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 |