Date: February 24, 2023
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building
Stock Exchange Road
Karachi.
Re: Financial Results for the Year Ended December 31, 2022
Dear Sir,
We write to inform that the Board of Directors of TPL Insurance Limited (the "Company") in its
meeting held on Friday, February 24, 2023 at 11:00 AM at 20 Floor, Sky Tower-East Wing, Dolmen City, HC-3, Block 4, Abdul Sattar Edhi Avenue, Clifton, Karachi, Pakistan, have recommended the following:
1) | Cash Dividend: | Nil |
2) | Bonus Shares: | Nil |
3) | Right Shares: | Nil |
4) | Any Other Entitlement: | Nil |
The financial results of the Company are annexed hereto.
The Annual General Meeting of the Company will be held on April 27, 2023 at 11:00 a.m. at Karachi.
The Annual Report of the Company will be transmitted through PUCARS at least twenty-one (21) days before holding of the Company's Annual General Meeting.
Yours faithfully,
Danish Qazi
Company Secretary
Encl. As above.
TPL INSURANCE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2022
Note | 2022 | 2021 |
------------------------------ | (Rupees) ----------------------------- |
Net insurance premium | 22 | 2,967,029,185 | |||
Net Insurance claims expense | 23 | (1,415,410,264) | |||
Reversal / (charge) of premium deficiency reserve | 3,350,270 | ||||
Net commission expense & other acquisition cost | 25 | (269,092,381) | |||
Insurance claims and commission expense | (1,681,152,375) | ||||
Management expenses | 26 | (1,100,559,961) | |||
Underwriting results | 185,316,849 | ||||
Investment income | 27 | 84,863,782 | |||
Other income | 28 | 61,848,136 | |||
Other expenses | 29 | (236,021,390) | |||
Results of operating activities | 96,007,377 | ||||
Financial charges | 30 | (30,947,089) | |||
Profit / (loss) before tax | 65,060,288 | ||||
Income tax expense | 31 | (46,796,741) | |||
Profit / (loss) after tax | 18,263,547 | ||||
Other comprehensive income: | |||||
Items that will be not reclassified to income statement: | |||||
Changes in fair value of investments classified as financial assets at fair value | (114,838,280) | ||||
through other comprehensive income' | |||||
Related tax impact | 33,301,507 | ||||
Other comprehensive (loss) / income for the year | (81,536,773) | ||||
Total comprehensive (loss) / income for the year | (63,273,226) | ||||
32 | |||||
Earning after tax per share - Rupees | 0.03 | ||||
Net profit attributable to shareholders' fund | 5,450,089 | ||||
Net surplus / (deficit) attributable to Participants' Takaful Fund | 12,813,465 | ||||
18,263,554 | |||||
Other comprehensive (loss) / income attributable to shareholders' fund | (81,536,773) | ||||
Other comprehensive loss attributable to Participants' Takaful Fund | - | ||||
(81,536,773) | |||||
The annexed notes from 1 to 42 form an integral part of these financial statements. | |||||
________________________ | ___________ | _________________________ | |||
CHIEF FINANCIAL OFFICER | DIRECTOR | DIRECTOR | CHIEF EXECUTIVE OFFICER |
2,398,356,823
(1,112,666,717)
(824,108)
(221,488,795)
(1,334,979,619)
(948,600,154)
114,777,050
78,666,536
32,183,836
(204,063,281)
21,564,140
(26,788,241)
(5,224,101)
(4,463,650)
(9,687,751)
276,577,286
(80,207,411)
196,369,875
186,682,124
Restated
0.66
99,168,005
(108,855,756)
(9,687,751)
196,369,875
-
196,369,875
_____________ _
CHAIRMAN