Statement of Financial Position

31/12/2019 31/12/2018 31/12/2017 31/12/2016 31/12/2015
BD BD BD BD BD
Assets:
Motor vehicles and furniture                      8,883           13,595           10,349           17,458           19,825
Intangible assets                             4           33,078           95,448          157,818                   3
Right-of use asset                     39,411                  –                  –                  –                  –
Statutory deposits                   688,303          496,942          495,107          495,969          489,457
Investment securities             615,497,584   661,982,416   699,471,338   599,612,775   522,538,022
Term deposits with banks             141,328,083     64,580,300     68,386,248     18,162,059       8,513,934
Premiums receivable                1,649,171       1,611,220       1,759,176       1,975,630       1,813,061
Reinsurance contracts receivable                     46,020           88,237           89,027           36,781           19,771
Accrued interest income                9,943,034       9,613,909       9,735,236       8,714,020       7,497,531
Other assets                6,598,699       6,407,902       6,302,534       6,086,843       5,927,799
Bank balances and cash              36,232,902     36,099,634     40,894,410     45,313,828     21,736,824
Total assets             812,032,094   780,927,233   827,238,873   680,573,181   568,556,227
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       7,057,276       6,424,587       5,904,927
Contingency fund reserve in Oman                   216,991          201,870          194,027          179,701          164,921
Investment fair value reserve                   847,586    (10,740,978)       2,982,486      (2,077,996)      (5,175,405)
Retained earnings              19,170,122     19,428,372     33,671,464     29,991,593     27,329,429
Proposed dividend                  –       2,000,000       2,000,000       2,000,000
Total equity              47,291,975     35,946,540     65,905,253     56,517,885     50,223,872
Liabilities
Life Insurance Fund             756,190,104   737,018,862   752,045,134   605,322,348   498,803,289
Employees’ end-of-service indemnity                     22,530           21,507           15,540           10,611             9,007
Due to (from) The International Agencies Company Limited                  –          (24,112)           37,314          313,220
Due to Life Insurance Corporation of India                   211,139           10,832          113,414          105,626           11,399
Zakat and tax provisions                   219,486          149,949          159,660          647,254          647,254
Reinsurance contract liabilities                   300,052          383,627          715,653          557,660          317,620
Claims payable                3,542,867       3,352,002       3,596,694       3,076,328       3,166,790
Lease liability                     40,350
Other current liabilities                4,213,591       4,043,914       4,711,637       4,848,155       5,613,776
Loans Payable  `                  –       9,450,000       9,450,000
Total liabilities             764,740,119   744,980,693   761,333,620   624,055,296   518,332,355
Total equity and liabilities             812,032,094   780,927,233   827,238,873   680,573,181   568,556,227

Statement of Profit and Loss

31/12/2019 31/12/2018 31/12/2017 31/12/2016 31/12/2015
BD BD BD BD BD
Revenues:
Premiums:
First year              11,576,775       6,707,759     21,870,755     14,424,052     11,792,529
Renewal              38,822,005     28,538,585     56,805,943     42,492,078     47,858,194
Single premium              76,352,607     70,523,672   125,276,992     95,674,117     90,917,485
Unit link premium                      1,496             3,054           11,580           38,868          103,120
Group Insurance Premium                      3,594           27,422          136,223          367,870             2,072
Reinsurance ceded                  (180,283)          (15,962)         (211,557)         (295,915)         (144,260)
Net insurance premium revenue             126,576,194   105,784,530   203,889,936   152,701,070   150,529,140
Income from investments              33,765,983     36,484,872     37,033,307     30,970,324     23,823,352
Other income                  (461,801)          149,751         (946,981)          (61,593)      (3,370,792)
Unrealised (loss)/gain on inv at fair value through profit or loss              12,045,929      (5,562,171)          577,215       5,050,318      (6,531,049)
Net Impairment loss recognised on Investment securities               (4,371,257)      (1,857,065)      (2,183,922)      (2,352,624)      (2,313,699)
            167,555,048   134,999,917   238,369,555   186,307,495   162,136,952
Expenses:
Claims incurred            (140,172,332)  (156,290,339)    (73,771,526)    (65,370,239)    (44,517,531)
General and administrative               (7,538,554)      (7,261,170)    (10,389,857)      (8,257,867)      (8,465,668)
Finance Cost                  –          (69,984)          (66,076)          (66,844)
Change in Life Insurance Fund             (20,017,754)     14,312,395  (147,962,446)  (107,416,709)  (104,559,582)
           (167,728,640)  (149,239,114)  (232,193,813)  (181,110,891)  (157,609,625)
(Loss)/profit before zakat and income tax                  (173,592)    (14,239,197)       6,175,742       5,196,604       4,527,327
Zakat and income tax reversal /(expense)                    (69,537)             3,948          151,144                  –            (5,880)
(Loss)/ profit for the year                  (243,129)    (14,235,249)       6,326,886       5,196,604       4,521,447