Statement of Financial Position

31-12-2015 31-12-2014 31-12-2013 31-12-2012 31-12-2011 31-12-2010
BD BD BD BD BD BD
Assets:
Motor vehicles and furniture 19,825 24,790 3,577 3,694 6,701 14,517
Intangible assets   3 3 3,590 122,079 240,568
Statutory deposits 489,457 489,457 489,457 489,457 489,457 489,457
Investment securities 522,538,022 430,442,288 360,954,855 279,979,419 239,975,223 231,578,112
Fixed deposits 8,513,934 8,964,606 6,940,233 6,890,520 6,827,058 2,502,377
Premiums receivable 1,813,061 1,842,224 1,832,738 2,457,049 2,707,005 2,576,255
Reinsurance contracts receivable 19,771 8,675 3,780 3,780 3,780
Accrued interest income 7,497,531 5,464,657 4,868,665 3,149,288 3,035,640 2,445,516
Other receivables and prepayments 5,927,802 5,729,094 5,386,708 5,463,825 5,447,213 3,267,044
Due from a related party
Bank balances and cash 21,736,824 15,942,342 10,535,193 21,730,161 7,634,136 4,610,860
Total assets 568,556,227 468,908,136 391,011,429 320,170,783 266,248,292 247,728,486
Equity and liabilities:  
Capital and reserves  
Share capital 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 10,000,000
Statutory reserve 5,904,927 5,452,782 4,995,945 4,565,127 3,705,962 2,743,515
Contingency fund reserve in Oman 164,921 142,778 126,243 112,417 95,362 72,402
Investment fair value reserve (5,175,405) 1,725,944 4,831,782 2,866,932 (8,840,333) 8,885,165
Retained earnings 27,329,429 25,282,270 23,187,269 21,323,733 15,608,302 18,969,241
Proposed dividend 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 1,000,000
 
Total equity 50,223,872 54,603,774 55,141,239 50,868,209 32,569,293 41,670,323
Liabilities  
Life Insurance Fund 498,803,289 395,794,293 317,774,300 248,160,493 221,509,678 191,632,278
Employees’ end-of-service benefits 9,007 4,625 5,899 6,274 4,121 1,753
Due to The International Agencies Company Limited 313,220 285,095 312,365 207,534 270,975 191,029
Due to Life Insurance Corporation of India 11,399 12,040 129,980 165,567 282,272 292,556
Zakat and tax provisions 647,254 767,745 1,310,001 1,013,460 893,460 1,228,795
Reinsurance payable 317,620 173,360 872,572 1,032,315 652,032 431,046
Claims payable 3,166,790 2,734,680 2,068,041 1,542,508 906,724 981,660
Other current liabilities 5,613,776 5,082,524 3,947,032 8,480,423 2,355,737 4,495,046
Loans Payable 9,450,000 9,450,000 9,450,000 8,694,000 6,804,000 6,804,000
Total liabilities 518,332,355 414,304,362 335,870,190 269,302,574 233,678,999 206,058,163
Total equity and liabilities 568,556,227 468,908,136 391,011,429 320,170,783 266,248,292 247,728,486

Statement of Profit and Loss

31-12-2015 31-12-2014 31-12-2013 31-12-2012 31-12-2011 31-12-2010
BD BD BD BD BD BD
Revenues:
Premiums:
First year 11,792,529 6,604,666 5,220,130 4,725,462 4,673,556 5,587,177
Renewal 47,858,194 25,522,309 19,771,007 20,167,329 20,989,604 20,634,002
Single premium 90,917,485 65,428,408 72,641,945 21,375,566 14,864,945 11,397,878
Unit link premium 103,120 271,358 633,776 1,329,435 4,293,065 5,241,521
Group Insurance Premium 2,072
Reinsurance ceded (144,260) (117,953) (28,946) (380,283) (405,797) (392,059)
Net insurance premium revenue 150,529,140 97,708,788 98,237,912 47,217,509 44,415,373 42,468,519
Income from investments 23,823,352 25,948,331 17,036,651 17,811,238 14,037,513 14,959,352
Other income (3,370,792) 637,471 658,267 884,723 492,841 1,423,220
Unrealised (loss)/gain on inv at fair value through profit or loss (6,531,049) 1,933,382 (4,144,771) 793,062 2,254,064 (1,796,699)
Net Impairment loss recognised on Investment securities (2,313,699) (3,240,324) (1,432,569) (4,287,864) (2,668,958) (498,842)
162,136,952 122,987,648 110,355,490 62,418,668 58,530,833 56,555,550
Expenses:  
Claims incurred (44,517,531) (32,859,019) (24,537,503) (13,455,067) (10,285,464) (8,816,891)
General and administrative (8,465,668) (6,760,224) (7,568,797) (6,621,235) (5,926,885) (5,999,288)
Fianance Cost (66,844) (63,731) (89,403) (157,846) (128,461) (133,808)
Addition to Life Insurance Fund (104,559,582) (78,951,789) (73,555,066) (33,469,306) (32,361,200) (32,607,683)
(157,609,625) (118,634,763) (105,750,769) (53,703,454) (48,702,010) (47,557,670)
Profit before zakat and income tax 4,527,327 4,352,885 4,604,721 8,715,214 9,828,823 8,997,880
Zakat and income tax expense (5,880) 215,488 (296,541) (123,563) (204,355) (175,786)
Profit for the year 4,521,447 4,568,373 4,308,180 8,591,651 9,624,468 8,822,094