Financial Summary
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Income Statement
| USD | 31/12/18 | 31/12/17 | 31/12/16 | 31/12/15 | 31/12/14 | 31/12/13 | 31/12/12 |
|---|---|---|---|---|---|---|---|
| Retained Earnings End of Period | 4,135,583 | 2,515,635 | (1,056,285) | 2,369,707 | 3,936,282 | 4,983,386 | 3,599,242 |
Underwriting Income: | |||||||
| Net Premiums earned | 23,291,033 | 24,515,490 | 20,384,783 | 17,730,066 | 18,112,429 | 19,569,325 | 16,168,342 |
| Investment Income | 391,983 | 2,164,171 | 1,245,612 | 1,091,929 | 1,200,632 | 568,901 | 890,641 |
| 23,683,016 | 26,679,661 | 21,630,395 | 18,821,994 | 19,313,061 | 20,138,226 | 17,058,983 | |
Underwriting Expenses: | |||||||
| Net Claims Incurred | 16,815,654 | 18,841,387 | 20,888,414 | 17,205,724 | 13,257,997 | 10,795,763 | 8,415,766 |
| Acquisition Costs | (384,600) | (2,043,899) | (3,873,315) | (1,022,430) | 2,007,751 | 2,710,478 | 3,071,485 |
| 16,431,054 | 16,797,488 | 17,015,099 | 16,183,294 | 15,265,748 | 13,506,241 | 11,487,251 | |
| Underwriting Profit | 7,251,962 | 9,882,173 | 4,615,296 | 2,638,700 | 4,047,313 | 6,631,985 | 5,571,732 |
| Other Income | 7,174,120 | 8,746,770 | 4,594,034 | 4,116,063 | 4,118,638 | 3,025,879 | 4,131,182 |
| 14,426,082 | 18,628,943 | 9,209,330 | 6,754,764 | 8,165,951 | 9,657,864 | 9,702,914 | |
| Foreign Exchange Profit (Loss) | (167,992) | 175,820 | (81,731) | (295,972) | (233,558) | (193,864) | 87,666 |
| Amortization of Goodwill | - | - | - | - | (10,217) | 0 | 0 |
| General and Administrative Expenses | (12,389,132) | (12,081,597) | (12,446,255) | (8,868,424) | (9,948,169) | (7,862,066) | (7,339,857) |
| Earnings for the Year before Taxation | 1,868,958 | 6,723,166 | (3,318,656) | (2,409,633) | (2,025,993) | 1,601,934 | 2,450,723 |
| Taxation | (145,838) | (2,611,824) | 39,218 | 844,625 | 926,144 | (355,642) | (88,397) |
| Net Earnings for the Year | 1,723,120 | 4,111,342 | (3,279,438) | (1,565,008) | (1,099,849) | 1,246,292 | 2,362,326 |
| Retained Earnings - Beginning of Period | 2,515,635 | (1,056,285) | 2,369,707 | 3,936,282 | 4,983,386 | 3,599,242 | 991,182 |
| Non-controlling Interests | (103,172) | (539,422) | (146,554) | (1,567) | 52,745 | 137,852 | 245,734 |
| Dividends | - | - | - | - | - | - | - |
Balance Statement
| USD | 31/12/18 | 31/12/17 | 31/12/16 | 31/12/15 | 31/12/14 | 31/12/13 | 31/12/12 |
|---|---|---|---|---|---|---|---|
| Total Equity Interest Attributable to Shareholders | 24,183,623 | 22,460,503 | 18,365,645 | 21,566,659 | 23,131,667 | 24,231,516 | 22,985,224 |
Assets | |||||||
| Cash and Deposits | 20,040,631 | 20,720,619 | 20,006,938 | 20,995,978 | 27,804,492 | 29,714,848 | 21,522,832 |
| Marketable Securities | 29,504,451 | 29,534,588 | 33,945,982 | 32,009,772 | 28,390,082 | 23,148,985 | 20,470,850 |
| Deposit Assets | 0 | 14,331,303 | 25,488,989 | 39,459,909 | 50,701,171 | 57,253,536 | 55,144,701 |
| Accounts Receivable and Accrued Interest | 19,692,285 | 22,669,225 | 19,065,939 | 16,720,680 | 13,718,540 | 10,141,038 | 8,308,180 |
| Reinsurance Recoverables on Claims Reserves | 52,855,064 | 41,018,166 | 31,993,087 | 27,949,122 | 19,273,676 | 13,366,522 | 4,327,119 |
| Deferred Underwriting Expenses | 0 | 0 | 0 | 0 | 0 | 3,240,714 | 775,312 |
| Goodwill | 2,180,667 | 2,180,667 | 2,180,667 | 1,633,739 | 1,633,739 | 1,643,956 | 1,643,956 |
| Property, Plant and Equipment | 275,937 | 442,790 | 538,136 | 614,246 | 523,495 | 220,007 | 215,712 |
| Total Assets | 124,549,035 | 130,897,358 | 133,219,738 | 139,383,446 | 142,045,195 | 138,729,606 | 112,408,662 |
Liabilities | |||||||
| Accounts Payable and Accruals | 13,876,134 | 18,043,619 | 18,568,786 | 13,071,598 | 14,996,790 | 10,915,341 | 7,453,319 |
| Provision for Claims | 79,948,418 | 67,562,972 | 60,919,726 | 56,139,215 | 45,522,278 | 31,186,948 | 17,177,504 |
| Deposit Liabilities | 0 | 14,331,303 | 25,450,766 | 39,265,761 | 51,884,723 | 58,144,150 | 55,045,678 |
| Unearned Premium | 6,540,860 | 8,498,961 | 9,761,182 | 8,743,257 | 5,748,430 | 13,071,013 | 7,885,629 |
| Unearned Service Fee | 0 | 0 | 153,633 | 596,956 | 761,307 | 1,180,638 | 1,861,308 |
| Total Liabilities | 100,365,412 | 108,436,855 | 114,854,093 | 117,816,787 | 118,913,528 | 114,498,090 | 89,423,438 |
| Net Assets | 24,183,623 | 22,460,503 | 18,365,645 | 21,566,659 | 23,131,667 | 24,231,516 | 22,985,224 |
Shareholders Equity | |||||||
| Capital Stock | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 |
| Retained Earnings | 4,135,583 | 2,515,635 | (1,056,285) | 2,369,707 | 3,936,282 | 4,983,386 | 3,599,242 |
| Non-controlling interest | 48,040 | (55,132) | (578,070) | (803,048) | (804,615) | (751,870) | (614,018) |