EFU Life Assurance Limited’s board of director’s meeting

Karachi: We have to inform you that the Board of Directors of EFU Life Assurance Limited (EFUL). at its meeting held on March 10, 2012 recommended Dividend for the year ended December 31, 2011 @ Rs. 5/- per share (i.e. 50%).

The Financial results of the Company are as follows:

 

(Rupees in 000)
2011 2010
Profit before tax 880,815 551,035
Less: Provision for taxation – Current (302,500) (185,000)
– Deferred 50 (2,800)
——- ——-
Profit for the year after taxation 578,365 363,235
Profit brought forward from last year 71,775 56,040
——- ——-
650,140 419,275
Add: Transfer from General Reserve 77,500
——- ——-
650,140 496,775
Less: Proposed Dividend 425,000 425,000
Transfer to General Reserve 100,000
——- ——-
un-appropriated Profit carried forward 125,140 71,775
——- ——-
Earnings per share basic and diluted (Rupees) 6.80 4.27

 

Profit and Loss Account for the Year Ended 31 December 2011

 

(Rupees in ‘000)
Aggregate
2011 2010
Revenue
Premium net of reinsurance 9,597,283 7,920,022
Investment income and other income 2,456,790 1,657,014
———- ———
12,054,053 9,577,036
Expenses
Claims including movement in policy holders’
liability 7,707,722 5,919,274
Management Expenses 3,284,765 2,952,552
———- ———
10,992,487 8,871,826
———- ———
Surplus available in Revenue account 1,061,566 705,210
———- ———
Surplus transferred to Profit and Loss account 859,781 689,318
Profit and Loss account before appropriation of surplus
to shareholders’ fund 21,034 (138,283)
———- ———
Profit before tax 880,815 551,035
Taxation (302,450) (187,800)
———- ———
Profit after tax 578,365 363,235
———- ———
Earnings per share – basic and diluted Rupees 6.80 4.27

 

The Profit and Loss Account of the Company is enclosed.

 

The Annual General Meeting of the Company will be held at 11.00 a.m. on Saturday April 14, 2012 at 2nd Floor, Dodhy Building, Blue Area, 52-E, Jinnah Avenue, Islamabad.

The Share Transfer books of the Company will be closed from April 6, 2012 to April 14, 2011 (both days inclusive) Transfers received in order by our Shares Registrar, Technology Trade (Pvt) Ltd. Dagia House 241-C Block 2, PECHS, Shahrah-e-Quaideen Karachi at the close of business on April 5, 2011 will be treated in time for the entitlement of Dividend to the transferees.

For more information, contact:
S. Shahid Abbas
Corporate Secretary
EFU Life Assurance Limited
37-K, Block 8, PECHS
Karachi-75400
Tel: (021) 111-EFU-111 (111-338-111)
Fax: (021) 453-7519 and 453-5079
Website: www.efulife.com
E-mail: info@efulife.com

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