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Offline MZ

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JLICL -- Jubilee Life Insurance Co. Ltd.
« Reply #-1 on: February 20, 2014, 08:24:17 PM »
All about Jubilee Life Insurance Co. Ltd.

http://jubileelife.com/
« Last Edit: February 22, 2014, 05:57:28 PM by M&M »

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JLICL -- Jubilee Life Insurance Co. Ltd.
« Reply #-1 on: February 20, 2014, 08:24:17 PM »

Offline MZ

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Re: JLICL -- Jubilee Life Insurance Co. Ltd.
« on: February 20, 2014, 08:27:20 PM »
KNOW THE COMPANY: Having the largest Bancassurance network and a branch set-up of nearly 129 outlets in different areas of the country, Jubilee Life Insurance (formerly Jubilee Life Insurance Company Limited), gulps the major chunk of life insurance segment in Pakistan with a market share of 41 percent.

The company was incorporated in Pakistan in 1995 as a public limited company and became operational in 1996. It is listed on KSE with a market capitalisation of Rs 10.97 billion and a paid up capital of Rs 627 million. Jubilee Life is a subsidiary of the Aga Khan Fund for Economic Development (AKFED), Switzerland which is the economic development arm of the Aga Khan Development Network (AKDN). This allows the company to draw on its global experience and resources.

9MCY13 - FINANCIAL PERFORMANCE Despite tough competition in the insurance industry, Jubilee Life Insurance has constantly managed to increase its business. The gross premiums written during the period ended September 2013 rose to Rs 11.8 billion, showing an increase of 44 percent when judged against the same period last year.

Whereas, on the income side, dividend income grew to Rs 21 million, reflecting a rise of 28 percent over the corresponding period last year while return on government securities declined by Rs 6.8 million. This decline in return on government securities was absorbed by the increase in dividend income to a great extent, thereby providing some breathing space to the performance of the company. Moreover, a drastic drop in gain on disposal of investments to Rs 4 million during the aforementioned period from Rs 15 million in the same period last year exerted toll on company's bottomline.

By virtue of above mentioned factors, net investment income and other revenues fell by 12 percent to Rs 124 million during nine months ended September 2013. But with the rise in other revenue and investment income, expenses showed a hefty increase of 141 percent to stand at Rs 41 million which dented profitability before appropriation of surplus to shareholders funds as it declined from Rs 124 million last year to Rs 83 million in 9MCY13.

Thanks to surplus appropriated to shareholders' funds from ledger account that almost doubled to Rs 785 million, thereby bringing the bottomline back to the green zone, else the company would have faced a downturn this year. Net profitability of the company showed a handsome growth of 63 percent, as net profit after tax soar to Rs 587 million during the aforesaid period vis-à-vis the same period last year.

2012 - FINANCIAL PERFORMANCE 2012 was indeed another wonderful year in the profitability history of Jubilee Life Insurance as the net profitability of the company marked a sizable rise of 48 percent to clock in at Rs 553 million.

Hefty rise in return on government securities, gain on disposal of investments and reversals recorded on impairment of investments remained the key drivers in boosting in the bottomline of Jubilee Life Insurance during 2012. Surplus appropriated to shareholder's funds from ledger fund granted further impetus, rising by 23 percent to Rs 650 million in 2012. As a consequence, earnings per share surged to Rs 8.82 per share from Rs 5.97 per share in 2011.

Owing to improved bottomline, profitability ratios depicted a pleasant picture. Return on equity perked up to 31 percent in 2012 (2011:26 percent), while the return on capital employed climbed up to 45 percent from 41 percent in 2011. On the cash flow front, the upward trend in net cash inflow from operating activities continued in 2012, where it increased to Rs 5 billion in 2012 from Rs 3.3 billion last year. Total assets of the company surged by 49 percent to Rs 23 billion in 2012 mainly on the back of investments (including bank deposits) made during the year as a result of which the ratio of paid up capital to total assets improved to 3 percent (2011: 4 percent). With healthy cash flow position and strengthened profitability, the company paid out a dividend per share of Rs 4.5 during the year (2011: Rs 3 per share), taking the dividend payout ratio to 51 percent from 50 percent witnessed in 2011.

INDUSTRY OUTLOOK Although the insurance industry in Pakistan has been limping along for quite a long time, the presence of Bancassurance has enabled the growth in life insurance segment to surpass the non-life insurance segment in yesteryears. But even then the penetration level of insurance industry in Pakistan is trifling.

While this channel of Bancassurance has been a success so far, a massive mob that falls under the unbanked population leaves a huge room for penetration. This calls for a need for insurance companies to extend their outreach to this unbanked mass by means of alternative distribution channels along with developing tailor made products to suit the needs of specific segments of the population that has been left abandoned in the past. In this regard, focusing on one or two key segments initially will assist in deep penetration within these segments.

And last but not the least, the significance of creating awareness amongst masses cannot be denied. Awareness campaigns, seminars and workshops particularly with collective efforts by the entire insurance industry and the regulators will assist in promoting the growth of this sector.

===============================================================================
JUBILEE LIFE INSURANCE - FINANCIAL HIGHLIGHTS
===============================================================================
Rs ('000)                                            2011       2012        chg
===============================================================================
Investment income notattributable to statutory funds                   88,095    115,152        31%
Gain on disposal of investments                       750     24,299      3140%
Total investment income                            74,841    185,542       148%
Investment related expenses                          (103)       (74)      -28%
Net investment income                              74,738    185,468       148%
Gain on disposal of fixed assets                    5,155      1,068       -79%
Other revenues                                      3,619      2,029       -44%
Total investment income and other revenues         83,512    188,565       126%
Expenses not attributable to statutory funds      (31,156)   (29,896)       -4%
Profit before appropriationof surplus to shareholders funds                  52,356    158,669       203%
Surplus appropriated toshareholders' fund from ledger account           530,000    650,000        23%
Profit before tax                                 582,356    808,669        39%
Taxation                                         (207,763)  (255,296)       23%
Proft after taxation                              374,593    553,373        48%
Earnings per share (Rs)                              5.97       8.82
-------------------------------------------------------------------------------
Source: Company accounts
===============================================================================

Offline MZ

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Re: JLICL -- Jubilee Life Insurance Co. Ltd.
« Reply #2 on: February 26, 2014, 07:43:00 AM »
Corporate results: Jubilee Life Insurance chalks up healthy profit

After-tax profit of Jubilee Life Insurance for 2013 clocked up at Rs941.4 million, which is over 70% higher than the company’s bottom line recorded in the preceding year, according to a notice sent to the Karachi Stock Exchange (KSE) on Tuesday.
Speaking to The Express Tribune, Jubilee Life Insurance Head of Business Strategy Kashif Naqvi said the growth in business along with controlled expenses and a better investment performance have led to better financial results for the company.
One of the largest players in the country’s life insurance industry, Jubilee Life Insurance also announced a final cash dividend at Rs3.50 per share, or 35%, which is in addition to an interim dividend already paid at Rs2.50 per share.
The company’s board of directors have also recommended that bonus shares be issued in the proportion of 15 shares for every 100 shares held.
Premium revenues net of reinsurance of Jubilee Life Insurance increased to Rs16.3 billion in 2013, which is 42.1% higher than premiums received in 2012. But noting that life insurance penetration in Pakistan is still at a low level of 0.38% of the gross domestic product (GDP), Naqvi said the company considers growth in premiums ‘satisfactory’. “However, (life insurance) companies growing at a slower rate may consider this growth extraordinary,” he added.
Investment income and other income increased 33.9% in 2013 which, according to Naqvi, is a result of the company’s prudent investment policy. “Better stock market performance coupled with the company’s policy to invest only in selected blue-chips stocks resulted in higher unrealised capital gains and higher dividend income,” he said.
Based on a steep rise in premiums and investment income, the company’s top line increased 40.6% in 2013 to Rs16.3 billion. Denying that the surge in revenues is a one-off event based on the low-base factor, Naqvi said Jubilee Life Insurance was the largest player in the private sector even in 2012 in terms of gross written premiums. “Furthermore, our company has registered growth of more than 40% in premiums in each of the last three years,” he noted.
Claims net of reinsurance increased 47.8% year-on-year in 2013. As for management expenses, which went up 16.8% last year, Naqvi said Jubilee Life Insurance maintained a strong focus on controlling them. “While the expenses linked to business acquisition rise in line with the growth in business, the administration expenses capitalise on economies of scales,” he said.
In terms of total gross premiums written during nine months ending September 30, 2013, the latest period for which industry-wide data is available, Jubilee Life Insurance came at the top with Rs11.8 billion.
“Based on the information available to date, we can confidently say that Jubilee Life Insurance has consolidated its lead as the largest private sector insurer in Pakistan,” Naqvi said.
Published in The Express Tribune, February 26th, 2014.

Offline MZ

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Re: JLICL -- Jubilee Life Insurance Co. Ltd.
« Reply #3 on: March 08, 2014, 09:14:56 AM »
Jubilee Life Insurance reports Rs 1,390 million pre-tax profit


Jubilee Life Insurance Company Limited announced towering financial results for the year ending on 31 December 2013, cementing its position as the leading insurance company of the private sector. The results were declared by the Board of Directors who met under the chairmanship of Masood Noorani to review the performance of the company.

The company reported a pre-tax profit of Rs 1,390 million for 2013, up 72 percent from Rs 809 million for preceding year. With after-tax profit of Rs 941 million, the earnings per share (EPS) stood at Rs 15.01. The company announced a final cash dividend at Rs 3.50 per share, which is in addition to an interim dividend paid earlier at Rs 2.50 per share. The Board of Directors have also recommended to issue bonus shares in the proportion of 15 shares for every 100 shares held.

By registering 42 percent increase in net premium income over the last year, Jubilee Life has further strengthened its position as the largest private sector insurer in terms of written premium. Commenting on the financial results, Javed Ahmed, Managing Director & CEO Jubilee Life said, "Undeterred by country's constrained economic expansion and ongoing security concerns, we continue to grow at pace superior than the industry's average." He also said that Jubilee Life remains committed to being the best-value life insurance enterprise for its customers, employees, shareholders and the society.-PR

Offline MZ

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Re: JLICL -- Jubilee Life Insurance Co. Ltd.
« Reply #4 on: March 26, 2014, 07:55:02 PM »
Jubilee Life Insurance Company

Incorporated in 1995 as a public listed company, Jubilee Life Insurance Company (formerly known as New Jubilee Life Insurance) leads the private sector life insurance segment with a market share of 41 percent as of September 2013, according to the data provided by Insurance Association of Pakistan.

Armed with an asset base of Rs 34 billion as of December 2013, Jubilee Life possesses the largest Bancassurance network and has a set-up of nearly 129 outlets in different areas of the country. The Company is listed on KSE with a market capitalisation of Rs 18.11 billion and a paid up capital of Rs 627 million. Jubilee Life is a subsidiary of the Aga Khan Fund for Economic Development (AKFED), Switzerland, which is the economic development wing of the Aga Khan Development Network (AKDN). This provides the Company with an opportunity to bring into play global experience and resources.

CREDIT RATING: In March 2013, the Insurer Financial Strength (IFS) Rating of Jubilee Life Insurance was upgraded to AA (double A) from AA- (double A minus) by JCR-VIS Credit Rating Company Limited, along with a 'stable' outlook.

This strong rating, along with echoing healthy financial muscle of the Company, also reflects the strength of Company's sponsors. These sponsors include institutions that are part of Aga Khan Group including the largest private sector commercial bank of Pakistan, Habib Bank Limited.

MICRO-INSURANCE: Jubilee Life insurance is also involved in micro-insurance where micro-insurance initiatives at Jubilee Life revolve around providing life and health insurance benefits to the underprivileged segment of population at very low cost.

LIQUIDITY POSITION: Liquidity position of Jubilee Life Insurance appears to be sound. Out of total asset base of Rs 34 billion, a substantial part is invested in liquid assets as nearly 63 percent is invested in government securities. This provides the Company with adequate coverage against its liabilities.

2013: FINANCIAL PERFORMANCE Since 2009, Jubilee Life Insurance has consistently managed to successively increase its profitability. During 2013, the Company continued its upward march as it posted a healthy 70 percent year-on-year rise in its net profitability. Dividend income provided a major boost to the bottom line by posting a colossal increase of 175 percent year on year to Rs 48 million in 2013.

While, expenses increased by nearly two folds during the year to Rs 59 million in 2013, the surplus transferred to shareholders' fund of Rs 1.27 billion during the year (2012: Rs 650 million) provided a comfort zone to the profitability of the Company. This helped the bottom line profitability of the Company to land in green zone.

BUSINESS PERFORMANCE: Impressive growth in Bancassurance channel has enabled the individual life unit linked business to climb up the ladder briskly. This can be substantiated as the individual life unit linked business, forming nearly 86 percent of total gross premium of the Company, generated a gross premium of Rs 14 billion, depicting a notable surge of 44 percent year on year.

Conventional business, which makes up 8 percent of total gross premiums, grew meagerly by 3 percent to Rs 1.2 billion in 2013. Stiff competition in this segment coupled with high price sensitivity remained the key reasons behind slim profitability, according to Company's directors' report. Undeterred by rising cost of medical expenses, accident and health business emerged as the frontrunner in 2013, as the gross premium of this segment surged by 85 percent year on year to Rs 1.13 billion in 2013. On the contrary, the performance of overseas group life and health business remained dim during the year as the gross premium of this segment declined by 41 percent to Rs 38 million in 2013.

INVESTMENT PORTFOLIO: In 2013, the investment portfolio of Jubilee Life Insurance increased to Rs 28 billion from Rs 18 billion last year owing to additional investments in equities and government securities.

Delving into the details, due to fresh investments in treasury bills and Sukuks during the year, the government securities portion increased to Rs 21 billion, reflecting an increase of 55 percent year on year. As a result of fresh investments, the investment portfolio mix of the Company changed slightly. Consequently, equity exposure of Jubilee Life Insurance has now increased to 21 percent from 18 percent earlier. However, the equity exposure is still well under control and doesn't pose any threat to shareholders' interests.

OUTLOOK: The emergence of Bancassurance channel has proved to be a breakthrough for the entire life insurance segment and for Jubilee Life Insurance in particular due to its association with the largest commercial bank of the country. This vantage remains one of the key reasons for Jubilee Life Insurance to be able to grow at a much faster pace than its competitors and the insurance industry at large.

Moreover, Jubilee Life's focus on expanding its distributing channels to tap the untapped segment of the population has attained good outcome for Company's fortunes. While the Company is also planning to expand further in the micro-insurance segment, this initiative will further expand the client base of the Company and increase its outreach to the rural mass.

Talking about the industry at large, although the penetration of life insurance segment has increased at a faster pace and surpassed the growth of non-life insurance penetration level, the industry still has a lot of room to increase its penetration level and micro-insurance is one window which still needs to be pitched vigorously.

In this regard, the significance of creating awareness amongst masses cannot be denied. Awareness campaigns, seminars and workshops particularly with collective efforts by the entire insurance industry and the regulators will assist in promoting the growth of this sector.

================================================================================
JUBILEE LIFE INSURANCE - FINANCIAL HIGHLIGHTS
================================================================================
Rs ('000)                                                                                            2011        2012        2013
================================================================================
Investment income notattributable to statutory funds                  88,095     115,152     138,802
Gain on disposal of investments                                                    750          24,299       1,642
Total investment income                                                                74,841     185,542     172,405
Investment related expenses                                                         (103)        (74)          (75)
Net investment income                                                                 74,738       185,468     172,330
Gain on disposal of fixed assets                                                   5,155          1,068        3,743
Other revenues                                                                            3,619          2,029         862
Total investment income and other revenues                              83,512       188,565     176,935
Expenses not attributable to statutory funds                              (31,156)     (29,896)     (59,994)
Profit before appropriationof surplus to shareholders funds       52,356       158,669     116,941
Surplus appropriated to shareholders'fund from ledger accou    530,000     650,000   1,273,000
Profit before tax                                                                          582,356     808,669   1,389,941
Taxation                                                                                      (207,763)   (255,296)  (448,470)
Proft after taxation                                                                      374,593     553,373     941,471
Earnings per share (Rs)                                                               5.97        8.82       15.01
--------------------------------------------------------------------------------
Source: Company accounts
================================================================================

Offline MZ

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Re: JLICL -- Jubilee Life Insurance Co. Ltd.
« Reply #5 on: May 22, 2014, 08:01:36 PM »
Jubilee Life Insurance (formerly known as New Jubilee Life Insurance)--the largest private sector life insurer in Pakistan holds a market share of 41 percent as of September 2013 (in terms of gross premiums), according to the data published by Insurance Association of Pakistan (IAP).

The company was incorporated in 1995 as a public limited company and is quoted on Karachi Stock Exchange, having a market capitalisation of Rs 17 billion. Having an asset base of Rs 37 billion and equity base worth Rs 2 billion as of September 2013, Jubilee Life enjoys the largest Bancassurance network in the country. The company has access to all the big banks namely HBL, MCB and UBL along with many other renowned banks. Jubilee Life Insurance has further broadened its outreach with a set-up of nearly 129 outlets in various parts of the country. The company is a subsidiary of the Aga Khan Fund for Economic Development (AKFED), Switzerland-the economic development wing of the Aga Khan Development Network (AKDN).

Credit rating Last year, JCR-VIS Credit Rating Company Limited, upgraded the Insurer Financial Strength (IFS) rating of Jubilee Life Insurance to AA (double A) from AA- (double A minus) earlier, along with a 'stable' outlook. According to the press release issued by JCR-VIS, the rating denotes sturdy growth in premiums, potency of company's sponsors, sound liquidity profile and strong capitalisation against the risks underwritten. However, it also highlighted that the sales force turnover has remained high in line with industrywide trends. With regards to the areas of improvement, it stressed on the need to further improve sales force retention and productivity levels.

1Q CY14: Financial performance Jubilee Life Insurance kicked off 2014 on a promising note by posting double-digit profitability growth of 59 percent year on year during the quarter ended March 2014. Healthy investment income from government securities and more than a twofold increase in dividend income comforted Jubilee Life's profitability during the quarter under review.

Insurance business of the company continued its upward drive as net premiums witnessed an upsurge of Rs 1 billion or 34 percent year on year during the aforementioned quarter. Moreover, the ratio of net claims to net premiums and investment income improved to 45 percent from 49 percent earlier. This improvement in ratio is attributable to a slight reduction in management expenses as a percentage of company's net premiums. Resultantly, underwriting result of the firm grew by more than 55 percent during the aforementioned quarter.

However, life unit-unit linked business has remained the driving force behind growth in premiums. As of March 2014, the segment contributes more than 80 percent to firm's net premiums, with accident and health and conventional business following the lead by contributing 11 percent and six percent, respectively.

Business performance Despite soaring costs associated with medical expenses, accident and health business remained the frontrunner, posting the highest growth amongst other segments. The segment grew by 45 percent year on year in its gross premiums.

Individual life unit linked business followed the lead, surging by 35 percent year on year in its gross premiums. On the basis of gross premiums, individual life unit linked business frames nearly 79 percent of the firm's total gross premiums, as of March 2014. Needless to say, the remarkable growth witnessed in Bancassurance network over the past few years, remains the primary reason why the individual life unit linked business has grown so fast. Owing to stiff competition being faced by the conventional business together with high price sensitivity, the segment posted a paltry rise of two percent year on year in its gross premiums.

Investment portfolio As of March 2014, the value of investment portfolio of the company was worth Rs 32 billion, reflecting a rise of Rs 3.79 billion when compared to the corresponding period of last year. Based on the financial statements of 2013, fresh investments in treasury bills and Sukuks led to an increase in the value of government securities. The value of government securities rose by Rs 2.68 billion (equivalent to 12 percent) year on year during the quarter under review.

The portfolio mix of the company is skewed towards government securities that frame 76 percent to the investment portfolio of the company. On the other hand, listed equity exposure of the company stands at only 21 percent. This tilt towards government securities wards off the companies against volatilities in the stock market. However, there is still some room available for the company to perk up its equity exposure to further augment its investment and dividend income. This can lend a hand in buttressing its bottom line in coming years.

Outlook The insurance industry in Pakistan still remains untapped and there is still enormous potential available for insurers to explore. Usage of alternative distribution channels by insurers including UBL Omni, ARM machines, Easy Paisa are the unconventional modes that can be used by insurers to further tap the market.

Sadly, these areas have not been the focus of many insurers as yet. Not long ago, Jubilee Life Insurance launched a scheme "Talkshawk Mohafiz Zindagi Beema" with Telenor Pakistan whereby Telenor users are given a feature to subscribe to insurance schemes with death benefits ranging from Rs 20,000 to Rs 100,000. Such schemes can open doors for the insurance sector to expand its wings and target different segments on a mass level.

Considering that Pakistan is a country where a large part of the population belongs to low-income groups, micro-insurance remains another window for insurers to open up to. A recent study done by Insurance Industry Reforms Committee (IIRC) highlighted: "Microinsurance market in Pakistan is underdeveloped and there is no national level program category to microinsurance sector." It also stressed on the fact that the demand for microinsurance in Pakistan is higher than the supply of microinsurance schemes, thus indicating that the segment holds a lot of potential. With the insurers focusing on the use of alternative distribution channels are discussed above, insurers can go a long way in expanding their outreach. However, creating awareness remains the key to this!

========================================================================
Jubilee Life Insurance (Financial Highlights)
========================================================================
Rs (thousands)                              1QCY13      1QCY14
========================================================================
Return on government securities             22,047      32,085       46%
Return on other fixed income securities      1,094       1,246       14%
Dividend income                              8,818      20,833      136%
Net investment income                       12,394      54,384      339%
Total investment income
and other revenues                          12,955      59,379      358%
Expenses not attributable
to statutory funds                         (9,406)    (19,199)      104%
Profit before appropriation
of surplus                                   3,549      40,180     1032%
Surplus appropriated to
shareholders' fund                         200,000     255,000       28%
Profit before tax                          203,549     295,180       45%
Taxation                                  (76,217)    (93,349)       22%
Proft after taxation                       127,332     201,831       59%
EPS                                           1.77         2.8
========================================================================

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Re: JLICL -- Jubilee Life Insurance Co. Ltd.
« Reply #7 on: May 29, 2014, 11:39:14 AM »
I hate waking up.

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Re: JLICL -- Jubilee Life Insurance Co. Ltd.
« Reply #9 on: August 16, 2014, 11:07:27 AM »
Jubilee Life Insurance has a long history of not failing to cheer its stakeholders. Double-digit profitability growth year after year has become more like a norm for this company. The result for the half year ended June 2014 buttressed the same sentiment with the company flattering a double-digit profitability growth of 51 percent year on year.

Jubilee is not one of those insurance companies in Pakistan that bank solely on their investment incomes. Rather it tries to grow its insurance portfolio and earn sufficient premiums. During the half year ended June 2014, net premiums surged by 33 percent year on year on the back of steady growth in premiums of individual life unit linked business. If CY13 numbers are any guide, individual life unit linked business holds the highest share of nearly 86 percent in the gross premiums mix of the company while the rest is shared between conventional and accident and health business.

Further, income from the highly-favourable investment portfolio buttressed the bottom line growth. This is likely to have come on the back of sturdy gains from high yielding government securities. As of 2013, the company's investment portfolio was tilted towards government securities, with a share of 76 percent in the investment mix.

As for the core business of Jubilee Life, the quality of the insurance portfolio is getting better. This is reflected in the improving claims ratio of the company. During the half year ended June 2014, net premiums to net claims ratio of the company witnessed an improvement of 100bps. Resultantly, surplus available in revenue account posted a flattering increase of 65 percent year on year.

Looking ahead, the allowance of takaful window has opened doors for the company to further boost its premiums by targeting the Islamic insurance niche.

================================================================
Jubilee Insurance - Financial Highlights
================================================================
Rs (mn)                                1HFY13    1HFY14     chng
================================================================
Revenue
----------------------------------------------------------------
Premium revenues net of reinsurance     7,595    10,098      33%
Investment income and other income      1,616     2,054      27%9,211    12,152      32%
----------------------------------------------------------------
Expenses
----------------------------------------------------------------
Claims net of reinsurance including     6,230     8,142      31%
movement in policy holder liability
Management expenses                     2,369     2,999      27%8,599    11,141      30%
Surplus available in revenue account      612     1,011      65%
Surplus transferred toprofit & loss account                    535       840      57%
Profit & loss accountbefore appreciation                       52        41     -21%of surplus to shareholders fund
Profit before tax                         587       881      50%
Taxation                                (190)     (283)      49%
Profit after taxation                     397       598      51%
----------------------------------------------------------------
EPS (Rs.)                                5.51      8.29
================================================================

Offline alicima

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Re: JLICL -- Jubilee Life Insurance Co. Ltd.
« Reply #10 on: April 26, 2016, 05:52:09 PM »
« Last Edit: April 27, 2016, 03:19:49 AM by alicima »

Offline alicima

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Re: JLICL -- Jubilee Life Insurance Co. Ltd.
« Reply #11 on: May 09, 2016, 10:31:03 AM »

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