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

For the Nine months ended 30 September

Note

2022

2021

Change

Rs. ' 000

Rs. ' 000

%

Un-Audited

Audited

Gross written premiums

5

16,675,480

14,332,764

16

Premiums ceded to reinsurers

(1,908,518)

(1,366,276)

40

Net written premiums

14,766,962

12,966,488

14

Other revenue

Net finance income

3,387,860

1,694,972

100

Net realised gains

52,146

268,934

(81)

Net fair value losses

(75,078)

(9,746)

670

Other operating income

9,550

17,461

(45)

Total other revenue

3,374,478

1,971,621

71

Total net revenue

6

18,141,440

14,938,109

21

Net benefits, claims and expenses

Net insurance benefits and claims paid

(5,775,858)

(4,049,730)

43

Net change in insurance claims outstanding

(11,448)

13,339

(186)

Change in insurance contracts liabilities

(3,462,643)

(3,045,649)

14

Underwriting and net acquisition cost (Net of reinsurance)

(3,803,248)

(3,080,758)

23

Other operating and administration expenses

(3,081,214)

(2,675,517)

15

Impairment (provision) / reversal on financial investments

(1,549,208)

62,573

2,576

Finance (cost) / gains

7

2,296,512

(89,234)

(2,674)

Total benefits, claims and expenses

(15,387,107)

(12,864,976)

20

Profit before tax

8

2,754,333

2,073,133

33

Income tax expenses

9

(799,514)

(662,236)

21

Profit for the period

1,954,819

1,410,897

39

Profit attributable to;

Owners of the Company

1,954,819

1,410,897

39

Non controlling interest

-

-

1,954,819

1,410,897

39

Earnings per share

Basic earnings per share (Rs.)

17

5.21

3.76

39

Diluted earnings per share (Rs.)

17

5.21

3.76

39

For the Nine months ended 30 September

2022

2021

Change

Rs. ' 000

Rs. ' 000

%

Un-Audited

Audited

Profit for the period

1,954,819

1,410,897

39

Other comprehensive income

Items that will not be reclassified to income statement

Equity investments at FVOCI - net change in fair value

(401,835)

(21,165)

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

(238,569)

(74,198)

Related tax / deferred tax

-

-

(640,404)

(95,363)

572

(492,605)

(257,263)

91

Total other comprehensive income for the period, net of tax

(1,133,009)

(352,626)

221

Total comprehensive income for the period, net of tax

821,810

1,058,271

(22)

Total comprehensive income attributable to:

Owners of the Company

821,810

1,058,271

Non - controlling interests

-

-

821,810

1,058,271

(22)

For the three months ended 30 September

2022

2021

Change

Rs. ' 000

Rs. ' 000

%

Un-Audited

Audited

Gross written premiums

5,271,699

5,149,289

2

Premiums ceded to reinsurers

(737,226)

(485,221)

52

Net earned premiums

4,534,473

4,664,068

(3)

Other revenue

Net finance income

1,401,406

569,896

146

Net realised gains

19,341

91,197

100

Net fair value losses

93,197

9,833

848

Other operating income

2,149

14,289

(85)

Total other revenue

1,516,093

685,215

121

Total net revenue

6,050,566

5,349,283

13

Net benefits, claims and expenses

Net insurance benefits and claims paid

(2,158,672)

(1,690,493)

28

Net change in insurance claims outstanding

12,540

28,510

(56)

Change in insurance contracts liabilities

126,227

(943,096)

(113)

Underwriting and net acquisition cost (Net of reinsurance)

(1,213,915)

(1,125,570)

8

Other operating and administration expenses

(1,027,992)

(902,297)

14

Impairment (provision)/Reversal on financial investments

(503,089)

1,572

(32,103)

Finance cost

(186,831)

(98,891)

89

Total benefits, claims and expenses

(4,951,732)

(4,730,265)

5

Profit before tax

1,098,834

619,018

78

Income tax expenses

(335,986)

(128,240)

162

Profit for the period

762,848

490,778

55

Profit attributable to;

Owners of the Company

762,848

490,778

55

Non controlling interest

-

-

762,848

490,778

55

Earnings per share

Basic earnings per share (Rs.)

2.03

1.31

55

Diluted earnings per share (Rs.)

2.03

1.31

55

For the three months ended 30 September

2022

2021

Change

Rs. ' 000

Rs. ' 000

%

Un-Audited

Audited

Profit for the Period

762,848

490,778

55

Other comprehensive income

Items that will not be reclassified to income statement

Equity investments at FVOCI - net change in fair value

116,810

(55,921)

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

17,698

24,439

Related tax / deferred tax

-

-

134,508

(31,482)

(527)

(17,899)

(193,569)

(91)

Total other comprehensive income for the period, net of tax

116,609

(225,051)

(152)

Total comprehensive income for the period, net of tax

879,457

265,727

231

Total comprehensive income attributable to:

Owners of the Company

879,457

265,727

Non - controlling interests

-

-

879,457

265,727

231