In the year 2017, EFU General created history by becoming the first company by writing premium (including Takaful contribution) of over Rs20 billion. The Board of Directors of the Company at its meeting held on February 14, 2018 approved the annual accounts for the year ended December 2017. The after tax profit of the company was Rs2,344 million as against Rs2,392 million last year. The earnings per share for the year was Rs11.72 as against Rs11.96 in 2016. The underwriting result for the year was Rs1.6 billion as compared to Rs1.79 billion last year with claim ratio of 39% and combined ratio of 80% for the year. Currently, dividend income and capital gains of insurance companies are taxed at 30% unlike other sectors which are taxable at 15% on dividend income and variable rates of tax on capital gains depending on the holding period of the security.
Published in The Express Tribune, February 25th, 2018.
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