Amana Takaful Life PLC
Interim Report
30 September 2024
STATEMENT OF FINANCIAL POSITION
Unaudited as at | Audited as at | ||
AS AT | Notes | 30.09.2024 | 31.12.2023 |
Rs. | Rs. | ||
ASSETS | |||
Intangible Assets | 18,342,513 | 19,049,192 | |
Property, Plant and Equipment | 24,129,135 | 19,374,245 | |
Right of use Lease Assets | 3.1 | 11,987,468 | 12,390,512 |
Investment Property | 151,000,000 | 151,000,000 | |
Financial Assets | 4 | 909,120,348 | 921,642,663 |
Financial Assets - Unit Linked | 5 | 3,442,890,555 | 3,035,000,650 |
Retakaful (Reinsurance) Receivables | 32,720,572 | 32,720,572 | |
Contribution (Premium) Receivable | 41,136,542 | 34,320,741 | |
Other Assets | 117,830,519 | 61,600,004 | |
Cash and Bank Balances | 6 | 46,571,366 | 38,933,558 |
Cash and Bank Balances - Unit Linked | 6 | 14,409,299 | 13,609,555 |
Total Assets | 4,810,138,320 | 4,339,641,691 | |
LIABILITIES | |||
Insurance Contract Liabilities - Family Takaful Fund | 276,858,549 | 304,351,488 | |
Insurance Contract Liabilities - Unit Linked | 3,404,219,150 | 2,970,343,620 | |
Employee Benefits | 12,781,931 | 12,696,932 | |
Subordinated Debt | 99,841,742 | 108,532,396 | |
Finance Lease Liability | 3.2 | 13,484,379 | 13,687,013 |
Other Liabilities - Unit Linked | 220,524,354 | 186,253,738 | |
Other Liabilities | 152,603,409 | 133,269,205 | |
Total Liabilities | 4,180,313,514 | 3,729,134,392 | |
SHAREHOLDERS' EQUITY | |||
Stated Capital | 500,000,000 | 500,000,000 | |
Revaluation Reserve | 11,998,572 | 11,998,572 | |
Revenue Reserves | 117,826,234 | 98,508,726 | |
Total Equity | 629,824,807 | 610,507,299 | |
Total Liabilities and Equity | 4,810,138,320 | 4,339,641,691 | |
The notes form an integral part of the Financial Statements.
We certify that the preparation and presentation of these Financial Statements comply with the requirements under Companies Act, No. 07 of 2007.
Signed | Signed |
M. Rinaz Niyas | Gehan Rajapakse |
Head of Finance | Executive Director/ CEO |
Signed for and on behalf of the Board | |
Signed | Signed |
Director | Director |
Colombo
13th November 2024
Amana Takaful Life PLC
Interim Report 30th September 2024
1
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Unaudited | Unaudited | |||
FOR THE PERIOD ENDED 30TH SEPTEMBER | 2024 | 2023 | Change | |
Notes | Rs. | Rs. | % | |
Gross Written Contribution (Premium) | 7 | 937,982,797 | 826,336,505 | 14% |
Retakaful Contribution (Reinsurance Premium) | (41,617,745) | (47,622,663) | 13% | |
Net Written Contribution (Premium) | 896,365,052 | 778,713,843 | 15% | |
Net Change in Reserve for Un-Earned Contribution (Premium) | (4,728,733) | (2,770,092) | 71% | |
Net Earned Contribution (Premium) | 891,636,319 | 775,943,750 | 15% | |
Other Revenue | ||||
Income from investments | 437,918,686 | 466,996,916 | -6% | |
Other income | 37,945,988 | 33,400,412 | 14% | |
Total Revenue | 8 | |||
1,367,500,994 | 1,276,341,079 | 7% | ||
Benefits, Losses and Expenses | ||||
Takaful (Insurance) claims and benefits | (394,273,417) | (421,088,524) | 6% | |
Acquisition Cost (net of reinsurance commission) | (128,723,821) | (107,165,862) | -20% | |
Change in Family Takaful Contract Liability | (403,022,835) | (317,746,499) | -27% | |
Other Operating and Administration Expenses | (423,835,454) | (387,313,155) | -9% | |
Amortization | (1,098,704) | (1,107,229) | 1% | |
Total Claims, Benefits and Expenses | (1,350,954,231) | (1,234,421,268) | -9% | |
Profit from Operations | 16,546,763 | 41,919,810 | -61% | |
Finance cost | (6,609,938) | (5,004,717) | -32% | |
Profit Before Taxation | 9 | 9,936,824 | 36,915,093 | -73% |
Income Tax Expenses | 10 | - | - | - |
Profit for the Period | 9,936,824 | 36,915,093 | -73% | |
Rs | Rs | |||
Basic / Diluted Earnings Per Share To Equity Holders | 0.20 | 0.74 | -73% | |
Dividend per share | ||||
Interim dividend paid per share | - | - | - | |
Final proposed dividend per share | - | - | - | |
Other Comprehensive Income | ||||
Net Profit/(Loss) for the Period | 9,936,824 | 36,915,093 | -73% | |
Net Change in Fair Value of Available for Sale Financial | ||||
Assets transfer (to)/ from Life Policyholder's Reserve | 9,380,684 | 12,824,389 | -27% | |
Total Comprehensive Income for the Period | ||||
19,317,508 | 49,739,482 | -61% |
Amana Takaful Life PLC
Interim Report 30th September 2024
2
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Unaudited | Unaudited | ||
FOR THE QUARTER ENDED 30TH SEPTEMBER | 2024 | 2023 | Change |
Rs. | Rs. | % | |
Gross Written Contribution (Premium) | 344,612,628 | 292,089,960 | 18% |
Retakaful Contribution (Reinsurance Premium) | (6,526,334) | (15,619,172) | 58% |
Net Written Contribution (Premium) | 338,086,294 | 276,470,789 | 22% |
Net Change in Reserve for Un-Earned Contribution (Premium) | 2,262,856 | 1,782,984 | -27% |
Net Earned Contribution (Premium) | 340,349,149 | 278,253,772 | 22% |
Other Revenue | |||
Income from investments | 150,637,701 | 174,143,083 | -13% |
Other income | 13,502,861 | 10,992,675 | 23% |
Total Revenue | |||
504,489,712 | 463,389,531 | 9% | |
Benefits, Losses and Expenses | |||
Takaful (Insurance) claims and benefits | (133,577,186) | (128,480,672) | -4% |
Acquisition Cost (net of reinsurance commission) | (43,420,111) | (36,826,803) | -18% |
Change in Family Takaful Contract Liability | (164,350,783) | (143,370,461) | -15% |
Other Operating and Administration Expenses | (151,276,238) | (136,068,094) | -11% |
Amortization | (575,084) | (373,235) | -54% |
Total Claims, Benefits and Expenses | (493,199,401) | (445,119,265) | -11% |
Profit from Operations | 11,290,311 | 18,270,265 | -38% |
Finance cost | (2,091,256) | (1,735,002) | -21% |
Profit Before Taxation | 9,199,055 | 16,535,263 | -44% |
Income Tax Expenses | - | - | - |
Profit for the Period | 9,199,055 | 16,535,263 | -44% |
Rs | Rs | ||
Basic / Diluted Earnings Per Share To Equity Holders | 0.18 | 0.33 | -44% |
Dividend per share | |||
Interim dividend paid per share | - | - | - |
Final proposed dividend per share | - | - | - |
Other Comprehensive Income | |||
Profit for the period | 9,199,055 | 16,535,263 | -44% |
Net Change in Fair Value of Available for Sale Financial | |||
Assets transfer (to)/ from Life Policyholder's Reserve | 1,820,783 | 5,086,002 | -64% |
Total Comprehensive Income for the period | |||
11,019,838 | 21,621,265 | -49% |
Amana Takaful Life PLC
Interim Report 30th September 2024
3
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30TH SEPTEMBER 2024
Revenue Reserves | |||||
Stated | Revaluation | Accumulated | Policy | ||
Holders' | Total Equity | ||||
Capital | Reserve | Profit/(Loss) | |||
Reserve | |||||
(Rs) | (Rs) | (Rs) | (Rs) | (Rs) | |
Balance as at 01st January 2023 | 500,000,000 | 11,998,572 | 12,326,091 | 19,490,650 | 543,815,313 |
Net Profit/(Loss) for the period | 36,915,093 | 36,915,093 | |||
Net Change in Fair Value of Available for Sale Financial - | |||||
- Assets transfer (to)/ from Life Policyholder's Reserve | 12,824,389 | 12,824,389 | |||
Balance as at 30th September 2023 | 500,000,000 | 11,998,572 | 49,241,184 | 32,315,039 | 593,554,796 |
Net Profit for the year | - | - | 13,404,383 | - | 13,404,383 |
Other Comprehensive Income | |||||
Net Change in Fair Value of Available for Sale Financial - | |||||
- Assets transfer (to)/ from Life Policyholder's Reserve | - | - | - | 2,729,506 | 2,729,506 |
Defined Benefit Plan Acturial Losses, Net of deferred Tax | - | - | 818,616 | - | 818,616 |
Total Comprehensive Income | - | - | 14,222,999 | 2,729,506 | 16,952,505 |
Balance as at 31st December 2023 | 500,000,000 | 11,998,572 | 63,464,181 | 35,044,545 | 610,507,299 |
Net Profit for the Period | - | - | 9,936,824 | - | 9,936,824 |
Other Comprehensive Income | |||||
Net Change in Fair Value of Available for Sale Financial Assets | |||||
- (to)/ from Life Policyholder's Reserve | - | - | - | 9,380,684 | 9,380,684 |
Total Comprehensive Income | - | - | 9,936,824 | 9,380,684 | 19,317,508 |
Balance as at 30th September 2024 | 500,000,000 | 11,998,572 | 73,401,006 | 44,425,229 | 629,824,807 |
Amana Takaful Life PLC
Interim Report 30th September 2024
4
STATEMENT OF CASH FLOW
Unaudited | Unaudited | ||
FOR THE PERIOD ENDED 30TH SEPTEMBER 2024 | Notes | 2024 | 2023 |
Rs | Rs | ||
Cash Flows from Operating Activities | |||
Contribution (Premium) received from customers | 931,166,995 | 816,069,024 | |
Retakaful (Reinsurance) Premium paid | (15,009,289) | (6,481,877) | |
Claims and Benefits paid | (374,471,204) | (416,831,699) | |
Cash paid to and behalf of Employees | (202,963,718) | (176,430,680) | |
Profits received from Investments and Other Income | 150,095,287 | 120,966,566 | |
Finance Cost paid | (6,609,938) | (5,004,717) | |
Other operating cash payments | (279,120,130) | (241,701,284) | |
Net Cash Flow from Operating Activities (Note A) | 203,088,002 | 90,585,333 | |
Cash Flows from Investing Activities | |||
Purchase of Financial Assets | (1,146,923,649) | (1,335,871,694) | |
Sale of Financial Assets | 980,181,635 | 1,268,512,076 | |
Dividend Received | 1,316,148 | 1,653,245 | |
Purchase of Property, Plant & Equipment | (958,250) | (3,808,349) | |
Net Cash flow from Investing Activities | (166,384,116) | (69,514,722) | |
Cash Flows used in Financing Activities | |||
Repayment of Finance Lease Liability | (6,889,500) | (7,377,850) | |
Net cash flows used in Financing Activities | (6,889,499) | (7,377,850) | |
29,814,387 | 13,692,763 | ||
NOTE A | |||
Reconciliation of Operating Profit with Cash Flows from Operations | |||
Unaudited | Unaudited | ||
FOR THE PERIOD ENDED 30TH SEPTEMBER | Notes | 2024 | 2023 |
Rs | Rs | ||
Profit from Operations | 16,546,763 | 41,919,810 | |
Depreciation | 5,844,919 | 6,483,085 | |
Amortisations | 1,098,704 | 1,107,229 | |
Depreciation Right of Use Asset | 5,361,269 | 5,800,084 | |
Provision for Gratuity | 2,250,000 | 2,057,000 | |
Unrealised (Income)/Losses | (38,373,449) | 6,940,407 | |
(Increase)/Decrease in Debtors and Other Assets | (242,767,635) | (321,019,615) | |
Increase in Family Takaful (Long Term Insurance) Fund/ (Decrease) | 403,022,835 | 317,746,499 | |
Increase/(Decrease) in Unearned Contribution (Premium) | 4,728,733 | 2,770,092 | |
Increase/(Decrease) in Other Creditors | 53,604,819 | 36,510,507 | |
Finance Cost Paid | (6,609,938) | (5,004,717) | |
Gratuity Paid | (2,165,001) | (894,053) | |
Exchange Gain/Loss | 545,984 | (3,830,996) | |
Cash Flows from Operating Activities | 203,088,002 | 90,585,333 | |
Note B | |||
Increase/ (Decrease) in Cash and Cash Equivalents | |||
Cash and Cash Equivalents at the end of the Period | 6 | 373,021,869 | 128,248,003 |
Cash and Cash Equivalents at the beginning of the Period | 343,207,481 | 114,555,240 | |
Increase/ (Decrease) in Cash and Cash Equivalents | 29,814,387 | 13,692,763 |
Amana Takaful Life PLC
Interim Report 30th September 2024
5
STATEMENT OF FINANCIAL POSITION - SEGMENTAL ANALYSIS
Unaudited | ||||
Shareholders' | ||||
AS AT 30.09.2024 | Family Takaful Fund | Fund | Adujstments | Total |
Rs. | Rs. | Rs. | Rs. | |
ASSETS | ||||
Intangible Assets | - | 18,342,513 | - | 18,342,513 |
Property, Plant and Equipment | - | 24,129,135 | - | 24,129,135 |
Right of use Lease Assets | - | 11,987,468 | - | 11,987,468 |
Investment Property | - | 151,000,000 | - | 151,000,000 |
Financial Assets | 423,422,662 | 485,697,687 | - | 909,120,348 |
Retakaful Receivable | 32,720,572 | - | - | 32,720,572 |
Contribution (Premium) Receivable | 41,136,542 | - | - | 41,136,542 |
Other Assets | 39,963,472 | 77,867,047 | - | 117,830,519 |
Other Assets - Unit Linked | - | - | - | - |
Financial Assets - Unit Linked | 3,442,890,555 | - | - | 3,442,890,555 |
Interfund Receivable | - | 992,860 | (992,860) | - |
Cash and Bank Balances | 43,415,310 | 3,156,055 | - | 46,571,366 |
Cash and Bank Balances - Unit Linked | 14,409,299 | - | - | 14,409,299 |
Total Assets | ||||
4,037,958,412 | 773,172,764 | (992,860) | 4,810,138,320 | |
LIABILITIES | ||||
Insurance Contract Liability - Family Takaful Fund | 276,858,549 | - | - | 276,858,549 |
Insurance Contract Liability - Family Takaful Linked Unit Linked | 3,404,219,150 | - | - | 3,404,219,150 |
Employee Benefits | - | 12,781,931 | - | 12,781,931 |
- | ||||
Subordinated Debt | - | 99,841,742 | - | 99,841,742 |
Finance Lease Liability | - | 13,484,379 | - | 13,484,379 |
Inter Fund Payable | 992,860 | - | (992,860) | - |
Other Liabilities | 312,477,343 | 60,650,420 | - | 373,127,763 |
Other Liabilities - Unit Linked | - | - | - | - |
Total Liability | ||||
3,994,547,902 | 186,758,473 | (992,860) | 4,180,313,514 | |
SHAREHOLDERS' EQUITY | ||||
Stated Capital | - | 500,000,000 | - | 500,000,000 |
Revaluation Reserve | - | 11,998,572 | - | 11,998,572 |
Revenue Reserves | 43,410,507 | 74,415,728 | - | 117,826,234 |
Total Equity | ||||
43,410,507 | 586,414,300 | - | 629,824,807 | |
Total Equity and Liability | ||||
4,037,958,412 | 773,172,764 | (992,860) | 4,810,138,320 | |
#REF!
The above Long Term Insurance ( Family Takaful ) Statement of Financial Position is to be read in conjunction with the Company Statement of Financial Position.
Amana Takaful Life PLC
Interim Report 30th September 2024
6
STATEMENT OF FINANCIAL POSITION - SEGMENTAL ANALYSIS
Audited | |||||
Family Takaful | Shareholders | ||||
AS AT 31.12.2023 | Fund | Fund | Adujstments | Total | |
Rs. | Rs. | Rs. | Rs. | ||
ASSETS | |||||
Intangible Assets | 19,049,191 | 19,049,191 | |||
Property, Plant and Equipment | 19,374,245 | 19,374,245 | |||
Right Of Use Asset | 12,390,512 | 12,390,512 | |||
Investment Property | 151,000,000 | 151,000,000 | |||
Financial Investments | 436,151,046 | 485,491,616 | 921,642,663 | ||
Retakaful Receivable | 32,720,572 | 32,720,572 | |||
Contribution (Premium) Receivable | 34,320,741 | 34,320,741 | |||
Other Assets | 18,698,431 | 42,901,573 | 61,600,005 | ||
Financial Assets - Unit Linked | 3,035,000,650 | 3,035,000,650 | |||
Interfund Receivable | 15,667,398 | (15,667,398) | 0 | ||
Cash and Bank Balances | 32,200,224 | 6,733,334 | 38,933,558 | ||
Cash and Bank Balances - Unit Linked | 13,609,555 | 13,609,555 | |||
Total Assets | 3,602,701,220 | 752,607,869 | (15,667,398) | 4,339,641,691 | |
LIABILITIES | |||||
Insurance Contract Liability - Family Takaful Fund | 304,351,488 | 304,351,488 | |||
Insurance Contract Liability - Family Takaful Unit Linked | 2,970,343,620 | 2,970,343,620 | |||
Employee Benefits | 12,696,932 | 12,696,932 | |||
Subordinated Debt | 108,532,396 | 108,532,396 | |||
- | |||||
Finance Lease Liability | 13,687,013 | 13,687,013 | |||
Inter Fund Payable | 15,667,398 | (15,667,398) | - | ||
Other Liabilities | 91,584,557 | 41,684,649 | 133,269,207 | ||
Other Liabilities - Unit Linked | 186,253,739 | 186,253,739 | |||
Total Liability | 3,568,200,803 | 176,600,990 | (15,667,398) | 3,729,134,395 | |
SHAREHOLDERS' EQUITY | |||||
Stated Capital | 500,000,000 | 500,000,000 | |||
Revaluation Reserve | 11,998,572 | 11,998,572 | |||
Revenue Reserves | 34,500,417 | 64,008,309 | 98,508,726 | ||
Total Equity | 34,500,417 | 576,006,882 | - | 610,507,299 | |
Total Equity and Liability | 3,602,701,220 | 752,607,869 | (15,667,398) | 4,339,641,691 | |
#REF!
The above Long Term Insurance ( Family Takaful ) Statement of Financial Position is to be read in conjunction with the Company Statement of Financial Position.
Amana Takaful Life PLC
Interim Report 30th September 2024
7
NOTES TO THE FINANCIAL STATEMENTS
- Figures in the Interim Financial Statements for the period ended 30th September 2024 are provisional and unaudited.
- These Interim Financial Statements of the Company have been prepared in accordance with Sri Lanka Accounting Standards (SLAS) prefixed both SLFRS (corresponding to IFRS) and LKAS (LKAS 34 - Interim Financial Reporting), promulgated by the Institute of Chartered Accountants of Sri Lanka (ICASL) and comply with the requirements of the Companies Act, No. 7 of 2007 and the Regulation of Insurance Industry Act, No. 43 of 2000.
The same accounting policies and methods of computation as stated in the Audited Financial Statements 2023 have been followed in preparation of these Interim Financial Statements. Comparative information has been re-valued/re-classified where necessary, to confirm to the current period recognition, measurement and presentation.
3. Right of Use Lease Asset
The company recognises a right-of-use asset and a lease liability at the lease commencement date. The right of use assets of the company consist of a vehicle taken on lease which were previously recognised as finance leases under LKAS 17.
3.1 Right of use Lease Asset
Unaudited as at 30.09.2024 | Audited | ||
Property | Total | 31.12.2023 | |
Rs. | |||
Opening right of use lease asset as at 01st January | 12,390,512 | 12,390,512 | 11,954,352 |
Addition | 4,958,225 | 4,958,225 | 7,977,707 |
Net Depreciation for the period | (5,361,269) | (5,361,269) | (7,541,547) |
Closing Right of use lease asset as at 30th September 2024 | 11,987,468 | 11,987,468 | 12,390,512 |
3.2 Lease Liability (Lease Creditor)
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Ijarah rate implicit in the lease or, if that rate can not be readily determined, the Group's incremental borrowing rate. The movement of Lease creditor for the period is as follows,
Unaudited as at 30.09.2024 | Audited | ||
Property | Total | 31.12.2023 | |
Rs. | |||
Opening lease Creditor as at 01st January | 13,687,013 | 13,687,013 | 13,039,310 |
Addition | 4,958,225 | 4,958,225 | 7,977,707 |
Ijarah Expense recognised in Profit or Loss | 1,728,641 | 1,728,641 | 2,237,596 |
Settlement through lease payment | (6,889,500) | (6,889,500) | (9,567,600) |
Lease Liability as at 30th September 2024 | 13,484,379 | 13,484,379 | 13,687,013 |
Amana Takaful Life PLC
Interim Report 30th September 2024
8
NOTES TO THE FINANCIAL STATEMENTS
4. Financial Assets
Unaudited as at | Audited as at | |
AS AT | 30.09.2024 | 31.12.2023 |
Rs. | Rs. | |
Financial Assets at Fair Value Through Profit or Loss (4.1) | 75,203,917 | 125,126,250 |
Available For Sale Financial Assets (4.2) | 86,424,388 | 79,685,457 |
Loans & Receivables (4.3) | 747,492,045 | 716,830,956 |
909,120,348 | 921,642,663 | |
Unaudited as at | Audited as at | |
AS AT | 30.09.2024 | 31.12.2023 |
Rs. | Rs. | |
4.1 Financial Assets at Fair Value Through Profit & Loss | ||
Investment in Bullion | 75,203,917 | 125,126,250 |
75,203,917 | 125,126,250 | |
4.2 Available For Sale Financial Assets | ||
Unit Trust | 86,424,388 | 79,685,457 |
86,424,388 | 79,685,457 | |
4.3 Loans and Receivable | ||
Repurchase Agreements | 212,242,855 | 195,672,507 |
Fixed Term Investments | 535,249,190 | 521,158,449 |
747,492,045 | 716,830,956 | |
Amana Takaful Life PLC
Interim Report 30th September 2024
9
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