Financial Summary

Income Statement

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USD	30/06/21	31/12/20	31/12/19	31/12/18	31/12/17	31/12/16
Underwriting Income:
Net Premiums earned	5,631,580	24,346,072	19,076,887	23,291,033	24,515,490	20,384,783
Investment Income	718,558	1,321,432	1,795,333	391,983	2,164,171	1,245,612
	6,350,138	25,667,504	20,872,220	23,683,016	26,679,661	21,630,395
Underwriting Expenses:
Net Claims Incurred	254,547	25,392,044	16,126,866	16,815,654	18,841,387	20,888,414
Acquisition Costs	229,047	2,800,618	(222,891)	(384,600)	(2,043,899)	(3,873,315)
	483,594	28,192,662	15,903,975	16,431,054	16,797,488	17,015,099
Underwriting Profit	5,866,544	(2,525,158)	4,968,245	7,251,962	9,882,173	4,615,296
Other Income	1,332,692	5,178,009	8,200,104	7,174,120	8,746,770	4,594,034
	7,199,236	2,652,851	13,168,349	14,426,082	18,628,943	9,209,330
Foreign Exchange Profit (Loss)	6,934	113,726	(74,320)	(167,992)	175,820	(81,731)
General and Administrative Expenses	(4,758,997)	(10,661,797)	(12,340,120)	(12,389,132)	(12,081,597)	(12,446,255)
Earnings for the Year before Taxation	2,447,173	(7,895,220)	753,909	1,868,958	6,723,166	(3,318,656)
Taxation	(202,115)	623,535	506,093	(145,838)	(2,611,824)	39,218
Net Earnings for the Year	2,245,058	(7,271,685)	1,260,002	1,723,120	4,111,342	(3,279,438)
Retained Earnings - Beginning of Period	(2,385,351)	4,877,169	4,135,583	2,515,635	(1,056,285)	2,369,707
Non-controlling Interests	(37,741)	9,165	(18,416)	(103,172)	(539,422)	(146,554)
Dividends	-	-	(500,000)	-	-	-
Retained Earnings End of Period	(178,034)	(2,385,351)	4,877,169	4,135,583	2,515,635	(1,056,285)

Balance Statement

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USD	30/06/21	31/12/20	31/12/19	31/12/18	31/12/17	31/12/16
Assets
Cash and Deposits	21,207,935	28,106,684	19,257,095	20,040,631	20,720,619	20,006,938
Marketable Securities	31,981,145	23,816,792	28,765,897	29,504,451	29,534,588	33,945,982
Deposit Assets	-	-	-	-	14,331,303	25,488,989
Accounts Receivable and Accrued Interest	35,341,468	31,419,173	31,588,199	19,692,285	22,669,225	19,065,939
Reinsurance Recoverables on Claims Reserves	75,856,601	65,789,652	51,773,441	52,855,064	41,018,166	31,993,087
Prepaid Reinsurance Provisions	19,492,216	18,829,932	21,469,390	18,066,936	20,973,020	21,598,912
Deferred Underwriting Expenses	9,125,761	7,601,871	6,494,034	5,629,930	6,433,667	9,547,862
Goodwill	1,633,739	1,633,739	2,180,667	2,180,667	2,180,667	2,180,667
Property, Plant and Equipment	252,402	298,663	413,585	275,937	442,790	538,136
Total Assets	194,891,267	177,496,506	161,942,308	148,245,901	158,304,045	164,366,512
Liabilities
Accounts Payable and Accruals	26,268,926	17,733,905	19,229,677	13,876,134	18,043,619	18,568,786
Provision for Claims	106,976,082	104,477,612	80,630,813	79,948,418	67,562,972	60,919,726
Deposit Liabilities	-	-	-	-	14,331,303	25,450,766
Unearned Premium	36,390,435	32,839,204	30,985,175	24,863,065	29,754,867	30,846,061
Deferred Ceding Commission Income	5,530,945	4,965,964	6,167,719	5,374,661	6,150,781	10,061,895
Unearned Service Fee	-	-	-	-	-	153,633
Total Liabilities	175,166,388	160,016,685	137,013,384	124,062,278	135,843,542	146,000,867
Net Assets	19,724,879	17,479,821	24,928,924	24,183,623	22,460,503	18,365,645
Shareholders Equity
Capital Stock	20,000,000	20,000,000	20,000,000	20,000,000	20,000,000	20,000,000
Retained Earnings	(178,034)	(2,385,351)	4,877,169	4,135,583	2,515,635	(1,056,285)
Non-controlling interest	(97,087)	(134,828)	51,755	48,040	(55,132)	(578,070)
Total Equity Interest Attributable to Shareholders	19,724,879	17,479,821	24,928,924	24,183,623	22,460,503	18,365,645

FCR Citadel Reinsurance Company Limited 2020