Softlogic Life Insurance : Quarterly Financial Report as at 30th June 2022

For the six months ended 30 June

Note

2022

2021

Change

Rs. ' 000

Rs. ' 000

%

Un- audited

Audited

Gross written premiums

5

11,403,781

9,183,475

24

Premiums ceded to reinsurers

(1,171,292)

(881,055)

33

Net written premiums

10,232,489

8,302,420

23

Other revenue

Net finance income

1,986,454

1,125,076

77

Net realised gains

32,805

177,737

(82)

Net fair value losses

(168,275)

(19,579)

759

Other operating income

7,401

3,172

133

Total other revenue

1,858,385

1,286,406

44

Total net revenue

6

12,090,874

9,588,826

26

Net benefits, claims and expenses

Net insurance benefits and claims paid

(3,617,186)

(2,359,237)

53

Net change in insurance claims outstanding

(23,988)

(15,171)

58

Change in insurance contracts liabilities

(3,588,870)

(2,102,553)

71

Underwriting and net acquisition cost (Net of reinsurance)

(2,589,333)

(1,955,188)

32

Other operating and administration expenses

(2,053,222)

(1,776,363)

16

Impairment (provision) / reversal on financial investments

(1,046,119)

64,144

1,731

Finance (cost) / gains

7

2,483,343

9,657

25,615

Total benefits, claims and expenses

(10,435,375)

(8,134,711)

28

Profit before tax

8

1,655,499

1,454,115

14

Income tax expenses

9

(463,528)

(533,996)

(13)

Profit for the period

1,191,971

920,119

30

Basic earnings per share (Rs.)

17

3.18

2.45

30

Diluted earnings per share (Rs.)

17

3.18

2.45

30

For the six months ended 30 June

2022

2021

Change

Rs. ' 000

Rs. ' 000

%

Un- audited

Audited

Profit for the period

1,191,971

920,119

30

Other comprehensive income

Items that will not be reclassified to income statement

Equity investments at FVOCI - net change in fair value

(518,645)

34,756

Equity investments at FVOCI - net change in fair value - Life fund

(256,267)

(98,637)

Related tax / deferred tax

-

-

(774,912)

(63,881)

1,113

(474,706)

(63,694)

645

Total other comprehensive income for the period, net of tax

(1,249,618)

(127,575)

880

Total comprehensive income for the period, net of tax

(57,647)

792,544

(107)

Total comprehensive income attributable to:

Owners of the Company

(57,647)

792,544

Non - controlling interests

-

-

(57,647)

792,544

(107)

For the three months ended 30 June

2022

2021

Change

Rs. ' 000

Rs. ' 000

%

Un- audited

Audited

Gross written premiums

5,600,185

4,422,232

27

Premiums ceded to reinsurers

(658,766)

(440,664)

49

Net earned premiums

4,941,419

3,981,568

24

Other revenue

Net finance income

1,249,129

549,668

127

Net realised gains

59,603

95,019

100

Net fair value losses

(40,898)

(8,046)

408

Other operating income

4,646

2,214

110

Total other revenue

1,272,480

638,855

99

Total net revenue

6,213,899

4,620,423

34

Net benefits, claims and expenses

Net insurance benefits and claims paid

(1,892,874)

(1,159,849)

63

Net change in insurance claims outstanding

3,713

(18,054)

(121)

Change in insurance contracts liabilities

(1,893,271)

(977,378)

94

Underwriting and net acquisition cost (Net of reinsurance)

(1,259,895)

(899,348)

40

Other operating and administration expenses

(1,000,459)

(842,149)

19

Impairment provision on financial investments

(365,395)

(1,964)

18,505

Finance (cost) / gains

1,129,929

(85,300)

(1,425)

Total benefits, claims and expenses

(5,278,252)

(3,984,042)

32

Profit before tax

935,647

636,381

47

Income tax expenses

(245,442)

(132,464)

85

Profit for the period

690,205

503,917

37

Profit attributable to;

Owners of the Company

690,205

503,917

37

Non controlling interest

-

-

690,205

503,917

37

Earnings per share

Basic earnings per share (Rs.)

1.84

1.34

37

Diluted earnings per share (Rs.)

1.84

1.34

37

For the three months ended 30 June

2022

2021

Change

Rs. ' 000

Rs. ' 000

%

Un- audited

Audited

Profit for the Period

690,205

503,917

37

Other comprehensive income

Items that will not be reclassified to income statement

Equity investments at FVOCI - net change in fair value

(328,324)

11,485

Equity investments at FVOCI - net change in fair value - life fund

(225,146)

36,169

Related tax / deferred tax

-

-

(553,470)

47,654

(1,261)

(211,216)

(5,616)

3,661

Total other comprehensive income for the period, net of tax

(764,686)

42,038

(1,919)

Total comprehensive income for the period, net of tax

(74,481)

545,955

(114)

Total comprehensive income attributable to:

Owners of the Company

(74,481)

545,955

Non - controlling interests

-

-

(74,481)

545,955

(114)