Financial results: EFU Life profit surges by 58%

EFU Life Assurance Ltd announced its financial results for the year ended December 31, 2012 as approved in a meeting of the Board of Directors held on February 14, 2013, the company said in a statement on Sunday. The company registered a strong increase in its profitability, with a profit after tax of Rs914 million for 2012 (2011: Rs 578 million). The earnings per share increased to Rs10.75 (2011: Rs6.8), the statement said.  The increased profitability allowed the company to declare a final cash dividend of 40% and 17.6% bonus shares for the year, this was in addition to the 15% interim cash dividend for the half year of 2012. The total payout for the year is 72.6%, it said.Due to the bonus share issue, the paid up capital will now increase to Rs1 billion, making it the highest capitalised life insurance company in the private sector. EFU Life’s asset base is Rs37.9 billion and has the highest insurer financial strength rating of AA- (Outlook: Stable) by JCR VIS Credit rating agency.

Published in The Express Tribune, February 18^th, 2013.