East West Life Assurance Company Limited’s financial results for the year ended December 31, 2011

Karachi: We have to inform you that the Board of Directors of East West Life Assurance Company Limited (EWLA) in their meeting held on Thursday, March 08, 2012 at 3:00 P.M. at 310, EFU House, M. A. Jinnah Road, Karachi, have recommended the following:

The Financial results of the Company are as follows

 

For The Year Ended

Dec, 31st, 2011

Dec, 31st, 2010

All Amounts in Rupees

Operating Income
Premiums less reinsurances 178,686,939 183,761,428
Net investment income 33,851,073 34,126,030
———– ———–
Total net income 212,538,012 217,887,458
Operating Expenses
Claims, including bonuses, net of reinsurance
Recoveries 124,524,654 109,356,851
Management expenses less recoveries 84,231,377 102,655,202
———– ———–
Total Claims and Expenditure 208,756,031 212,012,053
———– ———–
Excess of Income Over Claims and Expenditure 3,781,981 5,875,405
Movement in Policyholders’ Liability (16,876,406) (54,636,597)
———– ———–
Profit/ (Loss) before Taxation (13,094,425) (48,761,192)
Taxation (2,218,754) (2,052,165)
———– ———–
Profit/ (Loss) after Taxation (15,313,179) (50,813,357)
Balance of appropriation account at beginning of year (315,891,039) (265,077,682)
Less: Appropriations Nil Nil
———– ———–
Balance of appropriation account at end of the year (331,204,218) (315,891,039)
———– ———–
Earnings /(Loss) per share (0.17) 0.06

 

The Annual General Meeting of the Company will be held on March 31, 2012 at 12.00 noon at 28 Regal Plaza M. A. Jinnah Road, Quetta.

The Share Transfer Books of the Company will remain closed from March 8, 2012 to March 14, 2012 (both days inclusive). No application for transfer of the shares will be entertained during this period.

We will be sending you 300 copies of printed accounts for distribution amongst the members of the Exchange 21 days before the date of Annual General Meeting (AGM)

For more information, Contact:
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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