Ceylinco Insurance : Financial Statements For the Year Ended 31st December 2022

Financial Statements

For the Year Ended 31st December 2022

Ceylinco Insurance PLC

Statement of Financial Position

				As at	Consolidated	Company	31.12.2021
				31.12.2022	31.12.2021	31.12.2022
					Rs.'000	Rs.'000	Rs.'000	Rs.'000
					Unaudited	Audited	Unaudited	Audited
				Assets	372,382	181,304
				Goodwill		-
				Intangible assets	367,179	319,879	-	-
				Deferred expenses	1,286,478	1,155,239	-	-
				Property,Plant and equipment	28,448,031	22,943,260	-	-
			Right of use asset	886,392	934,151	-	-
		Investment properties	3,342,062	2,794,482	153,332	153,332
		Investment in subsidiaries	8,832,061	6,554,152	15,896,855	15,896,855
		Investment in associates	92,514	92,514
				Financial instruments	91,950,320
				Held to maturity financial assets	64,137,247	-	-
				Loans and receivables	79,378,864	96,741,229	1,118,609	1,233,146
			Available-for-sale financial assets	10,431,210	10,803,160	1,106,978	564,668
		Financial assets at fair value through profit or loss	530,306	99,519	-	-
			Employee Gratuity Benefit Asset	8,100,116	6,671,045	-	-
			Employee Pension Benefit Asset	3,065,422	2,053,245	-	-
			Reinsurance Receivables	6,571,724	6,035,830	-	-
				Loans to life Policyholders	2,703,622	1,561,981	-	-
			Income tax receivable	95,789	7,145	66,932	-
			Deferred tax assets	119,934	8,957	-	-
			Insurance receivables/Trade Debtors	10,322,856	6,829,050	-	-
			Other assets	3,211,029	1,000,257	5,254	5,174
			Cash and cash equivalents	1,731,412	1,507,233	152	5,436
			Total assets	261,747,189	232,338,365	18,440,626	17,951,125
				Equity and liabilities
				Equity attributable to equity holders of parent	1,324,822	1,324,822	1,324,822	1,324,822
				Stated Capital
			Retained earnings	66,713,405	57,898,521	14,403,842	14,072,105
		Other Reserves	2,336,611	2,897,854	2,306,201	2,255,973
		Revaluation reserves	4,789,378	4,608,433	-	-
		Restricted Regulatory reserve	3,456,184	3,456,184	-	-
		Total ordinary shareholders' equity	78,620,400	70,185,814	18,034,865	17,652,900
	Non-controlling interests	3,274,900	2,544,124	-	-
				Total equity	81,895,300	72,729,938	18,034,865	17,652,900
				Liabilities	134,031,487	118,780,428	-	-
				Life Insurance contract liabilities
			Unit Linked and other Funds -Life	663,337	686,266	-	-
		Non Life Insurance contract liabilities	15,573,919	15,227,333	-	-
		Employee Gratuity Benefit Liability	409,257	307,561	36,243	25,201
		Deferred Revenue	781,891	578,428	85,594	111,679
	Borrowings	3,568,061	6,078,877
Deferred tax liabilities	2,462,210	1,500,188	-	-
			Reinsurance payables	10,424,719	5,911,296	-	-
			Trade and other payables	11,937,008	10,538,050	283,924	161,345
				Total liabilities	179,851,889	159,608,427	405,761	298,225
				Total equity and liabilities	261,747,189	232,338,365	18,440,626	17,951,125
				The notes form an integral part of the financial statements
				These Financial Statements are prepared in compliance with the requirements of the Companies Act No.07 of 2007
				Sgd.		Sgd.
				Upali Witharana		P A Jayawardena
				Director		Director

The Board of Directors is responsible for these financial statements. for and on behalf of the Board

Sgd.	Sgd.		Sgd.
A.R.Gunawardena	R. Renganathan		T.N.M. Peiris
Chairman	Deputy Chairman		Director/ Head of Finance
24th February 2023
Ceylinco Insurance PLC - Financial Statements	1	For the Year Ended 31st December 2022

Statement of Income

		Consolidated			Company
For Twelve Months Ended 31st December	Notes	2022	2021	change	2022	2021	change
		Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
		Unaudited	Audited		Unaudited	Audited
Net Income	3	77,020,273	60,613,392	27	1,888,091	1,634,898	15
Gross written premiums	4	58,239,661	47,881,540	22	-	-	-
Premiums ceded to reinsurers		(14,870,122)	(9,465,742)	57	-	-	-
Net written premiums		43,369,539	38,415,798	13	-	-	-
Net change in Reserve for unearned premium		105,373	167,761	(37)	-	-	-
Net Earned premium		43,474,912	38,583,559	13	-		-
Revenue from non-insurance subsidiaries		4,344,305	3,852,427	13	-	-
		47,819,217	42,435,986	13	-	-	-
Investment and Other Income		29,201,056	18,177,406	61	1,888,091	1,634,898	15
Insurance Claims and Benefit (Net)		(26,839,002)	(19,894,682)	35	-	-	-
Increase in Life Insurance Fund		(13,375,957)	(11,803,985)	13	-	-	-
Acquisition cost		(4,557,129)	(4,452,122)	2	-	-	-
Total Benefits,Losses and expenses		(44,772,088)	(36,150,789)	24	-	-	-
Cost of sales of non-insurance subsidiaries		(1,167,111)	(862,544)	35	-	-
		(45,939,199)	(37,013,333)	24	-	-	-
Other operating and administrative expenses		(12,571,033)	(12,031,956)	4	(201,787)	(174,351)	16
Profit from Operations		18,510,041	11,568,103	60	1,686,304	1,460,547	15.46
Impairment Provision		(2,782,117)	-		(23,588)	-
Finance cost		(389,925)	(249,539)	56	(1,179)	(1,287)	(8)
Share of profit of associates		943,006	1,304,768	(28)	-	-
Profit before tax		16,281,005	12,623,332	29	1,661,537	1,459,260	14
Income tax expense	5	(3,025,115)	(2,562,683)	18	(205,591)	(186,117)	10
Profit for the period		13,255,890	10,060,649	32	1,455,946	1,273,143	14
Profit attributable to:
Equity holders of the parent		12,643,271	9,735,549	30	1,455,946	1,273,143	14
Non-controlling interests		612,619	325,100	88	-	-
		13,255,890	10,060,649	32	1,455,946	1,273,143	14
Basic Earnings Per Share(Rs.)		478.65	368.57		55.12	48.20
Dividend Per Share		Group		Company
	Note	31.12.2022	31.12.2021		31.12.2022	31.12.2021
Final Dividend Paid	7	42.00	40.00		42.00	40.00
Interim Dividend Paid		-	-		-	-
		42.00	40.00		42.00	40.00

Figures in bracket indicate deductions

Ceylinco Insurance PLC - Financial Statements

2

For the Year Ended 31st December 2022

		Consolidated			Company
For Three Months Ended 31st December	Notes	2022	2021	change	2022	2021	change
		Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
		Unaudited	Unaudited		Unaudited	Unaudited
Net Income	3	24,759,542	18,242,526	36	343,695	246,010	40
Gross written premiums	4	15,621,819	14,428,246	8	-	-	-
Premiums ceded to reinsurers		(4,483,314)	(3,012,498)	49	-	-	-
Net written premiums		11,138,505	11,415,748	(2)	-	-	-
Net change in Reserve for unearned premium		628,619	436,599	44	-	-	-
Net Earned premium		11,767,124	11,852,347	(1)	-	-	-
Revenue from Other Operations		1,105,341	1,003,221	10	-	-
		12,872,465	12,855,568	0	-	-	-
Investment and Other Income		11,887,077	5,386,958	121	343,695	246,010	40
Insurance Claims and Benefit (Net)		(8,815,988)	(5,405,020)	63	-	-	-
Increase in Life Insurance Fund		(4,264,700)	(2,770,598)	54	-	-	-
Acquisition cost		(1,177,456)	(1,192,920)	(1)	-	-	-
Total Benefits,Losses and expenses		(14,258,144)	(9,368,538)	52	-	-	-
Cost of sales of subsidiaries		(364,577)	(206,500)	77	-	-
		(14,622,721)	(9,575,038)	53	-	-	-
Other operating and administrative expenses		(3,077,776)	(3,200,039)	(4)	(51,563)	(46,755)	10
Profit from Operations		7,059,045	5,467,449	29	292,132	199,255	47
Impairment Provision		(2,782,117)	-		(23,588)	-
Finance cost		(141,164)	(81,327)	74	(828)	(1,157)	(28)
Share of profit of associates		299,758	590,410	(49)	-	-
Profit before tax		4,435,522	5,976,532	(26)	267,716	198,098	35
Income tax expense	5	(699,309)	(1,279,787)	(45)	(2,573)	(57,749)	(96)
Profit for the period		3,736,213	4,696,745	(20)	265,143	140,349	89
Profit attributable to:
Equity holders of the parent		3,648,510	4,709,423	(23)	265,143	140,349	89
Non-controlling interests		87,703	(12,678)	(792)	-	-
		3,736,213	4,696,745	(20)	265,143	140,349	89
Basic Earnings Per Share(Rs.)		138.13	178.29		10.04	5.31
Dividend Per Share		Group		Company
	Note	31.12.2022	31.12.2021		31.12.2022	31.12.2021
Final Dividend Paid	7	42.00	40.00		42.00	40.00
Interim Dividend Paid		-	-
		42.00	40.00		42.00	40.00

Figures in bracket indicate deductions

Ceylinco Insurance PLC - Financial Statements

3

For the Year Ended 31st December 2022