Statement of Financial Position

12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017
BD BD BD BD BD
Assets:
Furniture and equipment                                 2,667                                 5,647                      8,883           13,595           10,349
Intangible assets                                       4                                       4                             4           33,078           95,448
Right-of use asset                               26,210                               35,462                     39,411                  –                  –
Statutory deposits                             704,095                             699,310                   688,303          496,942          495,107
Investment securities                       622,389,958                       614,568,098             615,497,584   661,982,416   699,471,338
Term deposits with banks                       116,143,699                         83,803,846             141,328,083     64,580,300     68,386,248
Premiums receivable                           1,272,500                           1,494,605                1,649,171       1,611,220       1,759,176
Reinsurance contracts receivable                               11,922                                 1,856                     46,020           88,237           89,027
Accrued interest income                           9,525,703                           9,063,432                9,943,034       9,613,909       9,735,236
Other assets                           6,126,068                           5,766,835                6,598,699       6,407,902       6,302,534
Cash & cash equivalents                         41,613,201                         33,567,418              36,232,902     36,099,634     40,894,410
Total assets                       797,816,027                       749,006,513             812,032,094   780,927,233   827,238,873
Equity and liabilities:
Capital and reserves
Share capital                         65,439,300                         20,000,000              20,000,000     20,000,000     20,000,000
Statutory reserve                           7,771,644                           7,768,870                7,057,276       7,057,276       7,057,276
Contingency fund reserve                             228,580                             223,643                   216,991          201,870          194,027
Investment fair value reserve                           6,451,544                           6,056,075                   847,586    (10,740,978)       2,982,486
Retained earnings                         25,587,838                         25,567,816              19,170,122     19,428,372     33,671,464
Proposed dividend                                      –                           –                  –       2,000,000
Total equity                       105,478,906                         59,616,404              47,291,975     35,946,540     65,905,253
Liabilities
Life Insurance Fund                       683,516,346                       680,587,843             756,190,104   737,018,862   752,045,134
Employees’ end-of-service indemnity                               36,094                               31,172                     22,530           21,507           15,540
Amounts due to related partes                             188,476                             131,705                   211,139           10,832           89,302
Zakat and tax provisions                             300,010                             219,486                   219,486          149,949          159,660
Reinsurance contract liabilities                             110,980                               88,284                   300,052          383,627          715,653
Claims payable                           6,215,055                           5,357,464                3,542,867       3,352,002       3,596,694
Lease liabilities                               28,127                               36,734                     40,350
Other current liabilities                           1,942,033                           2,937,421                4,213,591       4,043,914       4,711,637
Total liabilities                       692,337,121                       689,390,109             764,740,119   744,980,693   761,333,620
Total equity and liabilities                       797,816,027                       749,006,513             812,032,094   780,927,233   827,238,873

Statement of Profit and Loss

12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017
BD BD BD BD BD
Revenues:
Premiums:
First year                           2,711,738                           7,342,977              11,576,775       6,707,759     21,870,755
Renewal                         21,549,831                         32,110,438              38,822,005     28,538,585     56,805,943
Single premium                         23,883,073                         32,435,324              76,352,607     70,523,672   125,276,992
Unit link premium                                 1,123                                 1,217                      1,496             3,054           11,580
Group Insurance Premium                                      –                      3,594           27,422          136,223
Reinsurance ceded                            (187,030)                            (179,001)                  (180,283)          (15,962)         (211,557)
Net insurance premium revenue                         47,958,735                         71,710,955             126,576,194   105,784,530   203,889,936
Income from investments                         38,876,665                         33,870,400              33,765,983     36,484,872     37,033,307
Other income                             510,570                            (285,337)                  (461,801)          149,751         (946,981)
Unrealised (loss)/gain on inv at fair value through profit or loss                          (4,116,710)                           3,516,650              12,045,929      (5,562,171)          577,215
Net Impairment loss recognised on Investment securities                              (35,052)                          (1,990,982)               (4,371,257)      (1,857,065)      (2,183,922)
                        83,194,208                       106,821,686             167,555,048   134,999,917   238,369,555
Expenses:
Claims incurred                        (75,421,318)                      (169,267,739)            (140,172,332)  (156,290,339)    (73,771,526)
General and administrative                          (3,462,390)                          (5,674,076)               (7,538,554)      (7,261,170)    (10,389,857)
Finance Cost                  –          (69,984)
Change in Life Insurance Fund                          (4,202,243)                         75,236,069             (20,017,754)     14,312,395  (147,962,446)
                       (83,085,951)                        (99,705,746)            (167,728,640)  (149,239,114)  (232,193,813)
Loss/profit before zakat and income tax                             108,257                           7,115,940                  (173,592)    (14,239,197)       6,175,742
Zakat and income tax reversal /(expense)                              (80,524)                                      –                    (69,537)             3,948          151,144
( Profit/(loss) for the year                               27,733                           7,115,940                  (243,129)    (14,235,249)       6,326,886