Guinea Insurance PLC 1Q 2013 results

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Guinea Insurance PLC 1Q 2013 results

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Guinea Insurance PLC 1Q 2013 results

  1. 1. GUINEA INSURANCE PLC STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31ST MARCH 2013 31/03/2013 Note =N=000 Gross premium written Changes in unearned premuim Gross premium income Reinsurance expenses 31/03/2012 =N=000 1 1 1 1.2 109,034 114,585 223,619 (38,245) 549,805 34,573 584,378 (8,028) Net premium income Fees and commission income 1.2 2 185,374 5,092 576,350 2,444 Net underwriting Income Claims expenses Underwriting expenses 3 4 190,466 198,106 (36,735) 578,794 11,345 (147,685) 351,836 39,575 1 442,454 19,924 Underwriting result Investment Income Net realized gains and losses Net fair value gains Other operating income Impairment loss Management expenses 5 6 7 8 9.1 9 32 (124,544) (137,179) Profit/(Loss) before taxation Income tax expenses 10 266,899 (85,408) 325,199 (104,064) 181,491 205,665 Profit/(Loss) after taxation Other comprehensive income Net gain/(loss) on available-for-sale financial assets 13 (6,148) Contigency Reserve Other comprehensive income/(loss) for the year, net of tax (36,298) (65,040) Total comprehensive income for the year, net of tax 145,193 140,625 3.0 1.8 Earning/(Loss) per share Basic(kobo) 12
  2. 2. GUINEA INSURANCE PLC STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2013 Note Assets Cash and cash equivalents Financial assets: Available-for-sale financial assets Trade receivables Reinsurance assets Deferred acquisition costs Other receivables and prepayments Investment properties Intangible Asset Property, plant and equipment Statutory deposit 1,327,325 960,051 15 16 17 18 19 20 21.3 22 23 117,233 76,879 127,589 11,369 790,435 1,030,000 47,205 315,000 57,216 183,936 90,962 1,313,920 1,009,127 3,843,035 3,979,861 189,231 90,192 237,938 13,984 190,329 14,005 432,910 120,123 87,985 735,680 1,123,362 24 25 26 27 21.1 21.2 28 Total liabilities Equity Issued share capital Share premium Contingency reserve Retained losses Available-for-sale reserve 31-Mar-12 =N=000 14 Total assets Liabilities and Equity Liabilities Insurance contract liabilities Trade payables Other payables and accruals Employee benefit obligations Current tax payable Deferred tax liabilities Deposits for shares 31-Mar-13 =N=000 29 30 31 31.1 32 3,070,000 337,545 310,037 (632,869) 22,642 49,649 315,000 104,064 8,280 370,000 2,700,000 317,981 304,617 (466,099) Total equity 3,107,356 2,856,499 Total liabilities and equity 3,843,035 3,979,861
  3. 3. GUINEA INSURANCE PLC STATEMENT OF CHANGES IN EQUITY AS AT 31 MARCH 2013 Issued share capital Retained earnings Share premium Contingency reserve =N=000 =N=000 =N=000 =N=000 For the year ended 31 March 2013 As at 1 January 2013 Profit for the year Transfer to contingency reserve Other comprehensive income As at 31 March 2013 2,700,000 - (778,062) 181,491 (36,298) 337,545 - 273,739 36,298 - 2,700,000 (632,869) 337,545 310,037 Available-forsale financial assets =N=000 28,790 (6,148) 22,642 Total equity =N=000 2,562,012 181,491 (6,148) 2,737,356
  4. 4. GUINEA INSURANCE PLC STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2013 31/03/2013 =N=000 Operating activities: Premium received Commission received Commission paid Reinsurance premium paid Gross claim paid net of recoveries Payments to employees Other operating cash receipts/(payments) Other income received Tax paid Net cash flow from operating activities Investing activities: Investment income received Purchase of property and equipment Proceed from sale of property and equipment Purchase of investments Proceed from loans and recievables(chrome and starcrest) Cash and cash equivalents absorbed from life business Addtions to investment properties Net cash flows from investing activities Net increase in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 March 2013 31/03/2012 =N=000 60,909 5,092 (32,538) (38,245) 198,106 (192,007) 549,805 2,444 (51,846) (8,028) (20,068) (227,800) 32 1,350 244,507 39,575 (1,845) 1 19,924 (2,587) 37,730 17,337 39,080 1,288,245 1,327,325 261,844 698,206 960,050

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