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.