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 |