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

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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