LOLC General Insurance : Interim Financial Statements as at 31st December 2021

LOLC GENERAL INSURANCE PLC

INTERIM CONDENSED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

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LOLC General Insurance PLC

Interim Condensed Financial Statements

For the year ended 31 December 2021

1. Statement of Financial Position
2. Statement of Profit or Loss
3. Statement of Other Comprehensive Income
4. Statement of Changes in Equity
5. Statement of Cash Flows

6 - 8 Notes to the Interim Financial Statements

1. Valuation of Financial Assets and Liabilities
2. Statement of Directors' Holding and Chief Executive Officer's holding in Shares of the Entity
3. Top 20 Shareholders

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LOLC General Insurance PLC

Interim Condensed Financial Statements

Statement of Financial Position

As at	Note	31-Dec-21		31-Dec-20
		Rs.'000		Rs.'000
		Un-audited		Audited
Assets
Intangible assets		18,252	25,812
Property and equipment		95,118	57,491
Right-of-use assets		257,952	213,932
Investment in Associate		67,581	-
Investment securities		8,443,284	6,784,607
Deferred tax assets		93,027	22,532
Reinsurance assets		862,048	1,056,392
Reinsurance receivables		221,029	255,377
Deferred acquisition costs		169,674	172,420
Premiums receivable		1,331,479	1,136,580
Amounts due from related parties		520	3,137
Other assets		104,687	56,610
Cash and bank balances		335,269		106,390
		11,999,920	9,891,279
Liabilities and equity
Liabilities
Insurance contract liabilities - Non-Life insurance	6.8	6,149,464	4,995,773
Long-term borrowings		78,201	-
Retirement benefit obligations		45,883	46,367
Lease liabilities		337,526	253,884
Reinsurance creditors		501,690	555,941
Deferred reinsurance commission income		100,931	133,787
Income tax liability		191,959	398,696
Amounts due to related parties		27,604	35,989
Other liabilities		562,374	407,301
Bank overdraft		270		-
Total liabilities		7,995,902	6,827,739
Equity
Stated capital (1,200,000,000 shares)		800,000	700,000
Reserves		(186,769)	73,397
Retained earnings		3,390,787		2,290,143
Total equity		4,004,018		3,063,540
Total liabilities & equity		11,999,920	9,891,279
Net assets per share (Rs.)		3.34	2.92

I certify that these Financial Statements have been prepared and presented in compliance with the requirements of the Companies Act, No.07 of 2007.

Sgd.

Mrs. S.S. Kotakadeniya

Chief Financial Officer - LOLC Group

The board of directors is responsible for the preparation and the fair presentation of these Financial Statements. Approved and signed for and on behalf of the Board;

Sgd.	Sgd.
Mr. W.D.K. Jayawardena	Mr. W. R. A. Dharmarathne
Chairman	Director
25th February 2022
Rajagiriya (Greater Colombo)

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LOLC General Insurance PLC

Interim Condensed Financial Statements

Statement of Profit or Loss		For the three months ended			For the year ended
Note		31-Dec-21		31-Dec-20	Variance		31-Dec-21		31-Dec-20		Variance
		Rs.'000		Rs.'000	%		Rs.'000		Rs.'000	%
		Un-audited		Un-audited			Un-audited		Audited
Net income		1,679,334	1,359,394			24	6,077,746	5,127,568	19
Gross written premium	7	1,628,737	1,288,889			26	7,284,480	6,112,466	19
Premiums ceded to reinsurers		(301,175)		(364,773)			17		(1,160,311)		(1,375,604)		16
Net written premium		1,327,562	924,116			44	6,124,169	4,736,862	29
Net change in reserves for unearned premium		149,207		265,571			(44)		(826,816)		(289,255)		(186)
Net earned premium		1,476,769	1,189,688			24	5,297,353	4,447,607	19
Other Revenue
Investment income		167,696	140,340			19	616,182	529,447	16
Fees and commission income		34,581	29,173			19	157,511	145,705	8
Other income		287		194			48		6,700		4,809		39
Total other revenue		202,564	169,707			19	780,393	679,961	15
Net benefits and claims
Net insurance claims and benefits		(928,867)	(450,615)			(106)	(2,667,817)	(1,768,351)	(51)
Underwriting and net acquisition costs		(2,380)		(32,552)			93		(37,002)		42,001		(188)
Total net benefits and claims		(931,247)	(483,167)			(93)	(2,704,819)	(1,726,350)	(57)
Other operating and administrative expenses		(500,073)	(501,049)			0	(2,078,880)	(1,863,822)	(12)
Share of loss of equity accounted investees (net of tax)		(22,643)		-			(100)		(22,642)		-		(100)
Profit before tax		225,371	375,179			(40)	1,271,405	1,537,396	(17)
Income tax expense		74,367		(99,900)			174		(176,681)		(425,368)		58
Profit after tax		299,738	275,279			9	1,094,724	1,112,028	(2)
Profit attributable to;
Equity holders of the company		299,738	275,279			9	1,094,724	1,112,028	(2)
Non-controlling interests							-		-		-		-
		299,738		275,279			9		1,094,724		1,112,028		(2)

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LOLC General Insurance PLC

Interim Condensed Financial Statements

Statement of Other Comprehensive Income

	Note	For the three months ended			For the year ended
		31-Dec-21		31-Dec-20	Variance		31-Dec-21		31-Dec-20		Variance
		Rs.'000		Rs.'000	%		Rs.'000		Rs.'000	%
		Un-audited		Un-audited			Un-audited		Audited
Profit after tax		299,738	275,279			9	1,094,724	1,112,028	(2)
Other comprehensive income
Net other comprehensive income that are or may be reclassified to profit or loss in
subsequent periods :
Net change in fair value of available for sale financial assets (net of tax)		(16,066)	(66,978)			76	(274,968)	36,448	(854)
Share of Other Comprehensive Income of equity accounted investee (net of tax)
		672	-			100	672	-	100
Net other comprehensive income that will never be reclassified to profit or loss in
subsequent periods:
Gratuity - actuarial gain/(loss) - Non-life insurance (net of tax)		5,921	(3,211)			284	5,921	(3,211)	284
Net other comprehensive income to be reclassified to income statement in subsequent
periods		(9,473)	(70,189)			87	(268,376)	33,237	(907)
Total other comprehensive income/ (expense) for the period, net of tax		(9,473)		(70,189)			87		(268,376)		33,237		(907)
Total comprehensive income for the period, net of tax		290,265	205,090			42	826,348	1,145,265	(28)
Total comprehensive income attributable to;
Equity holders of the company		290,265	205,090			42	826,348	1,145,265	(28)
Non-controlling interests		-		-			-		-		-		-
		290,265	205,090			42	826,348	1,145,265	(28)
Earnings per share
Basic and earnings per share	8	0.25	0.26			(5)	0.91	1.06	(14)
Adjusted earnings per share	8	0.25	0.23			9	0.91	0.93	(2)

Figures in brackets indicate deductions.

The above figures are not audited

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