Janashakthi Insurance : Interim Condensed Financial Statements for the period ended 30th June 2022

Janashakthi Insurance PLC

Interim Condensed Financial Statements

For the Period Ended 30 June 2022

JANASHAKTHI INSURANCE PLC

Interim Financial Statements - Quarter II - 2022

STATEMENT OF FINANCIAL POSITION

			Un Audited		Audited
As at	Note	30.06.2022	31.12.2021
			LKR '000		LKR '000
Assets
Property, Plant and Equipment		224,642	257,550
Right of Use Lease Assets	6.	153,552	173,532
Investment Property		1,711,644	1,783,919
Intangible Assets		49,191	53,187
Deferred Tax Asset	8.	593,191	656,093
Financial Investments	13.	20,157,301	21,545,101
Loans to Life Policyholders & Others		368,387	332,870
Reinsurance Receivable		65,105	52,051
Premium Receivables		134,654	152,377
Other Assets		300,387	271,783
Cash Cash and cash equivalents		236,730	404,634
Total Assets			23,994,784		25,683,097
Equity and Liabilities
Equity
Stated Capital		4,853,752	4,853,752
Restricted Regulatory Reserve		1,795,829	1,795,829
Available For Sale Reserve		(750,462)	(101,809)
Available For Sale Reserve - Life Policy Holders		(375,217)	(40,483)
Revenue Reserves		3,298,205	4,037,644
Total Equity		8,822,107		10,544,933
Liabilities
Insurance Liability - Life	12.1.	13,666,241	13,473,701
Retirement Benefit Obligation		95,240	89,379
Reinsurance Creditors		164,419	99,683
Lease Creditors	14.	183,447	211,519
Other Liabilities		1,063,330	1,167,930
Bank Overdraft		-	95,952
Total Liabilities		15,172,677		15,138,164
Total Equity and Liabilities
	23,994,784		25,683,097

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	R.N. Liyanage
Deputy Chairman	Director/Chief Executive Officer
Colombo
10 August 2022

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JANASHAKTHI INSURANCE PLC

Interim Financial Statements - Quarter II - 2022

INCOME STATEMENT

			Un Audited		Un Audited
For the Period Ended 30 June	Note	2022	2021
			LKR '000		LKR '000
Gross Written	Premium	15.	2,681,609	2,400,982
Premium Ceded to Reinsurers		(131,537)	(102,406)
			2,550,072		2,298,576
Other Revenue
Fee and Commission Income		33,155	68,030
Investment Income		1,166,770	970,929
Realised Gains		20,114	24,661
Fair Value Gains/ (Losses)		(970,934)	(137,298)
Other Operating Revenue		74,141	155,036
Total Other Revenue		323,246		1,081,358
Net Income
	2,873,318		3,379,934
Benefits and Claims
Net Benefits and Claims		(1,223,374)	(984,479)
Increase in Life Insurance Fund		(192,540)	(689,158)
Underwriting & Net Acquisition Cost		(866,680)	(786,146)
Total Benefits, Claims and Net Acquisition Cost		(2,282,594)		(2,459,783)
Other Expenses
Operating and Administrative Expenses		(731,463)	(614,630)
Finance Cost		(14,789)	(18,376)
Total Other Expenses		(746,252)		(633,006)
Profit/(Loss) before Taxation
	(155,528)		287,145
Income Tax Expense		(62,900)		(109,328)
Profit/(Loss) for the Period		(218,428)		177,817
Profit/(Loss) attributable to:
Equity holders of the Company		(218,428)		177,817
Basic Earning per Share (LKR)		(0.96)	0.78

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JANASHAKTHI INSURANCE PLC

Interim Financial Statements - Quarter II - 2022

STATEMENT OF COMPREHENSIVE INCOME

				Un Audited			Un Audited
For the Period Ended 30 June	Note	2022	2021
				LKR '000			LKR '000
Profit/(Loss)t for the Period			(218,428)	177,817
Other Comprehensive Income/(Loss)
Net Change in fair value of Available For Sale financial assets			(983,387)	246,308
Total Other Comprehensive Income/(Loss)			(983,387)			246,308
Total comprehensive Income/(Loss) for the Period, Net of Tax
		(1,201,815)			424,126
Total Comprehensive Income/(Loss) attributable to:
Equity holders of the Company			(1,201,815)			424,126

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JANASHAKTHI INSURANCE PLC

Interim Financial Statements - Quarter II - 2022

STATEMENT OF CHANGES IN EQUITY

						Revenue Reserves
			Restricted		Retained		Available-for-
	Stated Capital		Regulatory			sale Financial	Total		Total
			Earnings
			Reserve			Assets
	LKR '000		LKR '000		LKR '000		LKR '000	LKR '000		LKR '000
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	-	-	177,817	-		177,817	177,817
Other Comprehensive Income / (Loss)
Net Change in Fair Value of Available For Sale Financial Assets				-	246,308		246,308	246,308
Total Comprehensive Income for the Period, Net of Tax
				-		246,308		246,308		246,308
Unaudited Balance as at 30 June 2021	4,853,752		1,795,829		3,792,339		49,355		3,841,694		10,491,275
Profit for the Period	-		-		698,357		-		698,357		698,357
Other Comprehensive Income / (Loss)
Net Change in Fair Value of Available For Sale Financial Assets	-	-	-	(20,346)		(20,346)	(20,346)
Net Realised Gains Transferred to Income Statement	-	-	-	(171,301)		(171,301)	(171,301)
Actuarial Gain on Defined Benefit Plans	-	-	(17,007)	-		(17,007)	(17,007)
Transferred to Life Insurance Fund	-	-	17,007	-		17,007	17,007
Total Comprehensive Income/(Loss) for the Period, Net of Tax	-		-		-		(191,648)		(191,648)		(191,648)
Transactions with Owners Recorded Directly in Equity
Dividend Paid to Equity holders for 2020	-	-	(453,052)	-		(453,052)	(453,052)
Audited Balance as at 31 December 2021	4,853,752		1,795,829		4,037,644		(142,292)		3,895,351		10,544,933
Loss for the Period	-		-		(218,428)		-		(218,428)		(218,428)
Other Comprehensive Income / (Loss)
Net Change in Fair Value of Available For Sale Financial Assets	-	-	-	(983,387)		(983,387)	(983,387)
Total Comprehensive Income/(Loss) for the Period, Net of Tax
-		-		-		(983,387)		(983,387)		(983,387)
Transactions with owners recorded directly in equity
Dividend Paid to equity holders for 2021	-	-	(521,010)	-		(521,010)	(521,010)
Unaudited Balance as at 30 June 2022	4,853,752		1,795,829		3,298,206		(1,125,679)		2,172,526		8,822,107

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