East West Insurance : Transmission of Quarterly Report for the period ended September 30, 2022

DIRECTORS' REVIEW REPORT TO THE MEMBERS'

Your Directors are pleased to present their report together with un-audited quarterly Financial Statements for the period ended September 30, 2022

The statistic covers the annexed Financial Statements of conventional general insurance and Window Takaful operation comprising:

0 Condnsed interim statement of financial position;

0 Condnsed interim statement of profit and loss account;

0 Condnsed interim statement of comprehensive income;

0 Condnsed interim statement of changes and equity;

0 Condnsed interim cash flow statement;

0 Notes to the condnsed interim financial information;

We are confident that this information would adequately apprise the valued shareholders about the performance of their Company.

The financial highlight of the company for the period ended September 30, 2022 is as follows:

	(Unaudited)
Result of operating activites	332,665,153
Profit before tax from Window Takaful Operations	23,301,388
Profit before tax	355,966,541
Income tax expenses	(90,820,780)
Profit after taxation	265,145,761
Other Comprehensive income	2,227,214
Total Comprehensive income	267,372,975
Unappropriated profit at beginning of the year	231,950,574
Profit for the period	265,145,761
Issue of bonus shares	(102,064,630)
Transferered to general reserve	(130,000,000)
Unappropriated at the end of the period	265,031,705
	September, 30 2022	September, 30 2021
	---------- (Unaudited) ----------
Gross premium	3,553,684,142	2,794,796,955
Net premium	1,899,993,954	1,603,250,809
Underwriting results	328,231,322	305,122,310
Investment income	120,731,961	64,572,860
Profit before tax (including Window Takaful Operations)	355,966,541	290,116,578
Profit after tax (including Window Takaful Operations)	265,145,761	217,393,261
Earnings per share - basic and diluted (Rupees)	1.66	1.36

On behalf of the Board of Directors

Naved Yunus

Chief Executive Officer

Karachi : October 29, 2022

EAST WEST INSURANCE COMPANY LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED)

AS AT SEPTEMBER 30, 2022

		September 30,	December 31,
		2022	2021
		(Unaudited)	(Audited)
	Note	--------------Rupees--------------
ASSETS
Property and equipment	6	114,830,734	115,337,232
Intangible assets	7	891,811	946,046
Investment properties	8	43,535,418	45,231,603
Investments
Equity securities	9	1,502,488,673	1,306,177,282
Debt securities	10	340,703,056	402,638,123
Term deposit receipts (TDRs)	11	56,000,000	163,382,338
		1,899,191,729	1,872,197,743
Loans and other receivables	12	182,920,892	100,416,094
Insurance / reinsurance receivables	13	996,434,983	799,710,582
Reinsurance recoveries against outstanding claims	21	904,590,857	535,855,031
Deferred commission expense	22	323,292,600	329,200,886
Deferred tax assets		1,492,736	-
Prepayments	14	598,281,888	535,261,819
Cash and bank	15	105,468,609	27,915,325
		5,170,932,257	4,362,072,361
Total assets of window takaful operations
Operator's fund		198,811,753	171,732,299
TOTAL ASSETS		5,369,744,010	4,533,804,660
EQUITY AND LIABILITIES
Capital and reserves attributable to Company's equity holders
Issued, subscribed and paid-up capital		1,599,012,620	1,360,861,810
Reserves	16	500,357,051	368,129,837
Unappropriated profit		265,031,705	231,950,574
TOTAL EQUITY		2,364,401,376	1,960,942,221
LIABILITIES
Underwriting provisions
Outstanding claims including IBNR	21	1,075,715,556	798,276,118
Unearned premium reserves	20	1,402,999,228	1,335,760,872
Unearned reinsurance commission	22	136,575,274	120,510,380
		2,615,290,058	2,254,547,370
Retirement benefit obligations		3,293,157	2,679,452
Premium received in advance	17	42,319,888	45,610,434
Insurance / reinsurance payables		21,920,825	3,665,035
Other creditors and accruals	18	119,510,681	137,163,438
Deferred taxation		-	254,684
Taxation - net		134,961,959	69,763,189
TOTAL LIABILITIES		2,937,296,568	2,513,683,602
Total liabilities of window Takaful
Operations - Operator's Fund		68,046,066	59,178,837
TOTAL EQUITY AND LIABILITIES		5,369,744,010	4,533,804,660
CONTINGENCIES AND COMMITMENTS	19

The annexed notes from 1 to 36 form an integral part of this condensed interim financial information.

CHAIRMAN CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTOR

CHIEF FINANCIAL OFFICER

-

EAST WEST INSURANCE COMPANY LIMITED

CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2022

		Nine months period ended	Three months period ended
		September 30,	September 30,	September 30,	September 30,
	Note	2022	2021	2022	2021
Net insurance premium	20	1,899,993,954	1,603,250,809	582,484,977	541,340,901
Net insurance claims	21	(865,831,358)	(713,590,100)	(277,756,047)	(251,918,647)
Net commission	22	(378,239,572)	(319,648,610)	(93,868,921)	(109,049,055)
Insurance claims and acquisition expenses		(1,244,070,930)	(1,033,238,710)	(371,624,968)	(360,967,702)
Management expenses	23	(327,691,702)	(264,889,789)	(140,000,000)	(111,293,040)
Underwriting results		328,231,322	305,122,310	70,860,009	69,080,159
Investment income / (loss)	24	120,731,961	64,572,860	46,642,540	22,299,120
Other income	25	8,739,760	5,855,506	3,196,040	975,365
Other expenses	26	(124,739,424)	(107,408,918)	(38,883,370)	(35,246,649)
Finance cost	27	(298,466)	(399,911)	(50,606)	(58,185)
Results of operating activities		332,665,153	267,741,847	81,764,613	57,049,810
Profit / (loss) before tax from
Window takaful operations	28	23,301,388	22,374,731	5,436,198	7,459,197
Profit before tax		355,966,541	290,116,578	87,200,811	64,509,007
Income tax expense		(90,820,780)	(72,723,317)	(19,619,222)	(11,499,997)
Profit after taxation		265,145,761	217,393,261	67,581,589	53,009,010
			(Restated)		(Restated)
Earnings per share - basic and diluted	30	1.66	1.36	0.42	0.33

The annexed notes from 1 to 36 form an integral part of this condensed interim financial information.

CHAIRMAN CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTO CHIEF FINANCIAL OFFICER

EAST WEST INSURANCE COMPANY LIMITED

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2022

	Nine months period ended	Three months period ended
	September 30	September 30	September 30	September 30
	2022	2021	2022	2021
Note	--------------Rupees--------------	--------------Rupees--------------
Profit after taxation	265,145,761	217,393,261	67,581,589	53,009,010
Other comprehensive income
Items that may be reclassified subsequently to profit and
loss account
Unrealised (loss) / gain on available for sale
investments - net of deferred tax	-	-	-	-
Reclassification of loss included in profit and loss account	2,227,214	2,156,545	738,945	778,030
	2,227,214	2,156,545	738,945	778,030
Total comprehensive income for the period	267,372,975	219,549,806	68,320,534	53,787,040

The annexed notes from 1 to 36 form an integral part of this condensed interim financial information.

CHAIRMAN CHIEF EXECUTIVE OFFICER DIRECTOR

DIRECTOR

CHIEF FINANCIAL OFFICER

EAST WEST INSURANCE COMPANY LIMITED

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2022

Balance as at January 01, 2021

Total comprehensive income for the period Profit for the period

Other comprehensive income

Balance as at September 30, 2021

Balance as at January 01, 2022

Total comprehensive income for the period Profit for the period

Other comprehensive income

Total comprehensive income for the period

Issue of bonus shares (3 bonus shares for every 40 shares held)

Right shares application money

Transfer to general reserve

Balance as at September 30, 2022

Share capital	Reserves
Issued		Unrealized gain	Total reserves	Unappropriated	Total
subscribed and	General reserve	on available for	profit
paid-up		sale investment
		Rupees
1,183,358,100	440,000,000	(71,581,372)	368,418,628	96,987,512	1,648,764,240
-	-	-	-	217,393,261	217,393,261
-	-	2,156,545	2,156,545	-	2,156,545
-	-	2,156,545	2,156,545	217,393,261	219,549,806
1,183,358,100	440,000,000	(69,424,827)	370,575,173	314,380,773	1,868,314,046
1,360,861,810	440,000,000	(71,870,163)	368,129,837	231,950,574	1,960,942,221
-	-	-	-	265,145,761	265,145,761
-	-	2,227,214	2,227,214	-	2,227,214
-	-	2,227,214	2,227,214	265,145,761	267,372,975
					-
102,064,630				(102,064,630)	-
136,086,180					136,086,180
238,150,810				(102,064,630)	136,086,180
-	130,000,000	-	130,000,000	(130,000,000)
1,599,012,620	570,000,000	(69,642,949)	500,357,051	265,031,705	2,364,401,376

The annexed notes from 1 to 36 form an integral part of this condensed interim financial information.

CHAIRMAN

CHIEF EXECUTIVE OFFICER

DIRECTOR

DIRECTOR CHIEF FINANCIAL OFFICER