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Financial Analysis

Statement of Financial Position 2017 2016 2015 2014 2013 2012
Paid up share capital 893.8 893.8 893.8 452.3 452.3 452.3
Accumulated (losses) / Unappropriated profits 253.9 148.9 45.7 12.4 -13.5 -65.0
Unrealized gain (loss) on revaluation of available-for-sale investments -39.3 2.3 1.6 0.0 0.0 0.0
Total Equity 1,108.5 1,045.0 941.2 464.8 438.8 387.3
             
Investments 1,069.5 821.8 727.0 49.9 153.2 149.3
Fixed assets 70.0 361.2 384.7 308.7 169.1 120.2
Capital work in progress 21.4 0.0 0.0 4.8 19.1 47.9
Cash and bank deposits 133.6 176.4 16.6 9.0 108.4 17.8
Other assets 858.8 602.0 551.6 815.9 625.8 508.0
Total assets of General Takaful Operations – OF 335.5 318.9 190.7 81.4 - -
Total Assets 2,488.7 2,280.2 1,870.6 1,269.8 1,075.5 843.1
             
Underwriting liabilities 805.7 831.0 693.9 695.9 568.0 418.8
Short term finance - - - - - -
Other liabilities 340.2 226.1 129.9 81.6 68.7 36.9
Total liabilities of General Takaful Operations – OF 234.3 178.1 105.7 27.5 - -
Total Liabilities 1,380.3 1,235.2 929.4 805.0 636.7 455.7
             
Statement of Comprehensive Income 2017 2016 2015 2014 2013 2012
Gross premium written 1,383.7 1,370.2 1,171.3 1,156.0 869.9 706.5
Net premium revenue 1,299.5 1,204.4 1,129.3 1,042.9 733.5 619.9
Underwriting expenses -1,200.3 -1,153.7 -1,074.4 -965.1 -619.9 -532.4
Underwriting results 99.2 50.7 54.9 77.8 113.6 87.5
Investment income and other income 171.4 181.5 140.5 93.1 74.3 82.6
Other expenses -154.8 -118.9 -160.1 -135.2 -109.6 -107.9
Profit before tax from General Insurance Operations 115.8 113.3 35.2 35.7 78.4 62.2
Profit before tax from Window Takaful Operations 47.5 35.5 10.4 3.2 - -
Profit / (Loss) before tax for the year 163.4 148.8 45.6 39.0 - -
Profit / (Loss) after tax 105.0 103.2 33.3 25.9 51.5 42.7

Ratios 2017 2016 2015 2014 2013 2012
Profitability
Profit Before Tax / Gross Premium % 7.1% 7.2% 2.8% 3.2% 9.0% 8.8%
Profit Before Tax / Net Premium % 8.9% 9.4% 3.1% 3.4% 10.7% 10.0%
Profit After Tax / Gross Premium % 4.6% 5.0% 2.0% 2.1% 5.9% 6.0%
Profit After Tax / Net Premium % 8.1% 8.6% 2.9% 2.5% 7.0% 6.9%
Underwriting Result / Gross Premium % 4.3% 2.5% 3.4% 6.4% 13.1% 12.4%
Underwriting Result / Net Premium % 7.6% 4.2% 4.9% 7.5% 15.5% 14.1%
Profit Before Tax / Total Income % 10.8% 10.5% 3.6% 3.4% 9.7% 8.9%
Profit After Tax / Total Income % 6.9% 7.3% 2.6% 2.3% 6.4% 6.1%
Combined ratio % 92.4% 95.8% 95.1% 92.5% 84.5% 103.3%
Net Claims / Net Premium % 38.6% 42.2% 47.1% 50.5% 42.8% 41.0%
Management Expenses / Net Premium % 45.0% 43.6% 35.5% 28.1% 31.0% 34.5%
Net Profit Margin % 6.9% 7.3% 2.6% 2.3% 6.4% 6.1%
Return to Shareholders
Return on Equity % 9.4% 9.9% 3.5% 5.6% 11.7% 11.0%
Return on Assets % 4.2% 4.5% 1.8% 2.0% 4.8% 5.1%
Earnings Per Share Rs. 1.39 1.37 0.47 0.50 1.12 0.93
Price Earning Ratio Times    17.84    13.85    50.64    51.60     8.88    10.73
Breakup value per share Rs.    14.85    13.84    12.46    10.10     9.54       8.42
Market Data
Market Price per share at the end of the year Rs.   24.80    18.98    23.80   25.75     9.95       9.98
Market Price per share - Highest during the year Rs.    28.35   23.24    24.50   28.00  11.70    14.09
Market Price per share - Lowest during the year Rs.    17.12   14.00     16.41      8.50    7.50      7.01
Performance / Liquidity
Current Ratio Times      1.75      1.55       1.60       1.19     1.39       1.48
Cash / Current Liabilities % 9.7% 14.3% 1.8% 1.1% 17.0% 3.9%
Total Assets Turnover Times 0.61 0.62 0.68 0.90 0.75 0.83
Fixed Assets Turnover Times 16.61 3.94 3.33 3.63 4.29 4.18
Total Liabilities / Equity Times 1.23 1.18 0.99 1.73 1.45 1.18
Cashflow from Operations Margin % -2.4% 23.0% 15.8% 15.7% 21.3% 8.8%
No. Of days in Premium Receivable Days          73          86           48           31         44           29
No. Of days in Claim Settlement Days          64          62           64          79      100          79
Paid-up Capital / Total Assets % 35.7% 39.2% 47.8% 35.6% 42.1% 53.7%
Earning assets / Total Assets % 48.1% 43.8% 39.8% 4.6% 24.3% 19.8%
Equity / Total Assets % 44.8% 45.8% 50.3% 36.6% 40.8% 45.9%

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