AICL: Financial Results - Year Ended 31 December 2023
EPS: Rs 6.46 down almost 13% over last year due to higher Underwriting losses.
Cash Dividend Rs 1.5 per share. AICL has paid Rs 1.5 as interim dividend.
Cash Dividend Rs 1.5 per share. AICL has paid Rs 1.5 as interim dividend.
- Profit before Tax (PBT) at Rs. 3.91 billion grew by more than 24%. A substantial portion of income in the insurance sector is from investments. AICL income from investment for this year is Rs. 3.9 billion.
- Underwriting Results in Loss. This year AICL booked a loss of Rs 1.365 billion on that account.
- Investment Income at Rs. 3.9 for the year ending Dec 2023, grew by more than 83% over last year.
- Good growth of around 50% in Window Takaful Operations. AICL earned Rs 507 million on this account in this year.
- Tax Rate: Very high this year at 42% compared to around 18% last year. There had been changes in taxation on income from investments for corporate sector. Higher tax rate is impact of those changes.
- Higher Underwriting losses at Rs. 1.36 billion and higher tax impacted the bottom-line and Profit After Tax at Rs. 2.26 billion was less than 12% over last year.
AICL trading around Rs. 34. One Year price gain is over 26%. 52 Week Price Range 20.66 — 40.53.
AICL is principally engaged in the general insurance business and was incorporated in 1960.
