SWAN GENERAL LTD Swan General Ltd
Condensed Audited Financial Statements - Year Ended December 31, 2022
The Directors are pleased to present the condensed audited financial statements of the Group and the Company for the year ended December 31, 2022 as audited by KPMG.
(a) Basis of Accounting
The condensed audited financial statements have been extracted from the audited financial statements for the year ended December 31, 2022 which have been prepared using the same accounting policies as set out in the audited financial statements for the year ended December 31, 2022.
(b) Operations
Short Term
The growth in the gross written premiums was in line with the set targets, reaching MUR 3.85bn (+19%) in 2022. Despite the impact of a higher frequency of claims, especially in the Property segment, the Company posted an appreciable net underwriting surplus, as well as an improved Operating profits for 2022.
Long Term
Gross earned premiums have increased by 11% compared to last year. The progression is attributable to the growth in the pension business.
(c) Investments
Return on our investment funds was lower over the year, as it was adversely impacted by the slide in equity markets. On the international side, the escalation of the Russia-Ukraine war and soaring inflation levels, that prompted aggressive monetary tightening decisions across the developed world, weighed on investor sentiment and pushed equity indices lower. The local stock market indices also closed lower but were relatively more resilient as hotel counters were supported by recovering tourist arrivals.
On the fixed income side, our investment portfolio continued to deliver attractive returns as we seized opportunities for higher yields on foreign markets.
For and on behalf of the Board of DirectorsSwan Corporate Affairs Ltd Company Secretary March 30, 2023
1. Statements of Financial Position
The Group
Dec 31, 2022
Dec 31, 2021
Rs'000
Rs'000
ASSETS Non-current assets Property and equipment Investment properties
Investments in subsidiary companies
Investments in associated companies and joint venture Available-for-sale financial assets
Held-to-maturity financial assets Loans and receivables Non-current receivables Other non-current assets Total non-current assets Current assets
Total assets
EQUITY AND LIABILITIES Capital and reserves
Share capital Reserves
Attributable to owners of the parent
Non-controlling interests
Total equity
Life Assurance Fund Technical provisions Non-current liabilities
Current liabilities
Total equity and liabilities
Net assets per share (Rs/cs)
Number of shares used in calculation
2. Statements of Profit or Loss and Other Comprehensive IncomeThe Company
Dec 31, 2022
Rs'000
Dec 31, 2021
Rs'000
The Group
The Company
Year Ended Dec 31, 2022
Rs'000
Year Ended Dec 31, 2021
Rs'000
Year Ended Dec 31, 2022
Rs'000
Year Ended Dec 31, 2021
Rs'000
Gross written premiums Net earned premiums
Share of results of associated companies and joint venture
Profit before taxation Income tax expense Profit for the year
Other comprehensive income for the year, net of tax Total comprehensive income for the year
Profit for the year attributable to: Owners of the parent Non-controlling interests
Total comprehensive income for the year attributable to: Owners of the parent Non-controlling interests
Basic and diluted earnings per share (Rs/cs)
Number of shares used in calculation
3. Statements of Changes in Equity
Attributable to owners of the parentShare CapitalFair Value
ReserveOther ReservesRetained Amalgamation Earnings Reserve
Actuarial ReserveTotal Owners' Interest
Non-ControllingTotal Equity
Interests
(a) THE GROUP
Balance at January 1, 2022 Profit for the year
Other comprehensive income for the year Transfer to life assurance fund
Dividends
Balance at December 31, 2022
Balance at January 1, 2021 Profit for the year
Other comprehensive income for the year Transfer to life assurance fund
Other movements
Dividends
Balance at December 31, 2021
(b) THE COMPANY Balance at January 1, 2022 Profit for the year
Other comprehensive income for the year Dividends
Balance at December 31, 2022
At January 1, 2021, Profit for the year
Other comprehensive income for the year Dividends
Balance at December 31, 2021
- 41,379 41,379 -
145,401 -
- 81,353 - -
(3,003)
4,664,579 3,452,120 692,505 - - 133
267,477 267,477 - - - - -
(137,818)
-4,864,360 3,765,556 692,505
- 5,286,451
(8,589) 5,359,215
- (4,766,230)
(2,059) (4,768,289)
489,496 4,255,052
153,615 846,120
4,953 5,364,168
- (4,768,289)
- - 41,379
- 665,497
(125)
- (119,171)
-
- (119,171)
8
- (47,023)
8 (166,194)
78,350
4,025,587
267,477
(148,466)
4,929,824
601,041
5,530,865
- 41,379 41,379 -
121,446 -- 43,099 43,099 - -
(125,130) 2,545,141 2,199,963 294,169 -
- 220,593 220,593 -
(132,949)
2,632,089 2,493,531
- 294,169
- 455,767
- (13,189) 442,578
- 41,379
- 577,213
- (119,171)
-
-(119,171)
43,099
2,374,961
220,593
(146,138)
3,111,107
4. Statements of Cash Flows
The Group
The Company
Year Ended | Year Ended | Year Ended | Year Ended |
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2021 |
Rs'000 | Rs'000 | Rs'000 | Rs'000 |
Net cash generated from/(used in) operating activities Net cash generated from/(used in) investing activities Net cash used in financing activities Increase/(decrease) in cash and cash equivalents
Movement in cash and cash equivalents: At January 1,
Increase/(decrease)
Effect of foreign exchange rate changes At December 31,
5. Segment Information - The Group
Gross written premiums Net earned premiums Underwriting surplus Investment income Operating profit Other income
Marketing and administrative expenses Finance costs
Movement in allowances for credit impairment of financial assets Movement in allowances for credit impairment of non financial assets Impairment of financial/non-financial/insurance assets
Depreciation and amortisation
Net gain on exchange
Share of results of associated companies and joint venture Movement in Life Assurance Fund
Profit before taxation
Income tax expense Profit for the year
Life | Group | |
Insurance | Insurance | Elimination |
Rs'000 | Rs'000 | Rs'000 |
5,686,444 | 4,481,060 | (27,760) |
5,507,309 | 3,015,331 | (22,619) |
1,506,789 | 799,953 | (20,556) |
1,673,714 | 211,262 | (147,158) |
3,180,503 | 1,011,215 | (167,714) |
1,673,548 | 233,936 | (29,352) |
4,854,051 | 1,245,151 | (197,066) |
(583,570) | (739,080) | 32,582 |
(583) | (1,629) | - |
15,497 | (12,050) | - |
- | - | - |
(6,358) | (22,968) | - |
(48,444) | (49,349) | 4,742 |
(10,381) | (10,056) | - |
- | - | 46,951 |
(3,537,678) | - | - |
682,534 | 410,019 | (112,791) |
(29,481) | (33,459) | (704) |
653,053 | 376,560 | (113,495) |
683,115 | 898,995 | (5,184) | ||
1,333,382 | (1,488,965) | (364,297) | ||
(168,481) | (173,223) | (71,994) | ||
1,848,016 | (763,193) | (441,475) | ||
2,956,427 | 3,552,803 | 621,728 | ||
1,848,016 | (763,193) | (441,475) | ||
(84,142) | 166,817 | 31,240 | ||
4,720,301 | 2,956,427 | 211,493 | ||
2022 | ||||
General | Total | Life | Group | Total |
Insurance | Insurance | Elimination | ||
Rs'000 | Rs'000 | Rs'000 | Rs'000 | Rs'000 |
10,139,744 | 5,140,464 | 3,849,266 | (14,660) | 8,975,070 |
8,500,021 | 4,956,811 | 2,550,690 | (7,233) | 7,500,268 |
2,286,186 | 1,537,893 | 814,891 | (7,233) | 2,345,551 |
1,737,818 | 1,456,347 | 171,009 | (135,622) | 1,491,734 |
4,024,004 | 2,994,240 | 985,900 | (142,855) | 3,837,285 |
1,878,132 | 977,577 | 97,153 | (13,059) | 1,061,671 |
5,902,136 | 3,971,817 | 1,083,053 | (155,914) | 4,898,956 |
(1,290,068) | (546,825) | (690,423) | 22,937 | (1,214,311) |
(2,212) | (569) | (839) | - | (1,408) |
3,447 | (6,116) | (3,665) | - | (9,781) |
- | (197) | - | - | (197) |
(29,326) | (15,908) | (19,804) | 16,667 | (19,045) |
(93,051) | (45,206) | (47,305) | 4,404 | (88,107) |
(20,437) | 264,759 | 22,680 | - | 287,439 |
46,951 | - | - | 13,729 | 13,729 |
(3,537,678) | (2,938,075) | - | - | (2,938,075) |
979,762 | 683,680 | 343,697 | (98,177) | 929,200 |
(63,644) | (54,799) | (28,281) | - | (83,080) |
916,118 | 628,881 | 315,416 | (98,177) | 846,120 |
2021
General
This communiqué is issued pursuant to the Listing Rule 12.14 and the Securities Act 2005.
Copies of these condensed audited financial statements and the statements of officers' interests, pursuant to Rule 8 (2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 are available free of charge from the Company Secretary at the registered office of the Company at Swan Centre, 10 Intendance Street, Port Louis. The condensed audited financial statements can also be viewed on the Company's website.
The Board of Directors of Swan General Ltd accepts full responsibility for the accuracy of the information contained in these condensed audited financial statements.
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Swan General Ltd. published this content on 31 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2023 05:13:10 UTC.
