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Wednesday, September 23rd, 2020

American Life Insurance Company (Pakistan) Limited’s financial results for the half year ended June 30, 2011

Be First!

Karachi: We have to inform you that the Board of Directors of our Company in their meeting held at 11:30 a.m. on Thursday, August 25, 2011 recommended the following:

Cash Dividend I Bonus Shares / Right Shares

Nil

Financial Results of the company are given below:

Revenue Account

Half Year ended June 30

Quarter ended June 30

2011

2010

2011

2010

Rs in thousand

Income
Premiums less reinsurances 1,711,881 720,043 909,147 368,665
Policy transfers from other Statutory funds 54,068 41,947 25,804 21,354
Net investment income 217,644 146,719 113,514 73,906
Other income – net 13,909 13,104 10,481 7,947
——— ———  ——— ———
Total Net Income 1,997,502 921,813 1,058,946 471,872

 

 

American Life Insurance Company (Pakistan) Limited

 

Half Year ended June 30

Quarter ended June 30

2011

2010

2011

2010

————— (Rupees in ‘000)—————

Claims and
Expenditure
Claims, including bonuses, net of 277,799 204,804 142,123 100,985
reinsurances recoveries
Policy transfer to other 54,068 41,947 25,804 21,354
Statutory funds
Management expenses less recoveries 400,109 334,523 221,285 180,124
——- ——-  ——- ——-
Total Claims and Expenditure 731,976 581,274 389,212 302,463
——- ——- ——-  ——-
Excess of Income over 1,265,526 340,539 669,734 169,409
Claims and Expenditure
Add: Policyholders’
Liabilities at beginning of perio 2,978,461 2,099,625 3,568,050 2,222,383
Less:policyholders’
Liabilities at end of period (4,208,249) (2,373,343) (4,208,249) (2,373,343)
——— ——— ——— ———
Surplus for the period 35,738 66,821 29,535 18,449
Movement in policyholders’ liabilities 1,229,788 273,718 640,199 150,960
Transfers (to) or from Shareholders’ Fund  (85,000) (95,916) (45,000) (60,916)
Balance of Statutory Fund at the 3,238,863 2,318,142 3,794,655 2,454,272
Beginning of the Period
——— ——— ———   ———
Balance of Statutory Fund at the End of the Period 4,419,389 2,562,765 4,419,389 2,562,765

 

 

American Life Insurance Company (Pakistan) Limited

 

 Half Year ended June 30 Quarter ended June 30
2011 2010 2011 2010
—————(Rupees in ‘000)——————
Profit and Loss
Account
Investment Income not attributable to statutory funds
Return on Government Securities 32,710 21,220 23,103 10,376
Less: Amortization of premium 332 342 150 47
—— —— —— ——
Gain / (loss) on sale of of investment held 453  (53) 177 (40)
as `available for sale’
Net investment income 32,831 20,825 23,130 10,289
Return on PLS term deposits and savings

accounts

2,233 315  – 17
Interest Income on loan to employees and agents 101  – 48  –
 —— —— ——  ——
2,334 315 48 17
Expenses not attributable to statutory funds
Administration and

miscellaneous expenses

(3,927) (2,752)  (2,079) (1,341)
—— —— —— ——
31,238 18,388 21,099 8,965
Surplus appropriated to Shareholders
Fund from 85,000 67,000 45,000 32,000
ledger account C & ED
——-  —— ——  ——
Profit / (Loss) before tax 116,238 85,388 66,099 40,965
Tax expense (40,683) (29,886) (23,135) (14,338)
 ——- ——  —— ——
Profit I (Loss) after tax 75,555 55,502 42,964 26,627

 

American Life Insurance Company (Pakistan) Limited

 

Half Year ended June 30 Quarter ended June 30
2011 2010 2011 2010
————–(Rupees in ‘000)—————-
Net Profit for the period
Net surplus of revenue
account of Statutory Funds  35,738 66,821 29,535 18,449
Profit before appropriation of surplus 31,238 18,388 21,099 8,965
to Shareholders’ Fund
Tax expense (40,683)  (29,886) (23,135) (14,338)
——  ——  ——  ——
26,293 55,323  27,499 13,076
——  ——  ——  ——
Rupees
Earnings per share basic and diluted 1.51  1.11  0.86  0.53

 

For more information, contact:
Asim Iftikhar
Company Secretary
American Life Insurance Company (Pakistan) Limited
Floor 13, Dolmen Executive Tower
Marine Drive, Block 4, Clifton
Karachi – 75600
UAN: 92-21 111-111-711
Tel: 92-21 3536-0040
Fax: 92-21-3529-0042

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