Financial Summary
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Income Statement
USD | 30/09/20 | 31/12/19 | 31/12/18 | 31/12/17 | 31/12/16 | 31/12/15 | 31/12/14 | 31/12/13 | 31/12/12 |
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Underwriting Income: | |||||||||
Net Premiums earned | 15,602,546 | 19,076,887 | 23,291,033 | 24,515,490 | 20,384,783 | 17,730,066 | 18,112,429 | 19,569,325 | 16,168,342 |
Investment Income | 647,276 | 1,795,333 | 391,983 | 2,164,171 | 1,245,612 | 1,091,929 | 1,200,632 | 568,901 | 890,641 |
16,249,822 | 20,872,220 | 23,683,016 | 26,679,661 | 21,630,395 | 18,821,994 | 19,313,061 | 20,138,226 | 17,058,983 | |
Underwriting Expenses: | |||||||||
Net Claims Incurred | 14,134,170 | 16,126,866 | 16,815,654 | 18,841,387 | 20,888,414 | 17,205,724 | 13,257,997 | 10,795,763 | 8,415,766 |
Acquisition Costs | 821,011 | (222,891) | (384,600) | (2,043,899) | (3,873,315) | (1,022,430) | 2,007,751 | 2,710,478 | 3,071,485 |
14,955,181 | 15,903,975 | 16,431,054 | 16,797,488 | 17,015,099 | 16,183,294 | 15,265,748 | 13,506,241 | 11,487,251 | |
Underwriting Profit | 1,294,641 | 4,968,245 | 7,251,962 | 9,882,173 | 4,615,296 | 2,638,700 | 4,047,313 | 6,631,985 | 5,571,732 |
Other Income | 4,457,955 | 8,200,104 | 7,174,120 | 8,746,770 | 4,594,034 | 4,116,063 | 4,118,638 | 3,025,879 | 4,131,182 |
5,752,636 | 13,168,349 | 14,426,082 | 18,628,943 | 9,209,330 | 6,754,764 | 8,165,951 | 9,657,864 | 9,702,914 | |
Foreign Exchange Profit (Loss) | 81,840 | (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 | (7,861,498) | (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 Taxation | (2,027,022) | 753,909 | 1,868,958 | 6,723,166 | (3,318,656) | (2,409,633) | (2,025,993) | 1,601,934 | 2,450,723 |
Taxation | 576,460 | 506,093 | (145,838) | (2,611,824) | 39,218 | 844,625 | 926,144 | (355,642) | (88,397) |
Net Earnings for the Year | (1,450,562) | 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 Period | 4,877,169 | 4,135,583 | 2,515,635 | (1,056,285) | 2,369,707 | 3,936,282 | 4,983,386 | 3,599,242 | 991,182 |
Non-controlling Interests | 15,859 | (18,416) | (103,172) | (539,422) | (146,554) | (1,567) | 52,745 | 137,852 | 245,734 |
Dividends | - | (500,000) | - | - | - | - | - | - | - |
Retained Earnings End of Period | 3,442,466 | 4,877,169 | 4,135,583 | 2,515,635 | (1,056,285) | 2,369,707 | 3,936,282 | 4,983,386 | 3,599,242 |
Balance Statement
USD | 30/09/20 | 31/12/19 | 31/12/18 | 31/12/17 | 31/12/16 | 31/12/15 | 31/12/14 | 31/12/13 | 31/12/12 |
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Assets | |||||||||
Cash and Deposits | 23,294,437 | 19,257,095 | 20,040,631 | 20,720,619 | 20,006,938 | 20,995,978 | 27,804,492 | 29,714,848 | 21,522,832 |
Marketable Securities | 26,385,871 | 28,765,897 | 29,504,451 | 29,534,588 | 33,945,982 | 32,009,772 | 28,390,082 | 23,148,985 | 20,470,850 |
Deposit Assets | - | - | - | 14,331,303 | 25,488,989 | 39,459,909 | 50,701,171 | 57,253,536 | 55,144,701 |
Accounts Receivable and Accrued Interest | 28,236,645 | 31,588,199 | 19,692,285 | 22,669,225 | 19,065,939 | 16,720,680 | 13,718,540 | 10,141,038 | 8,308,180 |
Reinsurance Recoverables on Claims Reserves | 64,719,160 | 51,773,441 | 52,855,064 | 41,018,166 | 31,993,087 | 27,949,122 | 19,273,676 | 13,366,522 | 4,327,119 |
Prepaid Reinsurance Provisions | 18,016,203 | 21,469,390 | 18,066,936 | 20,973,020 | 21,598,912 | 23,643,166 | 10,750,779 | 3,197,621 | 1,974,794 |
Deferred Underwriting Expenses | 5,407,990 | 6,494,034 | 5,629,930 | 6,433,667 | 9,547,862 | 4,076,411 | 3,827,259 | 3,240,714 | 775,312 |
Goodwill | 1,633,739 | 2,180,667 | 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 | 297,701 | 413,585 | 275,937 | 442,790 | 538,136 | 614,246 | 523,495 | 220,007 | 215,712 |
Total Assets | 167,991,746 | 161,942,308 | 148,245,901 | 158,304,045 | 164,366,512 | 167,103,023 | 156,623,233 | 141,927,227 | 114,383,456 |
Liabilities | |||||||||
Accounts Payable and Accruals | 15,842,515 | 19,229,677 | 13,876,134 | 18,043,619 | 18,568,786 | 13,071,598 | 14,996,790 | 10,915,341 | 7,453,319 |
Provision for Claims | 96,628,218 | 80,630,813 | 79,948,418 | 67,562,972 | 60,919,726 | 56,139,215 | 45,522,278 | 31,186,948 | 17,177,504 |
Deposit Liabilities | - | - | - | 14,331,303 | 25,450,766 | 39,265,761 | 51,884,723 | 58,144,150 | 55,045,678 |
Unearned Premium | 28,079,547 | 30,985,175 | 24,863,065 | 29,754,867 | 30,846,061 | 31,457,173 | 16,806,077 | 16,268,634 | 9,860,423 |
Deferred Ceding Commission Income | 4,140,523 | 6,167,719 | 5,374,661 | 6,150,781 | 10,061,895 | 5,005,661 | 3,520,391 | - | - |
Unearned Service Fee | - | - | - | - | 153,633 | 596,956 | 761,307 | 1,180,638 | 1,861,308 |
Total Liabilities | 144,690,803 | 137,013,384 | 124,062,278 | 135,843,542 | 146,000,867 | 145,536,364 | 133,491,565 | 117,695,711 | 91,398,232 |
Net Assets | 23,300,943 | 24,928,924 | 24,183,623 | 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 | 20,000,000 | 20,000,000 |
Retained Earnings | 3,442,466 | 4,877,169 | 4,135,583 | 2,515,635 | (1,056,285) | 2,369,707 | 3,936,282 | 4,983,386 | 3,599,242 |
Non-controlling interest | (141,523) | 51,755 | 48,040 | (55,132) | (578,070) | (803,048) | (804,615) | (751,870) | (614,018) |
Total Equity Interest Attributable to Shareholders | 23,300,943 | 24,928,924 | 24,183,623 | 22,460,503 | 18,365,645 | 21,566,659 | 23,131,667 | 24,231,516 | 22,985,224 |