LOLC GENERAL INSURANCE PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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LOLC General Insurance PLC
Interim Condensed Financial Statements
For the year ended 31 December 2021
- Statement of Financial Position
- Statement of Profit or Loss
- Statement of Other Comprehensive Income
- Statement of Changes in Equity
- Statement of Cash Flows
6 - 8 Notes to the Interim Financial Statements
- Valuation of Financial Assets and Liabilities
- Statement of Directors' Holding and Chief Executive Officer's holding in Shares of the Entity
- Top 20 Shareholders
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LOLC General Insurance PLC
Interim Condensed Financial Statements
Statement of Financial Position
As at | Note | 31-Dec-21 | 31-Dec-20 | |
Rs.'000 | Rs.'000 | |||
Un-audited | Audited | |||
Assets | ||||
Intangible assets | 18,252 | 25,812 | ||
Property and equipment | 95,118 | 57,491 | ||
Right-of-use assets | 257,952 | 213,932 | ||
Investment in Associate | 67,581 | - | ||
Investment securities | 8,443,284 | 6,784,607 | ||
Deferred tax assets | 93,027 | 22,532 | ||
Reinsurance assets | 862,048 | 1,056,392 | ||
Reinsurance receivables | 221,029 | 255,377 | ||
Deferred acquisition costs | 169,674 | 172,420 | ||
Premiums receivable | 1,331,479 | 1,136,580 | ||
Amounts due from related parties | 520 | 3,137 | ||
Other assets | 104,687 | 56,610 | ||
Cash and bank balances | 335,269 | 106,390 | ||
11,999,920 | 9,891,279 | |||
Liabilities and equity | ||||
Liabilities | ||||
Insurance contract liabilities - Non-Life insurance | 6.8 | 6,149,464 | 4,995,773 | |
Long-term borrowings | 78,201 | - | ||
Retirement benefit obligations | 45,883 | 46,367 | ||
Lease liabilities | 337,526 | 253,884 | ||
Reinsurance creditors | 501,690 | 555,941 | ||
Deferred reinsurance commission income | 100,931 | 133,787 | ||
Income tax liability | 191,959 | 398,696 | ||
Amounts due to related parties | 27,604 | 35,989 | ||
Other liabilities | 562,374 | 407,301 | ||
Bank overdraft | 270 | - | ||
Total liabilities | 7,995,902 | 6,827,739 | ||
Equity | ||||
Stated capital (1,200,000,000 shares) | 800,000 | 700,000 | ||
Reserves | (186,769) | 73,397 | ||
Retained earnings | 3,390,787 | 2,290,143 | ||
Total equity | 4,004,018 | 3,063,540 | ||
Total liabilities & equity | 11,999,920 | 9,891,279 | ||
Net assets per share (Rs.) | 3.34 | 2.92 |
I certify that these Financial Statements have been prepared and presented in compliance with the requirements of the Companies Act, No.07 of 2007.
Sgd.
Mrs. S.S. Kotakadeniya
Chief Financial Officer - LOLC Group
The board of directors is responsible for the preparation and the fair presentation of these Financial Statements. Approved and signed for and on behalf of the Board;
Sgd. | Sgd. |
Mr. W.D.K. Jayawardena | Mr. W. R. A. Dharmarathne |
Chairman | Director |
25th February 2022 | |
Rajagiriya (Greater Colombo) |
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LOLC General Insurance PLC
Interim Condensed Financial Statements
Statement of Profit or Loss | For the three months ended | For the year ended | |||||||||||
Note | 31-Dec-21 | 31-Dec-20 | Variance | 31-Dec-21 | 31-Dec-20 | Variance | |||||||
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | ||||||||
Un-audited | Un-audited | Un-audited | Audited | ||||||||||
Net income | 1,679,334 | 1,359,394 | 24 | 6,077,746 | 5,127,568 | 19 | |||||||
Gross written premium | 7 | 1,628,737 | 1,288,889 | 26 | 7,284,480 | 6,112,466 | 19 | ||||||
Premiums ceded to reinsurers | (301,175) | (364,773) | 17 | (1,160,311) | (1,375,604) | 16 | |||||||
Net written premium | 1,327,562 | 924,116 | 44 | 6,124,169 | 4,736,862 | 29 | |||||||
Net change in reserves for unearned premium | 149,207 | 265,571 | (44) | (826,816) | (289,255) | (186) | |||||||
Net earned premium | 1,476,769 | 1,189,688 | 24 | 5,297,353 | 4,447,607 | 19 | |||||||
Other Revenue | |||||||||||||
Investment income | 167,696 | 140,340 | 19 | 616,182 | 529,447 | 16 | |||||||
Fees and commission income | 34,581 | 29,173 | 19 | 157,511 | 145,705 | 8 | |||||||
Other income | 287 | 194 | 48 | 6,700 | 4,809 | 39 | |||||||
Total other revenue | 202,564 | 169,707 | 19 | 780,393 | 679,961 | 15 | |||||||
Net benefits and claims | |||||||||||||
Net insurance claims and benefits | (928,867) | (450,615) | (106) | (2,667,817) | (1,768,351) | (51) | |||||||
Underwriting and net acquisition costs | (2,380) | (32,552) | 93 | (37,002) | 42,001 | (188) | |||||||
Total net benefits and claims | (931,247) | (483,167) | (93) | (2,704,819) | (1,726,350) | (57) | |||||||
Other operating and administrative expenses | (500,073) | (501,049) | 0 | (2,078,880) | (1,863,822) | (12) | |||||||
Share of loss of equity accounted investees (net of tax) | (22,643) | - | (100) | (22,642) | - | (100) | |||||||
Profit before tax | 225,371 | 375,179 | (40) | 1,271,405 | 1,537,396 | (17) | |||||||
Income tax expense | 74,367 | (99,900) | 174 | (176,681) | (425,368) | 58 | |||||||
Profit after tax | 299,738 | 275,279 | 9 | 1,094,724 | 1,112,028 | (2) | |||||||
Profit attributable to; | |||||||||||||
Equity holders of the company | 299,738 | 275,279 | 9 | 1,094,724 | 1,112,028 | (2) | |||||||
Non-controlling interests | - | - | - | - | |||||||||
299,738 | 275,279 | 9 | 1,094,724 | 1,112,028 | (2) |
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LOLC General Insurance PLC
Interim Condensed Financial Statements
Statement of Other Comprehensive Income
Note | For the three months ended | For the year ended | |||||||||||
31-Dec-21 | 31-Dec-20 | Variance | 31-Dec-21 | 31-Dec-20 | Variance | ||||||||
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | ||||||||
Un-audited | Un-audited | Un-audited | Audited | ||||||||||
Profit after tax | 299,738 | 275,279 | 9 | 1,094,724 | 1,112,028 | (2) | |||||||
Other comprehensive income | |||||||||||||
Net other comprehensive income that are or may be reclassified to profit or loss in | |||||||||||||
subsequent periods : | |||||||||||||
Net change in fair value of available for sale financial assets (net of tax) | (16,066) | (66,978) | 76 | (274,968) | 36,448 | (854) | |||||||
Share of Other Comprehensive Income of equity accounted investee (net of tax) | |||||||||||||
672 | - | 100 | 672 | - | 100 | ||||||||
Net other comprehensive income that will never be reclassified to profit or loss in | |||||||||||||
subsequent periods: | |||||||||||||
Gratuity - actuarial gain/(loss) - Non-life insurance (net of tax) | 5,921 | (3,211) | 284 | 5,921 | (3,211) | 284 | |||||||
Net other comprehensive income to be reclassified to income statement in subsequent | |||||||||||||
periods | (9,473) | (70,189) | 87 | (268,376) | 33,237 | (907) | |||||||
Total other comprehensive income/ (expense) for the period, net of tax | (9,473) | (70,189) | 87 | (268,376) | 33,237 | (907) | |||||||
Total comprehensive income for the period, net of tax | 290,265 | 205,090 | 42 | 826,348 | 1,145,265 | (28) | |||||||
Total comprehensive income attributable to; | |||||||||||||
Equity holders of the company | 290,265 | 205,090 | 42 | 826,348 | 1,145,265 | (28) | |||||||
Non-controlling interests | - | - | - | - | - | - | |||||||
290,265 | 205,090 | 42 | 826,348 | 1,145,265 | (28) | ||||||||
Earnings per share | |||||||||||||
Basic and earnings per share | 8 | 0.25 | 0.26 | (5) | 0.91 | 1.06 | (14) | ||||||
Adjusted earnings per share | 8 | 0.25 | 0.23 | 9 | 0.91 | 0.93 | (2) |
Figures in brackets indicate deductions.
The above figures are not audited
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LOLC General Insurance Ltd. published this content on 25 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2022 11:31:05 UTC.