JANASHAKTHI INSURANCE PLC
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
31 DECEMBER 2021
JANASHAKTHI INSURANCE PLC
STATEMENT OF FINANCIAL POSITION
Unaudited | ||
As at | 31 December 2021 | |
Assets | Note | LKR '000 |
Financial Investments | 21,551,789 | |
Investment Property | 1,724,379 | |
Intangible Assets | 53,187 | |
Property, Plant and Equipment | 261,700 | |
Right of Use Lease Assets | 5 | 173,532 |
Loans to Life Policyholders & Others | 332,860 | |
Reinsurance Receivable | 52,051 | |
Premium Receivables | 152,413 | |
Other Assets | 268,487 | |
Deferred Tax Asset | 7 | 790,486 |
Cash in Hand and Balance at Bank | 404,634 | |
Total Assets | 25,765,518 | |
Liabilities and Shareholders' Equity | ||
Equity | ||
Stated Capital | 4,853,752 | |
Revenue Reserves | 3,518,767 | |
Restricted Regulatory Reserve | 8 | 1,795,829 |
Audited
31 December 2020
LKR '000
19,374,743
1,984,574
64,074
354,971
224,524
339,072
38,762
102,152
471,927
959,255
282,891
24,196,946
4,853,752
3,417,569
1,795,829
Total Equity | 10,168,348 | 10,067,150 | |
Liabilities
Insurance Liability - Life | 13,935,320 | |
Retirement Benefit Obligation | 89,379 | |
Reinsurance Creditors | 99,683 | |
Lease Creditors | 10 | 211,519 |
Other Liabilities | 1,165,317 | |
Short term non interest bearing liabilities | 95,952 | |
Total Liabilities | 15,597,170 | |
Total Equity and Liabilities | 25,765,518 | |
12,681,780
98,692
45,939
254,652
918,541
130,192
14,129,796
24,196,946
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 Directors are responsible for these Interim Financial Statements.
Signed for and on behalf of the Board by.
Signed | Signed |
Prakash Schaffter | Ravi Liyanage |
Chairman | Chief Executive Officer |
Colombo | |
09 February 2022 |
2
JANASHAKTHI INSURANCE PLC
INCOME STATEMENT
Unaudited | ||
For the Period ended 31 December | 2021 | |
Note | LKR '000 | |
Gross Written Premium | 11 | 5,460,928 |
Premium Ceded to Reinsurers | (211,961) | |
5,248,967 | ||
Other Revenue | ||
Fee and Commission Income | 102,399 | |
Investment Income | 1,927,756 | |
Realised Gains | 235,139 | |
Fair Value Gains/ (Losses) | (544,209) | |
Other Operating Revenue | 305,363 | |
Total Other Revenue | 2,026,448 | |
Total Net Income | 7,275,415 | |
Benefits and Claims | ||
Net Benefits & Claims | (2,134,248) | |
Increase in Life Insurance Fund | (1,253,538) | |
Underwriting & Net Acquisition Cost | (1,864,486) | |
Total Benefits, Claims & Net Acquisition Cost | (5,252,272) | |
Finance Cost | (34,758) | |
Other Operating and Administrative Expenses | (1,326,712) | |
Other Expenses | (1,361,470) | |
Profit before Taxation | 661,673 | |
Income Tax Expense | (168,771) | |
Profit for the Period | 492,902 | |
Profit attributable to: | ||
Equity holders of the Company | 492,902 | |
Basic Earning per Share (Rs.) | 2.18 |
Audited
2020
LKR '000
3,819,817
(122,180)
3,697,637
50,646
1,858,910
293,871
214,988
179,636
2,598,051
6,295,688
(1,758,226)
(1,584,947)
(860,858)
(4,204,030)
(38,299)
(1,032,447)
(1,070,746)
1,020,911
(261,586)
759,325
759,325
3.35
3
JANASHAKTHI INSURANCE PLC | ||||||||
STATEMENT OF COMPREHENSIVE INCOME | ||||||||
Unaudited | Audited | |||||||
For the Period ended 31 December | 2021 | 2020 | ||||||
LKR'000 | LKR'000 | |||||||
Profit for the Period | 492,902 | 759,325 | ||||||
Other Comprehensive Income | ||||||||
Net Change in fair value of Available For Sale financial assets | 232,649 | (353,482) | ||||||
Net Change in Fair Value of Life Policyholders' Available for Sale Financial Assets, transferred to Income Statement | (171,301) | - | ||||||
Impairment of Available for Sale Financial Assets transferred to Statement of Profit or Loss | 94,674 | |||||||
Other Comprehensive Income | 61,348 | (258,808) | ||||||
Total Comprehensive Income/ (Loss ) for the Period | 554,250 | 500,517 | ||||||
Total Comprehensive Income/ (Loss) attributable to: | ||||||||
Equity holders of the Company | 554,250 | 500,517 | ||||||
STATEMENT OF CHANGES IN EQUITY | ||||||||
Revenue Reserves | ||||||||
Stated | Restricted | Retained | Available-for- | |||||
Regulatory | sale Financial | Total | Total | |||||
Capital | Earnings | |||||||
Reserve | Assets | |||||||
LKR '000 | LKR '000 | LKR '000 | LKR '000 | LKR '000 | LKR '000 | |||
Audited Balance as at 31 December 2019 | 4,853,752 | 1,795,829 | 2,855,197 | 61,855 | 2,917,052 | 9,566,633 | ||
Profit for the Period | - | - | 759,325 | - | 759,325 | 759,325 | ||
Other Comprehensive (Loss) / Income | ||||||||
Net Change in fair value of AFS assets | - | - | - | (353,482) | (353,482) | (353,482) | ||
Impairment of Available for Sale Financial Assets transferred to Statement of Profit or Loss | - | - | - | 94,674 | 94,674 | 94,674 | ||
Actuarial Losses on Defined Benefit Plans | (3,279) | - | (3,279) | (3,279) | ||||
Transferred to Life Insurance Fund | 3,279 | - | 3,279 | 3,279 | ||||
Other Comprehensive Income | - | - | - | (258,808) | (258,808) | (258,808) | ||
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 | - | - | 492,902 | - | 492,902 | 492,902 | ||
Other Comprehensive Income | ||||||||
Net Change in fair value of AFS assets | - | - | - | 232,649 | 232,649 | 232,649 | ||
Net Change in Fair Value of Life Policyholders' Available for Sale Financial Assets, transferred to | ||||||||
Income Statement | - | - | - | (171,301) | (171,301) | (171,301) | ||
Other Comprehensive Income | - | - | - | 61,348 | 61,348 | 61,348 | ||
Transactions with owners recorded directly in equity | ||||||||
Dividend Paid to equity holders for 2020 | (453,052) | (453,052) | (453,052) | |||||
Unaudited Balance as at 31 December 2021 | 4,853,752 | 1,795,829 | 3,654,372 | (135,605) | 3,518,767 | 10,168,348 |
4
JANASHAKTHI INSURANCE PLC
INCOME STATEMENT
Unaudited | ||
For the Three months ended 31 December | 2021 | |
Note | LKR '000 | |
Gross Written Premium | 11 | 1,639,144 |
Premium Ceded to Reinsurers | (55,140) | |
1,584,004 | ||
Other Revenue | ||
Fee and Commission Income | 16,431 | |
Investment Income | 464,666 | |
Realised Gains | 205,991 | |
Fair Value Gains Losses | (99,827) | |
Other Operating Revenue | 70,631 | |
Total Other Revenue | 657,892 | |
Total Net Income | 2,241,896 | |
Benefits and Claims | ||
Net Benefits & Claims | (603,365) | |
Increase in Life Insurance Fund | (465,172) | |
Underwriting & Net Acquisition Cost | (560,311) | |
Total Benefits, Claims & Net Acquisition Cost | (1,628,848) | |
Finance Cost | (8,118) | |
Other Operating and Administrative Expenses | (399,865) | |
Other Expenses | (407,983) | |
Profit before Taxation | 205,065 | |
Income Tax Expense | (23,941) | |
Profit for the Period | 181,124 | |
Profit attributable to: | ||
Equity holders of the Company | 181,124 | |
Basic Earnings per Share (Rs.) | 0.80 |
Unaudited
2020
LKR '000
1,121,562
(29,350)
1,092,212
8,329
463,600
46,831
(71,419)
117,022
564,363
1,656,575
(477,253)
(100,812)
(237,936)
(816,001)
(24,968)
(360,325)
(385,293)
455,282
(221,586)
233,696
233,696
1.03
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Janashakthi Insurance Company plc published this content on 11 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 February 2022 02:37:04 UTC.