Financial Summary

Income Statement

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USD	30/12/17*	31/12/16	31/12/15	31/12/14	31/12/13	31/12/12
Retained Earnings End of Period	2,515,634	(1,056,285)	2,369,707	3,936,282	4,983,386	3,599,242
Underwriting Income:
Net Premiums earned	24,515,490	20,384,783	17,730,066	18,112,429	19,569,325	16,168,342
Investment Income	2,163,901	1,245,612	1,091,929	1,200,632	568,901	890,641
	26,679,391	21,630,395	18,821,994	19,313,061	20,138,226	17,058,983
Underwriting Expenses:
Net Claims Incurred	16,928,104	20,888,414	17,205,724	13,257,997	10,795,763	8,415,766
Acquisition Costs	(2,043,899)	(3,873,315)	(1,022,430)	2,007,751	2,710,478	3,071,485
	14,884,205	17,015,099	16,183,294	15,265,748	13,506,241	11,487,251
Underwriting Profit	11,795,186	4,615,296	2,638,700	4,047,313	6,631,985	5,571,732
Other Income	8,747,040	4,594,034	4,116,063	4,118,638	3,025,879	4,131,182
	20,542,226	9,209,330	6,754,764	8,165,951	9,657,864	9,702,914
Foreign Exchange Profit (Loss)	175,818	(81,731)	(295,972)	(233,558)	(193,864)	87,666
Amortization of Goodwill	-	-	-	(10,217)	0	0
General and Administrative Expenses	(13,994,880)	(12,446,255)	(8,868,424)	(9,958,386)	(7,862,066)	(7,339,857)
Earnings for the Year before Taxation	6,723,164	(3,318,656)	(2,409,633)	(2,025,993)	1,601,934	2,450,723
Taxation	(2,611,823)	39,218	844,625	926,144	(355,642)	(88,397)
Net Earnings for the Year	4,111,341	(3,279,438)	(1,565,008)	(1,099,849)	1,246,292	2,362,326
Retained Earnings - Beginning of Period	(1,056,285)	2,369,707	3,936,282	4,983,386	3,599,242	991,182
Prior Year Adjustment to convert to US GAAP	-	-	-	-	-	-
Non-controlling Interests	(539,422)	(146,554)	(1,567)	52,745	137,852	245,734
Dividends	-	-	-	-	-	-

*Currently unaudited

Balance Statement

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USD	31/12/17*	31/12/16	31/12/15	31/12/14	31/12/13	31/12/12
Total Equity Interest Attributable to Shareholders	22,460,502	18,365,645	21,566,659	23,131,667	24,231,516	22,985,224
Assets
Cash and Deposits	20,684,171	20,006,938	20,995,978	27,804,492	29,714,848	21,522,832
Marketable Securities	29,534,588	33,945,982	32,009,772	28,390,082	23,148,985	20,470,850
Deposit Assets	14,425,597	25,488,989	39,459,909	50,701,171	57,253,536	55,144,701
Accounts Receivable and Accrued Interest	22,669,225	19,065,939	16,720,680	13,718,540	10,141,038	8,308,180
Deferred Underwriting Expenses	0	0	0	0	3,240,714	775,312
Goodwill	2,180,667	2,180,667	1,633,739	1,633,739	1,643,956	1,643,956
Property, Plant and Equipment	442,790	538,136	614,246	523,495	220,007	215,712
Total Assets	89,937,038	101,226,651	111,434,324	122,771,519	125,363,084	108,081,543
Liabilities
Accounts Payable and Accruals	18,739,809	18,568,786	13,071,598	14,996,790	10,915,341	7,453,319
Provision for Claims	26,544,806	28,926,639	28,190,093	26,248,602	17,820,426	12,850,385
Deposit Liabilities	13,692,960	25,450,766	39,265,761	51,884,723	58,144,150	55,045,678
Unearned Premium	8,498,961	9,761,182	8,743,257	5,748,430	13,071,013	7,885,629
Unearned Service Fee	0	153,633	596,956	761,307	1,180,638	1,861,308
Total Liabilities	67,476,536	82,861,006	89,867,665	99,639,852	101,131,568	85,096,319
Net Assets	22,460,502	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
Retained Earnings	2,515,634	(1,056,285)	2,369,707	3,936,282	4,983,386	3,599,242
Non-controlling interest	(55,132)	(578,070)	(803,048)	(804,615)	(751,870)	(614,018)

*Currently unaudited

FCR Citadel Reinsurance Company Limited 2016