Asia Insurance : Financial Results for the Quarter Ended 30 September 2023
October 25, 2023 at 05:29 am
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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.
Asia Insurance Company Limited is a Pakistan-based insurance company. The Company provides a wide range of property casualty insurance to support its esteemed clients in business and in daily life through its general insurance, and general Takaful cover. The Companyâs segments include fire and property damage, marine aviation and transport, motor and miscellaneous. Its fire and property damage covers loss or damage caused by fire and its allied perils including lightning, storms, earthquakes, rain, flood damage, riot and strike damage, burglary and malicious damage. The Company provides crop and livestock insurance for farmers, banks and financial institutions. Its marine insurance covers all modes of transportation of goods, including air, sea, and rail/road. It provides coverage for cargo for loss or damage while itâs on the go.