Financial Summary
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Income Statement
USD | 30/06/22 | 31/12/21 | 31/12/20 | 31/12/19 | 31/12/18 | 31/12/17 |
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Underwriting Income: | ||||||
Net Premiums earned | 14,030,008 | 24,190,825 | 24,346,072 | 19,076,887 | 23,291,033 | 24,515,490 |
Investment Income | (679,740) | 998,839 | 1,321,432 | 1,795,333 | 391,983 | 2,164,171 |
13,350,268 | 25,189,664 | 25,667,504 | 20,872,220 | 23,683,016 | 26,679,661 | |
Underwriting Expenses: | ||||||
Net Claims Incurred | 8,286,207 | 17,921,497 | 25,392,044 | 16,126,866 | 16,815,654 | 18,841,387 |
Acquisition Costs | 3,321,307 | 3,752,071 | 2,800,618 | (222,891) | (384,600) | (2,043,899) |
11,607,514 | 21,673,568 | 28,192,662 | 15,903,975 | 16,431,054 | 16,797,488 | |
Underwriting Profit | 1,742,754 | 3,516,096 | (2,525,158) | 4,968,245 | 7,251,962 | 9,882,173 |
Other Income | 5,943,269 | 5,851,361 | 5,178,009 | 8,200,104 | 7,174,120 | 8,746,770 |
7,686,023 | 9,367,457 | 2,652,851 | 13,168,349 | 14,426,082 | 18,628,943 | |
Foreign Exchange Profit (Loss) | 522,262 | 60,149 | 113,726 | (74,320) | (167,992) | 175,820 |
Amortization of Goodwill | - | (1,633,739) | - | - | - | - |
General and Administrative Expenses | (5,834,150) | (9,338,408) | (10,661,797) | (12,340,120) | (12,389,132) | (12,081,597) |
Earnings for the Year before Taxation | 2,374,135 | (1,544,541) | (7,895,220) | 753,909 | 1,868,958 | 6,723,166 |
Taxation | (92,794) | (103) | 623,535 | 506,093 | (145,838) | (2,611,824) |
Net Earnings for the Year | 2,281,341 | (1,544,644) | (7,271,685) | 1,260,002 | 1,723,120 | 4,111,342 |
Retained Earnings - Beginning of Period | (3,237,484) | (2,385,351) | 4,877,169 | 4,135,583 | 2,515,635 | (1,056,285) |
Non-controlling Interests | 217,119 | 692,511 | 9,165 | (18,416) | (103,172) | (539,422) |
Dividends | - | - | - | (500,000) | - | - |
Retained Earnings End of Period | (739,024) | (3,237,484) | (2,385,351) | 4,877,169 | 4,135,583 | 2,515,635 |
Balance Statement
USD | 30/06/22 | 31/12/21 | 31/12/20 | 31/12/19 | 31/12/18 | 31/12/17 |
---|---|---|---|---|---|---|
Assets | ||||||
Cash and Deposits | 32,909,811 | 25,059,643 | 28,106,684 | 19,257,095 | 20,040,631 | 20,720,619 |
Marketable Securities | 28,163,144 | 29,797,004 | 23,816,792 | 28,765,897 | 29,504,451 | 29,534,588 |
Deposit Assets | - | - | - | - | - | 14,331,303 |
Accounts Receivable and Accrued Interest | 15,594,569 | 36,488,694 | 31,419,173 | 31,588,199 | 19,692,285 | 22,669,225 |
Reinsurance Recoverables on Claims Reserves | 97,248,088 | 74,872,819 | 65,789,652 | 51,773,441 | 52,855,064 | 41,018,166 |
Prepaid Reinsurance Provisions | 22,754,004 | 22,280,059 | 18,829,932 | 21,469,390 | 18,066,936 | 20,973,020 |
Deferred Underwriting Expenses | 9,678,972 | 9,791,675 | 7,601,871 | 6,494,034 | 5,629,930 | 6,433,667 |
Goodwill | - | - | 1,633,739 | 2,180,667 | 2,180,667 | 2,180,667 |
Property, Plant and Equipment | 186,400 | 213,992 | 298,663 | 413,585 | 275,937 | 442,790 |
Total Assets | 206,534,988 | 198,503,886 | 177,496,506 | 161,942,308 | 148,245,901 | 158,304,045 |
Liabilities | ||||||
Accounts Payable and Accruals | 22,409,259 | 20,163,780 | 17,733,905 | 19,229,677 | 13,876,134 | 18,043,619 |
Provision for Claims | 119,618,989 | 115,173,968 | 104,477,612 | 80,630,813 | 79,948,418 | 67,562,972 |
Deposit Liabilities | - | - | - | - | - | 14,331,303 |
Unearned Premium | 37,699,569 | 37,941,409 | 32,839,204 | 30,985,175 | 24,863,065 | 29,754,867 |
Deferred Ceding Commission Income | 6,434,360 | 6,599,536 | 4,965,964 | 6,167,719 | 5,374,661 | 6,150,781 |
Unearned Service Fee | - | - | - | - | - | - |
Total Liabilities | 186,162,177 | 179,878,693 | 160,016,685 | 137,013,384 | 124,062,278 | 135,843,542 |
Net Assets | 20,372,811 | 18,625,193 | 17,479,821 | 24,928,924 | 24,183,623 | 22,460,503 |
Shareholders Equity | ||||||
Capital Stock | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 |
Retained Earnings | (739,023) | (3,237,484) | (2,385,351) | 4,877,169 | 4,135,583 | 2,515,635 |
Accumulated and other comprehensive income | (533,724) | - | - | - | - | - |
Non-controlling interest | 1,645,558 | 1,862,677 | (134,828) | 51,755 | 48,040 | (55,132) |
Total Equity Interest Attributable to Shareholders | 20,372,811 | 18,625,193 | 17,479,821 | 24,928,924 | 24,183,623 | 22,460,503 |