Adamjee Insurance : Financial Results for the Year Ended 31 December 2023
March 27, 2024 at 12:17 am EDT
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Adamjee Insurance Company Limited Unconsolidated Statement of Profit and Loss Account For the Year Ended December 31, 2023
December 31, 2023
December 31, 2022
-------- (Rupees in thousand) --------
Net insurance premium
19,319,089
16,980,105
Net insurance claims
(13,606,120)
(11,284,674)
Net commission and other acquisition costs
(2,530,569)
(2,072,014)
Insurance claims and acquisition expenses
(16,136,689)
(13,356,688)
Management expenses
(4,547,706)
(3,832,873)
Underwriting results
(1,365,306)
(209,456)
Investment income
3,902,919
2,127,600
Rental income
182,048
162,205
Other income
544,579
222,868
Fair value adjustment to investment property
358,100
794,372
Other expenses
(133,307)
(105,553)
Workers' Welfare Fund charge
(79,842)
(148,021)
Results of operating activities
3,409,191
2,844,015
Finance cost
(4,674)
(35,384)
Profit from Window Takaful Operations - Operator's fund
507,750
338,577
Profit before taxation
3,912,267
3,147,208
Income tax expense
(1,650,237)
(562,195)
Profit for the year
2,262,030
2,585,013
Earnings per share - basic and diluted
-------------(Rupees)------------
6.46
7.39
Adamjee Insurance Company Limited Consolidated Statement of Profit and Loss Account For the Year Ended December 31, 2023
December 31, 2023
December 31, 2022
-------- (Rupees in thousand) --------
Net insurance premium / contribution
41,976,789
37,266,033
Net insurance claims
(32,603,123)
(25,519,110)
Net commission and other acquisition costs
(5,703,821)
(5,256,341)
Insurance claims and acquisition expenses
(38,306,944)
(30,775,451)
Management expenses
(5,595,728)
(4,618,562)
Net change in insurance liabilities (other than outstanding claims)
(15,896,770)
(4,937,305)
Underwriting results
(17,822,653)
(3,065,285)
Investment income
17,508,276
7,419,976
Net fair value gain / (loss) on financial assets
at fair value through profit or loss
3,223,460
(2,682,111)
Rental income
117,741
104,855
Other income
1,427,607
944,541
Fair value adjustment to investment property
268,309
497,698
Other expenses
(145,700)
(110,885)
Workers' Welfare Fund charge
(79,842)
(148,021)
Results of operating activities
4,497,198
2,960,768
Finance cost
(4,669)
(38,187)
Profit from Window Takaful Operations - Operator's Fund (Parent Company)
507,750
338,577
Profit before taxation
5,000,279
3,261,158
Income tax expense
(2,283,364)
(874,803)
Profit for the year
2,716,915
2,386,355
Profit attributable to:
Equity holders of the Parent
2,626,107
2,341,165
Non-controlling interest
90,808
45,190
2,716,915
2,386,355
Earnings per share - basic and diluted
-------------(Rupees)------------
7.50
6.69
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Adamjee Insurance Company Limited published this content on
27 March 2024 and is solely responsible for the information contained therein. Distributed by
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27 March 2024 04:16:06 UTC.
Adamjee Insurance Company Limited is a general insurance company. The Company operates through five segments: Fire and property damage, Marine, aviation and transport, Motor, Health and Miscellaneous. Its marine products and services include marine hull and machinery, marine cargo marine umbrella liability and aviation. The motor services include comprehensive car, commercial vehicle, motorcycle comprehensive and motor third party liability. The miscellaneous services include bankersâ policy, burglary, cash in safe, cash in transit, cellular mobile phone, contractual liability, credit card travel inconvenience policy, crop, personal accident, plastic card, product liability policy and others. The fire and property services provide property all risk, comprehensive machinery, consequential loss of profit, energy, ginning stock policy, home, fire policy and shop ownerâs comprehensive policy. It also operates branches in the United Arab Emirates (UAE) and the Export Processing Zone (EPZ).