Statement of Financial Position

12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016
BD BD BD BD BD
Assets:
Motor vehicles and furniture                                  5,647                       8,883            13,595            10,349            17,458
Intangible assets                                         4                              4            33,078            95,448          157,818
Right-of use asset                                 35,462                      39,411                   –                   –                   –
Statutory deposits                               699,310                    688,303          496,942          495,107          495,969
Investment securities                        614,568,098             615,497,584    661,982,416    699,471,338    599,612,775
Term deposits with banks                          83,803,846             141,328,083     64,580,300     68,386,248     18,162,059
Premiums receivable                            1,494,605                 1,649,171       1,611,220       1,759,176       1,975,630
Reinsurance contracts receivable                                  1,856                      46,020            88,237            89,027            36,781
Accrued interest income                            9,063,432                 9,943,034       9,613,909       9,735,236       8,714,020
Other assets                            5,766,835                 6,598,699       6,407,902       6,302,534       6,086,843
Bank balances and cash                          33,567,418               36,232,902     36,099,634     40,894,410     45,313,828
Total assets                        749,006,513             812,032,094    780,927,233    827,238,873    680,573,181
Equity and liabilities:
Capital and reserves
Share capital                          20,000,000               20,000,000     20,000,000     20,000,000     20,000,000
Statutory reserve                            7,768,870                 7,057,276       7,057,276       7,057,276       6,424,587
Contingency fund reserve in Oman                               223,643                    216,991          201,870          194,027          179,701
Investment fair value reserve                            6,056,075                    847,586    (10,740,978)       2,982,486      (2,077,996)
Retained earnings                          25,567,816               19,170,122     19,428,372     33,671,464     29,991,593
Proposed dividend                                        –                             –                   –       2,000,000       2,000,000
Total equity                          59,616,404               47,291,975     35,946,540     65,905,253     56,517,885
Liabilities
Life Insurance Fund                        680,587,843             756,190,104    737,018,862    752,045,134    605,322,348
Employees’ end-of-service indemnity                                 31,172                      22,530            21,507            15,540            10,611
Due to (from) The International Agencies Company Limited                               113,678                   –           (24,112)            37,314
Due to Life Insurance Corporation of India                                 18,027                    211,139            10,832          113,414          105,626
Zakat and tax provisions                               219,486                    219,486          149,949          159,660          647,254
Reinsurance contract liabilities                                 88,284                    300,052          383,627          715,653          557,660
Claims payable                            5,357,464                 3,542,867       3,352,002       3,596,694       3,076,328
Lease liabilities                                 36,734                      40,350
Other current liabilities                            2,937,421                 4,213,591       4,043,914       4,711,637       4,848,155
Loans Payable                                        –                             –                   –                   –       9,450,000
Total liabilities                        689,390,109             764,740,119    744,980,693    761,333,620    624,055,296
Total equity and liabilities                        749,006,513             812,032,094    780,927,233    827,238,873    680,573,181

Statement of Profit and Loss

12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016
BD BD BD BD BD
Revenues:
Premiums:
First year                            7,342,977               11,576,775       6,707,759     21,870,755     14,424,052
Renewal                          32,110,438               38,822,005     28,538,585     56,805,943     42,492,078
Single premium                          32,435,324               76,352,607     70,523,672    125,276,992     95,674,117
Unit link premium                                  1,217                       1,496              3,054            11,580            38,868
Group Insurance Premium                                        –                       3,594            27,422          136,223          367,870
Reinsurance ceded                             (179,001)                  (180,283)           (15,962)         (211,557)         (295,915)
Net insurance premium revenue                          71,710,955             126,576,194    105,784,530    203,889,936    152,701,070
Income from investments                          33,870,400               33,765,983     36,484,872     37,033,307     30,970,324
Other income                             (285,337)                  (461,801)          149,751         (946,981)           (61,593)
Unrealised (loss)/gain on inv at fair value through profit or loss                            3,516,650               12,045,929      (5,562,171)          577,215       5,050,318
Net Impairment loss recognised on Investment securities                           (1,990,982)                (4,371,257)      (1,857,065)      (2,183,922)      (2,352,624)
                       106,821,686             167,555,048    134,999,917    238,369,555    186,307,495
Expenses:
Claims incurred                       (169,267,739)            (140,172,332)  (156,290,339)    (73,771,526)    (65,370,239)
General and administrative                           (5,674,076)                (7,538,554)      (7,261,170)    (10,389,857)      (8,257,867)
Finance Cost                   –           (69,984)           (66,076)
Change in Life Insurance Fund                          75,236,069              (20,017,754)     14,312,395  (147,962,446)  (107,416,709)
                        (99,705,746)            (167,728,640)  (149,239,114)  (232,193,813)  (181,110,891)
Loss/profit before zakat and income tax                            7,115,940                  (173,592)    (14,239,197)       6,175,742       5,196,604
Zakat and income tax reversal /(expense)                                        –                    (69,537)              3,948          151,144                   –
( Profit/(loss) for the year                            7,115,940                  (243,129)    (14,235,249)       6,326,886       5,196,604