Unaudited Interim Condensed Financial Statements for the six months period ended 30 June 2012

Transcription

1 (9557 T) Unaudited Interim Condensed Financial Statements for the six months period ended 30 June 2012

2 CONTENTS PAGE Unaudited interim statement of financial position 1 Unaudited interim income statement 2 Unaudited interim statement of comprehensive income 3 Unaudited interim statement of changes in equity 4 Unaudited interim statement of cash flows 5-6 Notes to the unaudited interim financial statements 7-35

3 UNAUDITED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2012 Note RM'000 RM'000 RM'000 (Restated) (Restated) Assets: Property, plant and equipment 117, , ,228 Investment properties 514, , ,360 Prepaid land lease payments 20,493 20,644 20,796 Intangible assets 22,695 21, Investment in associate Investments 9 12,294,609 12,521,592 12,216,293 Financing receivables 276, , ,916 Reinsurance assets 12 1,658,892 1,437,421 1,318,371 Insurance receivables , , ,934 Other receivables , , ,700 Derivative assets 256,614 33,007 41,782 Current tax assets 60,944 97,439 97,441 Cash and bank balances 261, , ,669 Total Assets 15,893,209 15,618,181 15,370,805 Equity and liabilities: Share capital 152, , ,151 Reserves 2,555,096 2,391,456 2,454,330 Total Equity 2,707,247 2,543,607 2,606,481 Insurance contract liabilities 12 12,250,971 12,011,256 11,643,167 Deferred tax liabilities , , ,428 Insurance payables 194, , ,331 Other payables 295, , ,772 Current tax liabilities 11,572 55,821 43,626 Total Liabilities 13,185,962 13,074,574 12,764,324 Total Equity and Liabilities 15,893,209 15,618,181 15,370,805 These unaudited financial statements should be read in conjunction with the audited financial statements for the period ended 31 December 2011 and the accompanying explanatory notes attached to the interim financial statements 1

4 UNAUDITED INTERIM INCOME STATEMENT FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 2012 Note to to to RM'000 RM'000 RM'000 (Restated) (Restated) Gross premiums 1,573,847 1,243,361 1,251,066 Investment income 286, , ,959 Operating revenue 1,859,850 1,537,708 1,539,025 Gross earned premiums 1,571,485 1,309,151 1,062,869 Premiums ceded to reinsurers (513,149) (359,888) (291,284) Net earned premiums 1,058, , ,585 Fee and commission income 33,984 27,703 43,930 Investment income 286, , ,959 Realised gains 207, ,728 85,855 Fair value (losses)/gains (65,020) 38,413 65,438 Other operating income/(expenses) 55,317 17,166 (7,535) Other revenue 517, , ,647 Gross benefits and claims paid (1,134,478) (701,565) (1,002,739) Claims ceded to reinsurers 83,801 75, ,424 Gross change to contract liabilities (163,744) (496,820) (117,660) Change in contract liabilities ceded to reinsurers 128, , ,333 Net benefits and claims (1,085,474) (942,633) (827,642) Management expenses (137,300) (146,311) (127,948) Fee and commission expenses (105,897) (104,831) (110,262) Other expenses (243,197) (251,142) (238,210) Profit before taxation 247, , ,380 Taxation 14 (83,154) (81,382) (2,531) Net profit for the period 164, , ,849 Earnings per share (sen) Basic These unaudited financial statements should be read in conjunction with the audited financial statements for the period ended 31 December 2011 and the accompanying explanatory notes attached to the interim financial statements 2

5 UNAUDITED INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2012 Note to to to RM'000 RM'000 RM'000 (Restated) (Restated) Net profit for the period 164, , ,849 Other comprehensive income: Net (loss)/gain on AFS financial assets - Gain on fair value changes 82,882 55,691 55,329 - Transfer to profit or loss upon disposal (93,052) (100,461) (36,016) Tax effect relating to AFS financial assets 14 3,098 11,427 (3,990) (7,072) (33,343) 15,323 Gain/(loss) on foreign currency translation 6,611 (1,695) 9,835 Other comprehensive (loss)/income for the period, net of tax (461) (35,038) 25,158 Total comprehensive income for the period 163, , ,007 These unaudited financial statements should be read in conjunction with the audited financial statements for the period ended 31 December 2011 and the accompanying explanatory notes attached to the interim financial statements 3

6 UNAUDITED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 2012 Retained Earnings < Non-distributable > Non- Available- distributable Distributable Sub-total Share Share for-sale Revaluation Currency Non-Par Retained Retained Total Capital Premium Reserve Reserves Reserves Surplus Profits Earnings Equity RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 At 1 Jan 2012 (as previously stated) 152,151 17,728 51,578 11, ,275,555 1,275,555 1,509,596 Effect due to change in accounting policy , , ,439 1,034,011 At 1 Jan 2012 (as restated) 152,151 17, ,150 11, ,439 1,275,555 2,260,994 2,543,607 Total Comprehensive Income - - (7,072) - 6,611 93,607 70, , ,640 At 30 June ,151 17,728 93,078 11,647 7,548 1,079,047 1,346,049 2,425,095 2,707,247 At 1 Jul 2011 (as previously stated) 152,151 17,728 61,978 11,887 2,632-1,308,919 1,308,919 1,555,295 Effect due to change in accounting policy , , ,671 1,051,186 At 1 Jul 2011 (as restated) 152,151 17, ,493 11,887 2, ,671 1,308,919 2,288,590 2,606,481 Total Comprehensive Income - - (33,343) - (1,695) 101,018 51, , ,425 Transfer from non-par surplus upon recommended by Appointed Actuary (95,250) 95, Transfer from revaluation reserves upon disposal (240) Dividend on ordinary shares (180,299) (180,299) (180,299) At 31 Dec ,151 17, ,150 11, ,439 1,275,555 2,260,994 2,543,607 At 1 Jan 2011 (as previously stated) 152,151 17,728 49,774 11,887 (7,203) - 1,026,148 1,026,148 1,250,485 Effect due to change in accounting policy , ,083,593-1,083,593 1,151,989 At 1 Jan 2011 (as restated) 152,151 17, ,170 11,887 (7,203) 1,083,593 1,026,148 2,109,741 2,402,474 Total Comprehensive Income ,323-9,835 70, , , ,007 Transfer from non-par surplus upon recommended by Appointed Actuary (174,000) 174, At 30 June ,151 17, ,493 11,887 2, ,671 1,308,919 2,288,590 2,606,481 1 In accordance with the Insurance Act, 1996, the unallocated surplus is only available for distribution to shareholder upon approval by the Appointed Actuary. The approved transfer from non-par unallocated surplus for the financial period ended 31 December 2011 and financial year ended 30 June 2011 are RM127,000,000 and RM232,000,000 (RM95,250,000 and RM174,000,000 net of tax at 25%) respectively. These unaudited financial statements should be read in conjunction with the audited financial statements for the period ended 31 December 2011 and the accompanying explanatory notes attached to the interim financial statements 4

7 UNAUDITED INTERIM STATEMENT OF CASH FLOWS FOR THE SIX MONTHS PERIOD ENDED 30 JUNE to to to RM'000 RM'000 RM'000 CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation 247, , ,380 Adjustments for: Depreciation of property, plant and equipment 3,920 7,955 4,503 Amortisation of intangible assets 3,773 1, Fair value loss/(gain) on investment 58,232 (53,528) (43,290) Fair value gain on investment property - (40) (27,030) Amortisation of prepaid land lease payments Accretion of discounts (4,454) (14,982) (18,555) Gain on disposal of investment properties (140) (69) (249) (Gain)/loss on foreign exchange (44,303) (14,826) 5,001 (Write back)/allowance of impairment of insurance receivables (6,208) (6,307) 1,426 Bad debt written off - 2,340 - (Write back)/allowance of impairment of other receivables (1,945) 3, Allowance of impairment of financing receivables Net gain on disposal of investments (207,166) (100,659) (85,605) Interest income (247,154) (237,700) (227,882) Impairment on investments 6,788 15,155 4,882 Impairment of property, plant and equipment Impairment of prepaid land lease payments Gross dividend income (22,710) (28,138) (22,378) Rental income (14,209) (16,127) (21,764) Loss from operations before changes in operating assets and liabilities (228,170) (207,550) (248,952) Changes in working capital: Increase in reinsurance assets (221,470) (119,050) (356,219) Decrease/(increase) in insurance receivables 94,000 15,681 (49,196) Increase in other receivables (33,408) (6,812) (3,591) (Increase)/decrease in loans (593) 35,664 1,496 (Decrease)/increase in amounts due to related parties (9,013) 8,650 (288,172) Increase/(decrease) in other payables 34,112 (76,075) 102,682 Increase in insurance contract liabilities 258, , ,405 (Decrease)/increase in insurance payables (137,056) 11, Decrease/(increase) in LAR 414,616 (151,996) (4,371) Interest income received 233, , ,221 Dividend income received 24,480 27,488 23,964 Rental income received 19,789 10,321 24,992 Foreign exchange fluctuation 6,611 (1,695) 9,835 Cash generated from operations 455, ,250 (237,796) Tax paid (67,983) (60,070) (39,868) Net cash generated from/(used in) operating activities 387, ,180 (277,664) 5

8 UNAUDITED INTERIM STATEMENT OF CASH FLOWS FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 2012 (CONT'D) to to to RM'000 RM'000 RM'000 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from disposal of investments 2,392,115 1,781,317 1,459,738 Purchase of investments (2,638,400) (1,872,584) (1,098,486) Proceeds from sale of property, plant and equipment - 4, Proceeds from sale of investment property 420 1,400 - Proceeds from sale of prepaid land lease payments Purchase of property, plant and equipment (5,516) (13,488) (2,761) Purchase of intangible assets (4,470) (3,595) - Net cash (used in)/generating from investing activities (255,851) (102,178) 359,496 CASH FLOWS FROM FINANCING ACTIVITY Dividend paid - (180,299) - Net cash used in financing activity - (180,299) - Net increase in cash and cash equivalents 131,925 (127,297) 81,832 Cash and cash equivalents at beginning of period 129, , ,837 Cash and cash equivalents at end of period 261, , ,669 Cash and cash equivalents comprise: Cash and bank balances: General insurance and shareholder's funds 220,603 88, ,737 Life insurance fund 40,694 41,328 78, , , ,669 These unaudited financial statements should be read in conjunction with the audited financial statements for the period ended 31 December 2011 and the accompanying explanatory notes attached to the interim financial statements 6

9 NOTES TO THE INTERIM FINANCIAL STATEMENTS - 30 JUNE CORPORATE INFORMATION The Company is principally engaged in the underwriting of life insurance and all classes of general insurance business. There have been no significant changes in the nature of the activities of the Company during the financial period. The Company is a public limited liability company, incorporated and domiciled in Malaysia. The registered office and the principal place of business of the Company are located at Level 19, Tower C, Dataran Maybank, No. 1, Jalan Maarof, Kuala Lumpur. The holding and ultimate holding companies of the Company are Maybank Ageas Holdings Berhad ("MAHB") (formerly known as Mayban Ageas Holdings Berhad) and Malayan Banking Berhad ("MBB") respectively, both of which are incorporated in Malaysia. MBB is a licensed commercial bank listed on the Main Market of Bursa Malaysia Securities Berhad. 2. SIGNIFICANT ACCOUNTING POLICIES 2.1 Basis of Preparation The interim financial statements for the period ended 30 June 2012 are unaudited and have been prepared in accordance with Malaysian Financial Reporting Standard ("MFRS") 134, "Interim Financial Reporting" in Malaysia and Revised Guidelines on Financial Reporting for Insurers issued by Bank Negara Malaysia ("BNM"). The Company has adopted the Malaysian Financial Reporting Standards ("MFRS") framework issued by Malaysian Accounting Standards Board ("MASB") and Revised Guidelines on Financial Reporting for Insurers issued by Bank Negara Malaysia ("BNM") with effect from 1 January The interim financial statements are the Company's first MFRS interim financial statements for part of the period covered by the Company's first MFRS annual financial statements for the year ending 31 December 2012, hence MFRS 1 First Time Adoption of Malaysian Financial Reporting Standards has been applied. The interim financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company's audited financial statements for the six months period ended 31 December

10 2. SIGNIFICANT ACCOUNTING POLICIES (CONT'D) 2.1 Basis of Preparation (cont'd) The explanatory notes attached to the interim financial statements provide an explanation of events and transactions that are significant to gain an understanding of the changes in the financial position and performance of the Company since the six months period ended 31 December In preparing its opening MFRS Statement of Financial Position as as 1 July 2011 (which is also the date of transition), the Company has adjusted the amounts previously reported in financial statements prepared in accordance with FRS and as modified by Bank Negara Malaysia ("BNM"). 2.2 Changes in accounting policies and effects arising from adoption of new and revised MFRSs. The accounting policies adopted in the preparation of the interim financial statements are consistent with those adopted in the Company's audited financial statements for the six months period ended 31 December 2011, except for the adoption of the following new and revised MFRS, Amendments to MFRS, IC Interpretations and Technical Release: MFRS 1 First time Adoption of Malaysian Financial Reporting Standards Amendment to MFRS 7 Disclosures-Transfers of Financial Assets Amendment to MFRS 112 Deferred tax : Recovery of underlying assets. MFRS 124 Related Party Disclosures The adoption of the revised standards, amendment and interpretations issued by MASB and revised guidelines issued by BNM which are effective in the current year do not have any material impact to the financial statements of the Company, other than as discussed below: a) Unallocated surplus and AFS reserves on non-participating funds At the last reporting date, the life insurance contract liabilities of the Company were comprised of the accumulated surpluses less estimated actuarial liabilities (collectively referred to as "unallocated surplus") and Available-for-Sale reserves of all life insurance contracts including those with discretionary participating features (referred to as "Par") and those without (referred to as "Non Par"). In accordance with FRS 4 Insurance Contracts and the Framework for Preparation and Presentation of Financial Statements (the "FRS Framework"), the Non Par unallocated surplus does not meet the definition of a liability, that is, a present obligation of the company arising from past events, the settlement of which is expected to result in an outflow of economic benefits as the Non Par unallocated surplus represents the residual interest in the assets of the Non Par In addition, in accordance to FRS 139 Financial Instruments: Recognition and Measurement, the Non Par AFS reserves should be accounted for as equity of the Company. The classification of the Non Par unallocated surplus and AFS reserves of the Company as a liability was made in accordance with the Guidelines issued by Bank Negara Malaysia ("BNM") and is a modification to FRSs which had been approved by BNM under Section 90 of the Insurance Act

11 2. SIGNIFICANT ACCOUNTING POLICIES (CONT'D) 2.2 Changes in accounting policies and effects arising from adoption of new and revised MFRSs (cont'd) a) Unallocated surplus and AFS reserves on non-participating funds (cont'd) Effective on 1 January 2012, in accordance with the revised Guideline issued by BNM and the adoption of Malaysian Financial Reporting Standards by the Company, the Non Par unallocated surplus and AFS reserves are now required to be reclassified from liabilities to equity. This is a change in accounting policy and has hence been adjusted retrospectively against prior year retained profits and AFS reserves. The relevant adjustments made to prior year retained profits and AFS reserves are as disclosed in Note SEASONALITY OF OPERATIONS The business of the Company was not materially affected by any seasonal or cyclical fluctuations during the six months period ended 30 June However, as is common for insurers licensed under Insurance Act, 1996, surplus will only be transferred at the financial year end upon approval by the Appointed Actuary. 4. UNUSUAL ITEMS There were no unusual items affecting assets, liabilities, equity, net income or cash flows for the six months period ended 30 June CHANGES IN ESTIMATES There were no changes in estimates in respect of amounts reported in prior financial periods that would have a material effect on the interim financial statements, except for the effects arising from the change in accounting policy as described in Note ISSUANCE OR REPAYMENT OF DEBT AND EQUITY SECURITIES There was no issuance or repayment of debt and equity securities for the six months period ended 30 June DIVIDENDS PAID No dividend has been paid or declared by the Company since the end of the previous financial period. 8. CHANGES IN THE COMPOSITION OF THE COMPANY There is no change in the composition of the Company from the previous audited financial statements. 9

12 9. INVESTMENTS RM'000 RM'000 Malaysian government papers 580, ,682 Singapore government securities 65,494 62,756 Debt securities 7,999,679 7,792,532 Equity securities 1,893,375 1,605,186 Unit and property trust funds 112,386 79,989 Structured deposits 249, ,704 Negotiable certificate of deposits 529, ,588 Foreign notes - 221,790 Deposits with financial institutions 863,749 1,278,365 12,294,609 12,521,592 The Company's financial investments are summarised by categories as follows: Available-for-sale ("AFS") 2,859,448 2,499,681 Fair value through profit and loss ("FVTPL") -designated upon initial recognition 7,783,028 7,686,525 -held for trading ("HFT") 788,384 1,057,021 Loan and receivables ("LAR") 863,749 1,278,365 12,294,609 12,521,592 The carrying value of investments maturing after 12 months are as follows: RM'000 RM'000 AFS 1,209,617 1,128,179 FVTPL -designated upon initial recognition 7,308,453 7,375,967 -HFT 388, ,599 8,906,652 8,882,745 10

13 9. INVESTMENTS (CONT'D) RM'000 RM'000 (a) Available-for-Sale ("AFS") Malaysian government papers 71,935 77,182 Singapore government securities 65,494 62,756 Debt securities: Quoted outside Malaysia 43,829 40,140 Unquoted in Malaysia 969, ,757 Unquoted outside Malaysia 21,869 20,004 Equity securities: Quoted in Malaysia 1,413,535 1,137,563 Quoted outside Malaysia Unquoted in Malaysia 105, ,842 Unquoted outside Malaysia 4,857 4,414 Unit and property trust funds: Quoted in Malaysia 26,198 24,800 Quoted outside Malaysia 58,770 25,690 Unquoted in Malaysia 4,302 4,302 Unquoted outside Malaysia - 3,561 Structured deposits 37,760 56,507 Negotiable certificate of deposits 35,955 36,091 Total AFS financial assets 2,859,448 2,499,681 (b) Fair Value Through Profit and Loss (i) Designated upon initial recognition Malaysian government papers 487, ,454 Debt securities: Unquoted in Malaysia 6,605,318 6,403,809 Structured deposits 212, ,198 Negotiable certificate of deposits 477, ,064 7,783,028 7,686,525 11

14 9. INVESTMENT (CONT'D) RM'000 RM'000 (ii) HFT Malaysian government papers 21,167 13,045 Debt securities: Unquoted in Malaysia 359, ,822 Equity securities Quoted in Malaysia 369, ,295 Unit and property trust funds Quoted in Malaysia 1,269 1,134 Quoted outside Malaysia 21,847 20,502 Negotiable certificate of deposits 15,399 15,433 Foreign notes - 221, ,384 1,057,021 Total FVTPL financial assets 8,571,412 8,743,546 (c) Loans and receivables ("LAR") Fixed and call deposits with: Licensed banks 571, ,892 Others 292, ,473 Total LAR financial assets 863,749 1,278,365 12,294,609 12,521,592 The carrying amount disclosed for LAR above approximates fair value as at reporting date due to the short term maturity of the financial assets. (d) Fair Value of Financial Investments An analysis of the different fair value measurement bases used in the determination of the fair values of investments are further disclosed in Note 18(a) of the financial statements. Included in the AFS financial assets are assets pledged to obtain a banking facility from Malayan Banking Berhad ("MBB") which amounted to RM45,760,000 ( : RM45,760,000). Investments in MBB amounted to RM892,961,205 ( : RM1,160,896,034). 12

15 10. INSURANCE RECEIVABLES RM'000 RM'000 Due premiums including agents/brokers and co-insurers balances 172, ,959 Due from reinsurers and cedants 61,927 98, , ,519 Allowance for impairment losses (43,971) (50,187) 190, ,332 Reconciliation on allowance for impairment losses: RM'000 RM'000 At 1 January 2012/1 July ,187 56,556 Allowance recovered during the period (6,208) (6,307) Amount written off (8) (62) At 30 June 2012/31 December ,971 50, OTHER RECEIVABLES RM'000 RM'000 Sundry receivables, deposits and prepayments 83,244 49,906 Allowance for impairment losses (1,159) (1,175) 82,085 48,731 Income due and accrued 129, ,598 Allowance for impairment losses (1,430) (3,359) 127, ,239 Amount due from related companies 8,206 2,324 TOTAL 218, ,294 The carrying amounts approximate fair values due to the relatively short-term maturity of these balances. Amount due from related companies is unsecured, interest-free and repayable on demand. Reconciliation on allowance for impairment losses: RM'000 RM'000 At 1 January 2012/1 July ,534 1,290 Allowance (recovered)/made during the period (1,945) 3,244 At 30 June 2012/31 December ,589 4,534 13

16 12. INSURANCE CONTRACT LIABILITIES Gross Reinsurance Net Gross Reinsurance Net Gross Reinsurance Net RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 (Restated) (Restated) Life insurance (Note A) 9,779,619 (34,205) 9,745,414 9,801,619 (36,958) 9,764,661 9,573,198 (36,966) 9,536,232 General insurance (Note B) 2,471,352 (1,624,687) 846,665 2,209,637 (1,400,463) 809,174 2,069,969 (1,281,405) 788,564 12,250,971 (1,658,892) 10,592,079 12,011,256 (1,437,421) 10,573,835 11,643,167 (1,318,371) 10,324, (A) Life Insurance The life insurance contract liabilities and its movements are further analysed as follows: (i) Life insurance contract liabilities Gross Reinsurance Net Gross Reinsurance Net Gross Reinsurance Net RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 (Restated) (Restated) Claims liabilities 50,312 (1,677) 48,635 56,841 (2,688) 54,153 65,426 (1,274) 64,152 Actuarial liabilities 8,057,622 (32,528) 8,025,094 7,897,487 (34,270) 7,863,217 7,714,233 (35,692) 7,678,541 DPF unallocated surplus 459, , , , , ,252 Available-for-sale fair value reserves 86,735-86, , , , ,591 Net asset value attributable to unitholders (Note 22) 1,125,427-1,125,427 1,322,098-1,322,098 1,207,696-1,207,696 9,779,619 (34,205) 9,745,414 9,801,619 (36,958) 9,764,661 9,573,198 (36,966) 9,536,232 14

17 12. INSURANCE CONTRACT LIABILITIES (CONT'D) (A) Life Insurance (Cont'd) (ii) Movements of life insurance contract liabilities Provision for NAV outstanding attributable Actuarial Total claims to unitholders AFS Liabilities Surplus Gross Reinsurance Liabilities RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 As at 1 Jan 2012 (as previously stated) 56,841 1,322, ,231 7,897,487 1,733,462 11,175,119 (36,958) 11,138,161 Effect due to change in accounting policy - - (59,581) - (1,313,919) (1,373,500) - (1,373,500) As at 1 Jan 2012 (as restated) 56,841 1,322, ,650 7,897, ,543 9,801,619 (36,958) 9,764,661 Net earned premiums - 326, , ,050 (10,990) 746,060 Other revenue - 38, , ,181 1, ,384 Net benefits and claims (6,529) (558,944) - - (343,521) (908,994) 10,794 (898,200) Other expenses - (23) - - (107,444) (107,467) - (107,467) Change in Reserve : - Discounting ,094 (83,094) - (235) (235) - Assumptions Change in valuation basis ,635 (24,635) Policy Movements ,406 (193,245) (140,839) 1,981 (138,858) Exchange rate Changes in AFS - - (20,560) - - (20,560) - (20,560) Taxation - (2,715) 1,645 - (13,565) (14,635) - (14,635) Par deficit transfer from shareholder As at 30 June ,312 1,125,427 86,735 8,057, ,523 9,779,619 (34,205) 9,745,414 Provision for NAV outstanding attributable Actuarial Total claims to unitholders AFS Liabilities Surplus Gross Reinsurance Liabilities RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 As at 1 Jul 2011 (as previously stated) 65,426 1,207, ,315 7,714,233 1,723,480 10,967,150 (36,966) 10,930,184 Effect due to change in accounting policy - - (87,724) - (1,306,228) (1,393,952) - (1,393,952) As at 1 Jul 2011 (as restated) 65,426 1,207, ,591 7,714, ,252 9,573,198 (36,966) 9,536,232 Net earned premiums - 283, , ,737 (12,569) 662,168 Other revenue - 5, , ,941 2, ,481 Net benefits and claims (8,585) (173,837) - - (599,184) (781,606) 8,615 (772,991) Other expenses - (15) - - (111,846) (111,861) - (111,861) Change in Reserve : - Discounting ,741 (130,741) - (345) (345) - Policy Movements ,513 87, ,470 1, ,237 Changes in AFS - - (68,413) - - (68,413) - (68,413) Taxation - (869) 5,472 - (15,850) (11,247) - (11,247) Par surplus transfer to shareholder (3,600) (3,600) - (3,600) As at 31 December ,841 1,322, ,650 7,897, ,543 9,801,619 (36,958) 9,764,661 15

18 12. INSURANCE CONTRACT LIABILITIES (CONT'D) (B) General insurance Gross Reinsurance Net Gross Reinsurance Net Gross Reinsurance Net RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 Claims liabilities (i) 1,724,492 (1,199,665) 524,827 1,557,663 (1,067,965) 489,698 1,352,205 (888,082) 464,123 Premium liabilities (ii) 746,860 (425,022) 321, ,974 (332,498) 319, ,764 (393,323) 324,441 2,471,352 (1,624,687) 846,665 2,209,637 (1,400,463) 809,174 2,069,969 (1,281,405) 788,564 (i) Claims liabilities Gross Reinsurance Net Gross Reinsurance Net RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 As at 1 Jan 2012/1 July ,557,663 (1,067,965) 489,698 1,352,205 (888,082) 464,123 Claims incurred in the current accident year 242,620 (71,268) 171, ,465 (159,229) 301,236 Other movements in claims incurred in prior 107,740 (99,513) 8,227 (278,534) 124,217 (154,317) accident years Claims paid during the period (229,484) 77,339 (152,145) (212,456) 68,389 (144,067) Movements in Unallocated Loss Adjustment 4,270 (3,197) 1,073 (390) 345 (45) Expenses ("ULAE") Movements in PRAD 41,683 (35,061) 6, ,373 (213,605) 22,768 As at 30 June 2012/31 Dec ,724,492 (1,199,665) 524,827 1,557,663 (1,067,965) 489,698 (ii) Premium liabilities Gross Reinsurance Net Gross Reinsurance Net RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 As at 1 Jan 2012/1 July ,974 (332,498) 319, ,764 (393,323) 324,441 Premiums written in the period 909,321 (594,683) 314, ,624 (286,494) 282,130 Premiums earned during the period (814,435) 502,159 (312,276) (634,414) 347,319 (287,095) As at 30 June 2012/31 Dec ,860 (425,022) 321, ,974 (332,498) 319,476 16

19 13. DEFERRED TAXATION RM'000 RM'000 (Restated) At 1 January 2012/1 July 2011 (as previously stated) (75,153) (79,662) Effect due to change in accounting policy (339,489) (342,766) At 1 January 2012/1 July 2011 (as restated) (414,642) (422,428) Recognised in: Income statement (23,039) (9,115) Other comprehensive income 3,098 11,427 Insurance contract liabilities 1,645 5,472 Exchange differences (1) 2 At 30 June 2012/31 December 2011 (432,939) (414,642) Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The net deferred tax shown in the balance sheet have been determined after appropriate offsetting RM'000 RM'000 Presented after appropriate offsetting as follows: Deferred tax assets 13,703 14,661 Deferred tax liabilities (446,642) (429,303) (432,939) (414,642) 17

20 13. DEFERRED TAXATION (CONT'D) The components and movements of deferred tax liabilities and assets during the financial year prior to offsetting are as follows: Deferred Tax Assets General Impairment Impairment Amortisation insurance on on Receivables premiums liabilities Investment Others Total RM'000 RM'000 RM'000 RM'000 RM'000 RM' At 1 January , ,209-14,661 Recognised in: Income statement (820) - (80) (57) - (957) Exchange differences (1) (1) At 30 June , ,152-13, At 1 July , ,176 2, ,457 Recognised in: Income statement (2,480) (416) (407) 822 (317) (2,798) Exchange differences At 31 December , ,209-14,661 18

21 13. DEFERRED TAXATION (CONT'D) Deferred Tax Liabilities Net Accelerated accretion of Non-Par capital discounts on Fair value AFS Unallocated Unit allowances investments adjustment Reserve Surplus Linked Total RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM' At 1 January 2012 (as previously stated) (682) (13,580) (44,060) (29,060) - (2,432) (89,814) Effect due to change in accounting policy (11,010) (328,479) - (339,489) At 1 January 2012 (as restated) (682) (13,580) (44,060) (40,070) (328,479) (2,432) (429,303) Recognised in: Income statement (253) 9,738 1,717 - (31,203) (2,081) (22,082) Other comprehensive income , ,098 Insurance contract liabilities , ,645 At 30 June 2012 (935) (3,842) (42,343) (35,327) (359,682) (4,513) (446,642) At 1 July 2011 (as previously stated) (939) (14,368) (37,101) (40,759) - (3,952) (97,119) Effect due to change in accounting policy (16,210) (326,556) - (342,766) At 1 July 2011 (as restated) (939) (14,368) (37,101) (56,969) (326,556) (3,952) (439,885) Recognised in: Income statement (6,959) - (1,923) 1,520 (6,317) Other comprehensive income , ,427 Insurance contract liabilities , ,472 At 31 December 2011 (682) (13,580) (44,060) (40,070) (328,479) (2,432) (429,303) 19

22 14. INCOME TAX EXPENSE Major components of income tax expense The major components of income tax expense for the 6 months period ended 30 June 2012, 31 December 2011 and 30 June 2011 are: to to to RM'000 RM'000 RM'000 (Restated) (Restated) Income Statement: Income tax: Current financial period's provision - Malaysia 68,497 70,750 99,383 - Foreign Deferred taxation: Relating to origination and reversal of temporary differences (Note 13) 23,039 9,115 (19,932) (Over)/under provision of taxation in prior financial years (8,681) 1,341 (77,043) Income tax expense recognised in income statement 83,154 81,382 2,531 Statement of comprehensive income: Deferred income tax related to other comprehensive income: - Fair value changes on AFS investments (3,098) (11,427) 3,990 20

23 14. INCOME TAX EXPENSE (CONT'D) Reconciliation between tax expense and accounting profit The reconciliation between tax expense and the product of accounting profit multiplied by the applicable corporate tax rate for the 6 months period ended 30 June 2012, 31 December 2011 and 30 June 2011 are as follows: to to to RM'000 RM'000 RM'000 (Restated) (Restated) Income Statement: Profit before taxation 247, , ,380 Taxation at Malaysian statutory tax rate of 25% ( : 25%) 61,814 58,461 45,345 Section 110B tax credit set off - (7,167) (7,563) Business outside Malaysia taxed at 5% (1,425) (915) (604) Income not subject to tax (778) (2,399) (436) Expenses not deductible for tax purposes 32,224 32,061 42,832 Over provision of taxation in prior financial years (8,681) 1,341 (77,043) Tax expense for the financial period 83,154 81,382 2,531 21

24 15. OPERATING LEASE COMMITMENTS (a) Company as lessee As at the date of statement of financial position, the Company leases its office premises and equipment under lease agreements that are not cancellable within a year. The leases contain renewable options. Future minimum lease payments for the leases with initial or remaining terms of one year or more are as follows: RM'000 RM'000 Within 1 year 3,174 3,849 After 1 year but not more than 5 years 11,174 14,130 14,348 17,979 (b) Company as lessor The Company has entered into operating lease agreements on its portfolio of investment properties. The leases have remaining lease terms of between 1 and 3 years. All leases include a clause to enable upward revision of the rental charge on an annual basis based on prevailing market conditions. The leases also include a clause that allows for early termination but requires the tenant to provide a replacement tenant or pay for the remaining unexpired lease period. The future minimum lease payments receivable under non-cancellable operating leases contracted for as at the balance sheet date but not recognised as receivables, are as follows: RM'000 RM'000 Not later than 1 year 29,330 31,992 Later than 1 year but not later than 5 years 63,329 67,257 92,659 99, OTHER COMMITMENTS AND CONTINGENCIES RM'000 RM'000 Approved and contracted for: Property, plant and equipment 2,964 1,919 IT system 18,160 14,016 21,124 15,935 Approved and not contracted for: IT system 6,693-22

25 17. REGULATORY CAPITAL REQUIREMENT The capital structure of the Company as at 30 June 2012 and 31 December 2011, as prescribed under the Framework is provided below: RM'000 RM'000 Eligible Tier 1 Capital Share capital (paid up) 152, ,151 Reserves, including retained profits 3,914,967 3,683,005 4,067,118 3,835,156 Tier 2 Capital Revaluation reserves 11,647 11,647 AFS reserves 188, ,809 Currency reserves 7, , ,393 Amount deducted from Capital (74,728) (74,135) Total Capital Available 4,200,262 3,990, FAIR VALUES HIERARCHY The Company uses the following hierarchy for determining the fair value of all financial instruments carried at fair value: Level 1 : Active Market quoted price Refers to financial instruments which are regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and those prices which represent actual and regularly occurring market transactions on an arm s length basis. Such financial instruments include actively traded government securities, listed derivatives and cash products traded on exchange. Level 2 : No Active Market Valuation techniques using observable input Refers to inputs other than quoted price included within Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). Examples of level 2 financial instruments include corporate and government bonds and over-thecounter ("OTC") derivatives. Level 3 : No Active Market Valuation techniques using unobservable input Refers to financial instruments where fair values are measured using unobservable market inputs. The valuation technique is consistent with level 2. Examples of level 3 instruments include corporate bonds in illiquid markets and structured OTC derivatives. 23

26 (Incorparated in Malaysia) 18. FAIR VALUES HIERARCHY (CONT'D) (a) Fair Value Disclosures Based on 3-Level Hierarchy Valuation technique using: Level 1 Level 2 Level 3 Using Quoted Using significant market observable unobservable prices inputs inputs Total RM'000 RM'000 RM'000 RM'000 Assets AFS financial investments Equity securities 1,413, ,413,615 MGS/GII/MGGB^ - 321, ,482 Other debt securities, structured deposits and NCDs - 886,985 37, ,745 Unit and property trust funds 84, ,968 Financial investments at FVTPL (i) Designated upon initial recognition MGS/GII/MGGB^ - 1,699,093-1,699,093 Other debt securities, structured deposits and NCDs - 5,871, ,234 6,083,935 (ii) Held- for- trading (HFT) Equity securities 369, ,424 MGS/GII/MGGB^ - 51,716-51,716 Other debt securities, structured deposits and NCDs - 344, ,128 Unit and property trust funds 23, ,116 Derivative assets , ,510 Total assets 1,891,123 9,175, ,320 11,573,732 Liabilities Derivative Liabilities - (896) - (896) Total liabilities - (896) - (896) ^ MGS/GII/MGGB are government securities and government guaranteed debts. 24

27 (Incorparated in Malaysia) 18. FAIR VALUES HIERARCHY (CONT'D) (a) Fair Value Disclosures Based on 3-Level Hierarchy (Cont'd) Valuation technique using: Level 1 Level 2 Level 3 Using Quoted Using significant market observable unobservable prices inputs inputs Total RM'000 RM'000 RM'000 RM'000 Assets AFS financial investments Equity securities 1,137, ,137,635 MGS/GII/MGGB^ - 311, ,248 Other debt securities, structured deposits and NCDs - 825,682 56, ,189 Unit and property trust funds 50, ,490 Financial investments at FVTPL (i) Designated upon initial recognition MGS/GII/MGGB^ - 1,618,187-1,618,187 Other debt securities, structured deposits and NCDs - 5,782, ,198 6,068,338 (ii) Held- for- trading (HFT) Equity securities 357, ,295 MGS/GII/MGGB^ - 38,542-38,542 Other debt securities, structured deposits and NCDs - 639, ,548 Unit and property trust funds 21, ,636 Derivative assets ,355 33,355 Total assets 1,567,056 9,215, ,060 11,158,463 Liabilities Derivative Liabilities - - (348) (348) Total liabilities - - (348) (348) Unquoted equities securities and unquoted unit and property trust fund of RM110,335,895 and RM4,302,280 ( : RM110,256,016 and RM7,862,971) respectively as disclosed in Note 5 are not included in the above analysis as they are carried at cost. ^ MGS/GII/MGGB are government securities and government guaranteed debts. 25

28 18. FAIR VALUES HIERARCHY (CONT'D) (b) Reconciliation of level 3 fair value hierarchy Financial instruments measured at fair value Designated Derivative Derivative AFS at FVTPL HFT assets liabilities RM'000 RM'000 RM'000 RM'000 RM'000 At 1 Jan , ,198-33,355 (348) Recognised in Income Statement: Realised gain/(loss) 937 4, (548) Fair value loss - (16) - (9,331) - Issues ,655 - Settlements (19,684) (78,738) - (33,169) - Transfer out of Level (184) 896 At 30 June , , ,326 - Total gains/(losses) recognised in Income Statement for financial instruments measured at fair value at the end of the reporting period - 4,774 - (9,331) (548) Total gains recognised in Other Comprehensive Income for financial instruments measured at fair value at the end of the reporting period

29 18. FAIR VALUES HIERARCHY (CONT'D) (b) Reconciliation of level 3 fair value hierarchy (Cont'd) Financial instruments measured at fair value Designated Derivative Derivative AFS at FVTPL HFT assets liabilities RM'000 RM'000 RM'000 RM'000 RM'000 At 1 July , ,363-41,782 - Recognised in Income Statement: Fair value gain/(loss) - 9,835 - (10,238) (348) Recognised in Other Comprehensive Income: Fair value gain/(loss) 2, Translation differences ,811 - At 31 December , ,198-33,355 (348) Total gains/(losses) recognised in Income Statement for financial instruments measured at fair value at the end of the reporting period - 9,835 - (10,238) (348) Total gains/(losses) recognised in Other Comprehensive Income for financial instruments measured at fair value at the end of the reporting period 2,

30 19. COMPARATIVE FIGURES Certain comparative figures have been restated following the adoption of MFRS Framework and changes in accounting policies as stated in Note 2. Reconciliation of statement of financial position for comparative period and previously reported balances are as follows:- (a) Statement of financial position as at 1 July 2011 Equity Restated FRS as at MFRS as at MFRS RM'000 RM'000 RM'000 AFS reserve 61,978 71, ,493 Retained earnings 1,308, ,671 2,288,590 Liabilities Insurance contract liabilities 13,037,119 (1,393,952) 11,643,167 Deferred tax liabilities 79, , ,428 (b) Statement of financial position as at 31 December 2011 Equity Restated FRS as at MFRS as at MFRS RM'000 RM'000 RM'000 AFS reserve 51,578 48, ,150 Retained earnings 1,275, ,439 2,260,994 Liabilities Insurance contract liabilities 13,384,756 (1,373,500) 12,011,256 Deferred tax liabilities 75, , ,642 28

31 19. COMPARATIVE FIGURES (CONT'D) Reconciliation of statement of comprehensive income for comparative periods and previously reported balances are as follows:- (a) Income statement for the six months period ended 30 June 2011 Restated FRS as at MFRS as at MFRS RM'000 RM'000 RM'000 Total profit for the period 282,771 (103,922) 178,849 Comprise of the following restatements: Gross change in contract liabilities 20,903 (138,563) (117,660) Taxation (37,172) 34,641 (2,531) (b) Statement of comprehensive income for the six months period ended 30 June 2011 Restated FRS as at MFRS as at MFRS RM'000 RM'000 RM'000 Net gain on AFS financial assets - Gain on fair value changes 29,426 25,903 55,329 - Transfer to profit or loss upon disposal (14,271) (21,745) (36,016) Tax effect relating to AFS financial assets (2,950) (1,040) (3,990) (c) Income statement for the six months period ended 31 December 2011 Restated FRS as at MFRS as at MFRS RM'000 RM'000 RM'000 Total profit for the period 146,695 5, ,463 Comprise of the following restatements: Gross change in contract liabilities (504,511) 7,691 (496,820) Taxation (79,459) (1,923) (81,382) 29

32 19. COMPARATIVE FIGURES (CONT'D) (d) Statement of comprehensive income for the six months period ended 31 December 2011 Restated FRS as at MFRS as at MFRS RM'000 RM'000 RM'000 Net gain on AFS financial assets - Gain on fair value changes 4,866 50,825 55,691 - Transfer to profit or loss upon disposal (19,045) (81,416) (100,461) Tax effect relating to AFS financial assets 3,779 7,648 11,427 The adoption of the new MFRS Framework and the change in accounting policy resulted in the following restatements: (a) (b) reclassification of unallocated surplus and AFS reserves (net of deferred tax) of non-participating funds previously held within insurance contract liabilities to retained profits and fair value reserves retrospectively; and recognition of corresponding deferred tax liabilities on unallocated surplus of non-participating funds. 20. STATUS OF AUDIT QUALIFICATION The auditors' report on the audited annual financial statements for the financial period ended 31 December 2011 was not qualified. 30

33 21. INSURANCE FUNDS The Company's principal activities are organised by funds and segregated into Shareholder's, General and Life funds in accordance with the Insurance Act, 1996 and Insurance Regulations, The Company's Statement of Financial Position and Income Statement have been further analysed by funds. The Life insurance business offers a wide range of participating and non-participating Whole Life, Term Assurance, Endowment and Annuity products, as well as Unit-linked products. The General insurance businesses offer general insurance products which include Motor, Fire, Marine, Aviation and Transit ("MAT"), Health & Surgical and Miscellanous products. UNAUDITED INTERIM STATEMENT OF FINANCIAL POSITION BY FUNDS AS AT 30 JUNE 2012 Total Shareholder's and General Fund Life Fund RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 (Restated) (Restated) (Restated) (Restated) (Restated) (Restated) Assets: Property, plant and equipment 117, , ,228 63,350 64,220 64,289 53,923 52,548 71,939 Investment properties 514, , ,360 34,600 34,600 35, , , ,470 Prepaid land lease payments 20,493 20,644 20,796 10,190 10,266 10,343 10,303 10,378 10,453 Intangible assets 22,695 21, , ,599 21, Investment in associate Investments 12,294,609 12,521,592 12,216,293 1,997,509 1,920,156 1,862,356 10,297,100 10,601,436 10,353,937 Financing receivables 276, , ,916 13,747 12,922 29, , , ,674 Reinsurance assets 1,658,892 1,437,421 1,318,371 1,624,687 1,400,463 1,281,405 34,205 36,958 36,966 Insurance receivables 190, , , , , ,618 50,685 31,225 49,316 Other receivables 218, , ,700 58,677 44,910 46, , , ,791 Derivative assets 256,614 33,007 41,782 (49) (19) - 256,663 33,026 41,782 Current tax assets 60,944 97,439 97,441 60,944 83,364 83,365-14,075 14,076 Cash and bank balances 261, , , ,603 88, ,737 40,694 41,328 78,932 Total Assets 15,893,209 15,618,181 15,370,805 4,225,360 3,906,819 3,832,454 11,667,849 11,711,362 11,538,351 31

34 21. INSURANCE FUNDS (CONT'D) UNAUDITED INTERIM STATEMENT OF FINANCIAL POSITION BY FUNDS (CONT'D) AS AT 30 JUNE 2012 Total Shareholder's and General Fund Life Fund RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 (Restated) (Restated) (Restated) (Restated) (Restated) (Restated) Equity and liabilities: Share capital 152, , , , , , Reserves 2,555,096 2,391,456 2,454,330 2,555,096 2,391,456 2,454, ,707,247 2,543,607 2,606,481 2,707,247 2,543,607 2,606, Insurance contract liabilities 12,250,971 12,011,256 11,643,167 2,471,352 2,209,637 2,069,969 9,779,619 9,801,619 9,573,198 Deferred tax liabilities 432, , , , , ,491 50,736 61,539 62,937 Insurance payables 194, , , , , ,580 24,126 27,834 25,751 Other payables 1 295, , ,772 (1,506,518) (1,544,439) (1,534,415) 1,802,392 1,805,631 1,867,187 Current tax liabilities 11,572 55,821 43, ,082 34,348 10,976 14,739 9,278 Total Liabilities 13,185,962 13,074,574 12,764,324 1,518,113 1,363,212 1,225,973 11,667,849 11,711,362 11,538,351 Total equity and liabilities 15,893,209 15,618,181 15,370,805 4,225,360 3,906,819 3,832,454 11,667,849 11,711,362 11,538, Included in other payables is the amounts due to life, general and investment-linked funds which are unsecured, not subject to any interest elements and are repayable on demand. Inter fund balances (1,231,546) (1,631,582) (1,494,015) 1,231,546 1,631,582 1,494,015 32

35 21. INSURANCE FUNDS (CONT'D) UNAUDITED INTERIM INCOME STATEMENT/ REVENUE ACCOUNTS BY FUNDS FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 2012 Total Shareholder's Fund General Fund Life Fund to to to to to to to to to to to to RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 (Restated) (Restated) (Restated) (Restated) (Restated) (Restated) Gross Premium 1,573,847 1,243,361 1,251, , , , , , ,496 Investment income 286, , ,959 22,973 21,504 18,016 14,626 17,679 18, , , ,799 Operating revenue 1,859,850 1,537,708 1,539,025 22,973 21,504 18, , , ,714 1,005, , ,295 Gross earned premiums 1,571,485 1,309,151 1,062, , , , , , ,495 Premiums ceded to reinsurers (513,149) (359,888) (291,284) (502,159) (347,319) (279,077) (10,990) (12,569) (12,207) Net earned premiums 1,058, , , , , , , , ,288 Fee and commission income 33,984 27,703 43, ,781 25,163 38,912 1,203 2,540 5,018 Investment income 286, , ,959 22,973 21,504 18,016 14,626 17,679 18, , , ,799 Realised gains and losses 207, ,728 85,855 18,585 13,332 5,620 10,785 5,783 8, ,936 81,613 71,333 Fair value gains and losses (65,020) 38,413 65,438 (157) (3,560) (46) (1,050) (65,031) 42,019 66,412 Other operating revenue 55,317 17,166 (7,535) (1) 147 (1,133) 3,446 5,874 (4,258) 51,872 11,145 (2,144) Other revenue 517, , ,647 41,400 31,423 22,579 61,806 54,453 60, , , ,418 Gross benefits and claims paid (1,134,478) (701,565) (1,002,739) (229,484) (212,456) (257,170) (904,994) (489,109) (745,569) Claims ceded to reinsurers 83,801 75, , ,339 68, ,127 6,462 7,488 3,297 Gross change to contract liabilities (163,744) (496,820) (117,660) (166,829) (205,458) (184,546) 3,085 (291,362) 66,886 Change in contract liabilities ceded to reinsurers 128, , , , , ,305 (2,753) (8) 28 Net benefits and claims (1,085,474) (942,633) (827,642) (187,274) (169,642) (152,284) (898,200) (772,991) (675,358) Management expenses (137,300) (146,311) (127,948) (989) (8,818) (1,152) (74,120) (73,194) (70,279) (62,191) (64,299) (56,517) Fee and commission expenses (105,897) (104,831) (110,262) (60,621) (57,269) (63,522) (45,276) (47,562) (46,740) Other expenses (243,197) (251,142) (238,210) (989) (8,818) (1,152) (134,741) (130,463) (133,801) (107,467) (111,861) (103,257) Profit/Surplus before tax 247, , ,380 40,411 22,605 21,427 52,067 41,443 59, , , ,091 Surplus/(deficit) from Revenue Accounts - General Funds ,709 30,666 77,169 (36,709) (30,666) (77,169) Life Par Funds (264) 3,600 8, (3,600) (8,823) - Life Non Par Funds , ,691 93, (124,811) (134,691) (93,437) Taxation (83,154) (81,382) (2,531) (37,566) (39,099) (22,007) (15,358) (10,777) 17,307 (30,230) (31,506) 2,169 Net profit after tax 164, , , , , ,