CEYLINCO INSURANCE PLC Interim Financial Statements
Year Ended 31st December 2021
Ceylinco Insurance PLC
Statement of Financial Position
As at | Consolidated | 31.12.2020 | Company | 31.12.2020 | ||||||
31.12.2021 | 31.12.2021 | |||||||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||||||
Unaudited | Audited | Unaudited | Audited | |||||||
Assets | 181,304 | 181,304 | - | - | ||||||
Goodwill | ||||||||||
Other Intangible assets | 319,879 | 388,710 | - | - | ||||||
Deferred expenses | 1,155,239 | 1,076,804 | - | - | ||||||
Property,Plant and equipment | 22,943,259 | 21,998,187 | - | - | ||||||
Right of use assets | 934,151 | 1,091,054 | - | - | ||||||
Investment properties | 2,794,482 | 2,111,922 | 153,332 | 153,332 | ||||||
Investment in subsidiaries | - | - | 15,896,856 | 15,986,821 | ||||||
Investment in associates | 6,561,859 | 5,114,715 | 92,514 | 92,514 | ||||||
Financial instruments | 64,137,247 | 51,698,662 | - | - | ||||||
Held to maturity financial assets | ||||||||||
Loans and receivables | 96,741,229 | 71,215,058 | 1,233,146 | 720,277 | ||||||
Available-for-sale financial assets | 10,802,978 | 21,301,328 | 564,668 | 347,952 | ||||||
Financial assets at fair value through profit or loss | 99,519 | 3,174,763 | - | - | ||||||
Employee Gratuity Benefit Asset | 6,671,045 | 4,725,649 | - | - | ||||||
Employee Pension Benefit Asset | 2,053,242 | 1,754,384 | - | - | ||||||
Reinsurance Receivables | 6,035,830 | 4,200,999 | - | - | ||||||
Loans to Life policyholders | 1,561,981 | 1,282,725 | - | - | ||||||
Income tax receivable | 7,145 | 56,692 | - | 35,371 | ||||||
Deferred tax assets | 8,957 | 146,340 | - | - | ||||||
Insurance receivables/Trade Debtors | 6,829,050 | 6,952,701 | - | - | ||||||
Other assets | 1,000,257 | 1,026,839 | 5,174 | 6,068 | ||||||
Cash and cash equivalents | 1,507,233 | 1,640,927 | 5,436 | 45,555 | ||||||
Total assets | 232,345,886 | 201,139,763 | 17,951,126 | 17,387,890 | ||||||
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 | 57,904,273 | 48,633,350 | 14,072,105 | 13,855,541 | ||||||
Other Reserves | 2,898,758 | 2,980,010 | 2,255,973 | 2,052,247 | ||||||
Revaluation reserves | 4,608,433 | 4,704,195 | - | - | ||||||
Restricted Regulatory Reserve | 3,456,184 | 3,456,184 | - | - | ||||||
Total ordinary shareholders' equity | 70,192,470 | 61,098,561 | 17,652,900 | 17,232,610 | ||||||
Non-controlling interests | 2,544,056 | 2,323,015 | - | - | ||||||
Total equity | 72,736,526 | 63,421,576 | 17,652,900 | 17,232,610 | ||||||
Liabilities | 118,780,428 | 105,883,025 | - | - | ||||||
Life Insurance contract liabilities | ||||||||||
Unit Linked and other Funds -Life | 687,066 | 657,389 | - | - | ||||||
Non Life Insurance contract liabilities | 15,227,333 | 13,033,217 | - | - | ||||||
Employee Gratuity Benefit Liability | 307,561 | 337,711 | 25,201 | 14,978 | ||||||
Deferred Revenue | 578,428 | 489,501 | 111,679 | 76,256 | ||||||
Borrowings | 6,078,877 | 2,071,902 | ||||||||
Deferred tax liabilities | 1,501,124 | 1,171,591 | - | - | ||||||
Reinsurance payables | 5,911,296 | 4,560,668 | - | - | ||||||
Trade and other payables | 10,537,247 | 9,513,183 | 161,346 | 64,046 | ||||||
Total liabilities | 159,609,360 | 137,718,187 | 298,226 | 155,280 | ||||||
Total equity and liabilities | 232,345,886 | 201,139,763 | 17,951,126 | 17,387,890 | ||||||
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 is responsible for 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 |
24th February 2022
Ceylinco Insurance PLC - Interim Financial Statements | 1 | For the Year Ended 31st December 2021 |
Statement of Income
Consolidated | Company | ||||||
For Twelve Months Ended 31st December | Notes | 2021 | 2020 | change | 2021 | 2020 | change |
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | ||
Unaudited | Audited | Unaudited | Audited | ||||
Net Income | 3 | 60,613,393 | 55,924,487 | 8 | 1,634,898 | 494,834 | 230 |
Gross written premiums | 4 | 47,881,541 | 43,896,576 | 9 | - | - | - |
Premiums ceded to reinsurers | (9,465,742) | (8,854,843) | 7 | - | - | - | |
Net written premiums | 38,415,799 | 35,041,733 | 10 | - | - | - | |
Net change in Reserve for unearned premium | 167,761 | 166,962 | 0 | - | - | - | |
Net Earned premium | 38,583,560 | 35,208,695 | 10 | - | - | ||
Revenue from non-insurance subsidiaries | 3,852,427 | 3,312,190 | 16 | - | - | ||
42,435,987 | 38,520,885 | 10 | - | - | - | ||
Investment and Other Income | 18,177,406 | 17,403,602 | 4 | 1,634,898 | 494,834 | 230 | |
Insurance Claims and Benefit (Net) | (19,894,682) | (18,962,320) | 5 | - | - | - | |
Increase in Life Insurance Fund | (11,803,985) | (9,423,994) | 25 | - | - | - | |
Acquisition cost | (4,452,122) | (4,074,212) | 9 | - | - | - | |
Total Benefits,Losses and expenses | (36,150,789) | (32,460,526) | 11 | - | - | - | |
Cost of sales of non-insurance subsidiaries | (827,800) | (883,998) | (6) | - | - | - | |
(36,978,589) | (33,344,524) | 11 | - | - | - | ||
Other operating and administrative expenses | (12,066,701) | (11,322,480) | 7 | (174,351) | (172,207) | 1 | |
Profit from Operations | 11,568,103 | 11,257,483 | 3 | 1,460,547 | 322,627 | 353 | |
Finance cost | (249,539) | (273,088) | (9) | (1,287) | (1,131) | 14 | |
Share of profit of associates | 1,324,621 | 928,097 | 43 | - | - | ||
Profit before tax | 12,643,185 | 11,912,492 | 6 | 1,459,260 | 321,496 | 354 | |
Income tax expense | 5 | (2,563,619) | (2,534,488) | 1 | (186,117) | (35,017) | 432 |
Profit for the period | 10,079,566 | 9,378,004 | 7 | 1,273,143 | 286,479 | 344 | |
Profit attributable to: | |||||||
Equity holders of the parent | 9,754,466 | 9,276,359 | 5 | 1,273,143 | 286,479 | 344 | |
Non-controlling interests | 325,100 | 101,645 | 220 | - | - | ||
10,079,566 | 9,378,004 | 7 | 1,273,143 | 286,479 | 344 | ||
Basic Earnings Per Share(Rs.) | 369.28 | 351.18 | 48.20 | 10.85 | |||
Dividend Per Share | Group | Company | |||||
Note | 31.12.2021 | 31.12.2020 | 31.12.2021 | 31.12.2020 | |||
Final Dividend Paid | 7 | 40.00 | 38.00 | 40.00 | 38.00 | ||
Interim Dividend Paid | - | - | - | - | |||
40.00 | 38.00 | 40.00 | 38.00 |
Figures in bracket indicate deductions
Ceylinco Insurance PLC - Interim Financial Statements | 2 | For the Year Ended 31st December 2021 |
Consolidated | Company | |||||||
For Three Months Ended 31st December | Notes | 2021 | 2020 | change | 2021 | 2020 | change | |
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | |||
Unaudited | Unaudited | Unaudited | Unaudited | |||||
Net Income | 3 | 18,242,527 | 15,367,776 | 19 | 246,010 | 281,529 | (13) | |
Gross written premiums | 4 | 14,428,247 | 11,942,037 | 21 | - | - | - | |
Premiums ceded to reinsurers | (3,012,498) | (2,466,870) | 22 | - | - | - | ||
Net written premiums | 11,415,749 | 9,475,167 | 20 | - | - | - | ||
Net change in Reserve for unearned | 436,599 | 454,506 | (4) | - | - | - | ||
premium | ||||||||
Net Earned premium | 11,852,348 | 9,929,673 | 19 | - | - | - | ||
Revenue from non-insurance subsidiaries | 1,003,221 | 865,212 | 16 | - | - | |||
12,855,569 | 10,794,885 | 19 | - | - | - | |||
Investment and Other Income | 5,386,958 | 4,572,891 | 18 | 246,010 | 281,529 | (13) | ||
Insurance Claims and Benefit (Net) | (5,405,020) | (4,543,969) | 19 | - | - | - | ||
Increase in Life Insurance Fund | (2,770,598) | (2,682,052) | 3 | - | - | - | ||
Acquisition cost | (1,192,920) | (1,023,785) | 17 | - | - | - | ||
Total Benefits,Losses and expenses | (9,368,538) | (8,249,806) | 14 | - | - | - | ||
Cost of sales of non-insurance subsidiaries | (171,756) | (211,427) | (19) | - | - | |||
(9,540,294) | (8,461,233) | 13 | - | - | - | |||
Other operating and administrative expenses | (3,234,784) | (2,214,060) | 46 | (46,755) | (37,935) | 23 | ||
Profit from Operations | 5,467,449 | 4,692,483 | 17 | 199,255 | 243,594 | (18) | ||
Finance cost | (81,327) | (127,426) | (36) | (1,157) | (401) | 189 | ||
Share of profit of associates | 610,263 | 249,828 | 144 | - | - | |||
Profit before tax | 5,996,385 | 4,814,885 | 25 | 198,098 | 243,193 | (19) | ||
Income tax expense | 5 | (1,280,723) | (1,092,816) | 17 | (57,749) | (17,584) | 228 | |
Profit for the period | 4,715,662 | 3,722,069 | 27 | 140,349 | 225,609 | (38) | ||
Profit attributable to: | ||||||||
Equity holders of the parent | 4,728,340 | 3,796,361 | 25 | 140,349 | 225,609 | (38) | ||
Non-controlling interests | (12,678) | (74,292) | (83) | - | - | |||
4,715,662 | 3,722,069 | 27 | 140,349 | 225,609 | (38) | |||
Basic Earnings Per Share(Rs.) | 179.01 | 143.72 | 5.31 | 8.54 | ||||
Dividend Per Share | Group | Company | ||||||
Note | 31.12.2021 | 31.12.2020 | 31.12.2021 | 31.12.2020 | ||||
Final Dividend Paid | 7 | 40.00 | 38.00 | 40.00 | 38.00 | |||
Interim Dividend Paid | - | - | ||||||
40.00 | 38.00 | 40.00 | 38.00 |
Figures in bracket indicate deductions
Ceylinco Insurance PLC - Interim Financial Statements | 3 | For the Year Ended 31st December 2021 |
Statement of Other Comprehensive Income
Group | Company | |||
For Twelve Months Ended 31st December | 2021 | 2020 | 2021 | 2020 |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Unaudited | Audited | Unaudited | Audited | |
Profit for the period | 10,079,566 | 9,378,004 | 1,273,143 | 286,479 |
Other comprehensive income | ||||
Exchange differences on translating foreign operations | 32,600 | 9,940 | - | - |
Net gain on available-for-sale assets | (604,133) | 1,215,891 | 203,726 | 9,441 |
Actuarial Gain on Defined Benefit Plans | 972,418 | (1,186,607) | - | - |
Revaluation changes | 525,065 | 691,095 | - | - |
Income tax relating to components of OCI | (43,299) | (26,297) | - | - |
Other comprehensive income for the period, | 882,651 | 704,022 | 203,726 | 9,441 |
net of tax | ||||
Total comprehensive income for the period, net | 10,962,217 | 10,082,026 | 1,476,869 | 295,920 |
of tax | ||||
Group | Company | |||
For Three Months Ended 31 st December | 2021 | 2020 | 2021 | 2020 |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Unaudited | Unaudited | Unaudited | Unaudited | |
Profit for the period | 4,715,662 | 3,722,069 | 140,349 | 225,609 |
Other comprehensive income | ||||
Exchange differences on translating foreign operations | 13,668 | 11,132 | - | - |
Net gain on available-for-sale assets | 21,413 | 379,124 | 35,604 | (3,328) |
Actuarial Gain on Defined Benefit Plans | 995,958 | (1,209,914) | - | - |
Revaluation changes | 514,087 | 763,621 | - | - |
Income tax relating to OCI | (43,299) | (26,297) | - | - |
Other comprehensive income for the period, | 1,501,827 | (82,334) | 35,604 | (3,328) |
net of tax | ||||
Total comprehensive income for the period, net | 6,217,489 | 3,639,735 | 175,953 | 222,281 |
of tax |
Ceylinco Insurance PLC - Interim Financial Statements | 4 | For the Year Ended 31st December 2021 |
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Ceylinco Insurance plc published this content on 25 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2022 10:01:01 UTC.
