Statement of Financial Position

31/12/2018 31/12/2017 31/12/2016 31/12/2015 31/12/2014
BD BD BD BD BD
Assets:
Motor vehicles and furniture                       13,595                       10,349                       17,458                       19,825                       24,790
Intangible assets                       33,078                       95,448                     157,818                                 3                                 3
Statutory deposits                     496,942                     495,107                     495,969                     489,457                     489,457
Investment securities             661,982,416             699,471,338             599,612,775             522,538,022             430,442,288
Term deposits with banks                64,580,300                68,386,248                18,162,059                  8,513,934                  8,964,606
Premiums receivable                  1,611,220                  1,759,176                  1,975,630                  1,813,061                  1,842,224
Reinsurance contracts receivable                       88,237                       89,027                       36,781                       19,771                         8,675
Accrued interest income                  9,613,909                  9,735,236                  8,714,020                  7,497,531                  5,464,657
Other assets                  6,407,902                  6,302,534                  6,086,843                  5,927,799                  5,729,094
Bank balances and cash                36,099,634                40,894,410                45,313,828                21,736,824                15,942,342
Total assets             780,927,233             827,238,873             680,573,181             568,556,227             468,908,136
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                  7,057,276                  7,057,276                  6,424,587                  5,904,927                  5,452,782
Contingency fund reserve in Oman                     201,870                     194,027                     179,701                     164,921                     142,778
Investment fair value reserve              (10,740,978)                  2,982,486                (2,077,996)                (5,175,405)                  1,725,944
Retained earnings                19,428,372                33,671,464                29,991,593                27,329,429                25,282,270
Proposed dividend                                –                    2,000,000                  2,000,000                  2,000,000                  2,000,000
Total equity                35,946,540                65,905,253                56,517,885                50,223,872                54,603,774
Liabilities
Life Insurance Fund             737,018,862             752,045,134             605,322,348             498,803,289             395,794,293
Employees’ end-of-service indemnity                       21,507                       15,540                       10,611                         9,007                         4,625
Due to (from) The International Agencies Company Limited                                –                      (24,112)                       37,314                     313,220                     285,095
Due to Life Insurance Corporation of India                       10,832                     113,414                     105,626                       11,399                       12,040
Zakat and tax provisions                     149,949                     159,660                     647,254                     647,254                     767,745
Reinsurance contract liabilities                     383,627                     715,653                     557,660                     317,620                     173,360
Claims payable                  3,352,002                  3,596,694                  3,076,328                  3,166,790                  2,734,680
Other current liabilities                  4,043,914                  4,711,637                  4,848,155                  5,613,776                  5,082,524
Loans Payable  `                                 –                  9,450,000                  9,450,000                  9,450,000
Total liabilities             744,980,693             761,333,620             624,055,296             518,332,355             414,304,362
Total equity and liabilities             780,927,233             827,238,873             680,573,181             568,556,227             468,908,136

Statement of Profit and Loss

31/12/2018 31/12/2017 31/12/2016 31/12/2015 31/12/2014
 BD  BD  BD  BD  BD
Revenues:
Premiums:
First year                  6,707,759                21,870,755                14,424,052                11,792,529                  6,604,666
Renewal                28,538,585                56,805,943                42,492,078                47,858,194                25,522,309
Single premium                70,523,672             125,276,992                95,674,117                90,917,485                65,428,408
Unit link premium                         3,054                       11,580                       38,868                     103,120                     271,358
Group Insurance Premium                       27,422                     136,223                     367,870                         2,072  –
Reinsurance ceded                     (15,962)                   (211,557)                   (295,915)                   (144,260)                   (117,953)
Net insurance premium revenue             105,784,530             203,889,936             152,701,070             150,529,140                97,708,788
Income from investments                36,484,872                37,033,307                30,970,324                23,823,352                25,948,331
Other income                     149,751                   (946,981)                     (61,593)                (3,370,792)                     637,471
Unrealised (loss)/gain on inv at fair value through profit or loss                (5,562,171)                     577,215                  5,050,318                (6,531,049)                  1,933,382
Net Impairment loss recognised on Investment securities                (1,857,065)                (2,183,922)                (2,352,624)                (2,313,699)                (3,240,324)
            134,999,917             238,369,555             186,307,495             162,136,952             122,987,648
Expenses:
Claims incurred            (156,290,339)              (73,771,526)              (65,370,239)              (44,517,531)              (32,859,019)
General and administrative                (7,261,170)              (10,389,857)                (8,257,867)                (8,465,668)                (6,760,224)
Finance Cost                                –                     (69,984)                     (66,076)                     (66,844)                     (63,731)
Change in Life Insurance Fund                14,312,395            (147,962,446)            (107,416,709)            (104,559,582)              (78,951,789)
           (149,239,114)            (232,193,813)            (181,110,891)            (157,609,625)            (118,634,763)
Loss/profit before zakat and income tax              (14,239,197)                  6,175,742                  5,196,604                  4,527,327                  4,352,885
Zakat and income tax reversal /(expense)                         3,948                     151,144                                –                        (5,880)                     215,488
(Loss)/ profit for the year              (14,235,249)                  6,326,886                  5,196,604                  4,521,447                  4,568,373