Asia Insurance : Financial Results for the Quarter Ended 30-06-2022
August 25, 2022 at 11:18 am IST
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ASIA INSURANCE COMPANY LIMITED - WINDOW TAKAFUL OPERATIONS
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (UN-AUDITED)
FOR THE HALF YEAR ENDED JUNE 30, 2022
For the Quarter Ended
For The Half Year Ended
Un-Audited
Un-Audited
Un-Audited
Un-Audited
30-Jun-22
30-Jun-21
30-Jun-22
30-Jun-21
Participants' Takaful Fund (PTF)
Note
Rupees
Rupees
Rupees
Rupees
Contributions Earned
14
11,641,873
10,784,820
22,837,232
21,520,289
Less: Contributions Ceded to Retakaful
(5,436,413)
(4,721,197)
(10,845,098)
(9,363,542)
Net Contributions Revenue
6,205,460
6,063,623
11,992,134
12,156,747
Retakaful Rebate Earned
-
-
-
-
Net Underwriting Income
6,205,460
6,063,623
11,992,134
12,156,747
Net Claims - Reported / Settled - IBNR
15
(1,178,320)
(6,717,390)
(4,126,275)
(9,506,377)
Reversal of Contribution Deficiency Reserve
415,833
-
-
-
(762,487)
(6,717,390)
(4,126,275)
(9,506,377)
Other Direct Expenses
(93)
(22,673)
(1,056)
(29,536)
(Deficit) / Surplus Before Investment Income
5,442,880
(676,440)
7,864,803
2,620,834
Other Income
659,127
396,293
1,283,110
615,128
(Deficit) / Surplus Transferred to Accumulated Surplus
6,102,007
(280,147)
9,147,913
3,235,962
Operator's Fund (OPF)
Wakala Fee
17
9,354,309
8,029,234
18,175,942
15,775,094
Commission Expense
16
(3,823,990)
(3,395,727)
(7,447,718)
(6,777,861)
General, Adminstration and Management Expenses
(1,843,944)
(984,896)
(3,709,567)
(2,503,235)
Operating Results
3,686,375
3,648,611
7,018,657
6,493,998
Other Income
732,215
591,668
1,465,509
1,180,280
Other Expenses
(106,388)
(77,870)
(106,388)
(77,870)
Profit for the period
4,312,202
4,162,409
8,377,778
7,596,408
The annexed notes from 1 to 25 form an integral part of these Financial Statements.
Chairman
Chief Executive Officer
Director
Director
Chief Financial Officer
ASIA INSURANCE COMPANY LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (UN-AUDITED)
FOR THE SIX MONTHS PERIOD ENDED JUNE 30, 2022
For the Quarter Ended
For Half Year Ended
30-Jun-22
30-Jun-21
30-Jun-22
30-Jun-21
Note
Rupees
Rupees
RUPEES
RUPEES
Net Insurance Premium
21
180,999,820
143,036,012
343,473,911
260,498,220
Net Insurance Claims
22
(55,240,816)
(45,923,886)
(105,161,171)
(89,638,875)
Premium Deficiency
-
-
9,217,525
2,146,443
Net Commission and Other Acquisition Costs
23
(32,070,178)
(33,990,100)
(70,889,521)
(64,923,688)
Insurance Claims and Acquisition Expenses
(87,310,994)
(79,913,986)
(166,833,167)
(152,416,120)
Management Expenses
(92,716,433)
(75,282,394)
(179,615,465)
(136,295,549)
Underwriting Results
972,393
(12,160,368)
(2,974,721)
(28,213,449)
Investment Income
24
(36,760,885)
19,049,594
(35,444,209)
36,042,329
Other Income
3,538,865
2,116,371
6,378,445
5,314,736
Other Expenses
(1,146,249)
(903,888)
(1,221,906)
(1,104,129)
Results of Operating Activities
(33,395,876)
8,101,709
(33,262,391)
12,039,487
Finance Cost
(3,212,753)
(4,049,735)
(6,528,985)
(7,317,490)
Profit from Window Takaful Operations
16
4,312,202
4,162,409
8,377,778
7,596,408
(Loss) / Profit Before Tax
(32,296,427)
8,214,383
(31,413,598)
12,318,405
Income Tax Expense
25
10,086,882
(1,799,563)
9,823,724
(3,488,027)
(Loss) / Profit After Tax
(22,209,545)
6,414,820
(21,589,874)
8,830,378
(Loss) / Earnings Per Share - Basic & Diluted (Restated)
26
(0.30)
0.09
(0.30)
0.12
The annexed notes 1 To 36 form an integral part of these Condensed Interim Financial Statements.
Chairman
Chief Executive Officer
Director
Director
Chief Financial Officer
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Asia Insurance Company Ltd. published this content on 25 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 August 2022 05:47:05 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.