DIRECTORS' REVIEW REPORT TO THE MEMBERS'
Your Directors are pleased to present their report together with un-audited quarterly Financial Statements for the period ended September 30, 2022
The statistic covers the annexed Financial Statements of conventional general insurance and Window Takaful operation comprising:
0 Condnsed interim statement of financial position;
0 Condnsed interim statement of profit and loss account;
0 Condnsed interim statement of comprehensive income;
0 Condnsed interim statement of changes and equity;
0 Condnsed interim cash flow statement;
0 Notes to the condnsed interim financial information;
We are confident that this information would adequately apprise the valued shareholders about the performance of their Company.
The financial highlight of the company for the period ended September 30, 2022 is as follows:
(Unaudited) | ||
Result of operating activites | 332,665,153 | |
Profit before tax from Window Takaful Operations | 23,301,388 | |
Profit before tax | 355,966,541 | |
Income tax expenses | (90,820,780) | |
Profit after taxation | 265,145,761 | |
Other Comprehensive income | 2,227,214 | |
Total Comprehensive income | 267,372,975 | |
Unappropriated profit at beginning of the year | 231,950,574 | |
Profit for the period | 265,145,761 | |
Issue of bonus shares | (102,064,630) | |
Transferered to general reserve | (130,000,000) | |
Unappropriated at the end of the period | 265,031,705 | |
September, 30 2022 | September, 30 2021 | |
---------- (Unaudited) ---------- | ||
Gross premium | 3,553,684,142 | 2,794,796,955 |
Net premium | 1,899,993,954 | 1,603,250,809 |
Underwriting results | 328,231,322 | 305,122,310 |
Investment income | 120,731,961 | 64,572,860 |
Profit before tax (including Window Takaful Operations) | 355,966,541 | 290,116,578 |
Profit after tax (including Window Takaful Operations) | 265,145,761 | 217,393,261 |
Earnings per share - basic and diluted (Rupees) | 1.66 | 1.36 |
On behalf of the Board of Directors
Naved Yunus
Chief Executive Officer
Karachi : October 29, 2022
EAST WEST INSURANCE COMPANY LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED)
AS AT SEPTEMBER 30, 2022
September 30, | December 31, | ||
2022 | 2021 | ||
(Unaudited) | (Audited) | ||
Note | --------------Rupees-------------- | ||
ASSETS | |||
Property and equipment | 6 | 114,830,734 | 115,337,232 |
Intangible assets | 7 | 891,811 | 946,046 |
Investment properties | 8 | 43,535,418 | 45,231,603 |
Investments | |||
Equity securities | 9 | 1,502,488,673 | 1,306,177,282 |
Debt securities | 10 | 340,703,056 | 402,638,123 |
Term deposit receipts (TDRs) | 11 | 56,000,000 | 163,382,338 |
1,899,191,729 | 1,872,197,743 | ||
Loans and other receivables | 12 | 182,920,892 | 100,416,094 |
Insurance / reinsurance receivables | 13 | 996,434,983 | 799,710,582 |
Reinsurance recoveries against outstanding claims | 21 | 904,590,857 | 535,855,031 |
Deferred commission expense | 22 | 323,292,600 | 329,200,886 |
Deferred tax assets | 1,492,736 | - | |
Prepayments | 14 | 598,281,888 | 535,261,819 |
Cash and bank | 15 | 105,468,609 | 27,915,325 |
5,170,932,257 | 4,362,072,361 | ||
Total assets of window takaful operations | |||
Operator's fund | 198,811,753 | 171,732,299 | |
TOTAL ASSETS | 5,369,744,010 | 4,533,804,660 | |
EQUITY AND LIABILITIES | |||
Capital and reserves attributable to Company's equity holders | |||
Issued, subscribed and paid-up capital | 1,599,012,620 | 1,360,861,810 | |
Reserves | 16 | 500,357,051 | 368,129,837 |
Unappropriated profit | 265,031,705 | 231,950,574 | |
TOTAL EQUITY | 2,364,401,376 | 1,960,942,221 | |
LIABILITIES | |||
Underwriting provisions | |||
Outstanding claims including IBNR | 21 | 1,075,715,556 | 798,276,118 |
Unearned premium reserves | 20 | 1,402,999,228 | 1,335,760,872 |
Unearned reinsurance commission | 22 | 136,575,274 | 120,510,380 |
2,615,290,058 | 2,254,547,370 | ||
Retirement benefit obligations | 3,293,157 | 2,679,452 | |
Premium received in advance | 17 | 42,319,888 | 45,610,434 |
Insurance / reinsurance payables | 21,920,825 | 3,665,035 | |
Other creditors and accruals | 18 | 119,510,681 | 137,163,438 |
Deferred taxation | - | 254,684 | |
Taxation - net | 134,961,959 | 69,763,189 | |
TOTAL LIABILITIES | 2,937,296,568 | 2,513,683,602 | |
Total liabilities of window Takaful | |||
Operations - Operator's Fund | 68,046,066 | 59,178,837 | |
TOTAL EQUITY AND LIABILITIES | 5,369,744,010 | 4,533,804,660 | |
CONTINGENCIES AND COMMITMENTS | 19 |
The annexed notes from 1 to 36 form an integral part of this condensed interim financial information.
CHAIRMAN CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTOR | CHIEF FINANCIAL OFFICER |
-
EAST WEST INSURANCE COMPANY LIMITED
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UNAUDITED)
FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2022
Nine months period ended | Three months period ended | ||||
September 30, | September 30, | September 30, | September 30, | ||
Note | 2022 | 2021 | 2022 | 2021 | |
Net insurance premium | 20 | 1,899,993,954 | 1,603,250,809 | 582,484,977 | 541,340,901 |
Net insurance claims | 21 | (865,831,358) | (713,590,100) | (277,756,047) | (251,918,647) |
Net commission | 22 | (378,239,572) | (319,648,610) | (93,868,921) | (109,049,055) |
Insurance claims and acquisition expenses | (1,244,070,930) | (1,033,238,710) | (371,624,968) | (360,967,702) | |
Management expenses | 23 | (327,691,702) | (264,889,789) | (140,000,000) | (111,293,040) |
Underwriting results | 328,231,322 | 305,122,310 | 70,860,009 | 69,080,159 | |
Investment income / (loss) | 24 | 120,731,961 | 64,572,860 | 46,642,540 | 22,299,120 |
Other income | 25 | 8,739,760 | 5,855,506 | 3,196,040 | 975,365 |
Other expenses | 26 | (124,739,424) | (107,408,918) | (38,883,370) | (35,246,649) |
Finance cost | 27 | (298,466) | (399,911) | (50,606) | (58,185) |
Results of operating activities | 332,665,153 | 267,741,847 | 81,764,613 | 57,049,810 | |
Profit / (loss) before tax from | |||||
Window takaful operations | 28 | 23,301,388 | 22,374,731 | 5,436,198 | 7,459,197 |
Profit before tax | 355,966,541 | 290,116,578 | 87,200,811 | 64,509,007 | |
Income tax expense | (90,820,780) | (72,723,317) | (19,619,222) | (11,499,997) | |
Profit after taxation | 265,145,761 | 217,393,261 | 67,581,589 | 53,009,010 | |
(Restated) | (Restated) | ||||
Earnings per share - basic and diluted | 30 | 1.66 | 1.36 | 0.42 | 0.33 |
The annexed notes from 1 to 36 form an integral part of this condensed interim financial information.
CHAIRMAN CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTO CHIEF FINANCIAL OFFICER
EAST WEST INSURANCE COMPANY LIMITED
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2022
Nine months period ended | Three months period ended | |||
September 30 | September 30 | September 30 | September 30 | |
2022 | 2021 | 2022 | 2021 | |
Note | --------------Rupees-------------- | --------------Rupees-------------- | ||
Profit after taxation | 265,145,761 | 217,393,261 | 67,581,589 | 53,009,010 |
Other comprehensive income | ||||
Items that may be reclassified subsequently to profit and | ||||
loss account | ||||
Unrealised (loss) / gain on available for sale | ||||
investments - net of deferred tax | - | - | - | - |
Reclassification of loss included in profit and loss account | 2,227,214 | 2,156,545 | 738,945 | 778,030 |
2,227,214 | 2,156,545 | 738,945 | 778,030 | |
Total comprehensive income for the period | 267,372,975 | 219,549,806 | 68,320,534 | 53,787,040 |
The annexed notes from 1 to 36 form an integral part of this condensed interim financial information.
CHAIRMAN CHIEF EXECUTIVE OFFICER DIRECTOR | DIRECTOR | CHIEF FINANCIAL OFFICER |
EAST WEST INSURANCE COMPANY LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2022
Balance as at January 01, 2021
Total comprehensive income for the period Profit for the period
Other comprehensive income
Balance as at September 30, 2021
Balance as at January 01, 2022
Total comprehensive income for the period Profit for the period
Other comprehensive income
Total comprehensive income for the period
Issue of bonus shares (3 bonus shares for every 40 shares held)
Right shares application money
Transfer to general reserve
Balance as at September 30, 2022
Share capital | Reserves | ||||
Issued | Unrealized gain | Total reserves | Unappropriated | Total | |
subscribed and | General reserve | on available for | profit | ||
paid-up | sale investment | ||||
Rupees | |||||
1,183,358,100 | 440,000,000 | (71,581,372) | 368,418,628 | 96,987,512 | 1,648,764,240 |
- | - | - | - | 217,393,261 | 217,393,261 |
- | - | 2,156,545 | 2,156,545 | - | 2,156,545 |
- | - | 2,156,545 | 2,156,545 | 217,393,261 | 219,549,806 |
1,183,358,100 | 440,000,000 | (69,424,827) | 370,575,173 | 314,380,773 | 1,868,314,046 |
1,360,861,810 | 440,000,000 | (71,870,163) | 368,129,837 | 231,950,574 | 1,960,942,221 |
- | - | - | - | 265,145,761 | 265,145,761 |
- | - | 2,227,214 | 2,227,214 | - | 2,227,214 |
- | - | 2,227,214 | 2,227,214 | 265,145,761 | 267,372,975 |
- | |||||
102,064,630 | (102,064,630) | - | |||
136,086,180 | 136,086,180 | ||||
238,150,810 | (102,064,630) | 136,086,180 | |||
- | 130,000,000 | - | 130,000,000 | (130,000,000) | |
1,599,012,620 | 570,000,000 | (69,642,949) | 500,357,051 | 265,031,705 | 2,364,401,376 |
The annexed notes from 1 to 36 form an integral part of this condensed interim financial information.
CHAIRMAN | CHIEF EXECUTIVE OFFICER | DIRECTOR | DIRECTOR CHIEF FINANCIAL OFFICER |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
East West Insurance Co Ltd. published this content on 31 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2022 04:28:04 UTC.