AmFAMILY TAKAFUL BERHAD V

Transcription

1 AmFAMILY TAKAFUL BERHAD V Unaudited Interim Financial Statements For the Six Months Ended 30 September 2013

2 Unaudited Interim Financial Statements For the Six Months Ended 30 September 2013 Contents Page Unaudited Interim Statement of Comprehensive Income 1-3 Unaudited Interim Statement of Financial Position 4-5 Unaudited Interim Statement of Changes in Equity 6 Unaudited Interim Statement of Cash Flow 7-8 Unaudited Notes to the Interim Financial Statements 9-18

3 Unaudited interim statement of comprehensive income for the six months ended 30 September to to Takaful takaful Takaful takaful operator fund Company operator fund Company RM RM RM RM RM RM Operating revenue 11,939,678 42,002,605 43,491,618 5,907,849 14,578,157 16,175,624 Gross contributions - 39,453,299 39,453,299-14,240,234 14,240,234 Net creation of units - 1,751,391 1,751,391-71,659 71,659 Contributions ceded to retakaful operator - (2,827,704) (2,827,704) - (213,981) (213,981) Net contributions - 38,376,986 38,376,986-14,097,912 14,097,912 Investment income 1,489, ,915 2,286,928 1,597, ,264 1,863,731 Realised gain/(loss) 23,103 58,062 81, ,577 (65,721) 91,856 Fair value gain on financial assets at FVTPL - 608, , , ,560 Fee and commission income 10,450, ,310, Other operating income 154,690-55,739 53,989-3,189 Other revenue 12,117,471 1,464,469 3,032,324 6,119, ,103 2,074,336 Gross benefits and claims paid - (1,988,073) (1,988,073) - (8,571) (8,571) Claims ceded to retakaful - 307, , Gross change to certificate liabilities - (23,527,453) (23,527,453) - (9,229,803) (9,229,803) Change in certificate liabilities ceded to retakaful operator - (524,388) (524,388) Net benefits and claims - (25,732,279) (25,732,279) - (9,238,375) (9,238,375) These unaudited interim financial statements and the accompanying notes should be read in conjuction with the audited financial statements for the financial year ended 31 March

4 Unaudited interim statement of comprehensive income for the six months ended 30 September 2013 (cont'd.) to to Takaful takaful Takaful takaful operator fund Company operator fund Company RM RM RM RM RM RM Fee and commission expenses (2,857,200) (11,679,682) (4,086,217) (1,447,492) (4,310,382) (1,447,492) Management expenses (8,900,506) - (8,900,506) (5,401,852) - (5,401,852) Change in expense liabilities (2,505,446) - (2,505,446) (1,511,693) - (1,511,693) Other operating expenses (130,625) (124,669) (156,343) (18,569) (61,238) (29,006) Other expenses (14,393,777) (11,804,351) (15,648,512) (8,379,606) (4,371,620) (8,390,043) Operating (loss)/profit (2,276,306) 2,304,825 28,519 (2,260,191) 804,021 (1,456,170) Transfer of surplus to participants' fund - (2,195,777) (2,195,777) - (793,440) (793,440) (Loss)/profit before taxation (2,276,306) 109,048 (2,167,258) (2,260,191) 10,581 (2,249,610) Taxation - (109,048) (109,048) - (10,581) (10,581) Net loss for the period (2,276,306) - (2,276,306) (2,260,191) - (2,260,191) Loss per share (sen) - Basic (2.28) (2.26) These unaudited interim financial statements and the accompanying notes should be read in conjuction with the audited financial statements for the financial year ended 31 March

5 Unaudited interim statement of comprehensive income for the six months ended 30 September 2013 (cont'd.) to to Takaful takaful Takaful takaful operator fund Company operator fund Company RM RM RM RM RM RM Net loss for the period (cont'd.) (2,276,306) - (2,276,306) (2,260,191) - (2,260,191) Other comprehensive income: Available-for-sale fair value reserve: (Loss)/gain on fair value changes (1,127,924) - (1,722,724) 1,896,716-1,364,939 Realised gain transferred to income statement (23,103) - (23,103) (157,436) - (157,436) Deferred tax relating to components of other comprehensive income 287, ,457 (361,381) - (361,381) Other comprehensive (loss)/income for the period, net of tax (863,270) - (1,309,370) 1,377, ,122 Total comprehensive loss for the period (3,139,576) - (3,585,676) (882,292) - (1,414,069) These unaudited interim financial statements and the accompanying notes should be read in conjuction with the audited financial statements for the financial year ended 31 March

6 Unaudited interim statement of financial position as at 30 September 2013 As at As at Note Takaful takaful Takaful takaful operator fund Company operator fund Company RM RM RM RM RM RM Assets Motor vehicle and equipment 282, , , ,784 Investments 10 84,126,392 59,825, ,748,378 89,028,738 38,640, ,060,573 Takaful receivables - 8,456,909 8,456,909-1,654 1,654 Deferred tax asset 287, , Retakaful assets 11-1,183,074 1,183, , ,052 Other receivables 2,156,488 1,642,171 3,011,199 1,375,918 1,475,980 1,952,865 Cash and cash equivalents 2,673, ,220 3,475,038 43,000 2,897,677 2,940,677 Total assets 89,527,218 71,909, ,594,523 90,766,440 43,366, ,625,605 Liabilities and equity Liabilities Participants' fund - 2,434,383 2,434, , ,806 Takaful certificate liabilities 11-64,434,370 54,434,370-39,391,918 29,391,918 Expense liabilities 6,905,446-6,905,446 4,400,000-4,400,000 Deferred tax liabilities - 67,699 67,699-19,125 19,125 Takaful payables 29,207 4,555,476 4,584,682 41,427 2,803,447 2,844,874 Other payables 4,057, ,423 3,998,254 4,650, ,690 5,025,936 Provision for taxation - 120, ,113-59,812 59,812 Total liabilities 10,992,058 71,909,464 72,544,947 9,091,703 43,366,798 41,990,471 These unaudited interim financial statements and the accompanying notes should be read in conjuction with the audited financial statements for the financial year ended 31 March

7 Unaudited interim statement of financial position as at 30 September 2013 (cont'd.) As at As at Note Takaful takaful Takaful takaful operator fund Company operator fund Company RM RM RM RM RM RM Equity and participants' fund Share capital 100,000, ,000, ,000, ,000,000 Available-for-sale fair value reserves 220,873 - (833,827) 1,084, ,543 Accumulated losses (21,685,713) - (22,116,597) (19,409,406) - (19,840,409) Total equity and participants' fund 78,535,161-77,049,576 81,674,737-80,635,134 Total liabilities, equity and participants' fund 89,527,218 71,909, ,594,523 90,766,440 43,366, ,625,605 These unaudited interim financial statements and the accompanying notes should be read in conjuction with the audited financial statements for the financial year ended 31 March

8 Unaudited interim statement of changes in equity for the six months ended 30 September 2013 Non-distributable Availablefor-sale Share fair value Accumulated capital reserves losses Total equity RM RM RM RM At 1 April ,000, ,543 (19,840,409) 80,635,134 Total comprehensive loss for the period - (1,309,370) (2,276,306) (3,585,676) Qard repayment At 30 September ,000,000 (833,827) (22,116,597) 77,049,576 At 1 April ,000,000 (293,756) (11,040,143) 88,666,101 Total comprehensive loss for the period - 761,447 (2,260,191) (1,498,744) At 30 September ,000, ,691 (13,300,334) 87,167,357 These unaudited interim financial statements and the accompanying notes should be read in conjuction with the audited financial statements for the financial year ended 31 March

9 Unaudited interim statement of cash flow for the six months ended 30 September 2013 Cash flows from operating activities to to RM RM Loss before taxation (2,167,258) (2,260,191) Adjustments for: Depreciation of equipment 50,918 4,713 Impairment of motor vehicle - - Net amortisation of premiums on investments 15,833 19,410 Profit on investment accounts (728,645) (1,730,511) Gross dividend income (70,802) (75,655) Gains on disposal of AFS financial assets (23,103) (157,577) Gain on disposal of FVTPL financial assets (58,062) 65,721 Fair value gain on FVTPL financial assets (608,492) (118,517) Increase in expense liabilities 2,505,446 1,511,693 Operating loss before working capital changes (1,084,165) (2,740,914) (Increase)/Decrease in placements and deposits (12,061,326) 32,150,222 Proceeds from disposal of investments 2,018,898 7,903,429 Purchase of other investments (4,787,882) (46,858,949) Increase in takaful receivables (8,455,255) (339,260) Increase in other receivables (968,955) (1,505,624) Increase in takaful payables 1,739, ,786 (Decrease)/Increase in other payables (1,027,682) 258,104 (Decrease)/Increase in participants' fund 2,185,577 1,057,738 Increase in takaful certificate liabilities 22,140,030 8,947,522 (300,952) (741,946) Profit income received 728,645 1,730,511 Gross dividend income received 160,181 75,655 Taxation paid (38,616) (2,168) Net cash flow generated in operating activities 549,258 1,062,052 These unaudited interim financial statements and the accompanying notes should be read in conjuction with the audited financial statements for the financial year ended 31 March

10 Unaudited interim statement of cash flow for the six months ended 30 September 2013 (cont'd.) to to RM RM Cash flows from investing activity Purchase of equipment, representing net cash used in investing activities (14,897) (3,734) Cash flows from financing activity Issuance of ordinary shares, representing net cash generated from financing activity - - Net increase in cash and cash equivalents 534,361 1,058,318 Cash and cash equivalents at beginning of the period 2,940, ,189 3,475,038 1,362,507 Cash and cash equivalents comprise: Cash and bank balances of: Shareholders' fund 2,673,818 37,957 takaful fund 801,220 1,324,550 3,475,038 1,362,507 These unaudited interim financial statements and the accompanying notes should be read in conjuction with the audited financial statements for the financial year ended 31 March

11 Notes to the unaudited interim financial statements - 30 September Corporate information The Company is principally engaged in the activity of managing family takaful business including group takaful and investment-linked business. There has been no significant change in the nature of this principal activity during the financial period. The Company is a public limited liability company, incorporated on 26 January 2011 under the Companies Act 1965 and Takaful Act 1984 and domiciled in Malaysia. The registered office and principal place of business of the Company are located at 22nd Floor, Bangunan AmBank Group, No. 55 Jalan Raja Chulan, Kuala Lumpur and 12th Floor, Bangunan AmAssurance, No. 1 Jalan Lumut, Kuala Lumpur respectively. The immediate holding company is AMAB Holdings Sdn. Bhd, a company incorporated in Malaysia. The ultimate holding company is AMMB Holdings Berhad ("AMMB") a public listed company incorporated in Malaysia and listed on Main Market of Bursa Malaysia. 2. Summary of significant accounting policies 2.1 Basis of preparation The unaudited interim financial statements for the six months ended 30 September 2013 are unaudited and have been prepared in accordance with Malaysian Financial Reporting Standards ("MFRS") 134, Interim Financial Reporting in Malaysia, Revised Guidelines on Financial Reporting for takaful operators issued by Bank Negara Malaysia ("BNM") and the Takaful Act It includes Takaful Fund established in accordance with Takaful Act, 1984 in Malaysia which are managed and controlled by the Company as operator of the fund. The unaudited interim financial statements do not include all information and disclosure required in the annual financial statement, and should be read in conjuction with the audited financial statements of the Company for the financial year ended 31 March Significant change in accounting policies The accounting policies and presentation adopted for the interim financial statements are consistent with those adopted in the Company's audited annual financial statements for the financial year ended 31 March Notes to the unaudited interim financial statements

12 3. Seasonal or cyclical factors The Company's business operations are not significantly affected by any seasonal or cyclical factors. However, as a common practice by takaful operators licensed under the Takaful Act 1984, surplus of the family takaful fund (if any) will only be distributed at the financial year end upon approval by the Appointed Actuary, as governed by the Guidelines on Takaful Operational Framework issued by BNM. 4. Unusual items There were no items of unusual nature and amount affecting assets, liabilities, equity, net income or cash flows for the interim financial period. 5. Changes in estimates Since the end of the previous audited annual financial statements for the financial year ended 31 March 2013, there were no material change in the basis used for the estimates. 6. Debt and equity securities There were no issuance, repurchase and repayment of debt and equity securities by the Company during the interim financial period. 7. Dividends No dividend has been paid or declared by the Company during the interim financial period. 8. Events after the interim period There were no event after the interim financial period that have not been reflected in the financial statements for the interim period. 9. Changes in the compositon of the Company There was no change in the composition of the Company during the interim financial period. 10 Notes to the unaudited interim financial statements

13 10. Investments Takaful takaful operator fund Company RM RM RM As at 30 September 2013 Government investment issues 13,218,678 6,779,322 19,998,000 Debt securities 38,449,810 3,216,959 41,666,769 Quoted shariah approved equities in Malaysia - 8,433,812 8,433,812 Islamic investment accounts 21,254,504 41,395,293 62,649,797 Units held in investment-linked funds 11,203, ,126,392 59,825, ,748,378 The funds' and Company's investments are summarised by categories as follows: Financial assets held at fair value through profit or loss ("FVTPL") - 11,650,771 11,650,771 Available-for-sale financial assets ("AFS") 62,871,888 6,779,322 58,447,810 Loans and receivables ("LAR") 21,254,504 41,395,293 62,649,797 84,126,392 59,825, ,748,378 Takaful takaful operator fund Company RM RM RM As at 31 March 2013 Government investment issues 15,019,500 1,782,314 16,801,814 Debt securities 42,363,710 3,591,268 45,954,978 Quoted shariah approved equities in Malaysia - 3,715,310 3,715,310 Islamic investment accounts 21,036,928 29,551,543 50,588,471 Units held in investment-linked funds 10,608, ,028,738 38,640, ,060,573 The funds' and Company's investments are summarised by categories as follows: Financial assets held at fair value through profit or loss ("FVTPL") - 7,306,578 7,306,578 Available-for-sale financial assets ("AFS") 67,991,810 1,782,314 59,165,524 Loans and receivables ("LAR") 21,036,928 29,551,543 50,588,471 89,028,738 38,640, ,060, Notes to the unaudited interim financial statements

14 10. Investments (cont'd) (a) Financial assets at FVTPL takaful fund RM As at 30 September 2013 At fair value: Quoted shariah approved equities in Malaysia 8,433,812 Unquoted Islamic corporate debt securities in Malaysia - Secured 2,096,850 - Unsecured 1,120,109 11,650,771 As at 31 March 2013 At fair value: Quoted shariah approved equities in Malaysia 3,715,310 Unquoted Islamic corporate debt securities in Malaysia - Secured 2,205,630 - Unsecured 1,385,638 7,306,578 (b) AFS financial assets Takaful takaful operator fund Company RM RM RM As at 30 September 2013 At fair value: Unquoted Islamic corporate debt securities in Malaysia - Secured 32,451,250-32,451,250 - Unsecured 5,998,560-5,998,560 Units held in investment-linked funds 11,203, Government investment issues 13,218,678 6,779,322 19,998,000 62,871,888 6,779,322 58,447,810 As at 31 March 2013 At fair value: Unquoted Islamic corporate debt securities in Malaysia - Secured 34,134,750-34,134,750 - Unsecured 8,228,960-8,228,960 Units held in investment-linked funds 10,608, Government investment issues 15,019,500 1,782,314 16,801,814 67,991,810 1,782,314 59,165, Notes to the unaudited interim financial statements

15 10. Investments (cont'd.) (c) LAR Takaful takaful operator fund Company RM RM RM As at 30 September 2013 At amortised cost / cost / fair value: Islamic investment accounts with licensed Islamic banks 21,254,504 41,395,293 62,649,797 As at 31 March 2013 At amortised cost / cost / fair value: Islamic investment accounts with licensed Islamic bank 21,036,928 29,551,543 50,588,471 The weighted average effective profit rate of Islamic investment accounts as at the end of the financial period is as follows: Takaful takaful operator fund Company RM RM RM As at 30 September 2013 Islamic investment accounts with licensed Islamic banks 2.80% 2.80% 2.80% As at 31 March 2013 Islamic investment accounts with licensed Islamic bank 2.80% 2.80% 2.80% 13 Notes to the unaudited interim financial statements

16 10. Investments (cont'd.) (d) Fair values of financial assets and liabilities The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Level 2: Level 3: Quoted (unadjusted) prices in active markets for identical assets or liabilities Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data The following table shows an analysis of financial instruments recorded at fair value by level of the fair value hierarchy: Valuation technique using Quoted Observable Unobservable market price inputs inputs (Level 1) (Level 2) (Level 3) Total 30 September 2013 RM RM RM RM Takaful operator AFS financial assets: Unquoted Islamic corporate debt securities in Malaysia - Secured - 32,451,250-32,451,250 - Unsecured - 5,998,560-5,998,560 Units held in investmentlinked funds 11,203,400-11,203,400 Government investment issues - 13,218,678-13,218,678-62,871,888-62,871,888 takaful fund Financial assets at FVTPL: Quoted shariah approved equities in Malaysia 8,433, ,433,812 Unquoted Islamic corporate debt securities in Malaysia - Secured - 2,096,850-2,096,850 - Unsecured - 1,120,109-1,120,109 AFS financial assets: Government investment issues - 6,779,322-6,779,322 8,433,812 9,996,281-18,430, Notes to the unaudited interim financial statements

17 10. Investments (cont'd.) (d) Fair values of financial assets and liabilities (cont'd.) Valuation technique using Quoted Observable Unobservable market price inputs inputs (Level 1) (Level 2) (Level 3) Total 30 September 2013 RM RM RM RM Company Financial assets at FVTPL: Quoted shariah approved equities in Malaysia 8,433, ,433,812 Unquoted Islamic corporate debt securities in Malaysia - Secured - 2,096,850-2,096,850 - Unsecured - 1,120,109-1,120,109 AFS financial assets: Unquoted Islamic corporate debt securities in Malaysia - Secured - 32,451,250-32,451,250 - Unsecured - 5,998,560-5,998,560 Government investment issues 19,998,000 19,998,000 8,433,812 61,664,769-70,098, March 2013 Takaful operator AFS financial assets: Unquoted Islamic corporate debt securities in Malaysia - Secured - 34,134,750-34,134,750 - Unsecured - 8,228,960-8,228,960 Units held in investmentlinked funds 10,608,600-10,608,600 Government investment issues - 15,019,500-15,019,500-67,991,810-67,991, Notes to the unaudited interim financial statements

18 10. Investments (cont'd.) (d) Fair values of financial assets and liabilities (cont'd.) Valuation technique using Quoted Observable Unobservable market price inputs inputs (Level 1) (Level 2) (Level 3) Total 31 March 2013 RM RM RM RM takaful fund Financial assets at FVTPL: Quoted shariah approved equities in Malaysia 3,715, ,715,310 Unquoted Islamic corporate debt securities in Malaysia - Secured - 2,205,630-2,205,630 - Unsecured - 1,385,638-1,385,638 AFS financial assets: Government investment issues - 1,782,314-1,782,314 3,715,310 5,373,582-9,088,892 Company Financial assets at FVTPL: Quoted shariah approved equities in Malaysia 3,715, ,715,310 Unquoted Islamic corporate debt securities in Malaysia - Secured - 2,205,630-2,205,630 - Unsecured - 1,385,638-1,385,638 AFS financial assets: Unquoted Islamic corporate debt securities in Malaysia - Secured - 34,134,750-34,134,750 - Unsecured - 8,228,960-8,228,960 Government investment issues - 16,801,814-16,801,814 3,715,310 62,756,792-66,472, Notes to the unaudited interim financial statements

19 11. Takaful certificates liabilities Gross Retakaful Net takaful fund RM RM RM As at 30 September 2013 Participants' investment fund 54,278,320 54,278,320 Participants' risk fund 10,156,050 (1,183,074) 8,972,975 64,434,370 (1,183,074) 63,251,295 As at 31 March 2013 Participants' investment fund 37,115,704-37,115,704 Participants' risk fund 2,276,214 (351,052) 1,925,162 39,391,918 (351,052) 39,040,866 The movement of the takaful certificate liabilities of the family takaful fund is further analysed as follows: NAV Provision Actuarial attributable to for outstanding Gross liability unitholders claims liabilities Retakaful Net RM RM RM RM RM RM At 1 April ,249 9,923,177-10,141,426 (1,206) 10,140,220 Net earned contribution - 2,714,990-2,714,990-2,714,990 Claims intimated during the year (744,254) - 744,254 - (202,360) (202,360) Claims paid during the year - - (468,042) (468,042) - (468,042) Increase in certificate reserves 27,003, ,003,544 (147,486) 26,856,058 At 1 April ,477,539 12,638, ,212 39,391,918 (351,052) 39,040,866 Net earned contribution - 2,392,591-2,392,591-2,392,591 Claims intimated during the period (2,389,298) 2,389,298 - (307,635) (307,635) Claims paid during the period - - (1,988,073) (1,988,073) - (1,988,073) Increase in certificate reserves 24,637, ,637,934 (524,388) 24,113,546 At 30 September ,726,175 15,030, ,437 64,434,370 (1,183,074) 63,251, Notes to the unaudited interim financial statements

20 11. Takaful certificates liabilities (cont'd.) Gross Retakaful Net Company RM RM RM As at 30 September 2013 Participants' investment fund 44,278,320 44,278,320 Participants' risk fund 10,156,050 (1,183,074) 8,972,975 54,434,370 (1,183,074) 53,251,295 As at 31 March 2013 Participants' investment fund 27,115,704-27,115,704 Participants' risk fund 2,276,214 (351,052) 1,925,162 29,391,918 (351,052) 29,040,866 The movement of the takaful certificate liabilities of the Company is further analysed as follows: NAV Provision Actuarial attributable to for outstanding Gross liability unitholders claims liabilities Retakaful Net RM RM RM RM RM RM At 1 April , ,249 (1,206) 217,043 Net earned contribution - 2,638,167-2,638,167-2,638,167 Claims intimated during the year (744,254) - 744,254 - (202,360) (202,360) Claims paid during the year - - (468,042) (468,042) - (468,042) Increase in certificate reserves 27,003, ,003,544 (147,486) 26,856,058 At 1 April ,477,539 2,638, ,212 29,391,918 (351,052) 29,040,866 Net earned contribution - 2,392,591 2,392,591 2,392,591 Claims intimated during the period (2,389,298) - 2,389,298 - (307,635) (307,635) Claims paid during the period - - (1,988,073) (1,988,073) - (1,988,073) Increase in certificate reserves 24,637,934-24,637,934 (524,388) 24,113,546 At 30 September ,726,175 5,030, ,437 54,434,370 (1,183,074) 53,251, Notes to the unaudited interim financial statements