East West Life Assurance Company Limited’s financial results for the half yearly accounts for the period ended June 30, 2011

East West Life Assurance Company Limited’s financial results for the half yearly accounts for the period ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of East West Life Assurance Company Limited (EWLA) in their meeting held at 12:30 PM on Monday 29, August 2011 at Head Office, 310-EFU House, 3rd Floor, M.A. Jinnah Road , Karachi approved the Half Yearly Accounts for the period ended June 30, 2011 of the Company.

The Financial results of the Company are as follows:

 

January to June

April to June

2011

2010

2011

2010

Rupees

Rupees

Rupees

Rupees

Operating Income
Premiums less reinsurances 92,979,915 83,367,212 28,898,085 32,668,621
Net investment income 10,427,798 25,641,451 3,188,127 21,792,128
———– ———– ———–  ———–
Total net income 103,407,713 109,008,663 32,086,212 54,460,749
Operating Expenses
Claims, including bonuses, net of reinsurance
Recoveries  65,154,951  51,133,025  35,899,897 27,692,011
Management expenses less recoveries 41,203,219 49,990,588 20,251,244 27,148,162
Total Claims and Expenditure 106,358,170 101,123,613 56,151,141 54,840,173
 ———– ———– ———–  ———–
Excess of Income Over Claims and Expenditure (2,950,457) 7,885,050 (24,064,929) (379,424)
Movement in Policyholders1 Liability (9,956,624) (16,966,296) 8,361,533 (1,728,993)
 ———– ———–  ———– ———–
Loss before Taxation (12,907,081)  (9,081,246) (15,703,376) (2,108,417)
Taxation:  (1,251,066)  (973,908)  (585,385) (418,397)
 ———–  ———–  ———– ———–
Loss after Taxation   (14,158,147) (10,055,154)  (16,288,761) (7,526,814)
  ———– ———–   ———–  ———–
Balance of appropriation account at beginning of period (315,891,039) (265,077,682) (313,760,425) (272,606,072)
Less: Cash Dividend Paid  –  –
 ———–  ———–  ———–  ———–
Balance of appropriation account at end of the period (330,049,186)  (275,132,836) (330,049,186) (275,132,836)
———– ———– ———– ———–
Loss per share (includes loss of statutory fund)  (0.28) (0.20) (0.33) (0.05)

 

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

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