April 28, 2025
General Accident Insurance Co. Ja. Ltd.(GENAC)
Audited financials for the twelve months ended December 31, 2024:
General Accident Insurance Co. Ja. Ltd. (GENAC) for the twelve months ended December 31, 2024, reported a 33% increase in insurance revenue totaling $11.43 billion compared to $8.58 billion in the corresponding period last year. Insurance revenue for the fourth quarter had an 81% increase to close at $3.14 billion compared to $1.73 billion for the comparable quarter of 2023.
Insurance Service Expenses amounted to $6.84 billion (2023: $5.64 billion), this represents an increase of 21% year over year. Additionally, net expenses from reinsurance contracts increased by 93% to $4.34 billion compared to $2.24 billion for the twelve months ended December 31, 2023. The company booked net expenses from reinsurance contracts held of $1.63 billion for the fourth quarter versus $369.57 million reported for the similar quarter of 2023.
Insurance service result decreased by 64% to close at $248.85 million (2023: $696.11 million), while Net Investment Income increased by 21% from $340.80 million in 2023 to $411.70 million in the period under review. Finance expense from insurance contracts issued amounted to $105.16 million (2023: $118.28 million), while Finance expense from reinsurance contracts amounted $3.07 million (2023: Income of $20.80 million). Consequently, net insurance and investment result for the twelve months ended December 31, 2024 amounted to $552.33 million, a 41% decrease relative to $939.43 million reported in 2023.
Other Operating Income for the twelve months ended December 31, 2024, amounted to $244.43 million, a 15% decrease relative to $287.57 million reported in 2023. Other Operating Expenses totaled $497.09 million, a 2% increase from the corresponding period last year. (2023: $486.50 million).
Profit before taxation for the twelve months ended December 31, 2024, amounted to $299.67 million, a 60% decrease relative to $740.50 million reported in 2023. Profit before taxation for the fourth quarter amounted to $95.85 million (2023: $519.07 million).
The tax charge incurred for the twelve months ended December 31, 2024 had a 73% decrease to reach $51.34 million (2023: $192.23 million) . Net Profit for the twelve months amounted to $248.32 million, a 55% decrease from the $548.27 million reported in 2023. For the fourth quarter, Net Profit was $35.92 million (2023: Net Profit of $391.38 million). Net profit attributable to shareholders for the twelve months ended December 31, 2024 had a 55% decrease to reach $241.33 million (2023: $540.18 million).
Unrealized gains on FVOCI investments for the twelve months ended December 31, 2024 had a 375% increase to reach $119.33 million (2023: Losses of $25.11 million) while Foreign currency translation reserve increased by 199% to $69.42 million (2023: $23.22 million).
Total comprehensive income for the period totaled $437.08 million, relative to the $546.38 million reported twelve prior.
Consequently, Earnings Per Share for the twelve months amounted to $0.23 (2023: EPS: $0.52), while Earnings Per Share for the quarter totaled $0.03 (2023: EPS: $0.28). The number of shares used in these calculations was 1,031,250,000.
Notably, GENAC’s stock price closed the trading period on April 25, 2025 at a price of $5.39 with a corresponding P/E ratio of 23.03x.
Balance Sheet Highlights
The company’s assets totaled $12.18 billion (2023: $9.82 billion). The movement in total assets was mainly influenced by 99% increase in ‘Cash and cash equivalents’ amounting to $2.15 billion (2023: $1.08 billion) and a $1.04 billion increase in ‘Reinsurance contract assets’ amounting to $3.05 billion ($2023: $2.04 billion). Additionally, ‘Loan receivables’ increased by 16% amounting to $401.85 million (2023: $126.48 million) and ‘Other Receivables’ increased by $215.35 million to reach $1.57 billion (2023: $1.36 billion).
Shareholders’ equity was $3.83 billion (2023: $3.64 billion), representing a book value per share of $3.72 (2023: $3.53).
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