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.

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Asia Insurance Company Ltd. published this content on 25 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2023 04:28:34 UTC.