May 14, 2025
General Accident Insurance Co. Ja. Ltd.(GENAC)
Unaudited financials for the first quarter ended March 31, 2025:
General Accident Insurance Co. Ja. Ltd. (GENAC) for the first quarter ended March 31, 2025, reported a 18% increase in insurance revenue totalling $3.04 billion compared to $2.58 billion in the corresponding three months last year.
Insurance Service expenses amounted to $1.75 billion (2024: $1.64 billion), this represents an increase of 6% year over year. Also, net expenses from reinsurance contracts held increased by 42% to $1.19 billion compared to $838.69 million for the first quarter ended March 31, 2024.
Consequently, Insurance service result decreased by 1% to close at $94.44 million (2024: $94.95 million).
Net investment income amounted to $137.21 million (2024: $62.82 million). As a result, net insurance and investment result for the first quarter amounted to $231.65 million, a 47% increase relative to $157.76 million reported in 2024.
Other Income for the three months amounted to $78.93 million, a 155% increase relative to $30.95 million reported in 2024, while Other Operating Expenses totalled $138.46 million a 20% increase from the corresponding period last year. (2024: $115.21 million). Consequently, Profit before taxation for the first quarter ended March 31, 2025, amounted to $172.12 million, a 134% increase relative to $73.51 million reported in 2024.
Taxation for the three months had a 22% increase to reach $21.94 million (2024: $17.98 million). As such, Net Profit for the year for the three months amounted to $150.18 million, a 170% increase from the $55.53 million reported in 2024.
Net profit attributable to shareholders amounted to $143.91 million (2024: $55.50 million).
Consequently, Earnings Per Share for the three months amounted to $0.14 (2024: EPS: $0.05). The twelve-month trailing EPS was $0.32, and the number of shares used in these calculations was 1,031,250,000.
Notably, GENAC’s stock price closed the trading period on May 14, 2025, at a price of $5.37 with a corresponding P/E ratio of 16.79x.
Balance Sheet Highlights
The company’s assets totalled $14.36 billion (2024: $12.00 billion). The growth in total assets was primarily influenced by a $1.21 billion increase in ‘Reinsurance contract assets’ and a $804.80 million uptick in cash balances during the period.
Shareholder’s equity was $3.96 billion (2024: $3.81 billion), representing a book value per share of $3.84 (2024: $3.69).
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