Co operative Insurance : Interim Financial Statements as of 31/12/2021

CO-OPERATIVE INSURANCE COMPANY LIMITED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
		Group	Company	Change
FOR THE YEAR ENDED 31ST DECEMBER		2021	2020	2021	2020	Group Company
(All amounts are in Sri Lanka Rupees)	Note	(Unaudited)	(Audited)	(Unaudited)	(Audited)	%	%
Gross written premium	07	5,356,257,852	5,171,822,516	4,519,359,369	4,400,098,871	4%	3%
Less premium ceded to reinsurers		(758,771,027)	(717,420,850)	(712,521,091)	(670,436,393)	6%	6%
Net written premium		4,597,486,825	4,454,401,666	3,806,838,278	3,729,662,478	3%	2%
Net change in reserves for unearned premium		(46,704,475)	(95,883,791)	(46,704,475)	(95,883,791)	-51%	-51%
Net earned premium		4,550,782,350	4,358,517,875	3,760,133,803	3,633,778,687	4%	16%
Other revenue
Investment income	08	764,329,755	733,536,843	490,113,468	449,930,085	4%	9%
Unrealized changes in losses of financial instruments		606,752	238,053	-	-	155%	-
Net realized gain in financial investments		-	-	-	-	-	-
Policy administration fees		255,973,638	257,312,090	255,973,638	257,312,090	-1%	-1%
Other income		12,178,488	24,481,413	9,630,409	21,474,321	-50%	-55%
		1,033,088,633	1,015,568,399	755,717,515	728,716,496	2%	4%
Total net revenue		5,583,870,983	5,374,086,274	4,515,851,318	4,362,495,183	4%	4%
Net benefits & claims
Gross benefits & claims incurred		2,702,194,444	2,677,547,099	2,442,224,692	2,336,581,296	1%	5%
Claims ceded to reinsurers		(326,505,307)	(363,587,494)	(317,010,395)	(353,840,884)	-10%	-10%
Change in life contract liabilities		338,021,820	237,966,209	-	-	42%	-
		2,713,710,957	2,551,925,814	2,125,214,297	1,982,740,412	6%	7%
Other expenses
Underwriting & policy acquisition cost		440,569,553	342,482,485	293,817,293	244,837,049	29%	20%
Other operating & administrative expenses		1,568,307,585	1,488,893,049	1,295,521,824	1,224,555,515	5%	6%
Finance cost		64,216,265	50,735,361	52,756,959	40,284,067	27%	31%
		2,073,093,403	1,882,110,895	1,642,096,076	1,509,676,631	10%	9%
Profit before income tax		797,066,623	940,049,565	748,540,945	870,078,140	-15%	-14%
Income tax expenses	09	(113,554,161)	(244,566,294)	(113,554,161)	(225,099,061)	-54%	-50%
Profit for the year		683,512,462	695,483,271	634,986,784	644,979,079	-2%	-2%
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss ;
Revaluation of property ,plant & equipment		235,977,736	130,511,459	171,836,159	114,259,875	81%	50%
Actuarial gains/ (losses) on defined benefit plan		(3,801,227)	12,975,136	(4,263,463)	10,229,690	-129%	-142%
Items that may be reclassified subsequently to profit or loss ;
Net change in fair value of available-for-sale financial assets		(167,701,985)	110,817,288	9,233,074	5,859,534	-251%	58%
Tax on other comprehensive income		9,590,692	(23,812,984)	9,590,692	(22,286,757)	-140%	-143%
		74,065,216	230,490,899	186,396,462	108,062,341	-68%	72%
Total comprehensive income for the year, net of tax		757,577,678	925,974,170	821,383,246	753,041,420	-18%	9%
Profit attributable to :
Equity holders of the Company		683,512,462	687,245,729	634,986,784	644,979,079	-1%	-2%
Non controlling interest		-	8,237,542	-	-	-100%	-
		683,512,462	695,483,271	634,986,784	644,979,079	-2%	-2%
Total comprehensive attributable to :
Equity holders of the Company		757,577,678	897,716,525	821,383,246	753,041,420	-16%	9%
Non controlling interest		-	28,257,645	-	-
		757,577,678	925,974,170	821,383,246	753,041,420	-18%	9%
Earnings per share
Basic earnings per share	10	0.46	0.48	0.43	0.45

The notes form an integral part of theses Condensed Consolidated Interim Financial Statements.

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CO-OPERATIVE INSURANCE COMPANY LIMITED

SEGMENTAL REVIEW

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31ST DECEMBER 2021 (All amounts are in Sri Lanka Rupees)

				2021					2020
	Company	(	Subsidiary	Subsidiary	Consolidation	Total	Company	Subsidiary	Subsidiary	Consolidation	Total
	Non Life)		(Coop Life)	(CITA)	adjustments	( Non Life)	(Coop Life)	(CITA)	adjustments
Gross written premium	4,519,359,369		840,593,703	-	(3,695,221)	5,356,257,852	4,400,098,871	775,410,100	-	(3,686,455)	5,171,822,516
Less: premium ceded to reinsurers	(712,521,091)	(46,249,936)	-	-	(758,771,027)	(670,436,393)	(46,984,457)	-	-	(717,420,850)
Net written premium	3,806,838,278		794,343,767	-	(3,695,221)	4,597,486,824	3,729,662,478	728,425,643	-	(3,686,455)	4,454,401,666
Net change in reserves for unearned premium	(46,704,475)	-	-	-	(46,704,475)	(95,883,791)	-	-	-	(95,883,791)
Net earned premium	3,760,133,803		794,343,767	-	(3,695,221)	4,550,782,349	3,633,778,687	728,425,643	-	(3,686,455)	4,358,517,875
Other income
Investment income	490,113,468	299,109,433	111,521	(25,004,667)	764,329,756	449,930,085	284,474,357	132,400	(1,000,000)	733,536,843
Unrealized changes in losses of financial instruments	-	606,752	-	-	606,752	-	238,053	-	-	238,053
Net realized gain in financial investments	-	-	-	-	-	-	-	-	-	-
Policy administration fees	255,973,638	-	-	-	255,973,638	257,312,090	-	-	-	257,312,090
Other income	9,630,409	6,176,457	749,006	(4,377,384)	12,178,488	21,474,321	5,591,332	698,442	(3,282,682)	24,481,414
	755,717,515		305,892,642	860,528	(35,010,453)	1,033,088,633	728,716,496	290,303,742	830,842	(4,282,682)	1,015,568,400
Total revenue	4,515,851,318		1,100,236,409	860,528	(38,705,674)	5,583,870,983	4,362,495,183	1,018,729,385	830,842	(7,969,137)	5,374,086,275
Net benefits & claims
Gross benefits & claims incurred	2,442,224,692		259,969,752	-	-	2,702,194,444	2,336,581,296	340,965,803	-	-	2,677,547,099
Claims ceded to reinsurers	(317,010,395)	(9,494,912)	-	-	(326,505,307)	(353,840,884)	(9,746,610)	-	-	(363,587,494)
Change in life contract liabilities	-		338,021,820	-	-	338,021,820	-	237,966,209	-	-	237,966,209
	2,125,214,297		588,496,660	-	-	2,713,710,957	1,982,740,412	569,185,402	-	-	2,551,925,814
	2,390,637,021		511,739,749	860,528	(38,705,674)	2,870,160,026	2,379,754,771	449,543,983	830,842	(7,969,137)	2,822,160,462
Other expenses
Underwriting & policy acquisition cost	293,817,293		146,752,260	-	-	440,569,553	244,837,049	97,645,436	-	-	342,482,485
Other operating & administrative expenses	1,295,521,824		279,774,668	1,083,699	(8,072,605)	1,568,307,587	1,224,555,515	270,641,579	665,091	(6,969,137)	1,488,893,049
Finance cost	52,756,959		13,700,973		(2,241,667)	64,216,265	40,284,067	11,451,295		(1,000,000)	50,735,361
	1,642,096,076		440,227,901	1,083,699	(10,314,272)	2,073,093,405	1,509,676,631	379,738,310	665,091	(7,969,137)	1,882,110,895
Profit before tax	748,540,945		71,511,848	(223,171)	(22,763,000)	797,066,621	870,078,140	69,805,673	165,751	-	940,049,566
Income tax expenses	(113,554,161)	-	-	-	(113,554,161)	(225,099,061)	(19,430,788)	(36,445)	-	(244,566,294)
Profit for the year	634,986,783		71,511,848	(223,171)	(22,763,000)	683,512,461	644,979,079	50,374,886	129,306	-	695,483,272
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss ;
Revaluation of land & buildings	171,836,159		64,141,574	-	-	235,977,733	114,259,875	16,251,584	-	-	130,511,459
De-recognition of revaluation reserve			-	-	-	-		-	-	-	-
Actuarial gains / (loses) on defined benefit plan	(4,263,463)	462,236	-	-	(3,801,227)	10,229,690	2,745,446	-	-	12,975,136
						-					-
Items that may be reclassified subsequently to profit or loss ;						-					-
Net change in fair value of available for sale of
financial assets	9,233,074		(176,935,058)	-	-	(167,701,985)	5,859,534	104,957,754	-	-	110,817,288
Tax on other comprehensive income	9,590,692		-	-	-	9,590,693	(22,286,757)	(1,526,228)	-	-	(23,812,984)
Total comprehensive income for the year	821,383,245		(40,819,399)	(223,171)	(22,763,000)	757,577,676	753,041,420	172,803,443	129,306	-	925,974,171

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CO-OPERATIVE INSURANCE COMPANY LIMITED

SEGMENTAL REVIEW

STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 31ST DECEMBER 2021 (All amounts are in Sri Lanka Rupees)

			2021						2020
	Company	Subsidiary	Subsidiary	Consolidation	Total	Company	(Non	Subsidiary (Coop	Subsidiary	Consolidation	Total
	( Non Life)	(Coop Life)	(CITA)	adjustments	Life)		Life)	(CITA)	adjustments
Assets
Property, plant & equipment	980,172,603	302,485,149	1,162,500	-	1,283,820,243	924,285,766	267,880,631	-	-	1,192,166,388
Intangible assets	328,836,557	72,997,927	-	-	401,834,486	276,751,236	77,732,252	-	-	354,483,489
Right of use assets	22,145,481	1,695,113	-	-	23,840,595	16,229,209	1,593,468	-	-	17,822,678
Deferred tax asset	-	88,842,467	-	-	88,842,468		-	88,842,469	-	-	88,842,470
Financial investments	5,850,388,826	3,180,049,558	1,561,538	-	9,031,999,922	4,411,648,309	2,952,789,219	1,193,452	-	7,365,630,980
Investments in subsidiaries	544,260,050	-	-	(544,260,050)	-	574,260,050	-	-	(574,260,050)	-
Loans to policy holders	-	31,232,387	-	-	31,232,387		-	28,551,631	-	-	28,551,631
Reinsurance receivables	655,095,060	12,351,333	-	-	667,446,393	364,005,542	11,441,682	-	-	375,447,224
Premium receivables	1,010,997,067	12,719,381	-	-	1,023,716,448	1,096,720,671	7,532,452	-	-	1,104,253,123
Related party receivables	10,635,220	-	-	(10,635,220)	-	15,650,469	-	-	(25,650,469)	(10,000,000)
Other assets	135,641,639	50,675,990	326,375	-	186,644,023	78,457,475	46,249,539	398,934	(653,874)	124,452,093
Cash & cash equivalents	267,833,200	7,272,536	1,586,099	2,912,323	279,604,156	177,828,759	27,813,664	1,542,582	-	207,185,003
Total assets	9,806,005,703	3,760,321,840	4,636,512	(551,982,947)	13,018,981,121	7,935,837,486	3,510,427,008	3,134,968	(600,564,393)	10,848,835,080
Equity & liabilities
Equity
Stated capital	2,198,315,515	544,260,040	10	(544,260,050)	2,198,315,515	1,515,756,670	544,260,040	10	(544,260,050)	1,515,756,670
Revaluation reserve	684,428,405	172,915,436	-	(18,228,939)	839,114,904	515,270,012	108,773,863	-	(18,228,940)	605,814,937
Available for sale reserves	(26,401,724)	(14,398,613)	-	(31,137,497)	(71,937,834)	(33,538,944)	162,536,445	-	(31,137,488)	97,860,015
Retained earnings	1,771,135,699	306,931,453	500,388	49,366,436	2,127,933,984	1,401,972,797	262,170,369	723,560	49,366,428	1,714,233,160
Non controlling interest	-	-	-	-	-		-	-	-	-	-
Total equity	4,627,477,895	1,009,708,317	500,398	(544,260,051)	5,093,426,569	3,399,460,535	1,077,740,717	723,570	(544,260,048)	3,933,664,782
Liabilities
Preference shares	50,500,000	-	-	-	50,500,000	50,500,000	30,000,000	-	(30,000,000)	50,500,000
Retirement benefit obligations	65,597,849	13,638,442	-	-	79,236,291	53,222,055	13,112,707	-	-	66,334,762
Interest bearing borrowings	-	-	-	-	-		-	-	-	-	-
Lease liability under SLFRS 16	361,850,546	85,108,469	-	-	446,959,015	295,985,027	85,509,154	-	-	381,494,181
Insurance liabilities	3,126,799,939	2,531,531,703	-	-	5,658,331,641	2,956,779,172	2,184,470,110	-	-	5,141,249,282
Reinsurance creditors	622,122,585	27,758,613	-	-	649,881,198	212,724,701	11,034,737	-	-	223,759,438
Related party payables	-	4,187,281	4,061,153	(8,248,434)	-		-	24,042,851	2,261,492	(26,304,343)	0
Deferred tax liability	59,019,861	-	-	-	59,019,861	48,624,012	-	-	-	48,624,012
Other liabilities	870,763,528	88,389,017	74,961	525,537	959,753,043	858,075,370	84,516,732	149,906	-	942,742,009
Bank overdrafts	21,873,500	-	-	-	21,873,500	60,466,614	-	-	-	60,466,614
Total liabilities	5,178,527,807	2,750,613,524	4,136,114	(7,722,897)	7,925,554,550	4,536,376,951	2,432,686,291	2,411,398	(56,304,343)	6,915,170,299
Total equity & liabilities	9,806,005,702	3,760,321,840	4,636,512	(551,982,948)	13,018,981,118	7,935,837,486	3,510,427,008	3,134,968	(600,564,393)	10,848,835,080

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