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Fidelity Life Assurance says it recorded inflation adjusted profit before tax of $596,5 million for the period ended June 30 2020 compared to $32,8 million recorded prior year comparative.
This is after total inflation adjusted revenue for the period increased by 162 percent to $1 372,4 million from $523,2 million recorded in 2019.
The revenue was boosted by fair value gains on investment properties which increased from $250,7 million in June 2019 to $975,1 million, the company said. However, despite the growth, core insurance and non-insurance revenue generally lagged inflation.
Meanwhile, expenses grew at a slower rate than the growth in revenue.
The group’s inflation adjusted expenses for the current period grew by 58 percent to$775,9million from $490,3 million recorded in same period in 2019. The main contributing factor to increase in total expenses is change in insurance and investment contract liabilities, the company said.
Change in insurance and investment contract liabilities increased from $143,1 million in June 2019 to $402,3 million in June 2020.
Online Reporter