Statement of Financial Position

12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018
BD BD BD BD BD
Assets:
Furniture and equipment                                  2,286                                  2,667                                  5,647                       8,883            13,595
Intangible assets                                        4                                        4                                        4                             4            33,078
Right-of use asset                                18,844                                26,210                                35,462                     39,411                  –
Statutory deposits                              707,955                              704,095                              699,310                   688,303          496,942
Investment                        415,247,142                        622,389,958                        614,568,098             615,497,584   661,982,416
Term deposits with banks                         90,923,980                        116,143,699                         83,803,846             141,328,083     64,580,300
Premiums receivable                              886,145                           1,272,500                           1,494,605                1,649,171       1,611,220
Reinsurance contracts receivable                        167,980,991                                11,922                                  1,856                     46,020            88,237
Accrued interest income                         10,363,249                           9,525,703                           9,063,432                9,943,034       9,613,909
Other assets                           4,947,845                           6,126,068                           5,766,835                6,598,699       6,407,902
Cash & cash equivalents                         29,594,786                         41,613,201                         33,567,418               36,232,902     36,099,634
Total assets                        720,673,227                        797,816,027                        749,006,513             812,032,094   780,927,233
Equity and liabilities:
Capital and reserves
Share capital                         65,439,300                         65,439,300                         20,000,000               20,000,000     20,000,000
Statutory reserve                           7,771,644                           7,771,644                           7,768,870                7,057,276       7,057,276
Contingency fund reserve                              232,192                              228,580                              223,643                   216,991          201,870
Investment fair value reserve                              652,299                           6,451,544                           6,056,075                   847,586    (10,740,978)
Retained earnings                           1,504,264                         25,587,838                         25,567,816               19,170,122     19,428,372
Total equity                         75,599,699                        105,478,906                         59,616,404               47,291,975     35,946,540
Liabilities
Life Insurance Fund                        637,946,637                        683,516,346                        680,587,843             756,190,104   737,018,862
Employees’ end-of-service indemnity                                29,969                                36,094                                31,172                     22,530            21,507
Amounts due to related partes                                86,234                              188,476                              131,705                   211,139            10,832
Zakat and tax provisions                              300,010                              300,010                              219,486                   219,486          149,949
Reinsurance contract liabilities                                80,154                              110,980                                88,284                   300,052          383,627
Claims payable                           5,130,763                           6,215,055                           5,357,464                3,542,867       3,352,002
Lease liabilities                                20,740                                28,127                                36,734                     40,350
Other current liabilities                           1,479,021                           1,942,033                           2,937,421                4,213,591       4,043,914
Total liabilities                        645,073,528                        692,337,121                        689,390,109             764,740,119   744,980,693
Total equity and liabilities                        720,673,227                        797,816,027                        749,006,513             812,032,094   780,927,233

Statement of Profit and Loss

12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018
BD BD BD BD BD
Revenues:
Premiums:
First year                              999,017                           2,711,738                           7,342,977               11,576,775       6,707,759
Renewal                         14,431,579                         21,549,831                         32,110,438               38,822,005     28,538,585
Single premium                         22,297,646                         23,883,073                         32,435,324               76,352,607     70,523,672
Unit link premium                                       –                                  1,123                                  1,217                       1,496             3,054
Group Insurance Premium                                       –                                       –                       3,594            27,422
Reinsurance ceded                             (288,939)                             (187,030)                             (179,001)                  (180,283)          (15,962)
Net insurance premium revenue                         37,439,303                         47,958,735                         71,710,955             126,576,194   105,784,530
Income from investments                         31,214,217                         38,876,665                         33,870,400               33,765,983     36,484,872
Other income                              527,038                              510,570                             (285,337)                  (461,801)          149,751
Unrealised (loss)/gain on inv at fair value through profit or loss                        (12,568,488)                          (4,116,710)                           3,516,650               12,045,929      (5,562,171)
Net Impairment loss recognised on Investment securities                          (7,431,088)                              (35,052)                          (1,990,982)               (4,371,257)      (1,857,065)
                        49,180,982                         83,194,208                        106,821,686             167,555,048   134,999,917
Expenses:
Claims incurred                      (114,427,168)                        (75,421,318)                      (169,267,739)           (140,172,332)  (156,290,339)
General and administrative                          (3,377,976)                          (3,462,390)                          (5,674,076)               (7,538,554)      (7,261,170)
Reinsurance Fee                             (350,848)                  –
Change in Life Insurance Fund                         44,902,633                          (4,202,243)                         75,236,069             (20,017,754)     14,312,395
                       (73,253,359)                        (83,085,951)                        (99,705,746)           (167,728,640)  (149,239,114)
Loss/profit before zakat and income tax                        (24,072,377)                              108,257                           7,115,940                  (173,592)    (14,239,197)
Zakat and income tax reversal /(expense)                                (7,585)                              (80,524)                                       –                    (69,537)             3,948
( Profit/(loss) for the year                        (24,079,962)                                27,733                           7,115,940                  (243,129)    (14,235,249)