People Insurance : Interim Financial Statements for the period ended 31st December 2021

INTERIM CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31 DECEMBER 2021

PEOPLE'S INSURANCE PLC

STATEMENT OF PROFIT OR LOSS

		For the year ended			For the three months ended
		31.12.2021	31.12.2020	Change	31.12.2021	31.12.2020	Change
		Rs.	Rs.	%		Rs.	Rs.	%
	Note	(Unaudited)	(Audited)			(Unaudited)	(Unaudited)
Revenue	6	5,905,722,478	6,162,735,846	(4)		1,447,936,060	1,517,508,171	(5)
Gross written premium	7	5,967,950,074	6,011,567,761	(1)	1,339,493,304	1,346,034,788	(0)
Change in reserve for unearned insurance premium		18,029,670	(90,925,214)	(120)		160,704,930	129,932,616	24
Gross earned premium		5,985,979,744	5,920,642,547	1	1,500,198,234	1,475,967,404	2
Premium ceded to reinsurers		(923,799,562)	(674,915,654)	37	(163,573,265)	(111,538,639)	47
Change in reserve for unearned reinsurance premium		58,446,056	57,665,601	1	(84,930,122)	(50,975,022)	67
Net earned premium		5,120,626,238	5,303,392,494	(3)	1,251,694,847	1,313,453,743	(5)
Claims and expenses
Net claims		(2,994,318,525)	(2,699,553,389)	11	(925,166,284)	(617,606,531)	50
Underwriting and net acquisition costs		(527,064,090)	(559,530,485)	(6)	(117,997,129)	(141,040,178)	(16)
Other operating and administrative expenses		(1,199,888,740)	(1,216,195,647)	(1)	(238,401,578)	(369,089,051)	(35)
Finance cost		(11,560,267)	(19,935,057)	(42)	(2,207,118)	(5,275,576)	(58)
Total claims and expenses		(4,732,831,622)	(4,495,214,578)	5	(1,283,772,109)	(1,133,011,336)	13
Underwriting results		387,794,616	808,177,916	(52)	(32,077,262)	180,442,407	(118)
Other revenue
Fee income		54,300,338	53,086,098	2	13,634,296	12,738,723	7
Interest and dividend income	8	657,536,885	751,888,385	(13)	167,065,431	181,303,875	(8)
Net realised gains/(losses)		22,372,154	34,073,644	(34)	5,640,632	(853,626)	(761)
Net fair value gains/(losses)		50,880,104	19,283,471	164	9,899,108	10,804,506	(8)
Other income		6,759	1,011,754	(99)		1,746	60,950	(97)
Total other revenue		785,096,240	859,343,352	(9)		196,241,213	204,054,428	(4)
Profit before tax		1,172,890,856	1,667,521,268	(30)	164,163,951	384,496,835	(57)
Income tax expense	9	(190,331,683)	(472,206,916)	(60)		(18,570,418)	(133,483,999)	(86)
Profit for the period		982,559,173	1,195,314,352	(18)		145,593,533	251,012,836	(42)
Basic earnings per share	10	4.91	5.98	(18)	0.73	1.26	(42)

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

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PEOPLE'S INSURANCE PLC

STATEMENT OF COMPREHENSIVE INCOME

	For the year ended			For the three months ended
	31.12.2021	31.12.2020	Change	31.12.2021	31.12.2020	Change
	Rs.	Rs.	%		Rs.	Rs.	%
	(Unaudited)	(Audited)			(Unaudited)	(Unaudited)
Profit for the period	982,559,173	1,195,314,352	(18)	145,593,533	251,012,836	(42)
Other comprehensive income
Other comprehensive income that may be reclassified to statement of
profit or loss in subsequent periods:
Net change in fair value during the period	(11,503,414)	24,795,381	(146)	(4,151,247)	(1,842,724)	125
Recycling to statement of profit or loss due to disposal of investments	-	(26,483,719)	(100)	-	-	-
Deferred tax effect on fair valuations	2,946,743	219,277	100		458,581	5,517,233	(92)
	(8,556,671)	(1,469,061)	(482)	(3,692,666)	3,674,509	(200)
Other comprehensive income not to be reclassified to statement of
profit or loss in subsequent periods:
Actuarial losses on defined benefit obligations	2,240,490	3,911,391	(43)	2,240,490	3,911,391	(43)
Deferred tax effect on defined benefit obligations	557,472	(1,220,312)	(146)		557,472	(1,220,312)	(146)
	2,797,962	2,691,079	4		2,797,962	2,691,079	4
Other comprehensive income for the period, net of tax	(5,758,709)	1,222,018	571		(894,704)	6,365,588	(114)
Total comprehensive income for the period, net of tax	976,800,464	1,196,536,370	(18)	144,698,829	257,378,424	(44)

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PEOPLE'S INSURANCE PLC

STATEMENT OF FINANCIAL POSITION

As at		31.12.2021	31.12.2020
		Rs.		Rs.
	Note	(Unaudited)		(Audited)
Assets
Intangible assets		8,197,904	10,969,646
Property, plant and equipment		123,149,958	185,479,090
Deferred tax asset		50,729,768	40,201,865
Financial investments	11	9,038,785,049	8,574,328,565
Reinsurance receivables		421,007,847	211,143,617
Insurance receivables		1,032,801,578	1,132,743,974
Deferred expenses		244,281,574	276,219,332
Other assets		64,649,594	113,804,834
Cash and bank balances		68,316,222		50,972,116
Total assets		11,051,919,494	10,595,863,039
Equity and liabilities
Equity
Stated capital		1,350,000,000	1,350,000,000
Retained earnings		3,653,574,512	3,271,015,339
Reserves		(7,588,706)		(1,829,997)
Total equity		4,995,985,806	4,619,185,342
Liabilities
Insurance contract liabilities	12	4,831,513,746	4,623,435,278
Employee defined benefit obligations		50,647,612	42,733,705
Other financial liabilities		641,281,304	748,435,905
Other liabilities		40,911,525	42,621,457
Reinsurance payables		249,805,617	65,498,172
Income tax payables		184,469,846	435,327,639
Bank overdrafts		57,304,038	18,625,541
Total liabilities		6,055,933,688		5,976,677,697
Total equity and liabilities		11,051,919,494		10,595,863,039

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.

(Sgd.)

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
24 February 2022
Colombo

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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 2019	1,350,000,000	2,295,700,987	4,257,285	(7,309,300)	3,642,648,972
Profit for the period (audited)	-	1,195,314,352	-	-	1,195,314,352
Other comprehensive income (audited)	-	-	(1,469,061)	2,691,079	1,222,018
Dividends paid during the period	-	(220,000,000)	-	-	(220,000,000)
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
Profit for the period (unaudited)	-	982,559,173	-	-	982,559,173
Other comprehensive income (unaudited)	-	-	(8,556,671)	2,797,962	(5,758,709)
Dividends paid during the period	-		(600,000,000)	-		-		(600,000,000)
Unaudited balance as at 31 December 2021	1,350,000,000		3,653,574,512	(5,768,447)		(1,820,260)		4,995,985,806

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

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