Janashakthi Insurance : Interim Financial Statements 30th September 2022

Janashakthi Insurance PLC

Interim Condensed Financial Statements

For the Period Ended 30 September 2022

JANASHAKTHI INSURANCE PLC

Interim Financial Statements - Quarter III - 2022

STATEMENT OF FINANCIAL POSITION

				Un Audited		Audited
As at	Note	30.09.2022	31.12.2021
				LKR '000		LKR '000
Assets
Property, Plant and Equipment		206,457	257,550
Right of Use Lease Assets	6.	148,022	173,532
Investment Property		1,711,644	1,783,919
Intangible Assets		48,139	53,187
Deferred Tax Asset	8.	540,683	656,093
Financial Investments	13.	20,536,246	21,545,101
Loans to Life Policyholders & Others		355,232	332,870
Reinsurance Receivable		47,134	52,051
Premium Receivables		54,699	152,377
Other Assets		308,314	271,783
Cash Cash and cash equivalents		124,965	404,634
Total Assets				24,081,535		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		(263,642)	(101,809)
Available For Sale Reserve - Life Policy Holders		(478,839)	(40,483)
Revenue Reserves		3,523,184	4,037,644
Total Equity			9,430,284		10,544,933
Liabilities
Insurance Liability - Life	12.1.	13,216,107	13,473,701
Retirement Benefit Obligation		88,420	89,379
Reinsurance Creditors		169,863	99,683
Lease Creditors	14.	173,427	211,519
Other Liabilities		1,003,434	1,167,930
Bank Overdraft		-	95,952
Total Liabilities			14,651,251		15,138,164
Total Equity and Liabilities
		24,081,535		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
16 November 2022

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JANASHAKTHI INSURANCE PLC

Interim Financial Statements - Quarter III - 2022

INCOME STATEMENT

			Un Audited		Un Audited
For the Period Ended 30 September	Note	2022	2021
			LKR '000		LKR '000
Gross Written	Premium	15.	3,728,111	3,821,783
Premium Ceded to Reinsurers		(189,078)	(156,821)
			3,539,033		3,664,962
Other Revenue
Fee and Commission Income		47,695	85,969
Investment Income		1,942,732	1,463,089
Realised Gains		42,418	29,148
Fair Value Gains/ (Losses)		(1,290,451)	(444,382)
Other Operating Revenue		117,934	234,732
Total Other Revenue		860,329		1,368,556
Net Income
	4,399,362		5,033,518
Benefits and Claims
Net Benefits and Claims		(2,057,318)	(1,530,883)
(Increase)/Decrease in Life Insurance Fund		257,594	(788,367)
Underwriting & Net Acquisition Cost		(1,341,427)	(1,304,175)
Total Benefits, Claims and Net Acquisition Cost		(3,141,150)		(3,623,425)
Other Expenses
Operating and Administrative Expenses		(1,119,476)	(926,847)
Finance Cost		(21,796)	(26,640)
Total Other Expenses		(1,141,272)		(926,847)
Profit/(Loss) before Taxation
	116,940		483,247
Income Tax Expense		(115,408)		(144,830)
Profit/(Loss) for the Period		1,531		338,416
Profit/(Loss) attributable to:
Equity holders of the Company		1,531		338,416
Basic Earning per Share (LKR)		0.01	1.49

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JANASHAKTHI INSURANCE PLC

Interim Financial Statements - Quarter III - 2022

STATEMENT OF COMPREHENSIVE INCOME

				Un Audited			Un Audited
For the Period Ended 30 September	Note	2022	2021
				LKR '000			LKR '000
Profit/(Loss)t for the Period			1,531	338,416
Other Comprehensive Income/(Loss)
Net Change in fair value of Available For Sale financial assets			(600,188)	232,748
Total Other Comprehensive Income/(Loss)			(600,188)			232,748
Total comprehensive Income/(Loss) for the Period, Net of Tax
		(598,657)			571,164
Total Comprehensive Income/(Loss) attributable to:
Equity holders of the Company			(598,657)			571,164

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JANASHAKTHI INSURANCE PLC

Interim Financial Statements - Quarter III - 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	-	-	311,776	-		311,776	311,776
Other Comprehensive Income / (Loss)
Net Change in Fair Value of Available For Sale Financial Assets				-	232,748		232,748	232,748
Total Comprehensive Income for the Period, Net of Tax
				-		232,748		232,748		232,748
Unaudited Balance as at 30 September 2021	4,853,752		1,795,829		3,926,298		35,795		3,962,093		10,611,673
Profit for the Period	-		-		564,398		-		564,398		564,398
Other Comprehensive Income / (Loss)
Net Change in Fair Value of Available For Sale Financial Assets	-	-	-	(6,786)		(6,786)	(6,786)
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	-		-		-		(178,088)		(178,088)		(178,088)
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
Profit for the Period	-		-		1,531		-		1,531		1,531
Other Comprehensive Income / (Loss)
Net Change in Fair Value of Available For Sale Financial Assets	-	-	-	(600,188)		(600,188)	(600,188)
Total Comprehensive Income/(Loss) for the Period, Net of Tax
-		-		-		(600,188)		(600,188)		(600,188)
Transactions with owners recorded directly in equity
Dividend Paid to equity holders for 2021	-	-	(515,992)	-		(515,992)	(515,992)
Unaudited Balance as at 30 September 2022	4,853,752		1,795,829		3,523,184		(742,479)		2,780,703		9,430,283

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