Ceylinco Insurance : INTERIM FINANCIAL STATEMENT AS AT 30.06.2022

Interim Financial Statements

Period Ended 30th June 2022

Ceylinco Insurance PLC

Statement of Financial Position

		As at		Consolidated	Company	31.12.2021
			30.06.2022	31.12.2021	30.06.2022
				Rs.'000	Rs.'000	Rs.'000	Rs.'000
				Unaudited	Audited	Unaudited	Audited
		Assets		181,304	181,304	-	-
	Goodwill
		Other Intangible assets		365,869	319,879	-	-
		Deferred expenses		1,177,491	1,155,239	-	-
		Property,Plant and equipment	23,203,497	22,943,260	-	-
		Right of use Assets		903,940	934,151	-	-
		Investment properties		4,838,301	2,794,482	153,332	153,332
		Investment in subsidiaries		-	6,554,152	15,896,855	15,896,855
		Investment in associates		6,949,082	92,514	92,514
	Financial instruments	80,588,482
		Held to maturity financial assets	64,137,247	-	-
		Loans and receivables	93,151,652	96,741,229	1,047,785	1,233,146
		Available-for-sale financial assets	11,309,201	10,803,160	940,834	564,668
		Financial assets at fair value through profit or loss		645,485	99,519	-	-
		Employee Gratuity Benefit Asset		7,022,455	6,671,045	-	-
		Employee Pension Benefit Asset		2,095,742	2,053,245	-	-
		Reinsurance Receivables		5,628,409	6,035,830	-	-
		Loans to Life policyholders		1,993,962	1,561,981	-	-
		Income tax receivable		1,847	7,145	-	-
		Deferred tax assets		9,906	8,957	-	-
		Insurance receivables/Trade Debtors		9,835,823	6,829,050	-	-
		Other assets		1,465,297	1,000,257	14,481	5,174
		Cash and cash equivalents		793,231	1,507,233	9,906	5,436
		Total assets	252,160,976	232,338,365	18,155,707	17,951,125
	Equity and liabilities
	Equity attributable to equity holders of parent		1,324,822
		Stated Capital		1,324,822	1,324,822	1,324,822
		Retained earnings	59,730,276	57,898,521	14,120,112	14,072,105
		Other Reserves		2,613,738	2,897,854	2,270,846	2,255,973
		Revaluation reserves		4,682,041	4,608,433	-	-
		Restricted Regulatory Reserve		3,456,184	3,456,184	-	-
		Total ordinary shareholders' equity	71,807,061	70,185,814	17,715,780	17,652,900
		Non-controlling interests		2,809,415	2,544,124	-	-
	Total equity	74,616,476	72,729,938	17,715,780	17,652,900
	Liabilities	126,450,556
		Life Insurance contract liabilities	118,780,428	-	-
		Unit Linked Fund & Other funds -Life		677,252	686,266	-	-
		Non Life Insurance contract liabilities	15,987,363	15,227,333	-	-
		Employee Gratuity Benefit Liability		357,300	307,561	30,618	25,201
		Deferred Revenue		533,378	578,428
	Interest Bearing Loans & Borrowings		3,465,010	6,078,877	139,349	111,679
		Obligation to Repurchase Securities		8,924,070	-	-	-
		Deferred tax liabilities		1,551,855	1,500,188	-	-
		Reinsurance payables		7,149,118	5,911,296	-	-
		Trade and other payables	12,448,546	10,538,050	269,960	161,345
		Total liabilities	177,544,448	159,608,427	439,927	298,225
	Total equity and liabilities	252,160,924	232,338,365	18,155,707	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 are responsible for the preparation and presentation of 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
		12th August 2022
		Ceylinco Insurance PLC - Interim Financial Statements	1	For the Six Months Ended 30th June

Statement of Income

					Consolidated		Company
			For Six Months Ended 30th June	Notes	2022	2021 change	2022	2021	change
					Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
					Unaudited	Unaudited		Unaudited	Unaudited
			Net Income	3	33,371,947	28,304,207	18	1,457,281	1,356,652	7
			Gross written premiums	4	28,759,723	22,361,996	29	-	-
			Premiums ceded to reinsurers		(6,701,163)	(4,373,660)	53	-	-
			Net written premiums		22,058,560	17,988,336	23	-	-
			Net change in Reserve for unearned premium		(564,502)	23,841	(2,468)	-
			Net Earned premium		21,494,058	18,012,177	19	-	-
			Revenue from non-insurance subsidiaries		2,127,578	1,997,800	6	-	-
					23,621,636	20,009,977	18	-	-
			Investment and Other Income		9,750,311	8,294,230	18	1,457,281	1,356,652	7
			Insurance Claims and Benefit (Net)		(11,300,493)	(9,474,004)	19	-	-
			Increase in Life Insurance Fund		(8,368,452)	(6,306,499)	33	-	-
			Acquisition cost		(2,279,627)	(2,188,781)	4	-	-
			Total Benefits,Losses and expenses		(21,948,572)	(17,969,284)	22	-	-
		Cost of sales of non-insurance subsidiaries		(500,375)	(420,407)	19	-	-
					(22,448,947)	(18,389,691)	22	-	-
		Other operating and administrative expenses		(6,342,061)	(5,845,472)	8	(99,709)	(80,152)	24
		Profit from Operations		4,580,939	4,069,044	13	1,357,572	1,276,500	6
	Finance cost		(201,119)	(81,050)	148	(20)	(35)
	Share of profit of associates		621,931	540,438	15	-	-
	Profit before tax		5,001,751	4,528,432	10	1,357,552	1,276,465	6
	Income tax expense	5	(1,115,470)	(1,072,331)	4	(192,736)	(109,538)	76
	Profit for the period		3,886,281	3,456,101	12	1,164,816	1,166,927	(0)
Profit attributable to:		3,613,979			1,164,816
Equity holders of the parent		3,248,823	11	1,166,927	(0)
Non-controlling interests		272,302	207,278	31	-	-
					3,886,281	3,456,101	12	1,164,816	1,166,927	(0)
Figures in bracket indicate deductions
			Dividend Per Share		136.82	122.99		44.10	44.18
						Group		Company
				Notes	30.06.2022	30.06.2021		30.06.2022	30.06.2021
			Final Dividend Paid	7	42.00	40.00		42.00	40.00
			Interim Dividend Paid		-	-		-	-
					42.00	40.00		42.00	40.00

Ceylinco Insurance PLC - Interim Financial Statements

2

For the Six Months Ended 30th June

			Consolidated		Company
	For Three Months Ended 30th June	Notes	2022	2021 change	2022	2021	change
			Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
			Unaudited	Unaudited		Unaudited	Unaudited
	Net Income	3	17,048,089	14,308,439	19	1,326,544	1,262,213	5
	Gross written premiums	4	14,168,400	10,407,332	36	-	-
	Premiums ceded to reinsurers		(3,711,498)	(1,823,945)	103	-	-
	Net written premiums		10,456,902	8,583,387	22	-	-
	Net change in Reserve for unearned premium		388,992	578,482	(33)	-
	Net Earned premium		10,845,894	9,161,869	18	-	-
	Revenue from non-insurance subsidiaries		1,058,772	977,082	8
			11,904,666	10,138,951	17	-	-
	Investment and Other Income		5,143,423	4,169,488	23	1,326,544	1,262,213	5
	Insurance Claims and Benefit (Net)		(5,781,462)	(4,787,273)	21	-	-
	Increase in Life Insurance Fund		(4,331,915)	(3,295,489)	31	-	-
	Acquisition cost		(1,113,950)	(1,052,055)	6	-	-
	Total Benefits,Losses and expenses		(11,227,327)	(9,134,817)	23	-	-
	Cost of sales of non-insurance subsidiaries		(258,557)	(204,642)	26	-	-
			(11,485,884)	(9,339,459)	23	-	-
	Other operating and administrative expenses		(3,186,317)	(2,923,320)	9	(50,771)	(42,462)	20
	Profit from Operations		2,375,888	2,045,660	16	1,275,773	1,219,751	5
Finance cost		(96,441)	(38,437)	151	(15)	(35)
Share of profit of associates		212,370	180,667	18	-	-
Profit before tax		2,491,817	2,187,890	14	1,275,758	1,219,716	5
Income tax expense	5	(617,900)	(548,124)	13	(188,420)	(103,616)	82
Profit for the period		1,873,917	1,639,766	14	1,087,338	1,116,100	(3)
Profit attributable to:		1,717,327			1,087,338
Equity holders of the parent		1,518,269	13	1,116,100	(3)
Non-controlling interests		156,590	121,497	29	-	-
			1,873,917	1,639,766	14	1,087,338	1,116,100	(3)
Figures in bracket indicate deductions
	Dividend Per Share		65.01	57.48		41.16	42.25
				Group		Company
		Notes	30.06.2022	30.06.2021		30.06.2022	30.06.2021
	Final Dividend Paid	7	42.00	40.00		42.00	40.00
	Interim Dividend Paid		-	-		-	-
			42.00	40.00		42.00	40.00

Ceylinco Insurance PLC - Interim Financial Statements

3

For the Six Months Ended 30th June