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 reinsurances92,979,91583,367,21228,898,08532,668,621
Net investment income10,427,79825,641,4513,188,12721,792,128
———–———–———– ———–
Total net income103,407,713109,008,66332,086,21254,460,749
Operating Expenses
Claims, including bonuses, net of reinsurance
Recoveries 65,154,951 51,133,025 35,899,89727,692,011
Management expenses less recoveries41,203,21949,990,58820,251,24427,148,162
Total Claims and Expenditure106,358,170101,123,61356,151,14154,840,173
 ———–———–———– ———–
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