Trust transparency. Trust in. Interim Report 06 months ended 30 June Union Assurance PLC Interim Report 06 months ended 30 June
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- Jeffery Strickland
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1 Trust in Trust transparency. in
2 Balance Sheet Unaudited Audited as at as at As at Assets Investments 13,551,462 12,817,417 Investments -unit linked 312, ,109 Quoted equities at market value 1,244, ,431 Intangible assets 49,500 49,500 Property, plant and equipment 1,109,948 1,108,723 Loans to life policyholders 243, ,618 Reinsurance receivable 628, ,009 Premiums receivable 813,118 1,237,594 Other assets 1,718,837 1,540,932 Other assets - unit linked 1,541 11,157 Cash and cash equivalents 412, ,138 Total assets 20,086,559 18,902,628 Liabilities and equity Liabilities Insurance provision - life-conventional 12,912,819 11,769,308 Insurance provision - unit linked 315, ,835 Insurance provision - general 2,790,447 2,716,888 Reinsurance payable 460, ,764 Retirement benefit obligation 140, ,422 Other liabilities 765, ,429 Other liabilities - unit linked 1,758 13,672 Current tax liabilities 105,712 81,558 Deferred tax liability 13,948 13,948 Bank overdraft 58,620 71,695 Total liabilities 17,564,470 16,269,519 Equity Stated capital 388, ,433 Capital reserves 584, ,178 Revenue reserves 1,549,478 1,660,498 Total equity 2,522,089 2,633,109 Total liabilities and equity 20,086,559 18,902,628 The notes to the interim financial statements form an integral part of the interim financial statements. I certify that the above financial statements comply with the requirements of the Companies Act No. 7 of 2007 Indika Prematunga Chief Financial Officer The Board of Directors is responsible for the preparation and presentation of these financial statements Signed on behalf of the Board A D Gunewardene Chairman J.R.F.Peiris Director Colombo 02 August
3 Statement of Income For the 06 months ended 30 June Note Change % Revenue 4 4,307,687 3,609, Gross written premium 5 3,973,949 3,111, Less: premium ceded to reinsurers (551,653) (519,205) 6 Net written premium 3,422,296 2,592, Net change in reserve for unearned premium (9,031) (15,105) (40) Net earned premium 3,413,265 2,577, Benefits, losses and expenses Insurance claims and benefits (net) (1,356,046) (1,166,481) 16 Increase in provision for life business (1,292,231) (1,066,333) 21 Underwriting and net acquisition costs (including reinsurance) (526,934) (366,755) 44 Total benefits, losses and expenses (3,175,211) (2,599,569) 22 Net premium less benefits, losses and expenses 238,054 (22,096) (1,177) Other revenue Income from investments 849, ,645 (14) Other income 44,914 46,385 (3) Expenses Other operating, investment related and administrative expenses (922,284) (811,186) 14 Depreciation on property, plant and equipment (62,194) (49,936) 25 Profit before income tax 6 147, ,812 (1) Income tax expense 7 (24,643) (44,318) (44) Profit after taxation 123, , Earnings Per Share (Rs.) (Restated) The notes to the interim financial statements form an integral part of the interim financial statements. 3
4 Statement of Income For the 03 months ended 30 June Change % Revenue 2,095,614 1,862, Gross written premium 1,899,386 1,499, Less: premium ceded to reinsurers (233,924) (223,969) 4 Net written premium 1,665,462 1,275, Net change in reserve for unearned premium 54,632 14, Net earned premium 1,720,094 1,289, Benefits, losses and expenses Insurance claims and benefits (net) (672,656) (546,342) 23 Increase in provision for life business (563,270) (608,436) (7) Underwriting and net acquisition costs (including reinsurance) (267,808) (179,814) 49 Total benefits, losses and expenses (1,503,734) (1,334,592) 13 Net premium less benefits, losses and expenses 216,360 (44,736) (584) Other revenue Income from investments 354, ,415 (34) Other income 20,685 34,041 (39) Expenses Other operating, investment related and administrative expenses (483,066) (422,959) 14 Depreciation on property, plant and equipment (32,752) (26,071) 26 Profit before income tax 76,062 78,690 (3) Income tax expense (11,515) (25,325) (55) Profit after taxation 64,547 53, Earnings Per Share (Rs.) (Restated) 4
5 Statement of changes in Equity Capital reserves For the 6 months ended Stated Revaluation Reserve on Retained 30 June 2011 capital reserve merger earnings Total Rs. 000 Balance as at 01 January , ,607 16,752 1,332,359 2,305,151 Final dividend (187,500) (187,500) Net profit for the period , ,494 Unaudited balance as at 30 June , ,607 16,752 1,249,353 2,222,145 Tax effect of revaluation reversed in equity - 3, ,487 Transfer from revaluation reserve to retained earnings - (3,668) - 3,668 - Net profit for the period , ,477 Balance as at 31 December , ,426 16,752 1,660,498 2,633,109 Final dividend (234,375) (234,375) Net profit for the period , ,355 Balance as at 30 June , ,426 16,752 1,549,478 2,522,089 5
6 Cash Flow Statement For the 6 Months ended 30 June Cash flow from operating activities Premium received from customers 4,398,425 3,155,762 Reinsurance premium paid (412,243) (404,104) Claims paid (1,464,699) (1,177,143) Reinsurance receipts in respects of claims 126,593 75,456 Cash paid to and on behalf of employees (446,372) (348,220) Interest received 789, ,060 Dividends received 8, Other operating cash payments (1,257,810) (1,078,145) Cash flow from operating activities (Note A) 1,742,170 1,132,724 Retiring gratuity paid (2,661) (8,299) Income tax and ESC paid (31,543) (12,828) Net cash from operating activities 1,707,967 1,111,598 Cash flow from investing activities Acquisition of liquid investments (other than cash equivalents) (1,598,581) (582,247) Acquisition of other investments (other than cash equivalents) (1,524,753) (2,075,229) Proceeds from Sale from liquid investments (other than cash equivalents) 886, ,735 Proceeds from Sale from other investments (other than cash equivalents) 834,825 1,511,002 Acquisition of property, plant and equipment (63,452) (56,942) Proceeds on sale of property, plant and equipment 4,374 4,353 Net cash from investing activities (1,460,684) (934,328) Net cash inflow before financing activities 247, ,270 Cash flow from financing activities Dividends paid (211,238) (187,500) Net cash from financing activities (211,238) (187,500) Increase in cash and cash equivalents (Note B) 36,045 (10,230) Notes to the cash flow statement A. Reconciliation of profit before taxation with cash from operating activities Profit before taxation 147, ,812 Depreciation on property, plant and equipment 62,194 49,936 Change in debtors 202,422 (54,941) Change in life insurance fund 1,315,836 1,066,333 Change in unearned premiums and deferred acquisition costs 11,901 7,046 Change in claims provisions 67, ,947 Change in creditors (85,566) (96,268) Exchange (gain) / loss 353 (207) (Gain) on sale of property, plant and equipment (4,341) (4,353) Loss /(profit) on sale of investments and unrealised loss/(gain) on equities 13,773 (146,735) Change in provision for retiring gratuity 10,328 4,155 Cash from operating activities 1,742,170 1,132,724 B. Increase in cash and cash equivalents Cash at bank and in hand and cash equivalents 412, ,602 Bank overdraft (58,620) (56,913) Net cash at bank and in hand and cash equivalents 354, ,689 Effect of exchange rate changes 353 (207) Net cash and cash equivalents for the current period 354, ,482 Net cash and cash equivalents for the previous year 318, ,712 Increase/(Decrease) in cash and cash equivalents 36,045 (10,230) 6
7 Notes to the Financial Statements 1. Accounting policies and methods of computation as stated in the annual report 2010 are followed in the preparation of these interim financial statements. Further, provisions of the new Companies Act No. 7 of 2007 have been considered in preparing the interim financial statements of the Company. 2. Figures for the six months are provisional and subject to audit 3. Comparative information has not been restated. 4. Revenue Unaudited Unaudited For the 6 months ended 30th June General 1,697,541 1,354,129 Life 2,610,145 2,255,374 Total 4,307,687 3,609,503 General revenue consists of net earned premium and income from investments and other income. Life revenue consists of net written premium and income from investments and other income. 5. Gross written premium Unaudited Unaudited For the 6 months ended 30th June General 1,938,077 1,593,553 Life 2,035,873 1,518,230 3,973,949 3,111, Profit before income tax Unaudited Unaudited For the 6 months ended 30th June General 147, ,812 Life - - Total 147, ,812 7
8 Notes to the Financial Statements contd. 7. Income tax expense Unaudited Unaudited For the 6 months ended 30th June Income tax on current year profit 24,643 43,663 Social responsibility levy Total income tax expense for the period 24,643 44, No provision or appropriation has been made in respect of transfer to or from life fund. 9. Stated capital represented by shares in issue as given below: Unaudited Audited Number of shares as at Ordinary shares 75,000,000 37,500, Events after the Balance Sheet date There have been no material events subsequent to the balance sheet date, that require adjustments to or disclosure in the interim financial statements. 11. New standards and interpretations not yet adopted The Institute of Chartered Accountants of Sri Lanka (ICASL) has issued a new volume of Sri Lanka Accounting Standards 2011, applicable for financial periods beginning on or after 1 January These Standards have many changes and consequential changes from the adoption of SLAS 44 and 45. These new accounting standards are prefixed both SLFRS and LKAS which correspond to the relevant IFRS and IAS. The following accounting standards are newly adopted to the Sri Lankan financial framework and directly relate to the insurance industry. 1. SLFRS 1- First-time adoption of Sri Lanka Accounting Standards 2. SLFRS 4 - Insurance Contracts 8
9 Accounting Standards which relates to financial instruments are presented below as a summary form; 1. Sri Lanka Accounting Standard 32 - Financial Instruments: Presentation (LKAS 32) 2. Sri Lanka Accounting Standard 39 - Financial Instruments: Recognition and Measurement (LKAS 39) 3. Sri Lanka Accounting Standard 6 - Financial Instruments: Disclosures (SLFRS 7) 12. The nature of the related party transactions in the current period is similar to those reported in the Audited Financial Statements At an Extraordinary General Meeting held on 23rd June 2011,the shareholders approved a sub division of the company shares, whereby one (1) existing share was sub divided in to two (2), thereby increasing the ordinary shares in issue from 37,500,000 to 75,000,000 ordinary shares. For the purpose of calculating Earnings Per Share (EPS), the increased number of ordinary shares has been considered for all periods. 14. In the opinion of Directors and in consultation with the company lawyers litigation currently pending against the company will not have a material impact on the reported results or future operations of the company. All pending litigation for claims have been evaluated and adequate provisions have been made in the financial statements. 15. Share Information Rs. Rs. Rs. Net assets per share Market price per share Highest price per share for the period Lowest price per share for the period
10 Notes to the Financial Statements contd. 16. Twenty Largest Shareholders 30th June 2011 Name of Shareholder No. of Shares % 1 John Keells Holdings PLC 63,695, Whittall Boustead Limited 5,552, Mackinnons & Keells Financial services Limited 2,492, Waldock Mackenzie Ltd/Hi-Line Trading (Pvt) Ltd 329, Waldock Mackenzie Ltd/S.N.P.Palihena and Waldock Mackenzie Ltd/S.N.P.Palihena and A.S.Palihena 301, R. Senathirajah 121, J.D. Bandaranayake 65, A.A. Mashoor 45, H.A.D. Ratnapala 56, J.W. Nanayakkara 56, R.Z. Wikramanayake 48, N.I. Wikramanayake 47, G.M. Abdulhussein 41, T.G. Perera 39, H.A. Rehmanjee 37, L. Amaradasa 33, S. Nishyanthan 30, M.R. Wijetunga 28, A.C. Visvalingam 69, S. Vasudewan 25, ,116, Others 1,883, Total 75,000, Directors Shareholdings No. of Shares No. of Shares Mr.A.D. Gunewardene 7,492 3,746 Mr.J.R.F. Peiris Nil Nil Mr.K. N. J. Balendra Nil Nil Mr.A. K. Gunaratne 3,200 1,600 Mr.A. S. De Zoysa Nil Nil Mr.G. F. C. De Saram Nil Nil 18. Share holding-chief Executive Officer Mr. Dirk Pereira Nil Nil 19. Public Shareholding No. of Shares % of Shares No. of Shares % of Shares Public shareholding 3,248, % 7,228,
11 Supplementary Information - Balance sheet of the life insurance fund Unaudited Audited As at Assets Investments 10,139,767 9,840,485 Investments -unit linked 312, ,109 Quoted equities at market value 1,168, ,291 Property, plant and equipment 923, ,001 Loans to life policyholders 243, ,618 Reinsurance receivable 53,348 49,785 Other assets 803, ,270 Other assets-unit linked 1,541 11,157 Cash and cash equivalents 216, ,127 Total assets 13,863,604 12,987,842 Reserves Reserve on Cornhill merger 16,752 16,752 Revaluation reserve 91,566 91, , ,318 Liabilities Insurance provision-life-conventional 12,912,818 11,769,308 Insurance provision - unit linked 315, ,834 Reinsurance creditors 89,055 42,681 Provision for retirement benefits 88,057 81,949 Other liabilities 323, ,969 Other liabilities- unit linked 1,758 13,672 Bank overdraft 24,904 29,109 Total liabilities 13,755,286 12,879,523 Total liabilities and reserves 13,863,604 12,987,842 Insurance Provision - life As at Insurance Provision - life 12,717,002 11,579,107 Unclaimed benefits 195, ,201 Total 12,912,818 11,769,308 11
12 Union Assurance Centre 20 St. Michael s Road Colombo 3 Sri Lanka. 12
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