July 06, 2023
General Accident Insurance Co. Ja. Ltd. (GENAC) for the first quarter ended March 31, 2023, reported a 38% increase in insurance revenue totalling $2.89 billion compared to $2.10 billion in the corresponding three months last year.
Insurance Service expenses amounted to $1.17 billion (2022: $1.01 billion), this represents an increase of 16% year over year. Consequently, insurance service results increased by 104% to $43.81 million compared to $21.51 million for the first quarter ended March 31, 2022.
Insurance service results increased by 104% to close at $43.81 million (2022: $21.51 million), while net investment income increased by 53% from $38.14 million in 2022 to $58.50 million for the three months. As a result, Net Premium and Investment results for the first quarter amounted to $102.30 million, a 72% increase relative to the $59.65 million reported in 2022.
Underwriting profit or loss for the three months amounted to $102.30 million, a 72% increase relative to $59.65 million reported in 2022. Other Income totalled $46.02 million, a 15% decrease from the corresponding period last year. (2022: $53.86 million).
Other Operating Expenses for the first quarter ended March 31, 2023, amounted to $91.58 million, a 21% decrease relative to $115.32 million reported in 2022.
Profit before Taxation for the three months had an increase to reach $56.75 million (2022: loss before taxation of $1.81 million). Taxation for the three months amounted to $3.24 million, a 65% increase from the $1.96 million reported in 2022. Net Profit for the three months amounted to $53.50 million from net loss of $3.78 million reported for the same period in 2022.
Net Profit attributable to shareholders increased to $59.19 million (2022: $18.13 million). Total comprehensive income for the first quarter totalled $128.72 million, relative to a total comprehensive loss of $28.50 million reported twelve months prior.
Consequently, Earnings Per Share for the three months amounted to $0.05 (2022: LPS: $0.004). The twelve-month trailing EPS was $0.63, and the number of shares used in these calculations was 1,031,250,000. Notably, GENAC’s stock closed the trading period on July 5, 2023, at a price of $4.84 with a corresponding P/E ratio of 7.63x.
Balance Sheet Highlights
Total Assets increased by 5% to $9.00 billion as at March 31, 2023 from $8.54 billion a year earlier. ‘Cash & Short Term Investments’ contributed the most to the growth in assets with an 18% increase to $1.25 billion relative to $1.06 billion in 2022.
Shareholder’s equity was $3.01 billion (2022: $2.60 billion), representing a book value per share of $2.92 (2022: $2.52).
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