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) |