FLYING START TO THE FUTURE...
LOLC General Insurance Annual Report 2021
LOLC General Insurance Annual Report 2021
FLYING START
TO THE FUTURE
LOLC General Insurance PLC is currently one of the fastest growing insurance companies in Sri Lanka. The Company has benefitted from the dynamic approach of the LOLC Group and this has enabled us to grow and evolve into one of the country's leading insurance providers of today in a relatively short period of time.
At LOLC General Insurance PLC, we aim to help our customers understand and manage the risks they face, be it individual, family or business. We work hard to offer our customers a range of products and services coupled with expert support. Our solutions assure protection against numerous risks and support all classes of products in the General Insurance space. We are also supported by one of the largest global reinsurers who serves as the backbone of our technical strength.
LOLC General Insurance Annual Report 2021
Table of Contents
Financial and Operational Highlights | 03 |
Directors' Profiles | 04 |
Financial Review | 08 |
Corporate Governance Report | 14 |
Risk Management | 17 |
Report of the Board of Directors | 19 |
Directors' Responsibility for Financial Reporting | 22 |
Chief Executive Officer's Responsibility Statement | 23 |
Report of the Related Party Transactions Review Committee | 24 |
Report of the Remuneration Committee | 25 |
Report of the Audit Committee | 26 |
LAT Certification by the Actuary | 29 |
Independent Auditor's Report | 30 |
Statement of Financial Position | 34 |
Statement of Income | 35 |
Statement of Comprehensive Income | 36 |
Statement of Changes in Equity | 37 |
Statement of Cash Flows | 38 |
Notes to the Financial Statements | 39 |
Shareholders Information | 92 |
Quarterly Analysis | 94 |
Ten Year Summary | 96 |
Notice of Annual General Meeting | 100 |
LOLC General Insurance Annual Report 2021
Financial and Operational Highlights
2021 | 2020 | Change | |
% | |||
Results for the year | |||
Gross Written Premium (Rs.'000) | 7,284,480 | 6,112,466 | 19 |
Claims and Benefits (Rs.'000) | 2,667,817 | 1,768,351 | 51 |
Profit before income tax (PBT) (Rs.'000) | 1,271,404 | 1,537,396 | (17) |
Income tax (Rs.'000) | 176,681 | 425,368 | (58) |
Profit after income tax (PAT) (Rs.'000) | 1,094,724 | 1,112,029 | (2) |
At the year end | |||
Shareholders' funds (capital and reserves) (Rs.'000) | 4,004,018 | 3,063,540 | 31 |
Technical reserves (Rs.'000) | 5,218,673 | 3,900,749 | 34 |
Total investments (Rs.'000) | 8,443,284 | 6,784,607 | 24 |
Total assets (Rs.'000) | 12,000,641 | 9,891,278 | 21 |
Information per ordinary share (Rs.) | |||
Earnings per share (Basic) | 0.92 | 0.93 | (2) |
Net assets value per share | 3.34 | 2.92 | 14 |
Market value at the year end- ordinary voting shares | 20.50 | - | 100 |
Key ratios | |||
Return on average equity (%) | 25.81 | 36.30 | (10) |
Return on average assets (%) | 9.12 | 11.24 | (2) |
Price earnings (times) - ordinary voting shares | 23.80 | 7.46 | 219 |
Price to book value (times) | 6.14 | - | 100 |
Statutory Ratios | |||
Capital Adequacy Ratio (CAR) (%) | 192 | 301 | (109) |
Admissible assets (Rs.'000) | 9,496,838 | 7,807,914 | 22 |
LOLC General Insurance Annual Report 2021 | 03 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
LOLC General Insurance Ltd. published this content on 06 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 June 2022 08:51:04 UTC.