Financial Summary

Income Statement

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USD	30/06/18	31/12/17	31/12/16	31/12/15	31/12/14	31/12/13	31/12/12
Retained Earnings End of Period	4,621,856	2,515,635	(1,056,285)	2,369,707	3,936,282	4,983,386	3,599,242
Underwriting Income:
Net Premiums earned	13,538,871	24,515,490	20,384,783	17,730,066	18,112,429	19,569,325	16,168,342
Investment Income	445,967	2,164,171	1,245,612	1,091,929	1,200,632	568,901	890,641
	13,984,838	26,679,661	21,630,395	18,821,994	19,313,061	20,138,226	17,058,983
Underwriting Expenses:
Net Claims Incurred	8,112,831	18,841,387	20,888,414	17,205,724	13,257,997	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
	7,978,396	16,797,488	17,015,099	16,183,294	15,265,748	13,506,241	11,487,251
Underwriting Profit	6,006,442	9,882,173	4,615,296	2,638,700	4,047,313	6,631,985	5,571,732
Other Income	3,445,767	8,746,770	4,594,034	4,116,063	4,118,638	3,025,879	4,131,182
	9,452,209	18,628,943	9,209,330	6,754,764	8,165,951	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)	0	0
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 Taxation	2,418,985	6,723,166	(3,318,656)	(2,409,633)	(2,025,993)	1,601,934	2,450,723
Taxation	(302,040)	(2,611,824)	39,218	844,625	926,144	(355,642)	(88,397)
Net Earnings for the Year	2,116,945	4,111,342	(3,279,438)	(1,565,008)	(1,099,849)	1,246,292	2,362,326
Retained Earnings - Beginning of Period	2,515,635	(1,056,285)	2,369,707	3,936,282	4,983,386	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

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USD	30/06/18	31/12/17	31/12/16	31/12/15	31/12/14	31/12/13	31/12/12
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 Deposits	21,388,395	20,720,619	20,006,938	20,995,978	27,804,492	29,714,848	21,522,832
Marketable Securities	33,090,093	29,534,588	33,945,982	32,009,772	28,390,082	23,148,985	20,470,850
Deposit Assets	13,885,589	14,331,303	25,488,989	39,459,909	50,701,171	57,253,536	55,144,701
Accounts Receivable and Accrued Interest	20,821,964	22,669,225	19,065,939	16,720,680	13,718,540	10,141,038	8,308,180
Reinsurance Recoverables on Claims Reserves	46,470,671	41,018,166	31,993,087	27,949,122	19,273,676	13,366,522	4,327,119
Deferred Underwriting Expenses	0	0	0	0	0	3,240,714	775,312
Goodwill	2,180,667	2,180,667	2,180,667	1,633,739	1,633,739	1,643,956	1,643,956
Property, Plant and Equipment	367,819	442,790	538,136	614,246	523,495	220,007	215,712
Total Assets	138,205,198	130,897,358	133,219,738	139,383,446	142,045,195	138,729,606	112,408,662
Liabilities
Accounts Payable and Accruals	17,669,023	18,043,619	18,568,786	13,071,598	14,996,790	10,915,341	7,453,319
Provision for Claims	74,592,198	67,562,972	60,919,726	56,139,215	45,522,278	31,186,948	17,177,504
Deposit Liabilities	14,220,512	14,331,303	25,450,766	39,265,761	51,884,723	58,144,150	55,045,678
Unearned Premium	7,146,016	8,498,961	9,761,182	8,743,257	5,748,430	13,071,013	7,885,629
Unearned Service Fee	0	0	153,633	596,956	761,307	1,180,638	1,861,308
Total Liabilities	113,627,749	108,436,855	114,854,093	117,816,787	118,913,528	114,498,090	89,423,438
Net Assets	24,577,449	22,460,503	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	20,000,000
Retained Earnings	4,621,856	2,515,635	(1,056,285)	2,369,707	3,936,282	4,983,386	3,599,242
Non-controlling interest	(44,407)	(55,132)	(578,070)	(803,048)	(804,615)	(751,870)	(614,018)

FCR Citadel Reinsurance Company Limited 2017