EFU Life Assurance Limited’s condensed interim 2nd quarterly accounts 2013 (un-audited of EFU Life Assurance Ltd.)

Karachi, July 24, 2013 (PPI-OT): We have to inform you that the Board of Directors of our Company in their meeting held at Karachi on Wednesday July 24th 2013 have reviewed and. approved the Condensed Interim 2nd Quarter Accounts (un-audited) for six months period ended June 30, 2013 and declare the Interim Cash Dividend for the year 2013 at Rs. 1.50 per share i.e. 15 %.

The Share Transfer Book of the Company will be closed from 13-08-2013 to 20-08-2013 (both days inclusive). Transfers received at the office of the Company’s Share Registrar, M/S Technology Trade (Pvt.) Ltd, Dagia House 241-C Block 2, P.E.C.H.S off Shahrah-e-Quaideen Karachi at the close of the business on 12-08-2013 will be treated in time for the purpose of above entitlement to the transferees.

A copy of the Condensed Interim Profit and Loss Accounts for six months ended June 30, 2013 is enclosed.

We will be sending you 300 copies of printed accounts for distribution amongst the members of the Exchange in due course of time, besides placing the said Accounts on our website www.efulife.com in accordance with the approval of the Securities and Exchange Commission of Pakistan.

Profit and Loss Account for the Six Months Period Ended 30 June 2013

                                                                                   (Rupees in ‘000)
                                                                Six months period ended       Three months period ended
                                                                        30 June                        30 June
                                                                 2013             2012           2013           2012

Revenue
Premium net of reinsurance                                     6,174,596        6,375,939      3,323,960      2,921,397
Investment income and other income                             2,893,015        2,422,060      1,797,004        630,434
                                                               ---------        ---------      ---------      ---------
                                                               9,067,611        7,797,999      5,120,964      3,551,831
Expenses
Claims including movement in policy
holders’ liability                                             6,670,811        5,622,744      3,835,830      2,362,330
Management Expenses                                            1,912,595        1,629,449      1,055,413        918,272
                                                               ---------        ---------      ---------      ---------
                                                               8,583,406        7,252,193      4,891,243      3,280,602
                                                               ---------        ---------      ---------      ---------
Surplus available in Revenue account                             484,205          545,806        229,721        271,229
                                                               ---------        ---------      ---------      ---------
Surplus transferred to Profit and Loss account                   472,759          503,647        225,037        228,967
Profit and Loss account before appropriation of surplus
to shareholders' fund                                             43,653          171,029         15,724        (52,218)
                                                               ---------        ---------      ---------      ---------
Profit before tax                                                516,412          674,676        240,761        176,749
Taxation                                                        (170,207)        (229,450)       (78,207)       (59,450)
                                                               ---------        ---------      ---------      ---------
Profit after tax                                                 346,205          445,226        162,554        117,299
                                                               ---------        ---------      ---------      ---------
                                                                       (Restated)                      (Restated)
Earnings per share basic and diluted  Rupees                         3.46             4.45           1.63           1.17
                                                               ---------        ---------      ---------      ---------

For more information, contact:
S. Shahid Abbas
Corporate Secretary
EFU Life Assurance Limited
37-K, Block 6, PECHS
Karachi-75400
Tel: (021) 111-EFU-111 (111-338-111)
Fax: (021) 453-751 9 and 453-5079
Website: www.efulife.com
E-mail: info@efulife.com