Atlantic Insurance Public : Half-Yearly Results 2022

About this update from Atlantic Insurance Company Public Limited

ATLANTIC INSURANCE COMPANY PUBLIC LIMITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS ACCOUNT for the period ended 30 June 2022 Year 2022 2021 2021 €'000 €'000 % €'000 Income from operating activities Gross premiums 10.516 10.420 0.9% 21.388 Policy fees 376 374 0.3% 755 Reinsurers' share (1.755) (1.777) -1.3% (4.151) Net premiums 9.137 9.017 1.3% 17.992 Transfer to unearned premiums (223) (144) 55.0% (23) Net premiums earned 8.914 8.873 0.5% 17.969 Other income from insurance operations 488 452 8.1% 985 Income from financial operations 232 306 -24.2% 516 9.634 9.631 0.0% 19.470 Expenses 4.655 3.568 8.398 Claims by insured parties 30.5% Commission payable for insurance operations 605 606 -0.2% 1.242 Commission payable for financial operations 20 63 -67.7% 88 Administrative expenses 2.653 2.427 9.3% 5.286 7.933 6.665 19.0% 15.014 Profit from operating activities 1.701 2.966 -42.6% 4.456 (Loss) /Gain on sale and revaluation of investments (770) 3.639 7.061 Loss on revaluation of property - - (58) Other income from investments 495 144 243.7% 554 Net finance income 326 235 38.5% 456 Profit for the year before taxation 1.752 6.984 -74.9% 12.469 Taxation (297) (408) (614) Profit for the year after taxation 1.455 6.576 -77.9% 11.855 Minority interest (15) (54) (68) Profit attributable to shareholders 1.440 6.522 -77.9% 11.787 Basic earnings per share (cents) 3.70 16.75 -77.9% 30.27 ATLANTIC INSURANCE COMPANY PUBLIC LIMITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the period ended 30 June 2022 2022 2021 €'000 €'000 Profit for the period 1.440 6.522 Other comprehensive income: Other comprehensive income to be reclassified in the statement of profit and loss account in subsequent periods Change in the fair value of investments available for sale (43) 39 Net other comprehensive losses / (income) to be reclassified in the statement of (43) 39 profit and loss account in subsequent periods Other comprehensive income not to be reclassified in the statement of profit and loss account in subsequent periods Deferred taxation due to revaluation of immovable property - - Net other comprehensive income not to be reclassified in the statement of - - profit and loss account in subsequent periods Other comprehensive income/(losses) of the year after taxation (43) 39 Comprehensive income for the year 1.397 6.561 Total income attributable to the shareholders 1.382 6.508 Minority interest 15 54 Total income for the year 1.397 6.561 ATLANTIC INSURANCE COMPANY PUBLIC LIMITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 June 2022 2022 2021 €'000 €'000 Αssets Property and equipment 6.220 6.282 Intangible assets 140 88 Shareholding in consortia 676 625 Investment in property 4.439 4.314 Financial assets available for sale 1.488 473 Debtors and other claims 12.047 12.216 Financial assets at fair value through profit and loss 32.516 33.508 Fixed-term deposits 5.595 5.222 Cash and bank balances 11.354 12.315 Total assets 74.475 75.043 Equity Share capital 13.241 13.241 Reserves 31.762 35.038 Equity attributable to shareholders 45.003 48.279 Minority interest 418 403 Total equity 45.421 48.682 Liabilities Deferred taxation 38 34 Outstanding claims and provisions for unearned premiums 24.383 23.266 Bank overdrafts 3 14 Insurance and other liabilities 4.630 3.048 29.054 26.361 Total equity and liabilities 74.475 75.043 ATLANTIC INSURANCE COMPANY PUBLIC LIMITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the period ended 30 June 2022 Share Share Revaluation Fair value Retained Total Minority Total capital premium reserve Reserve Earnings attributable interest equity reserve to shareholders €000 €000 €000 €000 €000 €000 €000 €000 Balance as at 1 January 2021 13.241 1.943 2.912 44 21.482 39.622 338 39.960 Transfer of additional depreciation due to - - (1) - 1 - - - revaluation of buildings Gain on change in fair value of investments available for sale - - - 39 - 39 - 39 Dividend - - - - (3.310) (3.310) - (3.310) Profit for the period - - - - 6.522 6.522 54 6.576 Balance as at 30 June 2021 13.241 1.943 2.913 83 24.693 42.873 391 43.264 Balance as at 1 January 2022 13.241 1.943 3.040 103 29.952 48.279 403 48.682 Transfer of additional depreciation due to - - 1 - (1) - - - revaluation of buildings Loss on change in fair value of investments available for sale - - - (43) - (43) - (43) Dividend - - - - (4.673) (4.673) - (4.673) Profit for the period - - - - 1.440 1.440 15 1.455 Balance as at 30 June 2022 13.241 1.943 3.041 60 26.717 45.002 418 45.421 Gains or losses on the revaluation of financial assets available for sale are recognised in equity. The share premium. the revaluation and the fair value reserves are not available for distribution. ATLANTIC INSURANCE COMPANY PUBLIC LIMITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the period ended 30 June 2022 2022 2021 €'000 €'000 CASH FLOW FROM OPERATING ACTIVITIES Profit for the period before taxation 1.752 6.984 Adjustments for : (Gain)/ loss on sale and revaluation of investments 770 (3.639) Depreciation of fixed and intangible assets 137 144 Gain from sale of tangible fixed assets - (2) Interest received (378) (275) Dividends received (458) (109) Interest payable and bank expenses 53 40 (Increase) /decrease in debtors and other claims 169 (465) Increase in insurance and other liabilities 2.458 2.849 Cash flow from operating activities 4.503 5.529 Interest paid (53) (40) Tax paid (388) (4) Net cash flow from operating activities 4.062 5.484 CASH FLOW FROM INVESTING ACTIVITIES Purchase of investments (4.260) (9.681) Sale of investments 3.709 7.970 Purchase of investment property (124) - Purchase of property and equipment (37) (48) Purchase of intangible assets (91) (11) Proceeds from sale of property and equipment - 2 (Increase) in fixed-term deposits (373) (2.919) Interest received 378 275 Dividends received 458 109 Net cash flow for investing activities (340) (4.304) CASH FLOW FROM FINANCING ACTIVITIES Dividend paid (4.673) (3.310) Net cash flow used for financing activities (4.673) (3.310) Net (decrease) in cash and cash equivalents (951) (2.129) Cash and cash equivalents at beginning of period 12.302 11.474 Cash and cash equivalents at end of period 11.351 9.345 Cash and cash equivalents comprise: Cash and bank balances 11.354 9.373 Bank overdrafts (3) (28) 11.351 9.345

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