Guinea Insurance PLC 3Q 2013 results

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Guinea Insurance PLC 3Q 2013 results

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Guinea Insurance PLC 3Q 2013 results

  1. 1. GUINEA INSURANCE PLC STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 SEPTEMBER 2013 30/09/2013 30/09/2012 Note =N=000 =N=000 Gross premium written Changes in unearned premuim Gross premium income Reinsurance expenses 1 1 1 1.2 1,000,040 (248,980) 751,060 (255,108) 962,064 (81,447) 880,617 (64,760) Net premium income Fees and commission income 1.2 2 495,952 17,252 815,856 17,502 Net underwriting Income Claims expenses Underwriting expenses 3 4 513,203 (169,339) (140,544) 833,358 (173,854) (316,508) 203,321 146,506 63,828 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 38 (367,302) 342,996 60,589 (386,843) Profit/(Loss) before taxation Income tax expenses 10 46,390 (14,845) 16,742 (5,357) 31,545 11,385 Profit/(Loss) after taxation Other comprehensive income Net gain/(loss) on available-for-sale financial assets 13 Contigency Reserve Other comprehensive income/(loss) for the year, net of tax Total comprehensive income/(loss) for the period, net of tax Earning/(Loss) per share Basic(kobo) 12 (1,035) (30,001) (26,418) 1,544 (15,032) 0.5
  2. 2. GUINEA INSURANCE PLC STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 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 14 30/09/2013 =N=000 30/09/2012 =N=000 857,134 1,322,643 122,346 10,220 77,006 68,765 587,315 1,030,000 48,090 895,836 315,000 89,945 239,707 55,513 741,662 1,009,127 58,568 315,000 4,011,712 3,832,165 568,259 122,557 215,832 9,129 119,408 14,005 621,666 148,053 43,155 1,049,189 1,147,749 3,070,000 337,545 303,740 (776,518) 27,755 2,700,000 317,981 265,996 (599,562) Total equity 2,962,523 2,684,415 Total liabilities and equity 4,011,712 3,832,164 15 16 17 18 19 20 21.3 22 23 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 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 29 30 31 11,595 8,280 315,000
  3. 3. GUINEA INSURANCE PLC STATEMENT OF CHANGES IN EQUITY AS AT 30 SEPTEMBER 2013 Issued share capital Share premium Contingency reserve =N=000 As at 1 January 2013 Profit for the year Transfer to contingency reserve Other comprehensive income issued during the year As at 30 September 2013 Retained earnings =N=000 =N=000 =N=000 2,700,000 370000 3,070,000 Available-forsale financial assets =N=000 (778,062) 1,544 337,545 - 273,739 30,001 - 28,790 - (776,518) 337,545 303,740 28,790 Total equity =N=000 2,562,012 1,544 30,001 370,000 2,963,557
  4. 4. GUINEA INSURANCE PLC STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 SEPTEMBER 2013 Note 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 ) 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 September 30/09/2013 =N=000 983,716 17,252 (140,544) (255,108) (169,339) (385,210) 38 50,805 146,506 (881,250) 63,828 30/09/2012 =N=000 962,064 17,502 (94,650) (64,760) (173,854) (644,797) 6,543 (26,298) (18,250) 60,589 189,000 639 (30,635) 610,000 (481,916) 640,593 (431,111) 1,288,245 857,134 622,343 700,300 1,322,643

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