Amãna Takaful : Quarterly Financial Statements 31.12.2022

Group

Company

Unaudited

Unaudited

Unaudited

Unaudited

FOR THE YEAR ENDED 31 DECEMBER

2022

2021

Change

2022

2021

Change

Restated

Notes

Rs.

Rs.

%

Rs.

Rs.

%

Gross Written Contribution (Premium)

6

8,258,924,281

5,178,592,376

59%

3,358,935,166

2,443,290,012

37%

Retakaful Contribution (Reinsurance Premium)

(2,086,328,262)

(1,234,273,694)

-69%

(1,144,777,587)

(739,494,217)

-55%

Net Written Contribution (Premium)

6,172,596,019

3,944,318,683

56%

2,214,157,579

1,703,795,794

30%

Net Change in Reserve for Un-Earned Contribution (Premium)

(385,035,033)

(245,584,258)

-57%

(153,626,231)

(97,661,962)

-57%

Net Earned Contribution (Premium)

5,787,560,985

3,698,734,424

56%

2,060,531,347

1,606,133,832

28%

Other Revenue

Income from investments

710,127,910

360,762,572

97%

149,932,576

113,829,769

32%

Change in Fair Value of Investment in Subsidiaries

-

-

0%

255,824,286

144,739,157

77%

Other income

441,105,046

211,570,708

108%

225,257,048

59,619,590

278%

Total Revenue

7

6,938,793,941

4,271,067,704

62%

2,691,545,258

1,924,322,348

40%

Benefits, Losses and Expenses

Takaful (Insurance) claims and benefits

(3,699,654,123)

(1,924,002,208)

-92%

(1,330,783,321)

(871,961,687)

-53%

Acquisition Cost (net of reinsurance commission)

(533,886,112)

(377,188,308)

-42%

(164,681,155)

(133,060,368)

-24%

Change in Family Takaful Contract Liability

(291,402,866)

(184,031,172)

-58%

-

-

-

Other Operating and Administration Expenses

(1,746,524,942)

(1,359,830,445)

-28%

(776,804,059)

(657,844,309)

-18%

Depreciation

(73,043,549)

(63,784,468)

-15%

(19,309,300)

(27,400,972)

30%

Total Claims, Benefits and Expenses

(6,344,511,593)

(3,908,836,601)

-62%

(2,291,577,835)

(1,690,267,336)

-36%

Profit from Operations

594,282,349

362,231,103

64%

399,967,423

234,055,012

71%

Finance cost

(65,778,971)

(49,267,743)

-34%

(52,788,708)

(40,807,326)

-29%

Profit / (Loss) Before Taxation

10

528,503,377

312,963,360

69%

347,178,716

193,247,686

80%

Income Tax Expenses

12

(60,517,073)

(36,806,795)

-64%

-

-

-

Net Profit / (Loss) for the Year

467,986,304

276,156,565

69%

347,178,716

193,247,686

80%

Attributable to:

Rs

Rs

Equity holders of the parent

284,825,751

164,566,886

Non-Controlling Interest

183,160,553

111,589,678

467,986,304

276,156,565

Rs

Rs

Rs

Rs

Basic, Diluted Earnings Per Share

1.58

0.91

73%

1.93

1.07

80%

Dividend per share

Interim dividend paid per share

-

-

-

-

-

-

Final proposed dividend per share

-

-

-

-

-

-

-

-

-

-

-

-

OTHER COMPREHENSIVE INCOME

Group

Company

Unaudited

Unaudited

Unaudited

Unaudited

FOR THE YEAR ENDED 31 DECEMBER

2022

2021

Change

2022

2021

Change

Restated

Rs.

Rs.

%

Rs.

Rs.

%

Profit / (Loss) for the year

467,986,304

276,156,565

69%

347,178,716

193,247,686

80%

Change in Fair Value of Available for Sale Financial Assets

172,048,454

(42,234,705)

507%

4,879,463

1,400,614

248%

Change in Fair Value of Investment in Subsidiaries

-

-

0%

763,502,466

35,525,832

2049%

Fair Value of Available for Sale Financial Assets Transferred to Policyholder's

5,091,579

5,399,129

-6%

-

-

Reserve

-

Defined Benefit Plan Actuarial Losses

9,661,519

(20,138,554)

148%

8,785,042

(20,222,797)

143%

Net Change from revaluation of Property plant and equipment

-

14,645,575

-100%

-

5,091,000

-100%

Foreign Currency Translation Differences for Foreign Operations

1,212,086,929

85,725,505

1314%

-

-

-

Total Comprehensive Income for the period

1,866,874,785

319,553,514

484%

1,124,345,687

215,042,335

423%

Attributable to;

Equity holders of the parent

1,062,147,859

188,082,517

Non-Controlling Interest

804,726,926

131,470,997

1,866,874,785

319,553,514

Amana Takaful PLC

2

Interim Report 31 December 2022

Group

Company

Unaudited

Unaudited

Unaudited

Unaudited

FOR THE QUARTER ENDED 31 DECEMBER

2022

2021

Change

2022

2021

Change

Restated

Rs.

Rs.

%

Rs.

Rs.

%

Gross Written Contribution (Premium)

1,893,377,972

1,349,977,656

40%

811,953,023

696,635,123

17%

Retakaful Contribution (Reinsurance Premium)

(503,599,774)

(297,621,904)

-69%

(290,666,570)

(165,829,471)

-75%

Net Written Contribution (Premium)

1,389,778,198

1,052,355,752

32%

521,286,453

530,805,652

-2%

Net Change in Reserve for Un-Earned Contribution (Premium)

145,911,887

(2,270,726)

-6526%

(2,047,509)

(45,569,109)

96%

Net Earned Contribution (Premium)

1,535,690,085

1,050,085,026

46%

519,238,944

485,236,543

7%

Other Revenue

Income from investments

245,175,475

125,407,768

96%

77,400,557

47,996,956

61%

Change in Fair Value of Investment in Subsidiaries

-

-

0%

255,824,286

144,739,157

77%

Other income

73,573,873

74,069,845

-1%

15,605,107

40,096,310

-61%

Total Revenue

1,854,439,433

1,249,562,638

48%

868,068,894

718,068,966

21%

Benefits, Losses and Expenses

Takaful (Insurance) claims and benefits

(1,202,803,947)

(659,347,364)

-82%

(430,321,456)

(297,837,577)

-44%

Acquisition Cost (net of reinsurance commission)

(151,687,587)

(114,615,354)

-32%

(24,757,437)

(36,458,404)

32%

Change in Family Takaful Contract Liability

(98,537,984)

(37,759,706)

-161%

-

-

-

Other Operating and Administration Expenses

(451,089,168)

(361,164,996)

-25%

(178,110,552)

(188,341,036)

5%

Depreciation

(21,684,361)

(29,174,308)

26%

(4,827,325)

(12,787,892)

62%

Total Claims, Benefits and Expenses

(1,925,803,047)

(1,202,061,728)

-60%

(638,016,770)

(535,424,910)

-19%

Profit / (Loss) from Operations

(71,363,614)

47,500,910

-250%

230,052,124

182,644,056

-26%

Finance cost

(17,419,667)

(15,583,507)

-12%

(13,154,102)

(13,789,467)

5%

Profit / (Loss) Before Taxation

(88,783,281)

31,917,403

-378%

216,898,022

168,854,589

28%

Income Tax Expenses

3,300,493

(6,707,882)

149%

-

-

-

Net Profit / (Loss) for the Period

(85,482,788)

25,209,521

-439%

216,898,022

168,854,589

28%

Attributable to:

Rs

Rs

Equity holders of the parent

(83,981,505)

19,283,186

Non-Controlling Interest

(1,501,283)

5,926,335

(85,482,788)

25,209,521

Rs

Rs

Rs

Rs

Basic, Diluted Earnings Per Share

(0.47)

0.11

-536%

1.20

0.94

28%

Dividend per share

Interim dividend paid per share

-

-

-

-

-

-

Final proposed dividend per share

-

-

-

-

-

-

-

-

-

-

-

-

OTHER COMPREHENSIVE INCOME

Group

Company

Unaudited

Unaudited

Unaudited

Unaudited

FOR THE QUARTER ENDED 31 DECEMBER

2022

2021

Change

2022

2021

Change

Restated

Rs.

Rs.

%

Rs.

Rs.

%

Other Comprehensive Income

Profit/(Loss) for the period

(85,482,788)

25,209,521

-439%

216,898,022

168,854,589

28%

Change in Fair Value of Available for Sale Financial Assets

(29,150,216)

15,527,802

-288%

1,755,025

1,400,614

25%

Change in Fair Value of Investment in Subsidiaries

763,502,466

35,525,832

2049%

Fair Value of Available for Sale Financial Assets Transferred to

1,760,501

1,579,440

11%

-

-

-

Policyholder's Reserve

Defined Benefit Plan Actuarial Losses

9,661,519

(4,459,358)

317%

8,785,042

(4,543,601)

293%

Foreign Currency Translation Differences for Foreign Operations

643,783

(177,980)

462%

-

-

-

Total Comprehensive Income / (Loss) for the period

(102,567,201)

37,679,425

-372%

990,940,556

201,237,435

392%

Attributable to;

Equity holders of the parent

(87,759,870)

25,196,385

Non-Controlling Interest

(14,807,331)

12,483,039

(102,567,201)

37,679,425

3

Amana Takaful PLC

Interim Report 31 December 2022

Other Reserves

Revenue Reserves

Stated Capital

Revaluation

Translation

Available For

Policy Holder's

Accumulated

Non Controlling

Total Equity

Reserve

Reserve

Sale Reserve

Rserve

Losses

Interest

(Rs)

(Rs)

(Rs)

(Rs)

(Rs)

(Rs)

(Rs)

(Rs)

Balance as at 1st January 2021

1,860,001,339

30,806,332

122,390,856

90,580,572

6,616,125

(585,147,004)

570,498,888

2,095,747,108

Net Profit for the period

-

-

-

-

-

164,566,886

111,589,678

276,156,565

Net Change in Fair Value of Property,plant & equipment

-

14,645,575

-

-

-

-

-

14,645,575

Foreign Currency Translation Difference

-

-

47,149,028

-

-

-

38,576,477

85,725,505

Net Change in Fair Value of Available-for-Sale Financial Assets Transferred (to)/ from Policyholders Reserve

-

-

-

-

4,443,483

-

955,646

5,399,129

Net Change in Fair Value of Available for Sale Financial Assets

-

-

-

(22,598,811)

-

-

(19,635,893)

(42,234,705)

Defined Benefit Plan Actuarial Losses

-

-

-

-

-

(20,123,643)

(14,911)

(20,138,554)

Total Comprehensive Income

-

14,645,575

47,149,028

(22,598,811)

4,443,483

144,443,243

131,470,997

319,553,514

Transfer of revaluation surplus to retained earnings, at the disposal

-

(27,593)

-

-

-

27,593

-

-

Dividend Distributed

-

-

-

-

-

-

(24,651,238)

(24,651,238)

Total Changes in Ownership Interests

-

(27,593)

-

-

-

27,593

(24,651,238)

(24,651,238)

Balance as at 31st December 2021

1,860,001,339

45,424,314

169,539,884

67,981,761

11,059,608

(440,676,168)

677,318,647

2,390,649,385

Net Profit for the year

-

-

-

-

-

284,825,751

183,160,553

467,986,304

Net Change in Fair Value of Available for Sale Financial Assets

-

-

-

94,626,650

-

-

77,421,804

172,048,454

Net Change in Fair Value of Available-for-Sale Financial Assets Transferred (to)/ from Policyholders Reserve

-

-

-

-

4,190,369

-

901,209

5,091,579

Foreign Currency Translation Difference

-

-

666,647,811

-

-

-

545,439,118

1,212,086,929

Total Comprehensive Income

-

-

666,647,811

94,626,650

4,190,369

294,487,270

806,922,763

1,866,874,863

Dividend Distributed

-

-

-

-

-

-

(50,933,590)

(50,933,590)

Total changes in ownership interests

-

-

-

-

-

-

(50,933,590)

(50,933,590)

Balance as at 31st December 2022

1,860,001,339

45,424,314

836,187,695

162,608,410

15,249,977

(146,188,897)

1,433,307,821

4,206,590,658

Amana Takaful PLC

4

Interim Report 31 December 2022