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Karachi, August 31, 2012 (PPI-OT): We have to inform you that the Board of Directors of East West Life Assurance Company Limited (EWLA) in their meeting held at 05.00 Pm on Thursday August 30, 2012 at Head Office, 310-EFU House, 3rd Floor, M.A, Jinnah Road, Karachi approved the Half Yearly Accounts for the period ended June 30, 2012 of the Company.
The Financial results of the Company are as follows
|
January to June |
April to June |
|||
|
2012 |
2011 |
2012 |
2011 |
|
|
Rupees |
Rupees |
Rupees |
Rupees |
|
| Operating Income | ||||
| Premiums less reinsurances |
95,867,877 |
92,979,915 |
28,961,344 |
28,898,085 |
| Net investment income |
18,453,399 |
10,427,798 |
6,104,810 |
3,188,127 |
|
———– |
———– |
———– |
———— |
|
| Total net income |
114,321,276 |
103,407,713 |
35,066,154 |
32,086,212 |
| Operating Expenses | ||||
| Claims, including bonuses, net of reinsurance | ||||
| recoveries |
84,949,014 |
65,154,951 |
35,813,914 |
35,899,897 |
| Management expenses less recoveries |
38,999,297 |
41,203,219 |
20,615,571 |
20,251,244 |
|
———– |
———– |
———– |
———— |
|
| Total Claims and Expenditure |
123,948,311 |
106,358,170 |
56,429,485 |
56,151,141 |
|
———– |
———– |
———– |
———— |
|
| Excess of Income Over Claims and Expenditure |
(9,627,035) |
(2,950,457) |
(21,363,331) |
(24,064,929) |
| Movement in Policyholders’ Liability |
(3,517,137) |
(9,956,624) |
16,787,801 |
8,361,553 |
|
———– |
———– |
———– |
———— |
|
| Loss before Taxation |
(13,144,172) |
(12,907,081) |
(4,575,530) |
(13,703,376) |
| Taxation |
(1,572,058) |
(1,251,066) |
(596,969) |
(585,385) |
|
———– |
———– |
———– |
———— |
|
| Loss after Taxation |
(14,716,230) |
(14,158,147) |
(5,172,499) |
(16,288,761) |
|
———– |
———– |
———– |
———— |
|
| Balance of appropriation account at beginning of period |
(331,204,218) |
(315,891,039) |
(340,747,949) |
(313,760,425) |
| Loss: Cash Dividend Paid |
– |
– |
– |
– |
|
———– |
———– |
———– |
———— |
|
| Balance of appropriation account at end of the period |
(345,920,448) |
(330,049,186) |
(345,920,448) |
(330,0494,186) |
|
———– |
———– |
———– |
———— |
|
| Loss per share (includes loss of statutory fund) |
(0.29) |
(0.28) |
(0.10) |
(0.33) |
For more information, contact:
Sohail Nazeer
Company Secretary
East West Life Assurance Company Limited
310-EFU House, 3rd Floor,
M. A. Jinnah Road,
Karachi-74000, Pakistan
Tel: (021) 2311662/5,
Fax: (021) 2311667,
UAN: 111-EWL-111(111-395-111)
E-mail: info@eastwestlifeco.com
Website: www.eastwestlifeco.com