During the three months period closed March 31, 2018, EFU General Insurance has announced in financial statement that the written premium increased by 9 percent to Rs. 5,727 million (including Takaful Contribution of Rs. 436 million) as compared to Rs. 5,270 million (including Takaful Contribution of Rs. 308 million) for the same period of previous year.
EFU General is the most powerful trusted brand and pioneer in the insurance industry and included in the China-Pakistan Economic Corridor’s projects policy. The management has always played a role of institution giving the emerging Pakistan insurance industry the leadership, manpower and drive needed to grow and face problems. The company has always provided a full range of insurance service to complete all of its customers’ needs whether they are commercial or individual clients.
EFU offers fire, engineering, marine, aviation, motor, miscellaneous services and Takaful covers. The financial experts of the company also mentioned in the financial statement that the net premium revenue (including Takaful net contribution revenue) was recorded to Rs. 2,225 million as compared to Rs. 2,056 million for the same period of last year. The overall claims ratio to net premium revenue remained constant as against to the same period of last year at 40 percent. The underwriting profit for the three months period was recorded to Rs. 272 million as against to Rs. 353 million in same period of last year.
As required by Insurance Rules, 2017, EFU has recorded investment in equities and fixed income securities at fair value. The unrealized gain as on March 31, 2018 (net of deferred tax) was Rs. 3,146 million. The profit-before-tax for the period under review was Rs. 618 million compared to Rs. 848 million in the same period previous year. EFU insurance has built a diversified customer base, covered more types of risks than any other, enhanced the expertise and delivered on the promises.
During the year 2017, EFU General Insurance counting its Takaful Operations has crossed the premium/contribution figure of Rs. 20 billion. It is the first general insurance company in the history of the country to attain this milestone. One of the significant aspects of EFU’s operation is that it has created a separate engineering group which works closely with clients to identify various risk exposures and then offer specific insurance coverage. This helps in loss prevention and reducing the cost of premium. EFU’s market-driven team of inspired and technically qualified insurance personnel, specializing in civil, mechanical, metallurgy, electronics and having overseas linkages, is on-call for necessary professional advice at all times.
[ads1]
It is EFU’s policy not only to provide protection and risk reduction but help clients to develop preventive capabilities to avert major perils and calamities. The after tax profit for the three months period was Rs. 431 million as against to Rs. 606 million in the corresponding period of last year. The earnings per share (EPS) for the period was Rs. 2.15 against Rs. 3.03 (restated) in the same period of last year. EFU General is protected by the strongest and top rated reinsurers around the globe which gives it a competitive edge over other Insurers.
The financial experts of the company also calculated that the total assets as appearing on the Consolidated Statement of Financial Position were posted to Rs 156 billion. Since the effective date of Consolidation is 31 March 2018, there is no difference in Consolidated and Unconsolidated Condensed Profit and Loss Accounts for the period then closed. EFU General is rated by JCR-VIS and PACRA. Both the rating agencies have assigned rating of AA+ with stable outlook. EFU is ISO 9001:2015 certified company. Regarding the recognition of EFU’s services to the industry and the economy of Pakistan, it has also received various awards as well under the top management.
| FINANCIAL PERFORMANCE (Rs in Mn) | ||
|---|---|---|
| Year | Profit after tax | Profit before tax |
| 2017 | 2334 | 3441 |
| 2016 | 2392 | 3781 |
| 2015 | 4034 | 4809 |
| 2014 | 1829 | 2262 |
| 2013 | 1392 | 1623 |
| Source: EFU | ||