American Life Insurance Company (Pakistan) Limited’s financial results for the half year ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of our Company in their meeting held at 11:30 a.m. on Thursday, August 25, 2011 recommended the following:

Cash Dividend I Bonus Shares / Right Shares

Nil

Financial Results of the company are given below:

Revenue Account

Half Year ended June 30

Quarter ended June 30

2011

2010

2011

2010

Rs in thousand

Income
Premiums less reinsurances1,711,881720,043909,147368,665
Policy transfers from other Statutory funds54,06841,94725,80421,354
Net investment income217,644146,719113,51473,906
Other income – net13,90913,10410,4817,947
—————— ——————
Total Net Income1,997,502921,8131,058,946471,872

 

 

American Life Insurance Company (Pakistan) Limited

 

Half Year ended June 30

Quarter ended June 30

2011

2010

2011

2010

————— (Rupees in ‘000)—————

Claims and
Expenditure
Claims, including bonuses, net of277,799204,804142,123100,985
reinsurances recoveries
Policy transfer to other54,06841,94725,80421,354
Statutory funds
Management expenses less recoveries400,109334,523221,285180,124
——-——- ——-——-
Total Claims and Expenditure731,976581,274389,212302,463
——-——-——- ——-
Excess of Income over1,265,526340,539669,734169,409
Claims and Expenditure
Add: Policyholders’
Liabilities at beginning of perio2,978,4612,099,6253,568,0502,222,383
Less:policyholders’
Liabilities at end of period(4,208,249)(2,373,343)(4,208,249)(2,373,343)
————————————
Surplus for the period35,73866,82129,53518,449
Movement in policyholders’ liabilities1,229,788273,718640,199150,960
Transfers (to) or from Shareholders’ Fund (85,000)(95,916)(45,000)(60,916)
Balance of Statutory Fund at the3,238,8632,318,1423,794,6552,454,272
Beginning of the Period
—————————  ———
Balance of Statutory Fund at the End of the Period4,419,3892,562,7654,419,3892,562,765

 

 

American Life Insurance Company (Pakistan) Limited

 

 Half Year ended June 30Quarter ended June 30
2011201020112010
—————(Rupees in ‘000)——————
Profit and Loss
Account
Investment Income not attributable to statutory funds
Return on Government Securities32,71021,22023,10310,376
Less: Amortization of premium33234215047
————————
Gain / (loss) on sale of of investment held453 (53)177(40)
as `available for sale’
Net investment income32,83120,82523,13010,289
Return on PLS term deposits and savings

accounts

2,233315 -17
Interest Income on loan to employees and agents101 -48 -
 —————— ——
2,3343154817
Expenses not attributable to statutory funds
Administration and

miscellaneous expenses

(3,927)(2,752) (2,079)(1,341)
————————
31,23818,38821,0998,965
Surplus appropriated to Shareholders
Fund from85,00067,00045,00032,000
ledger account C & ED
——- ———— ——
Profit / (Loss) before tax116,23885,38866,09940,965
Tax expense(40,683)(29,886)(23,135)(14,338)
 ——-—— ————
Profit I (Loss) after tax75,55555,50242,96426,627

 

American Life Insurance Company (Pakistan) Limited

 

Half Year ended June 30Quarter ended June 30
2011201020112010
————–(Rupees in ‘000)—————-
Net Profit for the period
Net surplus of revenue
account of Statutory Funds 35,73866,82129,53518,449
Profit before appropriation of surplus31,23818,38821,0998,965
to Shareholders’ Fund
Tax expense(40,683) (29,886)(23,135)(14,338)
—— —— —— ——
26,29355,323 27,49913,076
—— —— —— ——
Rupees
Earnings per share basic and diluted1.51 1.11 0.86 0.53

 

For more information, contact:
Asim Iftikhar
Company Secretary
American Life Insurance Company (Pakistan) Limited
Floor 13, Dolmen Executive Tower
Marine Drive, Block 4, Clifton
Karachi – 75600
UAN: 92-21 111-111-711
Tel: 92-21 3536-0040
Fax: 92-21-3529-0042