Financial Summary

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Income Statement


USD31/12/1931/12/1831/12/1731/12/1631/12/1531/12/1431/12/1331/12/12

Underwriting Income:

Net Premiums earned19,076,88723,291,033 24,515,490 20,384,78317,730,06618,112,429 19,569,325 16,168,342
Investment Income1,795,333391,9832,164,1711,245,6121,091,9291,200,632 568,901 890,641
20,872,22023,683,01626,679,66121,630,39518,821,994 19,313,061 20,138,226 17,058,983

Underwriting Expenses:

Net Claims Incurred16,126,86616,815,65418,841,38720,888,41417,205,72413,257,997 10,795,763 8,415,766
Acquisition Costs(222,891)(384,600)(2,043,899)(3,873,315)(1,022,430)2,007,751 2,710,478 3,071,485
15,903,97516,431,05416,797,48817,015,09916,183,29415,265,748 13,506,241 11,487,251
Underwriting Profit4,968,2457,251,9629,882,173 4,615,296 2,638,700 4,047,313 6,631,985 5,571,732
Other Income8,200,1047,174,1208,746,7704,594,0344,116,0634,118,638 3,025,879 4,131,182
13,168,34914,426,08218,628,9439,209,3306,754,7648,165,951 9,657,864 9,702,914
Foreign Exchange Profit (Loss)(74,320)(167,992)175,820(81,731)(295,972) (233,558) (193,864) 87,666
Amortization of Goodwill-----(10,217)--
General and Administrative Expenses(12,340,120)(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 Taxation753,9091,868,9586,723,166(3,318,656)(2,409,633)(2,025,993)1,601,9342,450,723
Taxation506,093(145,838)(2,611,824)39,218844,625926,144 (355,642) (88,397)
Net Earnings for the Year 1,260,002 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 Period4,135,5832,515,635(1,056,285)2,369,7073,936,2824,983,386 3,599,242 991,182
Non-controlling Interests(18,416)(103,172)(539,422)(146,554)(1,567)52,745 137,852 245,734
Dividends(500,000)-------
Retained Earnings
End of Period
4,877,1694,135,5832,515,635(1,056,285)2,369,7073,936,282 4,983,386 3,599,242

Balance Statement


USD31/12/1931/12/1831/12/1731/12/1631/12/1531/12/1431/12/1331/12/12

Assets

Cash and Deposits19,257,09520,040,63120,720,61920,006,93820,995,97827,804,492 29,714,848 21,522,832
Marketable Securities28,765,89729,504,45129,534,58833,945,98232,009,77228,390,082 23,148,985 20,470,850
Deposit Assets--14,331,30325,488,98939,459,90950,701,171 57,253,536 55,144,701
Accounts Receivable and Accrued Interest31,588,19919,692,28522,669,22519,065,93916,720,68013,718,540 10,141,038 8,308,180
Reinsurance Recoverables on Claims Reserves51,773,44152,855,06441,018,16631,993,08727,949,12219,273,67613,366,5224,327,119
Prepaid Reinsurance Provisions21,469,39018,066,93620,973,02021,598,91223,643,16610,750,7793,197,6211,974,794
Deferred Underwriting Expenses6,494,0345,629,9306,433,6679,547,8624,076,4113,827,259 3,240,714 775,312
Goodwill2,180,6672,180,6672,180,6672,180,6671,633,7391,633,739 1,643,956 1,643,956
Property, Plant and Equipment413,585275,937442,790538,136614,246523,495 220,007 215,712
Total Assets161,942,308148,245,901158,304,045164,366,512167,103,023156,623,233141,927,227114,383,456

Liabilities

Accounts Payable and Accruals19,229,67713,876,13418,043,61918,568,78613,071,59814,996,790 10,915,341 7,453,319
Provision for Claims80,630,81379,948,41867,562,97260,919,72656,139,21545,522,278 31,186,948 17,177,504
Deposit Liabilities--14,331,30325,450,76639,265,76151,884,723 58,144,150 55,045,678
Unearned Premium30,985,17524,863,06529,754,86730,846,06131,457,17316,806,077 16,268,6349,860,423
Deferred Ceding Commission Income6,167,7195,374,6616,150,78110,061,8955,005,6613,520,391--
Unearned Service Fee---153,633596,956761,307 1,180,638 1,861,308
Total Liabilities137,013,384124,062,278 135,843,542 146,000,867 145,536,364 133,491,565 117,695,711 91,398,232
Net Assets24,928,92424,183,623 22,460,503 18,365,645 21,566,659 23,131,667 24,231,516 22,985,224

Shareholders Equity

Capital Stock20,000,00020,000,00020,000,00020,000,00020,000,000 20,000,000 20,000,000 20,000,000
Retained Earnings4,877,1694,135,5832,515,635(1,056,285)2,369,7073,936,282 4,983,386 3,599,242
Non-controlling interest51,75548,040(55,132)(578,070)(803,048) (804,615) (751,870) (614,018)
Total Equity Interest
Attributable to Shareholders
24,928,92424,183,623 22,460,503 18,365,645 21,566,659 23,131,667 24,231,516 22,985,224