Financial Statements
For the Year Ended 31st December 2022
Ceylinco Insurance PLC
Statement of Financial Position
As at | Consolidated | Company | 31.12.2021 | |||||
31.12.2022 | 31.12.2021 | 31.12.2022 | ||||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||||
Unaudited | Audited | Unaudited | Audited | |||||
Assets | 372,382 | 181,304 | ||||||
Goodwill | - | |||||||
Intangible assets | 367,179 | 319,879 | - | - | ||||
Deferred expenses | 1,286,478 | 1,155,239 | - | - | ||||
Property,Plant and equipment | 28,448,031 | 22,943,260 | - | - | ||||
Right of use asset | 886,392 | 934,151 | - | - | ||||
Investment properties | 3,342,062 | 2,794,482 | 153,332 | 153,332 | ||||
Investment in subsidiaries | 8,832,061 | 6,554,152 | 15,896,855 | 15,896,855 | ||||
Investment in associates | 92,514 | 92,514 | ||||||
Financial instruments | 91,950,320 | |||||||
Held to maturity financial assets | 64,137,247 | - | - | |||||
Loans and receivables | 79,378,864 | 96,741,229 | 1,118,609 | 1,233,146 | ||||
Available-for-sale financial assets | 10,431,210 | 10,803,160 | 1,106,978 | 564,668 | ||||
Financial assets at fair value through profit or loss | 530,306 | 99,519 | - | - | ||||
Employee Gratuity Benefit Asset | 8,100,116 | 6,671,045 | - | - | ||||
Employee Pension Benefit Asset | 3,065,422 | 2,053,245 | - | - | ||||
Reinsurance Receivables | 6,571,724 | 6,035,830 | - | - | ||||
Loans to life Policyholders | 2,703,622 | 1,561,981 | - | - | ||||
Income tax receivable | 95,789 | 7,145 | 66,932 | - | ||||
Deferred tax assets | 119,934 | 8,957 | - | - | ||||
Insurance receivables/Trade Debtors | 10,322,856 | 6,829,050 | - | - | ||||
Other assets | 3,211,029 | 1,000,257 | 5,254 | 5,174 | ||||
Cash and cash equivalents | 1,731,412 | 1,507,233 | 152 | 5,436 | ||||
Total assets | 261,747,189 | 232,338,365 | 18,440,626 | 17,951,125 | ||||
Equity and liabilities | ||||||||
Equity attributable to equity holders of parent | 1,324,822 | 1,324,822 | 1,324,822 | 1,324,822 | ||||
Stated Capital | ||||||||
Retained earnings | 66,713,405 | 57,898,521 | 14,403,842 | 14,072,105 | ||||
Other Reserves | 2,336,611 | 2,897,854 | 2,306,201 | 2,255,973 | ||||
Revaluation reserves | 4,789,378 | 4,608,433 | - | - | ||||
Restricted Regulatory reserve | 3,456,184 | 3,456,184 | - | - | ||||
Total ordinary shareholders' equity | 78,620,400 | 70,185,814 | 18,034,865 | 17,652,900 | ||||
Non-controlling interests | 3,274,900 | 2,544,124 | - | - | ||||
Total equity | 81,895,300 | 72,729,938 | 18,034,865 | 17,652,900 | ||||
Liabilities | 134,031,487 | 118,780,428 | - | - | ||||
Life Insurance contract liabilities | ||||||||
Unit Linked and other Funds -Life | 663,337 | 686,266 | - | - | ||||
Non Life Insurance contract liabilities | 15,573,919 | 15,227,333 | - | - | ||||
Employee Gratuity Benefit Liability | 409,257 | 307,561 | 36,243 | 25,201 | ||||
Deferred Revenue | 781,891 | 578,428 | 85,594 | 111,679 | ||||
Borrowings | 3,568,061 | 6,078,877 | ||||||
Deferred tax liabilities | 2,462,210 | 1,500,188 | - | - | ||||
Reinsurance payables | 10,424,719 | 5,911,296 | - | - | ||||
Trade and other payables | 11,937,008 | 10,538,050 | 283,924 | 161,345 | ||||
Total liabilities | 179,851,889 | 159,608,427 | 405,761 | 298,225 | ||||
Total equity and liabilities | 261,747,189 | 232,338,365 | 18,440,626 | 17,951,125 | ||||
The notes form an integral part of the financial statements | ||||||||
These Financial Statements are prepared in compliance with the requirements of the Companies Act No.07 of 2007 | ||||||||
Sgd. | Sgd. | |||||||
Upali Witharana | P A Jayawardena | |||||||
Director | Director |
The Board of Directors is responsible for these financial statements. for and on behalf of the Board
Sgd. | Sgd. | Sgd. | |
A.R.Gunawardena | R. Renganathan | T.N.M. Peiris | |
Chairman | Deputy Chairman | Director/ Head of Finance | |
24th February 2023 | |||
Ceylinco Insurance PLC - Financial Statements | 1 | For the Year Ended 31st December 2022 |
Statement of Income
Consolidated | Company | ||||||
For Twelve Months Ended 31st December | Notes | 2022 | 2021 | change | 2022 | 2021 | change |
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | ||
Unaudited | Audited | Unaudited | Audited | ||||
Net Income | 3 | 77,020,273 | 60,613,392 | 27 | 1,888,091 | 1,634,898 | 15 |
Gross written premiums | 4 | 58,239,661 | 47,881,540 | 22 | - | - | - |
Premiums ceded to reinsurers | (14,870,122) | (9,465,742) | 57 | - | - | - | |
Net written premiums | 43,369,539 | 38,415,798 | 13 | - | - | - | |
Net change in Reserve for unearned premium | 105,373 | 167,761 | (37) | - | - | - | |
Net Earned premium | 43,474,912 | 38,583,559 | 13 | - | - | ||
Revenue from non-insurance subsidiaries | 4,344,305 | 3,852,427 | 13 | - | - | ||
47,819,217 | 42,435,986 | 13 | - | - | - | ||
Investment and Other Income | 29,201,056 | 18,177,406 | 61 | 1,888,091 | 1,634,898 | 15 | |
Insurance Claims and Benefit (Net) | (26,839,002) | (19,894,682) | 35 | - | - | - | |
Increase in Life Insurance Fund | (13,375,957) | (11,803,985) | 13 | - | - | - | |
Acquisition cost | (4,557,129) | (4,452,122) | 2 | - | - | - | |
Total Benefits,Losses and expenses | (44,772,088) | (36,150,789) | 24 | - | - | - | |
Cost of sales of non-insurance subsidiaries | (1,167,111) | (862,544) | 35 | - | - | ||
(45,939,199) | (37,013,333) | 24 | - | - | - | ||
Other operating and administrative expenses | (12,571,033) | (12,031,956) | 4 | (201,787) | (174,351) | 16 | |
Profit from Operations | 18,510,041 | 11,568,103 | 60 | 1,686,304 | 1,460,547 | 15.46 | |
Impairment Provision | (2,782,117) | - | (23,588) | - | |||
Finance cost | (389,925) | (249,539) | 56 | (1,179) | (1,287) | (8) | |
Share of profit of associates | 943,006 | 1,304,768 | (28) | - | - | ||
Profit before tax | 16,281,005 | 12,623,332 | 29 | 1,661,537 | 1,459,260 | 14 | |
Income tax expense | 5 | (3,025,115) | (2,562,683) | 18 | (205,591) | (186,117) | 10 |
Profit for the period | 13,255,890 | 10,060,649 | 32 | 1,455,946 | 1,273,143 | 14 | |
Profit attributable to: | |||||||
Equity holders of the parent | 12,643,271 | 9,735,549 | 30 | 1,455,946 | 1,273,143 | 14 | |
Non-controlling interests | 612,619 | 325,100 | 88 | - | - | ||
13,255,890 | 10,060,649 | 32 | 1,455,946 | 1,273,143 | 14 | ||
Basic Earnings Per Share(Rs.) | 478.65 | 368.57 | 55.12 | 48.20 | |||
Dividend Per Share | Group | Company | |||||
Note | 31.12.2022 | 31.12.2021 | 31.12.2022 | 31.12.2021 | |||
Final Dividend Paid | 7 | 42.00 | 40.00 | 42.00 | 40.00 | ||
Interim Dividend Paid | - | - | - | - | |||
42.00 | 40.00 | 42.00 | 40.00 |
Figures in bracket indicate deductions
Ceylinco Insurance PLC - Financial Statements | 2 | For the Year Ended 31st December 2022 |
Consolidated | Company | ||||||
For Three Months Ended 31st December | Notes | 2022 | 2021 | change | 2022 | 2021 | change |
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | ||
Unaudited | Unaudited | Unaudited | Unaudited | ||||
Net Income | 3 | 24,759,542 | 18,242,526 | 36 | 343,695 | 246,010 | 40 |
Gross written premiums | 4 | 15,621,819 | 14,428,246 | 8 | - | - | - |
Premiums ceded to reinsurers | (4,483,314) | (3,012,498) | 49 | - | - | - | |
Net written premiums | 11,138,505 | 11,415,748 | (2) | - | - | - | |
Net change in Reserve for unearned premium | 628,619 | 436,599 | 44 | - | - | - | |
Net Earned premium | 11,767,124 | 11,852,347 | (1) | - | - | - | |
Revenue from Other Operations | 1,105,341 | 1,003,221 | 10 | - | - | ||
12,872,465 | 12,855,568 | 0 | - | - | - | ||
Investment and Other Income | 11,887,077 | 5,386,958 | 121 | 343,695 | 246,010 | 40 | |
Insurance Claims and Benefit (Net) | (8,815,988) | (5,405,020) | 63 | - | - | - | |
Increase in Life Insurance Fund | (4,264,700) | (2,770,598) | 54 | - | - | - | |
Acquisition cost | (1,177,456) | (1,192,920) | (1) | - | - | - | |
Total Benefits,Losses and expenses | (14,258,144) | (9,368,538) | 52 | - | - | - | |
Cost of sales of subsidiaries | (364,577) | (206,500) | 77 | - | - | ||
(14,622,721) | (9,575,038) | 53 | - | - | - | ||
Other operating and administrative expenses | (3,077,776) | (3,200,039) | (4) | (51,563) | (46,755) | 10 | |
Profit from Operations | 7,059,045 | 5,467,449 | 29 | 292,132 | 199,255 | 47 | |
Impairment Provision | (2,782,117) | - | (23,588) | - | |||
Finance cost | (141,164) | (81,327) | 74 | (828) | (1,157) | (28) | |
Share of profit of associates | 299,758 | 590,410 | (49) | - | - | ||
Profit before tax | 4,435,522 | 5,976,532 | (26) | 267,716 | 198,098 | 35 | |
Income tax expense | 5 | (699,309) | (1,279,787) | (45) | (2,573) | (57,749) | (96) |
Profit for the period | 3,736,213 | 4,696,745 | (20) | 265,143 | 140,349 | 89 | |
Profit attributable to: | |||||||
Equity holders of the parent | 3,648,510 | 4,709,423 | (23) | 265,143 | 140,349 | 89 | |
Non-controlling interests | 87,703 | (12,678) | (792) | - | - | ||
3,736,213 | 4,696,745 | (20) | 265,143 | 140,349 | 89 | ||
Basic Earnings Per Share(Rs.) | 138.13 | 178.29 | 10.04 | 5.31 | |||
Dividend Per Share | Group | Company | |||||
Note | 31.12.2022 | 31.12.2021 | 31.12.2022 | 31.12.2021 | |||
Final Dividend Paid | 7 | 42.00 | 40.00 | 42.00 | 40.00 | ||
Interim Dividend Paid | - | - | |||||
42.00 | 40.00 | 42.00 | 40.00 |
Figures in bracket indicate deductions
Ceylinco Insurance PLC - Financial Statements | 3 | For the Year Ended 31st December 2022 |
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Ceylinco Insurance plc published this content on 27 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 February 2023 11:25:37 UTC.