The profit after tax of New Jubilee Insurance Company Limited declined by 30 percent in the year ended on December 31, 2007 mainly due to increasing net claims. It announced its financial results on Tuesday, which showed that the profit after tax of the company declined to Rs 588.456 million in the calendar year 2007 as compared to Rs 839.888 million earned in 2006.
The company's earning per share decreased to Rs 10.71 against last year's Rs 15.29. The board of directors in its meeting on Tuesday recommended a final cash dividend at Rs 1.50 per share ie 15 percent. This was in addition to the interim dividend already paid at Rs 1.50 per share ie 15 percent. The board also recommended to issue bonus shares in the proportion of one share for every five shares held.
According to the results, the company's net premium revenue increased to Rs 1,818.775 million as compared to Rs 1,486.429 million in 2006. On the other hand, the net claims of the company increased to Rs 1,413.733 million in this period against Rs 887.587 million. The company's profit before tax surged to Rs 575.041 million in 2007 against Rs 933.955 million in 2006.
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