Financial Summary

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Income Statement


USD30/06/2131/12/2031/12/1931/12/1831/12/1731/12/16

Underwriting Income:

Net Premiums earned5,631,58024,346,07219,076,88723,291,033 24,515,490 20,384,783
Investment Income718,5581,321,4321,795,333391,9832,164,1711,245,612
6,350,13825,667,50420,872,22023,683,01626,679,66121,630,395

Underwriting Expenses:

Net Claims Incurred254,54725,392,04416,126,86616,815,65418,841,38720,888,414
Acquisition Costs229,0472,800,618(222,891)(384,600)(2,043,899)(3,873,315)
483,59428,192,66215,903,97516,431,05416,797,48817,015,099
Underwriting Profit5,866,544(2,525,158)4,968,2457,251,9629,882,173 4,615,296
Other Income1,332,6925,178,0098,200,1047,174,1208,746,7704,594,034
7,199,2362,652,85113,168,34914,426,08218,628,9439,209,330
Foreign Exchange Profit (Loss)6,934113,726(74,320)(167,992)175,820(81,731)
General and Administrative Expenses(4,758,997)(10,661,797)(12,340,120)(12,389,132)(12,081,597)(12,446,255)
Earnings for the Year before Taxation2,447,173(7,895,220)753,9091,868,9586,723,166(3,318,656)
Taxation(202,115)623,535506,093(145,838)(2,611,824)39,218
Net Earnings for the Year2,245,058 (7,271,685) 1,260,002 1,723,120 4,111,342 (3,279,438)
Retained Earnings - Beginning of Period(2,385,351)4,877,1694,135,5832,515,635(1,056,285)2,369,707
Non-controlling Interests(37,741)9,165(18,416)(103,172)(539,422)(146,554)
Dividends--(500,000)---
Retained Earnings
End of Period
(178,034)(2,385,351)4,877,1694,135,5832,515,635(1,056,285)

Balance Statement


USD30/06/2131/12/2031/12/1931/12/1831/12/1731/12/16

Assets

Cash and Deposits21,207,93528,106,68419,257,09520,040,63120,720,61920,006,938
Marketable Securities31,981,14523,816,79228,765,89729,504,45129,534,58833,945,982
Deposit Assets----14,331,30325,488,989
Accounts Receivable and Accrued Interest35,341,46831,419,17331,588,19919,692,28522,669,22519,065,939
Reinsurance Recoverables on Claims Reserves75,856,60165,789,65251,773,44152,855,06441,018,16631,993,087
Prepaid Reinsurance Provisions19,492,21618,829,93221,469,39018,066,93620,973,02021,598,912
Deferred Underwriting Expenses9,125,7617,601,8716,494,0345,629,9306,433,6679,547,862
Goodwill1,633,7391,633,7392,180,6672,180,6672,180,6672,180,667
Property, Plant and Equipment252,402298,663413,585275,937442,790538,136
Total Assets194,891,267177,496,506161,942,308148,245,901158,304,045164,366,512

Liabilities

Accounts Payable and Accruals26,268,92617,733,90519,229,67713,876,13418,043,61918,568,786
Provision for Claims106,976,082104,477,61280,630,81379,948,41867,562,97260,919,726
Deposit Liabilities----14,331,30325,450,766
Unearned Premium36,390,43532,839,20430,985,17524,863,06529,754,86730,846,061
Deferred Ceding Commission Income5,530,9454,965,9646,167,7195,374,6616,150,78110,061,895
Unearned Service Fee-----153,633
Total Liabilities175,166,388160,016,685137,013,384124,062,278 135,843,542 146,000,867
Net Assets19,724,87917,479,82124,928,92424,183,623 22,460,503 18,365,645

Shareholders Equity

Capital Stock20,000,00020,000,00020,000,00020,000,00020,000,00020,000,000
Retained Earnings(178,034)(2,385,351)4,877,1694,135,5832,515,635(1,056,285)
Non-controlling interest(97,087)(134,828)51,75548,040(55,132)(578,070)
Total Equity Interest
Attributable to Shareholders
19,724,87917,479,82124,928,92424,183,623 22,460,503 18,365,645