May 16, 2024
General Accident Insurance Co. Ja. Ltd. (GENAC)
Unaudited financials for the first quarter ended March 31, 2024:
General Accident Insurance Co. Ja. Ltd. (GENAC) for the first quarter ended March 31, 2024, reported a 16% increase in insurance revenue totalling $2.58 billion compared to $2.23 billion in the corresponding three months last year.
Insurance Service expenses amounted to $1.64 billion (2023: $1.35 billion), this represents an increase of 21% year over year. Consequently, net expenses from reinsurance contracts inched up to $838.69 million compared to $827.40 million for the first quarter ended March 31, 2023.
Insurance service result increased by 117% to close at $94.95 million (2023: $43.81 million), while net changes in unearned premiums rose 7% from $58.50 million in 2023 to $62.82 million for the three months. As a result, net premium and investment for the first quarter amounted to $157.76 million, a 54% increase relative to $102.30 million reported in 2023.
Other Income for the three months amounted to $30.95 million, a 33% decrease relative to $46.02 million reported in 2023. Other Operating Expenses totalled $115.21 million, a 26% uptick from the corresponding period last year (2023: $91.58 million).
Profit before taxation for the first quarter ended March 31, 2024, amounted to $73.51 million, up 30% relative to $56.75 million reported in 2023.
Taxation for the three months had a 454% increase to reach $17.98 million (2023: $3.24 million). Net Profit for the first quarter of 2024 amounted to $55.53 million, a 4% increase from the $53.50 million reported in 2023. Total Comprehensive Income for the first quarter totalled $55.53 million, relative to the $53.50 million reported twelve months prior.
Consequently, Earnings Per Share for the three months amounted to $0.055 (2023: EPS: $0.052). The twelve-month trailing EPS was $0.52, 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 16, 2024, at a price of $6.72 with a corresponding P/E ratio of 13.67x.
Balance Sheet Highlights
The company’s assets totalled $12.00 billion (2023: $9.00 billion). This increase is attributable to Cash and Short-term investments totalling $2.19 billion a 76% increase from the first quarter of 2023 which totalled $1.25 billion.
Shareholder’s equity was $3.91 billion (2023: $3.01 billion), representing a book value per share of $3.69 (2023: $2.92).
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