EFU life insurance reports profit of Rs773.8m for Jan-June 2017

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Karachi: In a notification sent to the bourse on Wednesday, EFU Life Insurance Limited reported its earnings for the half-year ended on 30th June of 2017.

EFUL reported profits of Rs773,803m for the half-year ended Jan-June 2017, registering a rise of 10.4pc increase in profits from same period last year (SPLY) when it was Rs692,793m.

Management expenses rose to Rs3,127,073m, registering an increase of 17.84pc for the half-year ended Jan-June 2017 from SPLY when they were reported at Rs2,569,252m.

Claims in including movement in policy holder’s liability under expenses head increased to Rs13,775,940m rising 7.75pc from SPLY when they were reported at Rs12,707,930m.

Under revenue head, premium net of reinsurance’s increased to Rs14,606m for Jan-June 2017, registering a rise of 22pc from SPLY when it was recorded at Rs11,380m.

EFUL announced an interim cash dividend of Rs1.25 per share for the second quarter April-June 2017. The company reported earnings per share of Rs7.74 in comparison to Rs6.93 in SPLY, registering a year-on-year increase of 10.46pc.

At the time of filing this report, EFUL shares were trading at Rs251.75, down 5pc (Rs13.25) from its closing price on Tuesday. The KSE-100 index was trading at 44,172.32 points, up by 0.63pc (274.87 points) from its close on Tuesday.

EFUL is involved in the business of life insurance which includes pension fund business, ordinary life business, accident and health business.