Financial Summary

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Income Statement


USD30/06/1831/12/1731/12/1631/12/1531/12/1431/12/1331/12/12
Retained Earnings
End of Period
4,621,8562,515,635(1,056,285)2,369,7073,936,282 4,983,386 3,599,242

Underwriting Income:

Net Premiums earned13,538,871 24,515,490 20,384,78317,730,06618,112,429 19,569,325 16,168,342
Investment Income445,9672,164,1711,245,6121,091,9291,200,632 568,901 890,641
13,984,83826,679,66121,630,39518,821,994 19,313,061 20,138,226 17,058,983

Underwriting Expenses:

Net Claims Incurred8,112,83118,841,38720,888,41417,205,72413,257,997 10,795,763 8,415,766
Acquisition Costs(134,435)(2,043,899)(3,873,315)(1,022,430)2,007,751 2,710,478 3,071,485
7,978,39616,797,48817,015,09916,183,29415,265,748 13,506,241 11,487,251
Underwriting Profit6,006,4429,882,173 4,615,296 2,638,700 4,047,313 6,631,985 5,571,732
Other Income3,445,7678,746,7704,594,0344,116,0634,118,638 3,025,879 4,131,182
9,452,20918,628,9439,209,3306,754,7648,165,951 9,657,864 9,702,914
Foreign Exchange Profit (Loss)(98,724)175,820(81,731)(295,972) (233,558) (193,864) 87,666
Amortization of Goodwill----(10,217)00
General and Administrative Expenses(6,934,500)(12,081,597)(12,446,255)(8,868,424) (9,948,169) (7,862,066) (7,339,857)
Earnings for the Year before Taxation2,418,9856,723,166(3,318,656)(2,409,633) (2,025,993) 1,601,934 2,450,723
Taxation(302,040)(2,611,824)39,218844,625926,144 (355,642) (88,397)
Net Earnings for the Year2,116,945 4,111,342 (3,279,438) (1,565,008) (1,099,849) 1,246,292 2,362,326
Retained Earnings - Beginning of Period2,515,635(1,056,285)2,369,7073,936,2824,983,386 3,599,242 991,182
Non-controlling Interests(10,724)(539,422)(146,554)(1,567)52,745 137,852 245,734
Dividends-------

Balance Statement


USD30/06/1831/12/1731/12/1631/12/1531/12/1431/12/1331/12/12
Total Equity Interest
Attributable to Shareholders
24,577,449 22,460,503 18,365,645 21,566,659 23,131,667 24,231,516 22,985,224

Assets

Cash and Deposits21,388,39520,720,61920,006,93820,995,97827,804,492 29,714,848 21,522,832
Marketable Securities33,090,09329,534,58833,945,98232,009,77228,390,082 23,148,985 20,470,850
Deposit Assets13,885,58914,331,30325,488,98939,459,90950,701,171 57,253,536 55,144,701
Accounts Receivable and Accrued Interest20,821,96422,669,22519,065,93916,720,68013,718,540 10,141,038 8,308,180
Reinsurance Recoverables on Claims Reserves46,470,67141,018,16631,993,08727,949,12219,273,67613,366,5224,327,119
Deferred Underwriting Expenses00000 3,240,714 775,312
Goodwill2,180,6672,180,6672,180,6671,633,7391,633,739 1,643,956 1,643,956
Property, Plant and Equipment367,819442,790538,136614,246523,495 220,007 215,712
Total Assets138,205,198 130,897,358 133,219,738 139,383,446 142,045,195 138,729,606 112,408,662

Liabilities

Accounts Payable and Accruals17,669,02318,043,61918,568,78613,071,59814,996,790 10,915,341 7,453,319
Provision for Claims74,592,19867,562,97260,919,72656,139,21545,522,278 31,186,948 17,177,504
Deposit Liabilities14,220,51214,331,30325,450,76639,265,76151,884,723 58,144,150 55,045,678
Unearned Premium7,146,0168,498,9619,761,1828,743,2575,748,430 13,071,013 7,885,629
Unearned Service Fee00153,633596,956761,307 1,180,638 1,861,308
Total Liabilities113,627,749 108,436,855 114,854,093 117,816,787 118,913,528 114,498,090 89,423,438
Net Assets24,577,449 22,460,503 18,365,645 21,566,659 23,131,667 24,231,516 22,985,224

Shareholders Equity

Capital Stock20,000,00020,000,00020,000,00020,000,000 20,000,000 20,000,000 20,000,000
Retained Earnings4,621,8562,515,635(1,056,285)2,369,7073,936,282 4,983,386 3,599,242
Non-controlling interest(44,407)(55,132)(578,070)(803,048) (804,615) (751,870) (614,018)