IGI Life insurance reported a 70 per cent drop in half-yearly profits due to a reduced net premium/contribution revenue.
In a Board of Directors meeting conducted on 28 August 2018, IGI reviewed its financial earnings for the half year period, ended on 30 June 2018.
As compared to the half year ended on 30 June 2018, IGI’s net premium/contribution revenue dropped by 9.5 per cent, leading to 11.5 per cent reduction in net income.
Furthermore, net insurance benefits increased by 13 per cent.
Collectively, these components caused the overall half-yearly profits to drop from Rs143.6 million to Rs42.9 million, on a year-on-year basis.
Additionally, earnings per share are reported to be Rs.0.61 per share from Rs2.03 per share.
