Guinea Insurance PLC HY 2013 results

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Guinea Insurance PLC HY 2013 results

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Guinea Insurance PLC HY 2013 results

  1. 1. GUINEA INSURANCE PLC STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 OF JUNE 2013 30/06/2013 Note =N=000 30/06/2012 =N=000 Gross premium written Changes in unearned premuim Gross premium income Reinsurance expenses 1 1 1 1.2 802,822 (367,877) 434,945 (118,513) 807,873 112,435 920,308 (21,696) Net premium income Fees and commission income 1.2 2 316,432 5,060 898,612 6,654 Net underwriting Income Claims expenses Underwriting expenses 3 4 321,493 160,294 (78,379) 905,266 72,897 (51,361) 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 9 403,408 105,114 39 (223,214) 926,802 35,199 (264,396) Profit/(Loss) before taxation Income tax expenses 10 285,346 (91,311) 697,605 (223,233) 194,035 474,372 Profit/(Loss) after taxation Other comprehensive income Net gain/(loss) on available-for-sale financial assets 13 (2,196) - Contigency Reserve Other comprehensive income/(loss) for the year, net of tax (38,807) (139,521) Total comprehensive income for the period, net of tax 155,228 334,851 3.2 0.2 Earning/(Loss) per share Basic(kobo) 12
  2. 2. GUINEA INSURANCE PLC STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 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 30/06/2013 =N=000 30/06/2012 =N=000 14 2,049,504 1,294,704 15 16 17 18 19 20 21.3 22 23 121,185 4,850 89,841 89,352 594,642 1,030,000 40,514 315,000 75,447 57,641 90,962 1,308,130 1,009,127 50,184 315,000 4,334,887 4,201,195 676,723 90,066 220,191 13,984 196,068 14,005 - 280,020 119,957 82,922 223,233 8,280 370,000 1,211,036 1,084,412 3,070,000 337,545 312,546 (622,834) 26,594 2,700,000 317,981 379,098 (280,296) - Total equity 3,123,851 3,116,783 Total liabilities and equity 4,334,887 4,201,195 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 31 32
  3. 3. GUINEA INSURANCE PLC STATEMENT OF CHANGES IN EQUITY AS AT 30 JUNE 2013 As at 1 January 2013 Profit for the year Transfer to contingency reserve Other comprehensive income Issues As at 30 June 2013 Retained earnings Share premium Contingency reserve =N=000 For the period ended 30 June 2013 Issued share capital =N=000 =N=000 =N=000 2,700,000 370,000 3,070,000 (778,062) 194,035 (38,807) (622,834) 337,545 337,545 273,739 38,807 312,546 Available-forsale financial assets =N=000 28,790 (2,196) 26,594 Total equity =N=000 2,562,012 194,035 (2,196) 370,000 3,123,851
  4. 4. GUINEA INSURANCE PLC STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE 2013 Note Operating activities: Premium received Commission received Commission paid Reinsurance premium paid Gross claim paid net of recoveries Payments to employees & suppliers 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 30th June 30/06/2013 =N=000 30/06/2012 =N=000 707,283 5,060 (78,379) (118,513) 160,294 (210,085) 39 465,699 806,534 6,654 (51,361) (21,696) 72,897 (841,613) 0 (28,585) 105,114 (1,955) 3,400 189,000 295,559 35,199 (155) 761,259 1,288,245 2,049,504 6,459 1,288,245 1,294,704 35,044

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