People Insurance : Interim Financial statement for the period ended 30th June 2022

INTERIM CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

30 JUNE 2022

PEOPLE'S INSURANCE PLC

STATEMENT OF PROFIT OR LOSS

			For the six months ended			For the three months ended
For the year
ended 31.12.2021			30.06.2022	30.06.2021	Change	30.06.2022	30.06.2021	Change
Rs.			Rs.	Rs.	%		Rs.	Rs.	%
(Audited)		Note	(Unaudited)	(Unaudited)			(Unaudited)	(Unaudited)
5,905,722,477	Revenue	6	3,091,922,848	2,976,018,136	4		1,585,778,654	1,518,766,722	4
5,967,950,074	Gross written premium	7	3,155,265,415	2,843,625,429	11	1,163,484,542	1,087,634,293	7
18,029,670	Change in reserve for unearned insurance premium		(45,142,966)	135,770,404	(133)		411,825,617	435,094,913	(5)
5,985,979,744	Gross earned premium		3,110,122,449	2,979,395,833	4	1,575,310,159	1,522,729,206	3
(923,799,562)	Premium ceded to reinsurers		(925,757,720)	(519,056,939)	78	(369,668,931)	(152,215,820)	143
58,446,056	Change in reserve for unearned reinsurance premium		351,519,706	119,661,771	194	73,842,729	(44,492,414)	(266)
5,120,626,238	Net earned premium		2,535,884,435	2,580,000,665	(2)	1,279,483,957	1,326,020,972	(4)
	Claims and expenses
(2,994,318,525)	Net claims		(1,874,118,507)	(1,477,314,219)	27	(830,466,770)	(680,030,118)	22
(527,064,090)	Underwriting and net acquisition costs		(248,139,389)	(272,910,567)	(9)	(116,325,456)	(137,788,400)	(16)
(1,203,691,140)	Other operating and administrative expenses		(567,112,556)	(623,014,072)	(9)	(312,132,506)	(338,213,393)	(8)
(11,560,267)	Finance cost		(2,292,303)	(6,804,306)	(66)		(821,995)	(3,143,338)	(74)
(4,736,634,022)	Total claims and expenses		(2,691,662,755)	(2,380,043,164)	13	(1,259,746,727)	(1,159,175,249)	9
383,992,216	Underwriting results		(155,778,320)	199,957,501	(178)	19,737,230	166,845,723	(88)
	Other revenue
54,300,338	Fee income		26,723,291	26,271,457	2	11,449,682	9,708,158	18
657,536,885	Interest and dividend income	8	500,556,062	331,075,866	51	287,335,053	162,133,847	77
18,243,944	Net realised gains/(losses)		17,753,973	4,542,727	291	14,600,177	1,026,000	1,323
55,008,314	Net fair value gains/(losses)		-	33,844,533	(100)	(7,581,651)	19,876,023	(138)
6,758	Other income		11,005,087	282,888	3,790		491,436	1,722	28,439
785,096,239	Total other revenue		556,038,413	396,017,471	40		306,294,697	192,745,750	59
1,169,088,455	Profit before tax		400,260,093	595,974,972	(33)	326,031,927	359,591,473	(9)
(189,419,106)	Income tax expense	9	(103,763,169)	(73,211,525)	42		(87,196,165)	(84,563,035)	3
979,669,349	Profit for the period		296,496,924	522,763,447	(43)		238,835,762	275,028,438	(13)
4.90	Basic earnings per share	10	1.48	2.61	(43)	1.19	1.38	(13)

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 six months ended			For the three months ended
For the year
ended 31.12.2021		30.06.2022	30.06.2021	Change	30.06.2022	30.06.2021	Change
Rs.		Rs.	Rs.	%		Rs.	Rs.	%
(Unaudited)		(Unaudited)	(Unaudited)			(Unaudited)	(Unaudited)
979,669,349	Profit for the period	296,496,924	522,763,447	(43)	238,835,762	275,028,438	(13)
	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	(9,269,243)	(2,282,222)	306	(3,567,793)	(1,491,507)	139
2,946,743	Deferred tax effect on fair valuations	1,907,583	1,786,846	7		1,517	147,772	(99)
(8,556,672)		(7,361,660)	(495,376)	(1,386)	(3,566,276)	(1,343,735)	165
	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	(7,361,660)	(495,376)	(1,386)		(3,566,276)	(1,343,735)	165
973,910,640	Total comprehensive income for the period, net of tax	289,135,264	522,268,071	(45)	235,269,486	273,684,703	(14)

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PEOPLE'S INSURANCE PLC

STATEMENT OF FINANCIAL POSITION

As at		30.06.2022	31.12.2021
		Rs.		Rs.
	Note	(Unaudited)		(Audited)
Assets
Intangible assets		6,812,032	8,197,904
Property, plant and equipment		74,196,618	123,149,959
Deferred tax asset		27,622,280	50,729,768
Financial investments	11	9,355,233,195	9,038,785,038
Reinsurance receivables		807,104,224	421,007,848
Insurance receivables		731,948,497	1,032,801,578
Deferred expenses		162,504,372	244,281,574
Other assets		71,932,759	67,443,627
Cash and bank balances		133,624,951		68,316,222
Total assets		11,370,978,928	11,054,713,518
Equity and liabilities
Equity
Stated capital		1,350,000,000	1,350,000,000
Retained earnings		3,206,598,004	3,650,684,688
Reserves		(14,950,366)		(7,588,706)
Total equity		4,541,647,638	4,993,095,982
Liabilities
Insurance contract liabilities	12	5,156,159,007	4,831,513,746
Employee defined benefit obligations		53,701,010	50,647,614
Other financial liabilities		959,718,866	641,281,309
Other liabilities		40,598,043	40,911,526
Reinsurance payables		414,816,441	244,382,102
Income tax payables		99,207,206	183,557,270
Bank overdrafts		105,130,717	69,323,969
Total liabilities		6,829,331,290		6,061,617,536
Total equity and liabilities		11,370,978,928		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.

(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
12 August 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 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)	-	552,763,447	-	-	552,763,447
Other comprehensive income (unaudited)	-	-	(495,376)	-	(495,376)
Unaudited balance as at 30 June 2021	1,350,000,000	3,383,195,178	2,292,848	(4,618,221)	4,730,869,805
Profit for the period (unaudited)	-	426,905,902	-	-	426,905,902
Other comprehensive income (unaudited)	-	-	(8,061,295)	2,797,963	(5,263,332)
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)	-	296,496,924	-	-	296,496,924
Other comprehensive income (unaudited)	-	-	(7,361,660)	-	(7,361,660)
Dividends paid during the period	-		(300,000,000)	-		-		(300,000,000)
Unaudited balance as at 30 June 2022	1,350,000,000		3,206,598,004	(13,130,108)		(1,820,258)		4,541,647,638

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

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