Financial Summary

Income Statement

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USD	30/06/22	31/12/21	31/12/20	31/12/19	31/12/18	31/12/17
Underwriting Income:
Net Premiums earned	14,030,008	24,190,825	24,346,072	19,076,887	23,291,033	24,515,490
Investment Income	(679,740)	998,839	1,321,432	1,795,333	391,983	2,164,171
	13,350,268	25,189,664	25,667,504	20,872,220	23,683,016	26,679,661
Underwriting Expenses:
Net Claims Incurred	8,286,207	17,921,497	25,392,044	16,126,866	16,815,654	18,841,387
Acquisition Costs	3,321,307	3,752,071	2,800,618	(222,891)	(384,600)	(2,043,899)
	11,607,514	21,673,568	28,192,662	15,903,975	16,431,054	16,797,488
Underwriting Profit	1,742,754	3,516,096	(2,525,158)	4,968,245	7,251,962	9,882,173
Other Income	5,943,269	5,851,361	5,178,009	8,200,104	7,174,120	8,746,770
	7,686,023	9,367,457	2,652,851	13,168,349	14,426,082	18,628,943
Foreign Exchange Profit (Loss)	522,262	60,149	113,726	(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 Taxation	2,374,135	(1,544,541)	(7,895,220)	753,909	1,868,958	6,723,166
Taxation	(92,794)	(103)	623,535	506,093	(145,838)	(2,611,824)
Net Earnings for the Year	2,281,341	(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)	4,877,169	4,135,583	2,515,635	(1,056,285)
Non-controlling Interests	217,119	692,511	9,165	(18,416)	(103,172)	(539,422)
Dividends	-	-	-	(500,000)	-	-
Retained Earnings End of Period	(739,024)	(3,237,484)	(2,385,351)	4,877,169	4,135,583	2,515,635

Balance Statement

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USD	30/06/22	31/12/21	31/12/20	31/12/19	31/12/18	31/12/17
Assets
Cash and Deposits	32,909,811	25,059,643	28,106,684	19,257,095	20,040,631	20,720,619
Marketable Securities	28,163,144	29,797,004	23,816,792	28,765,897	29,504,451	29,534,588
Deposit Assets	-	-	-	-	-	14,331,303
Accounts Receivable and Accrued Interest	15,594,569	36,488,694	31,419,173	31,588,199	19,692,285	22,669,225
Reinsurance Recoverables on Claims Reserves	97,248,088	74,872,819	65,789,652	51,773,441	52,855,064	41,018,166
Prepaid Reinsurance Provisions	22,754,004	22,280,059	18,829,932	21,469,390	18,066,936	20,973,020
Deferred Underwriting Expenses	9,678,972	9,791,675	7,601,871	6,494,034	5,629,930	6,433,667
Goodwill	-	-	1,633,739	2,180,667	2,180,667	2,180,667
Property, Plant and Equipment	186,400	213,992	298,663	413,585	275,937	442,790
Total Assets	206,534,988	198,503,886	177,496,506	161,942,308	148,245,901	158,304,045
Liabilities
Accounts Payable and Accruals	22,409,259	20,163,780	17,733,905	19,229,677	13,876,134	18,043,619
Provision for Claims	119,618,989	115,173,968	104,477,612	80,630,813	79,948,418	67,562,972
Deposit Liabilities	-	-	-	-	-	14,331,303
Unearned Premium	37,699,569	37,941,409	32,839,204	30,985,175	24,863,065	29,754,867
Deferred Ceding Commission Income	6,434,360	6,599,536	4,965,964	6,167,719	5,374,661	6,150,781
Unearned Service Fee	-	-	-	-	-	-
Total Liabilities	186,162,177	179,878,693	160,016,685	137,013,384	124,062,278	135,843,542
Net Assets	20,372,811	18,625,193	17,479,821	24,928,924	24,183,623	22,460,503
Shareholders Equity
Capital Stock	20,000,000	20,000,000	20,000,000	20,000,000	20,000,000	20,000,000
Retained Earnings	(739,023)	(3,237,484)	(2,385,351)	4,877,169	4,135,583	2,515,635
Accumulated and other comprehensive income	(533,724)	-	-	-	-	-
Non-controlling interest	1,645,558	1,862,677	(134,828)	51,755	48,040	(55,132)
Total Equity Interest Attributable to Shareholders	20,372,811	18,625,193	17,479,821	24,928,924	24,183,623	22,460,503

FCR Citadel Reinsurance Company Limited 2021