Janashakthi Insurance : Interim Financial Statements for the Quarter ended 31st December 2022

Janashakthi Insurance PLC

Interim Condensed Financial Statements

For the Period Ended 31 December 2022

JANASHAKTHI INSURANCE PLC

Interim Financial Statements - Quarter IV - 2022

STATEMENT OF FINANCIAL POSITION

				Un Audited			Audited
As at	Note	31.12.2022	31.12.2021
				LKR '000			LKR '000
Assets
Property, Plant and Equipment			191,171	257,550
Right of Use Lease Assets	6.		191,634	173,532
Investment Property			1,711,644	1,783,919
Intangible Assets			46,435	53,187
Deferred Tax Asset	8.		491,403	656,093
Financial Investments	13.		20,368,155	21,545,101
Loans to Life Policyholders & Others			369,342	332,870
Reinsurance Receivable			299,781	52,051
Premium Receivables			66,915	152,377
Other Assets			950,095	271,783
Cash and cash equivalents			192,434	404,634
Total Assets				24,879,009			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 - Shareholder funds			(456,328)	(101,809)
Available For Sale Reserve - Life Policy Holders			(530,727)	(40,483)
Revenue Reserves			3,621,240	4,037,644
Total Equity			9,283,766			10,544,933
Liabilities
Insurance Liability - Life	12.1.		13,586,128	13,473,701
Retirement Benefit Obligation			86,360	89,379
Reinsurance Creditors			148,608	99,683
Lease Creditors	14.		233,531	211,519
Other Liabilities			1,233,490	1,167,930
Short Term Borrowings			307,126	-
Bank Overdraft			-	95,952
Total Liabilities			15,595,243			15,138,164
Total Equity and Liabilities
		24,879,009			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 of 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
08 February 2023

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JANASHAKTHI INSURANCE PLC

Interim Financial Statements - Quarter IV - 2022

INCOME STATEMENT

			Un Audited		Audited
For the Period Ended 31 December	Note	2022	2021
			LKR '000		LKR '000
Gross Written	Premium	15.	4,812,331	5,460,892
Premium Ceded to Reinsurers		(251,293)	(211,961)
			4,561,038		5,248,931
Other Revenue
Fee and Commission Income		57,373	102,399
Investment Income		2,841,390	1,927,752
Realised Gains		41,333	235,139
Fair Value Gains/ (Losses)		(1,309,256)	(488,954)
Other Operating Revenue		326,739	142,762
Total Other Revenue		1,957,579		1,919,098
Net Income
	6,518,617		7,168,029
Benefits and Claims
Net Benefits and Claims		(2,804,142)	(2,217,846)
(Increase)/Decrease in Life Insurance Fund		(112,428)	(708,321)
Underwriting & Net Acquisition Cost		(1,684,961)	(1,864,486)
Total Benefits, Claims and Net Acquisition Cost		(4,601,531)		(4,790,653)
Other Expenses
Operating and Administrative Expenses		(1,557,548)	(1,163,294)
Finance Cost		(90,245)	(34,744)
Total Other Expenses		(1,647,793)		(1,198,038)
Profit/(Loss) before Taxation	21
269,293		719,338
Income Tax Expense		(164,689)		(303,164)
Profit/(Loss) for the Period		104,604		416,174
Profit/(Loss) attributable to:
Equity holders of the Company		104,604		416,174
Basic Earning per Share (LKR)		0.46	1.84

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JANASHAKTHI INSURANCE PLC

Interim Financial Statements - Quarter IV - 2022

STATEMENT OF COMPREHENSIVE INCOME

				Un Audited			Audited
For the Period Ended 31 December	Note	2022	2021
				LKR '000			LKR '000
Profit/(Loss) for the Period			104,604	416,174
Other Comprehensive Income/(Loss)
Net Change in fair value of Available For Sale financial assets			(844,763)	225,962
Impairment of Available for Sale Financial Assets transferred to Income Statement	-	(171,301)
Total Other Comprehensive Income/(Loss)			(844,763)			54,661
Total comprehensive Income/(Loss) for the Period, Net of Tax
		(740,159)			470,835
Total Comprehensive Income/(Loss) attributable to:
Equity holders of the Company			(740,159)			470,835

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JANASHAKTHI INSURANCE PLC

Interim Financial Statements - Quarter IV - 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	-	-	876,174	-		876,174	876,174
Other Comprehensive Income / (Loss)
Net Change in Fair Value of Available For Sale Financial Assets	-	-	-	225,962		225,962	225,962
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	-		-		-		54,661		54,661		54,661
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)		3,895,352		10,544,933
Profit for the Period	-		-		104,604		-		104,604		104,604
Other Comprehensive Income / (Loss)
Net Change in Fair Value of Available For Sale Financial Assets	-	-	-	(844,763)		(844,763)	(844,763)
Total Comprehensive Income/(Loss) for the Period, Net of Tax
-		-		-		(844,763)		(844,763)		(844,763)
Transactions with owners recorded directly in equity
Dividend Paid to equity holders for 2021	-	-	(521,010)	-		(521,010)	(521,010)
Unaudited Balance as at 31 December 2022	4,853,752		1,795,829		3,621,240		(987,054)		2,634,183		9,283,766

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