Janashakthi Insurance : Condensed Consolidated Interim Financial Statements for the period ended 31st December 2021

JANASHAKTHI INSURANCE PLC

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

31 DECEMBER 2021

JANASHAKTHI INSURANCE PLC

STATEMENT OF FINANCIAL POSITION

		Unaudited
As at		31 December 2021
Assets	Note	LKR '000
Financial Investments		21,551,789
Investment Property		1,724,379
Intangible Assets		53,187
Property, Plant and Equipment		261,700
Right of Use Lease Assets	5	173,532
Loans to Life Policyholders & Others		332,860
Reinsurance Receivable		52,051
Premium Receivables		152,413
Other Assets		268,487
Deferred Tax Asset	7	790,486
Cash in Hand and Balance at Bank		404,634
Total Assets		25,765,518
Liabilities and Shareholders' Equity
Equity
Stated Capital		4,853,752
Revenue Reserves		3,518,767
Restricted Regulatory Reserve	8	1,795,829

Audited

31 December 2020

LKR '000

19,374,743

1,984,574

64,074

354,971

224,524

339,072

38,762

102,152

471,927

959,255

282,891

24,196,946

4,853,752

3,417,569

1,795,829

Total Equity	10,168,348	10,067,150

Liabilities

Insurance Liability - Life		13,935,320
Retirement Benefit Obligation		89,379
Reinsurance Creditors		99,683
Lease Creditors	10	211,519
Other Liabilities		1,165,317
Short term non interest bearing liabilities		95,952
Total Liabilities		15,597,170
Total Equity and Liabilities		25,765,518

12,681,780

98,692

45,939

254,652

918,541

130,192

14,129,796

24,196,946

I certify that these Interim Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.

Signed

Thanushka Jayasundera

Chief Financial Officer

The Board Directors are responsible for these Interim Financial Statements.

Signed for and on behalf of the Board by.

Signed	Signed
Prakash Schaffter	Ravi Liyanage
Chairman	Chief Executive Officer
Colombo
09 February 2022

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JANASHAKTHI INSURANCE PLC

INCOME STATEMENT

		Unaudited
For the Period ended 31 December		2021
	Note	LKR '000
Gross Written Premium	11	5,460,928
Premium Ceded to Reinsurers		(211,961)
		5,248,967
Other Revenue
Fee and Commission Income		102,399
Investment Income		1,927,756
Realised Gains		235,139
Fair Value Gains/ (Losses)		(544,209)
Other Operating Revenue		305,363
Total Other Revenue		2,026,448
Total Net Income		7,275,415
Benefits and Claims
Net Benefits & Claims		(2,134,248)
Increase in Life Insurance Fund		(1,253,538)
Underwriting & Net Acquisition Cost		(1,864,486)
Total Benefits, Claims & Net Acquisition Cost		(5,252,272)
Finance Cost		(34,758)
Other Operating and Administrative Expenses		(1,326,712)
Other Expenses		(1,361,470)
Profit before Taxation		661,673
Income Tax Expense		(168,771)
Profit for the Period		492,902
Profit attributable to:
Equity holders of the Company		492,902
Basic Earning per Share (Rs.)		2.18

Audited

2020

LKR '000

3,819,817

(122,180)

3,697,637

50,646

1,858,910

293,871

214,988

179,636

2,598,051

6,295,688

(1,758,226)

(1,584,947)

(860,858)

(4,204,030)

(38,299)

(1,032,447)

(1,070,746)

1,020,911

(261,586)

759,325

759,325

3.35

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JANASHAKTHI INSURANCE PLC
STATEMENT OF COMPREHENSIVE INCOME
						Unaudited	Audited
For the Period ended 31 December						2021	2020
						LKR'000	LKR'000
Profit for the Period						492,902	759,325
Other Comprehensive Income
Net Change in fair value of Available For Sale financial assets						232,649	(353,482)
Net Change in Fair Value of Life Policyholders' Available for Sale Financial Assets, transferred to Income Statement					(171,301)	-
Impairment of Available for Sale Financial Assets transferred to Statement of Profit or Loss							94,674
Other Comprehensive Income						61,348	(258,808)
Total Comprehensive Income/ (Loss ) for the Period						554,250	500,517
Total Comprehensive Income/ (Loss) attributable to:
Equity holders of the Company						554,250	500,517
STATEMENT OF CHANGES IN EQUITY
				Revenue Reserves
	Stated	Restricted	Retained	Available-for-
	Regulatory	sale Financial		Total	Total
	Capital	Earnings
	Reserve	Assets
	LKR '000	LKR '000	LKR '000	LKR '000		LKR '000	LKR '000
Audited Balance as at 31 December 2019	4,853,752	1,795,829	2,855,197	61,855		2,917,052	9,566,633
Profit for the Period	-	-	759,325	-		759,325	759,325
Other Comprehensive (Loss) / Income
Net Change in fair value of AFS assets	-	-	-	(353,482)		(353,482)	(353,482)
Impairment of Available for Sale Financial Assets transferred to Statement of Profit or Loss	-	-	-	94,674		94,674	94,674
Actuarial Losses on Defined Benefit Plans			(3,279)	-		(3,279)	(3,279)
Transferred to Life Insurance Fund			3,279	-		3,279	3,279
Other Comprehensive Income	-	-	-	(258,808)		(258,808)	(258,808)
Audited Balance as at 31 December 2020	4,853,752	1,795,829	3,614,522	(196,953)		3,417,569	10,067,150
Profit for the Period	-	-	492,902	-		492,902	492,902
Other Comprehensive Income
Net Change in fair value of AFS assets	-	-	-	232,649		232,649	232,649
Net Change in Fair Value of Life Policyholders' Available for Sale Financial Assets, transferred to
Income Statement	-	-	-	(171,301)		(171,301)	(171,301)
Other Comprehensive Income	-	-	-	61,348		61,348	61,348
Transactions with owners recorded directly in equity
Dividend Paid to equity holders for 2020			(453,052)			(453,052)	(453,052)
Unaudited Balance as at 31 December 2021	4,853,752	1,795,829	3,654,372	(135,605)		3,518,767	10,168,348

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JANASHAKTHI INSURANCE PLC

INCOME STATEMENT

		Unaudited
For the Three months ended 31 December		2021
	Note	LKR '000
Gross Written Premium	11	1,639,144
Premium Ceded to Reinsurers		(55,140)
		1,584,004
Other Revenue
Fee and Commission Income		16,431
Investment Income		464,666
Realised Gains		205,991
Fair Value Gains Losses		(99,827)
Other Operating Revenue		70,631
Total Other Revenue		657,892
Total Net Income		2,241,896
Benefits and Claims
Net Benefits & Claims		(603,365)
Increase in Life Insurance Fund		(465,172)
Underwriting & Net Acquisition Cost		(560,311)
Total Benefits, Claims & Net Acquisition Cost		(1,628,848)
Finance Cost		(8,118)
Other Operating and Administrative Expenses		(399,865)
Other Expenses		(407,983)
Profit before Taxation		205,065
Income Tax Expense		(23,941)
Profit for the Period		181,124
Profit attributable to:
Equity holders of the Company		181,124
Basic Earnings per Share (Rs.)		0.80

Unaudited

2020

LKR '000

1,121,562

(29,350)

1,092,212

8,329

463,600

46,831

(71,419)

117,022

564,363

1,656,575

(477,253)

(100,812)

(237,936)

(816,001)

(24,968)

(360,325)

(385,293)

455,282

(221,586)

233,696

233,696

1.03

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