Atlantic Insurance Public : Half-Yearly Results 2022

ATLANTIC INSURANCE COMPANY PUBLIC LIMITED

CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS ACCOUNT for the period ended 30 June 2022

				Year
	2022	2021		2021
	€'000	€'000	%	€'000
Income from operating activities
Gross premiums	10.516	10.420	0.9%	21.388
Policy fees	376	374	0.3%	755
Reinsurers' share	(1.755)	(1.777)	-1.3%	(4.151)
Net premiums	9.137	9.017	1.3%	17.992
Transfer to unearned premiums	(223)	(144)	55.0%	(23)
Net premiums earned	8.914	8.873	0.5%	17.969
Other income from insurance operations	488	452	8.1%	985
Income from financial operations	232	306	-24.2%	516
	9.634	9.631	0.0%	19.470
Expenses	4.655	3.568		8.398
Claims by insured parties	30.5%
Commission payable for insurance operations	605	606	-0.2%	1.242
Commission payable for financial operations	20	63	-67.7%	88
Administrative expenses	2.653	2.427	9.3%	5.286
	7.933	6.665	19.0%	15.014
Profit from operating activities	1.701	2.966	-42.6%	4.456
(Loss) /Gain on sale and revaluation of investments	(770)	3.639		7.061
Loss on revaluation of property	-	-		(58)
Other income from investments	495	144	243.7%	554
Net finance income	326	235	38.5%	456
Profit for the year before taxation	1.752	6.984	-74.9%	12.469
Taxation	(297)	(408)		(614)
Profit for the year after taxation	1.455	6.576	-77.9%	11.855
Minority interest	(15)	(54)		(68)
Profit attributable to shareholders	1.440	6.522	-77.9%	11.787
Basic earnings per share (cents)	3.70	16.75	-77.9%	30.27

ATLANTIC INSURANCE COMPANY PUBLIC LIMITED

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the period ended 30 June 2022

	2022	2021
	€'000	€'000
Profit for the period
	1.440	6.522
Other comprehensive income:
Other comprehensive income to be reclassified in the statement of profit
and loss account in subsequent periods
Change in the fair value of investments available for sale	(43)	39
Net other comprehensive losses / (income) to be reclassified in the statement of	(43)	39
profit and loss account in subsequent periods
Other comprehensive income not to be reclassified in the statement of profit
and loss account in subsequent periods
Deferred taxation due to revaluation of immovable property	-	-
Net other comprehensive income not to be reclassified in the statement of	-	-
profit and loss account in subsequent periods
Other comprehensive income/(losses) of the year after taxation	(43)	39
Comprehensive income for the year	1.397	6.561
Total income attributable to the shareholders	1.382	6.508
Minority interest	15	54
Total income for the year	1.397	6.561

ATLANTIC INSURANCE COMPANY PUBLIC LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2022
	2022	2021
	€'000	€'000
Αssets
Property and equipment	6.220	6.282
Intangible assets	140	88
Shareholding in consortia	676	625
Investment in property	4.439	4.314
Financial assets available for sale	1.488	473
Debtors and other claims	12.047	12.216
Financial assets at fair value through profit and loss	32.516	33.508
Fixed-term deposits	5.595	5.222
Cash and bank balances	11.354	12.315
Total assets	74.475	75.043
Equity
Share capital	13.241	13.241
Reserves	31.762	35.038
Equity attributable to shareholders	45.003	48.279
Minority interest	418	403
Total equity	45.421	48.682
Liabilities
Deferred taxation	38	34
Outstanding claims and provisions for unearned premiums	24.383	23.266
Bank overdrafts	3	14
Insurance and other liabilities	4.630	3.048
	29.054	26.361
Total equity and liabilities	74.475	75.043

ATLANTIC INSURANCE COMPANY PUBLIC LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the period ended 30 June 2022

	Share	Share	Revaluation	Fair value	Retained	Total	Minority	Total
	capital	premium	reserve	Reserve	Earnings	attributable	interest	equity
		reserve				to
						shareholders
	€000	€000	€000	€000	€000	€000	€000	€000
Balance as at 1 January 2021	13.241	1.943	2.912	44	21.482	39.622	338	39.960
Transfer of additional depreciation due to	-	-	(1)	-	1	-	-	-
revaluation of buildings
Gain on change in fair value of investments
available for sale	-	-	-	39	-	39	-	39
Dividend	-	-	-	-	(3.310)	(3.310)	-	(3.310)
Profit for the period	-	-	-	-	6.522	6.522	54	6.576
Balance as at 30 June 2021	13.241	1.943	2.913	83	24.693	42.873	391	43.264
Balance as at 1 January 2022	13.241	1.943	3.040	103	29.952	48.279	403	48.682
Transfer of additional depreciation due to	-	-	1	-	(1)	-	-	-
revaluation of buildings
Loss on change in fair value of investments
available for sale	-	-	-	(43)	-	(43)	-	(43)
Dividend	-	-	-	-	(4.673)	(4.673)	-	(4.673)
Profit for the period	-	-	-	-	1.440	1.440	15	1.455
Balance as at 30 June 2022	13.241	1.943	3.041	60	26.717	45.002	418	45.421

Gains or losses on the revaluation of financial assets available for sale are recognised in equity.

The share premium. the revaluation and the fair value reserves are not available for distribution.

ATLANTIC INSURANCE COMPANY PUBLIC LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the period ended 30 June 2022

	2022	2021
	€'000	€'000
CASH FLOW FROM OPERATING ACTIVITIES
Profit for the period before taxation	1.752	6.984
Adjustments for:
(Gain)/ loss on sale and revaluation of investments	770	(3.639)
Depreciation of fixed and intangible assets	137	144
Gain from sale of tangible fixed assets	-	(2)
Interest received	(378)	(275)
Dividends received	(458)	(109)
Interest payable and bank expenses	53	40
(Increase) /decrease in debtors and other claims	169	(465)
Increase in insurance and other liabilities	2.458	2.849
Cash flow from operating activities	4.503	5.529
Interest paid	(53)	(40)
Tax paid	(388)	(4)
Net cash flow from operating activities	4.062	5.484
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of investments	(4.260)	(9.681)
Sale of investments	3.709	7.970
Purchase of investment property	(124)	-
Purchase of property and equipment	(37)	(48)
Purchase of intangible assets	(91)	(11)
Proceeds from sale of property and equipment	-	2
(Increase) in fixed-term deposits	(373)	(2.919)
Interest received	378	275
Dividends received	458	109
Net cash flow for investing activities	(340)	(4.304)
CASH FLOW FROM FINANCING ACTIVITIES
Dividend paid	(4.673)	(3.310)
Net cash flow used for financing activities	(4.673)	(3.310)
Net (decrease) in cash and cash equivalents	(951)	(2.129)
Cash and cash equivalents at beginning of period	12.302	11.474
Cash and cash equivalents at end of period	11.351	9.345
Cash and cash equivalents comprise:
Cash and bank balances	11.354	9.373
Bank overdrafts	(3)	(28)
	11.351	9.345