Financial Summary

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Income Statement


USD30/06/2231/12/2131/12/2031/12/1931/12/1831/12/17

Underwriting Income:

Net Premiums earned14,030,00824,190,82524,346,07219,076,88723,291,033 24,515,490
Investment Income(679,740)998,8391,321,4321,795,333391,9832,164,171
13,350,26825,189,66425,667,50420,872,22023,683,01626,679,661

Underwriting Expenses:

Net Claims Incurred8,286,20717,921,49725,392,04416,126,86616,815,65418,841,387
Acquisition Costs3,321,3073,752,0712,800,618(222,891)(384,600)(2,043,899)
11,607,51421,673,56828,192,66215,903,97516,431,05416,797,488
Underwriting Profit1,742,7543,516,096(2,525,158)4,968,2457,251,9629,882,173
Other Income5,943,2695,851,3615,178,0098,200,1047,174,1208,746,770
7,686,0239,367,4572,652,85113,168,34914,426,08218,628,943
Foreign Exchange Profit (Loss)522,26260,149113,726(74,320)(167,992)175,820
Amortization of Goodwill-(1,633,739)----
General and Administrative Expenses(5,834,150)(9,338,408)(10,661,797)(12,340,120)(12,389,132)(12,081,597)
Earnings for the Year before Taxation2,374,135(1,544,541)(7,895,220)753,9091,868,9586,723,166
Taxation(92,794)(103)623,535506,093(145,838)(2,611,824)
Net Earnings for the Year2,281,341(1,544,644) (7,271,685) 1,260,002 1,723,120 4,111,342
Retained Earnings - Beginning of Period(3,237,484)(2,385,351)4,877,1694,135,5832,515,635(1,056,285)
Non-controlling Interests217,119692,5119,165(18,416)(103,172)(539,422)
Dividends---(500,000)--
Retained Earnings
End of Period
(739,024)(3,237,484)(2,385,351)4,877,1694,135,5832,515,635

Balance Statement


USD30/06/2231/12/2131/12/2031/12/1931/12/1831/12/17

Assets

Cash and Deposits32,909,81125,059,64328,106,68419,257,09520,040,63120,720,619
Marketable Securities28,163,14429,797,00423,816,79228,765,89729,504,45129,534,588
Deposit Assets-----14,331,303
Accounts Receivable and Accrued Interest15,594,56936,488,69431,419,17331,588,19919,692,28522,669,225
Reinsurance Recoverables on Claims Reserves97,248,08874,872,81965,789,65251,773,44152,855,06441,018,166
Prepaid Reinsurance Provisions22,754,00422,280,05918,829,93221,469,39018,066,93620,973,020
Deferred Underwriting Expenses9,678,9729,791,6757,601,8716,494,0345,629,9306,433,667
Goodwill--1,633,7392,180,6672,180,6672,180,667
Property, Plant and Equipment186,400213,992298,663413,585275,937442,790
Total Assets206,534,988198,503,886177,496,506161,942,308148,245,901158,304,045

Liabilities

Accounts Payable and Accruals22,409,25920,163,78017,733,90519,229,67713,876,13418,043,619
Provision for Claims119,618,989115,173,968104,477,61280,630,81379,948,41867,562,972
Deposit Liabilities-----14,331,303
Unearned Premium37,699,56937,941,40932,839,20430,985,17524,863,06529,754,867
Deferred Ceding Commission Income6,434,3606,599,5364,965,9646,167,7195,374,6616,150,781
Unearned Service Fee------
Total Liabilities186,162,177179,878,693160,016,685137,013,384124,062,278 135,843,542
Net Assets20,372,81118,625,19317,479,82124,928,92424,183,623 22,460,503

Shareholders Equity

Capital Stock20,000,00020,000,00020,000,00020,000,00020,000,00020,000,000
Retained Earnings(739,023)(3,237,484)(2,385,351)4,877,1694,135,5832,515,635
Accumulated and other comprehensive income(533,724)-----
Non-controlling interest1,645,5581,862,677(134,828)51,75548,040(55,132)
Total Equity Interest
Attributable to Shareholders
20,372,81118,625,19317,479,82124,928,92424,183,623 22,460,503