HNB Assurance : Interim Financial Statements as at 30-09-2022

November 11, 2022 at 10:12 am

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30TH SEPTEMBER 2022

Statement of Financial Position

			Group			Company
As at,			Unaudited	Audited			Unaudited	Audited
	30th Sep 2022	31st Dec 2021			30th Sep 2022	31st Dec 2021
	Note		Rs. '000	Rs. '000			Rs. '000	Rs. '000
Assets		367,752			210,986
Property, Plant and Equipment		282,884		141,390
Right of Use Assets		406,372	395,148		371,507	362,336
Intangible Assets		59,794	63,180		55,409	57,839
Deferred Tax Assets		47,896	291,832		-	273,543
Financial Investments	3	32,516,155	29,094,085		27,700,528	24,667,102
Investment in Subsidiary		-	-		1,150,000	1,150,000
Loans to Life Policyholders		410,121	403,452		410,121	403,452
Reinsurance Receivables		1,236,605	1,072,206		219,202	317,009
Premium Receivables		1,355,738	1,247,997		58,993	7,822
Other Assets		1,000,067	747,946		702,556	507,528
Insurance Contract - Deferred Expenses		165,460	157,710		-	-
Cash and Cash Equivalents		1,533,310	2,112,745		1,064,111	1,575,931
Total Assets			39,099,270	35,869,185			31,943,413	29,463,952
Equity and Liabilities

Equity Attributable to the Equity Holders		1,171,875			1,171,875
Stated Capital		1,171,875		1,171,875
Retained Earnings		7,517,588	6,644,680		6,280,121	5,548,813
Available for Sale Reserve		(366,201)	4,009		(135,849)	4,446
Other Reserve		(11,421)	(11,421)		(6,614)	(6,614)
Life Policyholders' Available for Sale Reserve Fund	5	(1,268,433)	(67,291)		(1,268,433)	(67,291)
Restricted Regulatory Reserve	6	381,156	381,156		381,156	381,156
Equity Attributable to the Equity Holders			7,424,564	8,123,008			6,422,256	7,032,385
Non-Controlling Interest		-	-		-	-
Total Equity			7,424,564	8,123,008			6,422,256	7,032,385
Liabilities		23,297,701			23,297,701
Insurance Contract Liabilities - Life Insurance	7	20,342,757		20,342,757
Insurance Contract Liabilities - General Insurance	8	4,175,561	3,735,922		-	-
Employee Defined Benefit Liabilities		277,777	239,167		160,468	137,328
Current Tax Liabilities		129,227	62,168		84,002	19,871
Reinsurance Creditors		819,106	1,085,512		260,038	453,054
Lease Creditors		437,849	421,838		402,880	390,374
Other Liabilities		2,245,715	1,747,148		1,181,738	1,034,819
Bank Overdrafts		291,770	111,665		134,330	53,364
Total Liabilities			31,674,706	27,746,177			25,521,157	22,431,567
Total Equity and Liabilities			39,099,270	35,869,185			31,943,413	29,463,952

The Notes form an integral part of these Condensed Consolidated Interim Financial Statements.

These Condensed Consolidated Interim Financial Statements are in compliance with the requirements of the Companies Act, No. 07 of 2007.

Punsirini Perera

Chief Financial Officer

The Board of Directors is responsible for these Condensed Consolidated Interim Financial Statements.

Signed on behalf of the Board;

Rose Cooray	Ashoka Goonesekere
Chairperson	Director
Colombo, Sri Lanka
10th November 2022

Statement of Profit or Loss and Other Comprehensive Income

Group
(Audited)						Group		Company		Change
Year Ended						Unaudited	Unaudited		Unaudited	Unaudited		Group Company
31st Dec 2021	For the Nine Months Ended 30th September,		2022	2021	2022	2021
Rs. '000		Note				Rs. '000	Rs. '000		Rs. '000	Rs. '000	%	%
12,646,947	Gross Written Premium	9	11,311,277	8,960,358	6,597,219	4,993,503	26	32
(1,648,861)	Premium Ceded to Reinsurers			(1,491,672)	(1,173,900)	(348,607)	(256,631)	27	36
10,998,086	Net Written Premium		9,819,605	7,786,458	6,248,612	4,736,872	26	32
(242,252)	Net Change in Reserves for Unearned Premium			(149,012)	(62,292)	-	-	139	-
10,755,834	Net Earned Premium		9,670,593	7,724,166	6,248,612	4,736,872	25	32
	Other Revenue
2,555,274	Interest and Dividend Income	10	2,999,070	1,881,096	2,643,176	1,729,883	59	53
52,921	Net Realised Gains		361,017	19,717	95,486	16,905	1,731	465
79,128	Net Fair Value (Losses)/Gains		(10,233)	77,277	(30,575)	50,584	(113)	(160)
225,738	Fee and Commission Income		212,930	162,376	43,085	68,849	31	(37)
13,334	Other Income			17,204	12,225	15,625	2,213	41	606
2,926,395	Total Other Revenue		3,579,988	2,152,691	2,766,797	1,868,434	66	48
13,682,229	Net Income		13,250,581	9,876,857	9,015,409	6,605,306	34	36
	Net Benefits, Claims and Expenses
(4,223,290)	Net Insurance Benefits and Claims		(4,031,521)	(2,935,903)	(1,583,120)	(1,188,563)	37	33
(3,249,356)	Change in Contract Liabilities - Life Fund		(3,023,350)	(3,056,156)	(3,023,350)	(3,056,156)	(1)	(1)
(2,892,824)	Other Operating and Administration Expenses		(2,854,716)	(2,060,767)	(1,731,959)	(1,172,278)	39	48
(1,456,258)	Underwriting and Net Acquisition Costs		(1,297,843)	(1,006,342)	(1,007,042)	(734,789)	29	37
(112,123)	Finance and Other Insurance Related Costs			(93,157)	(86,283)	(78,981)	(61,549)	8	28
(11,933,851)	Total Benefits, Claims and Other Expenses		(11,300,587)	(9,145,451)	(7,424,452)	(6,213,335)	24	19
1,748,378	Profit Before Taxation		1,949,994	731,406	1,590,957	391,971	167	306
(524,730)	Income Tax Expense	11		(424,597)	(266,309)	(379,649)	(184,120)	59	106
1,223,648	Profit for the Period	12		1,525,397	465,097	1,211,308	207,851	228	483

Other Comprehensive Income, Net of Related Tax

Items that are or may be reclassified to profit or loss

(914,208) - Net Change in fair value of Available For Sale Financial Assets

(9,490) - Realised Gains transferred to Income Statement

- Amortisation of AFS reserve on reclassification
- Net Change in fair value of Available For Sale Financial Assets

825,224 - transferred to Life Policyholders' Available For Sale Reserve Fund

8,729	- Related Tax	11
	Items that will never be reclassified to profit or loss
44,140	- Actuarial Gains on Defined Benefit Plans
(4,041)	- Related Tax	11
(49,646)	Total Other Comprehensive Income for the Period, Net of Related Tax
1,174,002	Total Comprehensive Income for the Period
	Profit Attributable to:

1,223,648 Equity Holders of the Company

Non-ControllingInterest

Total Comprehensive Income Attributable to:

1,174,002 Equity Holders of the Company

Non-ControllingInterest

8.16

Basic and Diluted Earnings Per Share (Rs.)

(1,618,386)	(673,721)	(1,362,925)	(607,692)	140	124
-	(5,874)	-	(5,874)	100	100
21,488	-	21,488	-	100	100
1,201,142	604,562	1,201,142	604,562	99	99
25,546	13,626	-	-	87	-
-	-	-	-	-	-
-	-	-	-	-	-
(370,210)	(61,407)	(140,295)	(9,004)	503	1,458
1,155,187	403,690	1,071,013	198,847	186	439

1,525,397	465,097	1,211,308	207,851	228	483
-	-	-	-	-	-
1,155,187	403,690	1,071,013	198,847	186	439
-	-	-	-	-	-
10.17	3.10	8.08	1.39	228	483

The Notes form an integral part of these Condensed Consolidated Interim Financial Statements.

Statement of Changes in Equity - Group

For the Period Ended 30th September,		Stated	Retained	Available	Other	Life	Restricted	Total
		Capital	Earnings	for Sale	Reserve	Policyholders'	Regulatory	Equity
		Reserve	AFS Reserve	Reserve
		Rs. '000	Rs. '000	Rs. '000	Fund	Rs. '000
		Rs. '000	Rs. '000	Rs. '000
Balance as at 01st January 2021		1,171,875	5,841,032	93,754	(51,520)	757,933	381,156	8,194,230
Comprehensive Income for the Period
Profit for the Period-Unaudited		-	465,097	-	-	-	-	465,097
Other Comprehensive Income for the Period, Net of Related Tax
Net Change in fair value of Available For Sale Financial Assets		-	-	(665,969)	-	-	-	(665,969)
Net Change in fair value of Available For Sale Financial Assets
- transferred to Life Policyholders' Available For Sale Reserve Fund		-	-	604,562	-	-	-	604,562
Total Other Comprehensive Income for the Period		-	-	(61,407)	-	-	-	(61,407)
Total Comprehensive Income for the Period		-	465,097	(61,407)	-	-	-	403,690
Net Change in fair value of Available For Sale Financial Assets
- transferred from Available For Sale Reserve		-	-	-	-	(604,562)	-	(604,562)
Transactions with owners recorded directly in equity
Distributions to owners of the Parent
Final dividend to equity holders for 2020		-	(420,000)	-	-	-	-	(420,000)
Unaudited balance as at 30th September 2021		1,171,875	5,886,129	32,347	(51,520)	153,371	381,156	7,573,358
Comprehensive Income for the Period
Profit for the Period-Unaudited		-	758,551	-	-	-	-	758,551
Other Comprehensive Income for the Period, Net of Related Tax
Net Change in fair value of Available For Sale Financial Assets		-	-	(249,000)	-	-	-	(249,000)
Net Change in fair value of Available For Sale Financial Assets
- transferred to Life Policyholders' Available For Sale Reserve Fund		-	-	220,662	-	-	-	220,662
Actuarial Gains on Defined Benefit Plans		-	-	-	40,099	-	-	40,099
Total Other Comprehensive Income for the Period		-	-	(28,338)	40,099	-	-	11,761
Total Comprehensive Income for the Period		-	758,551	(28,338)	40,099	-	-	770,312
Net Change in fair value of Available For Sale Financial Assets
- transferred from Available For Sale Reserve		-	-	-	-	(220,662)	-	(220,662)
Audited balance as at 31st December 2021		1,171,875	6,644,680	4,009	(11,421)	(67,291)	381,156	8,123,008
Balance as at 01st January 2022		1,171,875	6,644,680	4,009	(11,421)	(67,291)	381,156	8,123,008
Surcharge Tax	(Note 16)	-	(172,489)	-	-	-	-	(172,489)
Comprehensive Income for the Period
Profit for the Period-Unaudited		-	1,525,397	-	-	-	-	1,525,397
Other Comprehensive Income for the Period, Net of Related Tax
Net Change in fair value of Available For Sale Financial Assets		-	-	(1,571,352)	-	-	-	(1,571,352)
Net Change in fair value of Available For Sale Financial Assets
- transferred to Life Policyholders' Available For Sale Reserve Fund		-	-	1,201,142	-	-	-	1,201,142
Total Other Comprehensive Income for the Period		-	-	(370,210)	-	-	-	(370,210)
Total Comprehensive Income for the Period		-	1,525,397	(370,210)	-	-	-	1,155,187
Net Change in fair value of Available For Sale Financial Assets
- transferred from Available For Sale Reserve		-	-	-	-	(1,201,142)	-	(1,201,142)
Transactions with owners recorded directly in equity
Distributions to owners of the Parent
Dividend to equity holders for 2021		-	(480,000)	-	-	-	-	(480,000)
Unaudited balance as at 30th September 2022		1,171,875	7,517,588	(366,201)	(11,421)	(1,268,433)	381,156	7,424,564

Stated Capital represents 150 Million Ordinary Shares as at 30th September 2022 (2021 - 150 Million).

The Notes form an integral part of these Condensed Consolidated Interim Financial Statements.

Statement of Changes in Equity - Company

For the Period Ended 30th September 2022,	Stated	Retained	Available	Other	Life	Restricted	Total
	Capital	Earnings	for Sale	Reserve	Policyholders'	Regulatory	Equity
	Reserve	AFS Reserve	Reserve
	Rs. '000	Rs. '000	Rs. '000	Fund	Rs. '000
	Rs. '000	Rs. '000	Rs. '000
Balance as at 01st January 2021	1,171,875	4,968,314	15,626	(33,916)	757,933	381,156	7,260,988
Comprehensive Income for the Period
Profit for the Period-Unaudited	-	207,851	-	-	-	-	207,851
Other Comprehensive Income for the Period, Net of Related Tax
Net Change in fair value of Available For Sale Financial Assets	-	-	(613,566)	-	-	-	(613,566)
Net Change in fair value of Available For Sale Financial Assets
- transferred to Life Policyholders' Available For Sale Reserve Fund	-	-	604,562	-	-	-	604,562
Total Other Comprehensive Income for the Period	-	-	(9,004)	-	-	-	(9,004)
Total Comprehensive Income for the Period	-	207,851	(9,004)	-	-	-	198,847
Net Change in fair value of Available For Sale Financial Assets
- transferred from Available For Sale Reserve	-	-	-	-	(604,562)	-	(604,562)
Transactions with owners recorded directly in equity
Distributions to owners of the Company
Final dividend to equity holders for 2020	-	(420,000)	-	-	-	-	(420,000)
Unaudited balance as at 30th September 2021	1,171,875	4,756,165	6,622	(33,916)	153,371	381,156	6,435,273
Comprehensive Income for the Period
Profit for the Period-Unaudited	-	792,648	-	-	-	-	792,648
Other Comprehensive Income for the Period, Net of Related Tax
Net Change in fair value of Available For Sale Financial Assets	-	-	(222,838)	-	-	-	(222,838)
Net Change in fair value of Available For Sale Financial Assets
- transferred to Life Policyholders' Available For Sale Reserve Fund	-	-	220,662	-	-	-	220,662
Actuarial Gains on Defined Benefit Plans	-	-	-	27,302	-	-	27,302
Total Other Comprehensive Income for the Period	-	-	(2,176)	27,302	-	-	25,126
Total Comprehensive Income for the Period	-	792,648	(2,176)	27,302	-	-	817,774
Net Change in fair value of Available For Sale Financial Assets
- transferred from Available For Sale Reserve	-	-	-	-	(220,662)	-	(220,662)
Audited balance as at 31st December 2021	1,171,875	5,548,813	4,446	(6,614)	(67,291)	381,156	7,032,385
Balance as at 01st January 2022	1,171,875	5,548,813	4,446	(6,614)	(67,291)	381,156	7,032,385
Comprehensive Income for the Period
Profit for the Period-Unaudited	-	1,211,308	-	-	-	-	1,211,308
Other Comprehensive Income for the Period, Net of Related Tax
Net Change in fair value of Available For Sale Financial Assets	-	-	(1,341,437)	-	-	-	(1,341,437)
Net Change in fair value of Available For Sale Financial Assets
- transferred to Life Policyholders' Available For Sale Reserve Fund	-	-	1,201,142	-	-	-	1,201,142
Total Other Comprehensive Income for the Period	-	-	(140,295)	-	-	-	(140,295)
Total Comprehensive Income for the Period	-	1,211,308	(140,295)	-	-	-	1,071,013
Net Change in fair value of Available For Sale Financial Assets
- transferred from Available For Sale Reserve	-	-	-	-	(1,201,142)	-	(1,201,142)
Transactions with owners recorded directly in equity
Distributions to owners of the Company
Dividend to equity holders for 2021	-	(480,000)	-	-	-	-	(480,000)
Unaudited balance as at 30th September 2022	1,171,875	6,280,121	(135,849)	(6,614)	(1,268,433)	381,156	6,422,256

Stated Capital represents 150 Million Ordinary Shares as at 30th September 2022 (2021 - 150 Million).

The Notes form an integral part of these Condensed Consolidated Interim Financial Statements.

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HNB Assurance plc published this content on 11 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2022 10:11:01 UTC.

End-of-day quote Colombo S.E. Other stock markets 23:00:00 13/06/2024 BST			5-day change	1st Jan Change
58 ^LKR	-0.85%		+2.29%	+2.47%

06-05	HNB General Insurance Limited and HNB Assurance plc Announces Chairman Changes	CI
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HNB General Insurance Limited and HNB Assurance plc Announces Chairman Changes	06-05	CI
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HNB Assurance PLC Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023	02/08/23	CI
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HNB Assurance PLC Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022	11/11/22	CI
Hnb Assurance plc Announces Retirement of Siromi Noelle Wickramasinghe as Non-Executive & Non-Independent Director	03/10/22	CI
HNB Assurance PLC Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022	02/08/22	CI
HNB Assurance PLC Reports Earnings Results for the First Quarter Ended March 31, 2022	04/05/22	CI
HNB Assurance PLC Declares A First and Final Dividend for the Year 2021	31/03/22	CI
HNB Assurance PLC Reports Earnings Results for the Full Year Ended December 31, 2021	14/02/22	CI
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HNB Assurance PLC

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HNB Assurance : Interim Financial Statements as at 30-09-2022

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