AMÃNA TAKAFUL LIFE PLC Amana Takaful Life PLC
Interim Report
31 December 2022
STATEMENT OF FINANCIAL POSITION
Unaudited as at | Audited as at | ||
AS AT | Notes | 31.12.2022 | 31.12.2021 |
Rs. | Rs. | ||
ASSETS | |||
Intangible Assets | 20,231,817 | 17,420,164 | |
Property, Plant and Equipment | 21,478,544 | 25,769,256 | |
Right of use Lease Assets | 3.1 | 7,846,407 | 13,251,240 |
Investment Property | 147,500,000 | 147,500,000 | |
Financial Assets | 4 | 1,048,342,628 | 880,303,822 |
Financial Assets - Unit Linked | 5 | 2,426,521,530 | 2,121,644,837 |
Contribution (Premium) Receivable | 36,821,236 | 35,952,417 | |
Other Assets | 38,759,658 | 37,907,895 | |
Cash and Bank Balances | 6 | 11,717,158 | 60,920,009 |
Cash and Bank Balances - Unit Linked | 6 | 15,841,002 | 9,583,462 |
Total Assets | 3,775,059,981 | 3,350,253,103 | |
LIABILITIES | |||
Insurance Contract Liabilities - Family Takaful Fund | 364,342,944 | 397,380,854 | |
Insurance Contract Liabilities - Unit Linked | 2,466,292,845 | 2,149,698,432 | |
Employee Benefits | 13,257,303 | 13,614,072 | |
Subordinated Debt | 118,925,000 | 88,004,732 | |
Finance Lease Liability | 3.2 | 8,768,470 | 14,209,487 |
Other Liabilities - Unit Linked | 118,930,337 | 80,207,746 | |
Other Liabilities | 142,134,894 | 123,381,254 | |
Total Liabilities | 3,232,651,793 | 2,866,496,576 | |
SHAREHOLDERS' EQUITY | |||
Stated Capital | 500,000,000 | 500,000,000 | |
Revaluation Reserve | 11,998,572 | 11,998,572 | |
Revenue Reserves | 30,409,616 | (28,242,046) | |
Total Equity | 542,408,188 | 483,756,526 | |
Total Liabilities and Equity | 3,775,059,981 | 3,350,253,103 | |
The notes form an integral part of the Financial Statements.
We certify that the preparation and presentation of these Financial Statements comply with the requirements under Companies Act, No. 07 of 2007.
Signed | Signed |
M. Rinaz Niyas | Gehan Rajapakse |
Head of Finance | Executive Director/ CEO |
Signed for and on behalf of the Board | |
Signed | Signed |
Director | Director |
Colombo
28 February 2023
Amana Takaful Life PLC
Interim Report 31st December 2022
1
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Unaudited | Audited | |||
FOR THE YEAR ENDED 31ST DECEMBER | 2022 | 2021 | Change | |
Notes | Rs. | Rs. | % | |
Gross Written Contribution (Premium) | 7 | 1,059,623,197 | 929,830,479 | 14% |
Retakaful Contribution (Reinsurance Premium) | (60,259,897) | (45,275,121) | -33% | |
Net Written Contribution (Premium) | 999,363,300 | 884,555,358 | 13% | |
Net Change in Reserve for Un-Earned Contribution (Premium) | 2,723,534 | (2,836,086) | 196% | |
Net Earned Contribution (Premium) | 1,002,086,834 | 881,719,272 | 14% | |
Other Revenue | ||||
Income from investments | 409,182,515 | 202,511,776 | 102% | |
Other income | 50,473,173 | 60,202,621 | -16% | |
Total Revenue | 8 | |||
1,461,742,522 | 1,144,433,669 | 28% | ||
Benefits, Losses and Expenses | ||||
Takaful (Insurance) claims and benefits | (529,191,352) | (427,036,400) | -24% | |
Acquisition Cost (net of reinsurance commission) | (149,281,833) | (135,022,215) | -11% | |
Change in Family Takaful Contract Liability | (291,402,866) | (184,031,172) | -58% | |
Other Operating and Administration Expenses | (428,332,941) | (378,191,875) | -13% | |
Amortization | (1,208,755) | (1,306,369) | 7% | |
Total Claims, Benefits and Expenses | (1,399,417,748) | (1,125,588,031) | -24% | |
Profit from Operations | 62,324,774 | 18,845,638 | 231% | |
Finance cost | (9,641,166) | (9,286,724) | -4% | |
Profit Before Taxation | 9 | 52,683,607 | 9,558,914 | 451% |
Income Tax Expenses | 10 | - | - | - |
Net Profit for the Year | 52,683,607 | 9,558,914 | 451% | |
Rs | Rs | |||
Basic / Diluted Earnings Per Share To Equity Holders | 16 | 1.05 | 0.19 | 451% |
Dividend per share | ||||
Interim dividend paid per share | - | - | - | |
Final proposed dividend per share | - | - | - | |
Other Comprehensive Income | ||||
Profit for the Year | 52,683,607 | 9,558,914 | 451% | |
Net Change in Fair Value of Available for Sale Financial | ||||
Assets transfer (to)/ from Life Policyholder's Reserve | 5,091,579 | 5,399,129 | -6% | |
Defined Benefit Plan Actuarial Losses | 876,477 | 84,243 | 940% | |
Revaluation of Property, Plant & Equipment | - | 9,554,575 | -100% | |
Total Comprehensive Income for the year | 58,651,663 | 24,596,861 | 138% |
Amana Takaful Life PLC | |
2 | Interim Report 31st December 2022 |
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Unaudited | Unaudited | ||
FOR THE QUARTER ENDED 31ST DECEMBER | 2022 | 2021 | Change |
Rs. | Rs. | % | |
Gross Written Contribution (Premium) | 284,722,392 | 269,268,982 | 6% |
Retakaful Contribution (Reinsurance Premium) | (15,313,820) | (12,774,671) | -20% |
Net Written Contribution (Premium) | 269,408,572 | 256,494,311 | 5% |
Net Change in Reserve for Un-Earned Contribution (Premium) | 1,374,910 | (688,127) | 300% |
Net Earned Contribution (Premium) | 270,783,482 | 255,806,184 | 6% |
Other Revenue | |||
Income from investments | 144,663,100 | 73,515,404 | 97% |
Other income | 20,063,670 | 25,139,302 | -20% |
Total Revenue | |||
435,510,253 | 354,460,889 | 23% | |
Benefits, Losses and Expenses | |||
Takaful (Insurance) claims and benefits | (151,979,676) | (145,007,131) | -5% |
Acquisition Cost (net of reinsurance commission) | (40,748,665) | (40,680,123) | 0% |
Change in Family Takaful Contract Liability | (98,537,984) | (42,738,693) | -131% |
Other Operating and Administration Expenses | (132,402,546) | (113,162,354) | -17% |
Amortization | (304,672) | (391,017) | 22% |
Total Claims, Benefits and Expenses | (423,973,543) | (341,979,318) | -24% |
Profit from Operations | 11,536,710 | 12,481,572 | -8% |
Finance cost | (2,479,085) | (4,128,499) | 40% |
Profit Before Taxation | 9,057,625 | 8,353,073 | 8% |
Income Tax Expenses | - | - | - |
Net Profit for the Period | 9,057,625 | 8,353,073 | 8% |
Rs | Rs | ||
Basic / Diluted Earnings Per Share To Equity Holders | 0.18 | 0.17 | 8% |
Dividend per share | |||
Interim dividend paid per share | - | - | - |
Final proposed dividend per share | - | - | - |
Other Comprehensive Income | |||
Profit for the period | 9,057,625 | 8,353,073 | 8% |
Net Change in Fair Value of Available for Sale Financial | |||
Assets transfer (to)/ from Life Policyholder's Reserve | 1,760,501 | 3,489,285 | -50% |
Defined Benefit Plan Actuarial Losses | 876,477 | 84,243 | 940% |
Revaluation of Property, Plant & Equipment | - | 9,554,575 | -100% |
Total Comprehensive Profit for the period | 11,694,603 | 21,481,175 | -46% |
Amana Takaful Life PLC | |
3 | Interim Report 31st December 2022 |
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2022
Revenue Reserves | |||||
Stated | Revaluation | Accumulated | Policy | ||
Holders' | Total Equity | ||||
Capital | Reserve | Profit/(Loss) | |||
Reserve | |||||
(Rs) | (Rs) | (Rs) | (Rs) | (Rs) | |
Balance as at 01st January 2021 | 500,000,000 | 2,545,326 | (52,385,603) | 8,999,942 | 459,159,662 |
Net Profit/(Loss) for the period | - | - | 9,558,914 | - | 9,558,914 |
Other Comprehensive Income | |||||
Net Change in Fair Value of Available for Sale Financial Assets transfer | |||||
- (to)/ from Life Policyholder's Reserve | - | - | - | 5,399,129 | 5,399,129 |
Transfer from Revaluation Reserve | (101,329) | 101,329 | - | ||
Revaluation of Property, Plant and Equipment | 9,554,575 | 9,554,575 | |||
Defined Benefit Plan Acturial Losses, Net of deferred Tax | - | - | 84,243 | - | 84,243 |
Total Comprehensive Income | - | 9,453,246 | 9,744,485 | 5,399,129 | 24,596,860 |
Balance as at 31st December 2021 | 500,000,000 | 11,998,572 | (42,641,118) | 14,399,071 | 483,756,526 |
Net Profit for the period | - | - | 52,683,607 | - | 52,683,607 |
Other Comprehensive Income | |||||
Net Change in Fair Value of Available for Sale Financial Assets | |||||
- (to)/ from Life Policyholder's Reserve | - | - | - | 5,091,579 | 5,091,579 |
Defined Benefit Plan Acturial Losses, Net of deferred Tax | 876,477 | - | 876,477 | ||
Total Comprehensive Income | - | - | 53,560,084 | 5,091,579 | 58,651,663 |
Balance as at 31st December 2022 | 500,000,000 | 11,998,572 | 10,918,967 | 19,490,649 | 542,408,188 |
Amana Takaful Life PLC | |
4 | Interim Report 31st December 2022 |
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Amana Takaful Life plc published this content on 28 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2023 10:14:04 UTC.
