaful Rebate Earned | - | - | - | - | |
Net Underwriting Income | 8,508,408 | 8,523,466 | 29,418,457 | 27,668,918 | |
Net Claims - Reported / Settled - IBNR | 15 | (12,565,899) | (3,642,857) | (35,786,170) | (16,282,233) |
Charge of Contribution Deficiency Reserve | (3,816,796) | (771,766) | (4,465,021) | (1,103,057) | |
(16,382,695) | (4,414,623) | (40,251,191) | (17,385,290) | ||
Other Direct Expenses | (96) | (35) | (5,450) | (3,739) | |
(Deficit) / Surplus Before Investment Income | (7,874,383) | 4,108,808 | (10,838,184) | 10,279,889 | |
Other Income | 4,667,832 | 2,754,128 | 10,517,297 | 7,934,491 | |
(Deficit) / Surplus Transferred to Accumulated Surplus | (3,206,551) | 6,862,936 | (320,887) | 18,214,380 | |
Operator's Fund (OPF) | |||||
Wakala Fee | 17 | 12,788,630 | 12,730,674 | 41,489,483 | 35,847,593 |
Commission Expense | 16 | (6,377,498) | (6,155,555) | (20,623,741) | (16,757,990) |
General, Adminstration and Management Expenses | (822,082) | (657,470) | (2,619,730) | (2,047,575) | |
Operating Results | 5,589,050 | 5,917,649 | 18,246,012 | 17,042,028 | |
Other Income | 2,646,360 | 3,798,401 | 9,085,282 | 6,685,506 | |
Other Expenses | - | - | (124,375) | (73,050) | |
Profit for the period | 8,235,410 | 9,716,050 | 27,206,919 | 23,654,484 |