Ceylinco Insurance : Interim Financial Statements Period Ended 30th September 2022

Interim Financial Statements

Period Ended 30th September 2022

Ceylinco Insurance PLC

Statement of Financial Position

		As at		Consolidated	Company	31.12.2021
			30.09.2022	31.12.2021	30.09.2022
				Rs.'000	Rs.'000	Rs.'000	Rs.'000
				Unaudited	Audited	Unaudited	Audited
		Assets		181,304	181,304
		Goodwill
	Other Intangible assets		324,438	319,879
	Deferred expenses		1,215,022	1,155,239
	Property,Plant and equipment	23,121,152	22,943,260
	Right of use assets		870,724	934,151
Investment properties		4,844,645	2,794,482	153,332	153,332
Investment in subsidiaries		8,832,775	6,554,152	15,896,855	15,896,855
Investment in associates		92,514	92,514
		Financial instruments	91,583,400
		Held to maturity financial assets	64,137,247	852,878	1,233,146
	Loans and receivables	83,725,355	96,741,229
	Available-for-sale financial assets	12,335,462	10,803,160	1,159,119	564,668
	Financial assets at fair value through profit or loss		301,897	99,519
	Employee Gratuity Benefit Asset		7,369,966	6,671,045
Employee Pension Benefit Asset		2,116,992	2,053,245
Reinsurance Receivables		5,917,633	6,035,830
Loans to Life policyholders		2,467,123	1,561,981
Income tax receivable		11,145	7,145
Deferred tax assets		9,911	8,957
Insurance receivables/Trade Debtors	10,318,236	6,829,050	6,689	5,174
Other assets		1,847,211	1,000,257
Cash and cash equivalents		1,019,307	1,507,233	709	5,436
		Total assets	258,413,698	232,338,365	18,162,096	17,951,125
		Equity and liabilities
		Equity attributable to equity holders of parent		1,324,822		1,324,822
		Stated Capital		1,324,822	1,324,822
	Retained earnings	63,432,023	57,898,521	14,138,699	14,072,105
	Other Reserves		2,734,009	2,897,854	2,306,541	2,255,973
	Revaluation reserves		4,682,025	4,608,433
	Restricted Regulatory Reserve		3,456,184	3,456,184
	Total ordinary shareholders' equity	75,629,063	70,185,814	17,770,062	17,652,900
		Non-controlling interests		3,034,030	2,544,124		-
		Total equity	78,663,093	72,729,938	17,770,062	17,652,900
		Liabilities	127,803,970
		Life Insurance contract liabilities	118,780,428
	Unit Linked Fund & Other funds -Life		682,978	686,266
	Non Life Insurance contract liabilities	16,481,824	15,227,333	33,430	25,201
	Employee Gratuity Benefit Liability		361,362	307,561
	Deferred Revenue		641,097	578,428	117,683	111,679
Interest Bearing Loans & Borrowings		3,325,821	6,078,877
Obligation to repurchase securities		8,310,052	1,500,188
Deferred tax liabilities		1,563,909
Reinsurance payables		8,471,829	5,911,296	240,921
Trade and other payables	12,107,763	10,538,050	161,345
		Total liabilities	179,750,605	159,608,427	392,034	298,225
		Total equity and liabilities	258,413,698	232,338,365	18,162,096	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
		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
		A.R.Gunawardena	R. Renganathan		T.N.M. Peiris
		Chairman	Deputy Chairman		Director/ Head of Finance
		10th November 2022
		Ceylinco Insurance PLC - Interim Financial Statements	1	For Nine Months Ended 30th September 2022

Statement of Income

				Consolidated		Company
		For Nine Months Ended 30th September	Notes	2022	2021 change	2022	2021	change
				Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
				Unaudited	Unaudited		Unaudited	Unaudited
		Net Income	3	52,260,731	42,370,866	23	1,544,396	1,388,888	11
		Gross written premiums	4	42,617,842	33,453,294	27		-
		Premiums ceded to reinsurers		(10,386,808)	(6,453,244)	61		-
		Net written premiums		32,231,034	27,000,050	19		-
		Net change in Reserve for unearned premium		(523,246)	(268,838)	95		-
		Net Earned premium		31,707,788	26,731,212	19		-
		Revenue from non-insurance subsidiaries		3,238,964	2,849,206	14		-
				34,946,752	29,580,418	18		-
		Investment and Other Income		17,313,979	12,790,448	35	1,544,396	1,388,888	11
		Insurance Claims and Benefit (Net)		(18,023,014)	(14,489,662)	24
		Increase in Life Insurance Fund		(9,111,257)	(9,033,387)	1
		Acquisition cost		(3,379,673)	(3,259,202)	4
		Total Benefits,Losses and expenses		(30,513,944)	(26,782,251)	14		-
	Cost of sales of non-insurance subsidiaries		(802,534)	(656,044)	22		-
				(31,316,478)	(27,438,295)	14		-
		Other operating and administrative expenses		(9,493,257)	(8,831,917)	7	(150,224)	(127,596)	18
		Profit from Operations		11,450,996	6,100,654	88	1,394,172	1,261,292	11
	Finance cost		(248,761)	(168,212)	48	(351)	(130)
	Share of profit of associates		643,248	714,358	(10)		-
	Profit before tax		11,845,483	6,646,800	78	1,393,821	1,261,162	11
	Income tax expense	5	(2,325,806)	(1,282,896)	81	(203,018)	(128,368)	58
	Profit for the period		9,519,677	5,363,904	77	1,190,803	1,132,794	5
Profit attributable to:		8,994,761			1,190,803
Equity holders of the parent		5,026,126	79	1,132,794	5
Non-controlling interests		524,916	337,778	55		-
				9,519,677	5,363,904	77	1,190,803	1,132,794	5
Figures in bracket indicate deductions
		Basic Earnings Per Share(Rs.)		340.52	190.28		45.08	42.89
		Dividend Per Share			Group		Company
			Notes	30.09.2022	30.09.2021		30.09.2022	30.09.2021
		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 Nine Months Ended 30th September 2022

			Consolidated		Company
	For Three Months Ended 30th September	Notes	2022	2021 change	2022	2021	change
			Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
			Unaudited	Unaudited		Unaudited	Unaudited
	Net Income	3	18,888,784	14,066,659	34	87,115	32,236	170
	Gross written premiums	4	13,858,119	11,091,298	25		-
	Premiums ceded to reinsurers		(3,685,645)	(2,079,584)	77		-
	Net written premiums		10,172,474	9,011,714	13		-
	Net change in Reserve for unearned premium		41,256	(292,679)	(114)		-
	Net Earned premium		10,213,730	8,719,035	17		-
	Revenue from Non-insurance subsidiaries		1,111,386	851,406	31
			11,325,116	9,570,441	18		-
	Investment and Other Income		7,563,668	4,496,218	68	87,115	32,236	170
	Insurance Claims and Benefit (Net)		(6,722,521)	(5,015,658)	34		-
	Increase in Life Insurance Fund		(742,805)	(2,726,888)	(73)		-
	Acquisition cost		(1,100,046)	(1,070,421)	3		-
	Total Benefits,Losses and expenses		(8,565,372)	(8,812,967)	(3)		-
	Cost of sales of Non-insurance subsidiaries		(302,159)	(235,637)	28		-
			(8,867,531)	(9,048,604)	(2)		-
	Other operating and administrative expenses		(3,151,196)	(2,986,445)	6	(50,515)	(47,444)	6
	Profit from Operations		6,870,057	2,031,610	238	36,600	(15,208)	(341)
Finance cost		(47,642)	(87,162)	(45)	(331)	(95)
Share of profit of associates		21,317	173,920	(88)		-
	Profit before tax		6,843,732	2,118,368	223	36,269	(15,303)	(337)
	Income tax expense	5	(1,210,336)	(210,565)	475	(10,282)	(18,830)	(45)
	Profit for the period		5,633,396	1,907,803	195	25,987	(34,133)	(176)
Profit attributable to:		5,380,782			25,987
Equity holders of the parent		1,672,806	222	(34,133)	(176)
Non-controlling interests		252,614	234,997	7		-
			5,633,396	1,907,803	195	25,987	(34,133)	(176)
Figures in bracket indicate deductions
	Basic Earnings Per Share(Rs.)		203.71	63.33		0.98	(1.29)
	Dividend Per Share			Group		Company
		Notes	30.09.2022	30.09.2021		30.09.2022	30.09.2021
	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 Nine Months Ended 30th September 2022