AICL investment income down due to adverse stock market

Adamjee Insurance Company Limited (AICL) has shown a 10 percent decline in its investment income due to adverse stock market conditions during 1Q2011.

As per the 1Q accounts the company’s investment portfolio stood at Rs 9.1 billion with Rs 2.8 billiom in cash and bank deposits. Other income too diminished by 7 percent to Rs 35 million, which proved to be another drag in the earnings.

AICL in its 1Q2011 result reported a profit after tax of Rs 289 million (EPS: Rs 2.33), up 17 percent. Improved underwriting results due to higher net premium were the major reason for this growth in the bottom line.

From: Dailytimes