People Insurance : Interim Financial Statements as of 30-09-2022

INTERIM CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

30 SEPTEMBER 2022

PEOPLE'S INSURANCE PLC

STATEMENT OF PROFIT OR LOSS

			For the nine months ended		For the three months ended
For the year
ended 31.12.2021			30.09.2022	30.09.2021	Change	30.09.2022	30.09.2021	Change
Rs.			Rs.	Rs.	%	Rs.	Rs.	%
(Audited)		Note	(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)
5,905,722,477	Revenue	6	4,764,934,620	4,457,820,700	7	1,684,483,674	1,482,046,789	14
5,967,950,074	Gross written premium	7	4,803,808,321	4,628,456,764	4	1,648,542,898	1,784,831,324	(8)
18,029,670	Change in reserve for unearned insurance premium		(82,879,132)	(142,675,259)	(42)	(37,736,168)	(278,445,662)	(86)
5,985,979,744	Gross earned premium		4,720,929,189	4,485,781,505	5	1,610,806,730	1,506,385,662	7
(923,799,562)	Premium ceded to reinsurers		(1,216,228,268)	(760,226,292)	60	(290,470,538)	(241,169,342)	20
58,446,056	Change in reserve for unearned reinsurance premium		285,666,659	143,376,178	99	(65,853,046)	23,714,409	(378)
5,120,626,238	Net earned premium		3,790,367,580	3,868,931,391	(2)	1,254,483,146	1,288,930,729	(3)
	Claims and expenses
(2,994,318,525)	Net claims		(2,751,746,997)	(2,069,152,243)	33	(877,628,492)	(591,838,026)	48
(527,064,090)	Underwriting and net acquisition costs		(365,922,692)	(409,066,957)	(11)	(117,783,303)	(136,199,002)	(14)
(1,203,691,140)	Other operating and administrative expenses		(875,874,453)	(961,516,555)	(9)	(320,233,783)	(338,746,703)	(5)
(11,560,267)	Finance cost		(16,950,614)	(9,353,149)	81	(14,658,311)	(2,548,843)	475
(4,736,634,022)	Total claims and expenses		(4,010,494,756)	(3,449,088,904)	16	(1,330,303,889)	(1,069,332,574)	24
383,992,216	Underwriting results		(220,127,176)	419,842,487	(152)	(75,820,743)	219,598,155	(135)
	Other revenue
54,300,338	Fee income		51,394,547	40,666,039	26	24,671,250	14,394,579	71
657,536,885	Net interest and dividend income	8	900,134,785	490,471,447	84	399,578,718	159,395,573	151
18,243,944	Net realised gains/(losses)		17,753,973	16,731,521	6	-	12,188,794	(100)
55,008,314	Net fair value gains/(losses)		-	40,980,995	(100)	-	7,136,461	(100)
6,758	Other income		5,283,735	39,307	13,342	5,750,560	653	880,537
785,096,239	Total other revenue		974,567,040	588,889,309	65	430,000,528	193,116,060	123
1,169,088,455	Profit before tax		754,439,864	1,008,731,796	(25)	354,179,785	412,714,215	(14)
(189,419,106)	Income tax expense	9	(179,456,139)	(171,761,265)	4	(75,692,969)	(98,549,740)	(23)
979,669,349	Profit for the period		574,983,725	836,970,531	(31)	278,486,816	314,164,475	(11)
4.90	Basic earnings per share	10	2.87	4.18	(31)	1.39	1.57	(11)

The notes to the financial statements form an integral part of these interim condensed financial statements.

-1-

PEOPLE'S INSURANCE PLC

STATEMENT OF COMPREHENSIVE INCOME

	For the nine months ended		For the three months ended
For the year
ended 31.12.2021	30.09.2022	30.09.2021	Change	30.09.2022	30.09.2021	Change
Rs.	Rs.	Rs.	%	Rs.	Rs.	%
(Unaudited)	(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)

979,669,349 Profit for the period

Other comprehensive income

Other comprehensive income that may be reclassified to statement of profit or loss in subsequent periods:

(11,503,415) Net change in fair value during the period

2,946,743 Deferred tax effect on fair valuations

(8,556,672)

Other comprehensive income not to be reclassified to statement of profit or loss in subsequent periods:

2,240,491 Actuarial losses on defined benefit obligations

557,472 Deferred tax effect on defined benefit obligations

2,797,963

(5,758,709) Other comprehensive income for the period, net of tax 973,910,640 Total comprehensive income for the period, net of tax

574,983,725

836,970,531

(31)

278,486,816

314,164,475

(11)

(50,072,974)	(7,352,167)	581	(40,803,730)	(1,491,507)	2,636
12,555,232	3,045,634	312	10,647,649	1,258,788	746
(37,517,742)	(4,306,533)	(771)	(30,156,081)	(232,719)	12,858
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
(37,517,742)	(4,306,533)	(771)	(30,156,081)	(232,719)	12,858
537,465,983	832,663,998	(35)	248,330,735	313,931,756	(21)

-2-

PEOPLE'S INSURANCE PLC

STATEMENT OF FINANCIAL POSITION

As at		30.09.2022	31.12.2021
		Rs.	Rs.
	Note	(Unaudited)	(Audited)
Assets
Intangible assets		6,119,097	8,197,904
Property, plant and equipment		398,879,006	123,149,959
Deferred tax asset		44,992,980	50,729,768
Financial investments	11	8,915,192,240	9,038,785,038
Reinsurance receivables		554,979,643	421,007,848
Insurance receivables		1,056,086,989	1,032,801,578
Deferred expenses		172,199,246	244,281,574
Other assets		123,580,150	67,443,627
Cash and bank balances		98,947,687	68,316,222
Total assets		11,370,977,038	11,054,713,518
Equity and liabilities
Equity
Stated capital		1,350,000,000	1,350,000,000
Retained earnings		3,485,084,805	3,650,684,688
Reserves		(45,106,448)	(7,588,706)
Total equity		4,789,978,357	4,993,095,982
Liabilities
Insurance contract liabilities	12	4,983,869,102	4,831,513,746
Employee defined benefit obligations		56,847,222	50,647,614
Other financial liabilities		1,046,675,977	641,281,309
Other liabilities		48,363,082	40,911,526
Reinsurance payables		282,459,032	244,382,102
Income tax payables		112,350,119	183,557,270
Bank overdrafts		50,434,147	69,323,969
Total liabilities		6,580,998,681	6,061,617,536
Total equity and liabilities		11,370,977,038	11,054,713,518

The notes to the financial statements form an integral part of these interim condensed financial statements.

These interim condensed financial statements are in compliance with requirements of the Companies Act No. 07 of 2007.

Chief Financial Officer

The Board of Directors is responsible for the preparation and presentation of these interim condensed financial statements. Signed for and on behalf of the Board by;

(Sgd.)	(Sgd.)
Chairman	Director
10 November 2022
Colombo

-3-

PEOPLE'S INSURANCE PLC

STATEMENT OF CHANGES IN EQUITY

	Stated	Retained	Fair value	Other	Total
	capital	earnings	reserve	reserves
	Rs.	Rs.	Rs.	Rs.	Rs.
Audited balance as at 31 December 2020	1,350,000,000	3,271,015,339	2,788,224	(4,618,221)	4,619,185,342
Surcharge tax levied under Surcharge Act	-	(440,583,608)	-	-	(440,583,608)
Restated balance as at 1 January 2021	1,350,000,000	2,830,431,731	2,788,224	(4,618,221)	4,178,601,734
Profit for the period (unaudited)	-	836,970,531	-	-	836,970,531
Other comprehensive income (unaudited)	-	-	(4,306,533)	-	(4,306,533)
Unaudited balance as at 30 September 2021	1,350,000,000	3,667,402,262	(1,518,309)	(4,618,221)	5,011,265,732
Profit for the period (unaudited)	-	142,698,818	-	-	142,698,818
Other comprehensive income (unaudited)	-	-	(4,250,138)	2,797,963	(1,452,175)
Dividends paid during the period	-	(600,000,000)	-	-	(600,000,000)
Audited balance as at 31 December 2021	1,350,000,000	3,210,101,080	(5,768,448)	(1,820,258)	4,552,512,374
Profit for the period (unaudited)	-	574,983,725	-	-	574,983,725
Other comprehensive income (unaudited)	-	-	(37,517,742)	-	(37,517,742)
Dividends paid during the period	-	(300,000,000)	-	-	(300,000,000)
Unaudited balance as at 30 September 2022	1,350,000,000	3,485,084,805	(43,286,190)	(1,820,258)	4,789,978,357

The notes to the financial statements form an integral part of these interim condensed financial statements.

-4-