Financial Summary

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Income Statement


USD30/06/1631/12/1531/12/1431/12/1331/12/1231/12/11
Retained Earnings
End of Period
3,408,9682,369,7073,936,282 4,983,386 3,599,242 991,182

Underwriting Income:

Net Premiums earned8,847,67217,730,06618,112,429 19,569,325 16,168,3426,159,265
Investment Income910,0601,091,9291,200,632 568,901 890,641 (93,610)
9,757,73218,821,994 19,313,061 20,138,226 17,058,983 6,065,655

Underwriting Expenses:

Net Claims Incurred6,017,43217,205,72413,257,997 10,795,763 8,415,766 5,456,220
Acquisition Costs(2,221,835)(1,022,430)2,007,751 2,710,478 3,071,485 879,009
3,795,59716,183,29415,265,748 13,506,241 11,487,251 6,335,229
Underwriting Profit 5,962,135 2,638,700 4,047,313 6,631,985 5,571,732 (269,574)
Other Income1,676,8944,116,0634,118,638 3,025,879 4,131,182 3,316,384
7,639,0296,754,7648,165,951 9,657,864 9,702,914 3,046,810
Foreign Exchange Profit (Loss)17,178(295,972) (233,558) (193,864) 87,666 210,540
Amortization of Goodwill--(10,217)000
General and Administrative Expenses(5,975,071)(8,868,424) (9,958,386) (7,862,066) (7,339,857) (5,234,119)
Earnings for the Year before Taxation1,681,136(2,409,633) (2,025,993) 1,601,934 2,450,723 (1,976,769)
Taxation(605,099)844,625926,144 (355,642) (88,397) 103,030
Net Earnings for the Year 1,076,037 (1,565,008) (1,099,849) 1,246,292 2,362,326 (1,873,739)
Retained Earnings - Beginning of Period2,369,7073,936,2824,983,386 3,599,242 991,182 2,552,932
Prior Year Adjustment to convert to US GAAP------
Non-controlling Interests(36,776)(1,567)52,745 137,852 245,734 311,989
Dividends------

Balance Statement


USD30/06/1631/12/1531/12/1431/12/1331/12/1231/12/11
Total Equity Interest
Attributable to Shareholders
22,702,153 21,566,659 23,131,667 24,231,516 22,985,224 20,622,898

Assets

Cash and Deposits25,009,37220,995,97827,804,492 29,714,848 21,522,832 12,337,725
Marketable Securities32,141,76232,009,77228,390,082 23,148,985 20,470,850 26,982,811
Deposit Assets35,950,18939,459,90950,701,171 57,253,536 55,144,701 50,679,234
Accounts Receivable and Accrued Interest21,606,79716,720,68013,718,540 10,141,038 8,308,180 4,454,870
Deferred Underwriting Expenses000 3,240,714 775,312 410,518
Goodwill2,171,8451,633,7391,633,739 1,643,956 1,643,956 1,643,956
Property, Plant and Equipment633,209614,246523,495 220,007 215,712 209,624
Total Assets 117,513,174 111,434,324 122,771,519 125,363,084 108,081,543 96,718,738

Liabilities

Accounts Payable and Accruals20,020,65413,071,59814,996,790 10,915,341 7,453,319 8,995,280
Provision for Claims27,666,72028,190,09326,248,602 17,820,426 12,850,385 11,097,829
Deposit Liabilities35,709,85439,265,76151,884,723 58,144,150 55,045,678 50,679,234
Unearned Premium11,105,5508,743,2575,748,430 13,071,013 7,885,629 2,965,283
Unearned Service Fee308,243596,956761,307 1,180,638 1,861,308 2,358,214
Total Liabilities94,811,021 89,867,665 99,639,852 101,131,568 85,096,319 76,095,840
Net Assets22,702,153 21,566,659 23,131,667 24,231,516 22,985,224 20,622,898

Shareholders Equity

Capital Stock20,000,00020,000,000 20,000,000 20,000,000 20,000,000 20,000,000
Retained Earnings3,408,9582,369,7073,936,282 4,983,386 3,599,242 991,182
Non-controlling interest(706,805)(803,048) (804,615) (751,870) (614,018) (368,284)