Interim Financial Statements for the period ended 31st December 2024

For the Year ended 31 December

Note

2024

2023

Change

Rs. ' 000

Rs. ' 000

%

Un-Audited

Audited

Gross written premiums

5

31,573,467

26,341,321

20

Premiums ceded to reinsurers

(2,509,698)

(2,490,889)

1

Net written premiums

29,063,769

23,850,432

22

Total other revenue

7,143,139

7,948,164

(10)

Total net revenue

6

36,206,908

31,798,596

14

Net benefits, claims and expenses

Net insurance benefits and claims paid

(14,187,893)

(12,898,161)

10

Net change in insurance claims outstanding

(61,820)

54,823

(213)

Change in insurance contracts liabilities

(5,270,740)

(2,828,082)

86

Underwriting and net acquisition cost (Net of reinsurance)

(5,790,389)

(5,486,208)

6

Other operating and administration expenses

(6,440,335)

(5,111,111)

26

Impairment reversal / (provision) on financial investments

3,004,984

(1,081,777)

(378)

Finance cost

7

(1,128,396)

(1,250,909)

(10)

Total benefits, claims and expenses

(29,874,589)

(28,601,425)

4

Profit before tax

8

6,332,319

3,197,171

98

Income tax expenses

(1,810,522)

(358,768)

405

Profit for the period

4,521,797

2,838,403

59

Profit attributable to;

Owners of the Company

4,521,797

2,838,403

59

Non controlling interest

-

-

-

4,521,797

2,838,403

59

Earnings per share

Basic earnings per share (Rs.)

17

12.61

7.57

67

Diluted earnings per share (Rs.)

17

12.61

7.57

67

For the Year ended 31 December

2024

2023

Change

Rs. ' 000

Rs. ' 000

%

Un-Audited

Audited

Profit for the period

4,521,797

2,838,403

59

Other comprehensive income

Items that will not be reclassified to income statement

Equity investments at FVOCI - net change in fair value

925,328

606,708

Equity investments at FVOCI - net change in fair value - Life fund

571,318

43,133

Re-measurement (losses) / gains on defined benefit liabilities

(51,141)

(20,844)

Revaluation of Land and Building

-

43,783

Related tax / deferred tax

-

-

1,445,505

672,780

115

Items that are or may be reclassified subsequently to income statement

Debt investments at FVOCI - net change in fair value

(404,912)

42,641

Debt investments at FVOCI - net change in fair value - Life fund

288,664

218,387

Debt investments at FVOCI - reclassified to income statement

232

711

Related tax / deferred tax

-

-

(116,016)

261,739

(144)

Total other comprehensive income for the period, net of tax

1,329,489

934,519

42

Total comprehensive income for the period, net of tax

5,851,286

3,772,922

55

Total comprehensive income attributable to:

Owners of the Company

5,851,286

3,772,922

Non - controlling interests

-

-

5,851,286

3,772,922

55

For the three months period ended 31 December

2024

2023

Change

Rs. ' 000

Rs. ' 000

%

Un-Audited

Audited

Gross written premiums

9,618,740

7,792,235

23

Premiums ceded to reinsurers

(575,477)

(610,916)

(6)

Net earned premiums

9,043,263

7,181,319

26

Total other revenue

(317,909)

1,909,368

(117)

Total net revenue

8,725,354

9,090,687

(4)

Net benefits, claims and expenses

Net insurance benefits and claims paid

(3,764,430)

(3,365,385)

12

Net change in insurance claims outstanding

(3,694)

107,203

(103)

Change in insurance contracts liabilities

(2,159,439)

(1,457,538)

48

Underwriting and net acquisition cost (Net of reinsurance)

(1,385,330)

(1,456,903)

(5)

Other operating and administration expenses

(1,939,945)

(1,149,407)

69

Impairment provision on financial investments

3,105,326

(846,790)

(467)

Finance cost

(278,483)

(204,094)

36

Total benefits, claims and expenses

(6,425,995)

(8,372,914)

(23)

Profit before tax

2,299,359

717,773

220

Income tax expenses

(627,229)

413,107

(252)

Profit for the period

1,672,130

1,130,880

48

Profit attributable to;

Owners of the Company

1,672,130

1,130,880

48

Non controlling interest

-

-

1,672,130

1,130,880

48

Earnings per share

Basic earnings per share (Rs.)

4.66

3.02

55

Diluted earnings per share (Rs.)

4.66

3.02

55

For the three months period ended 31 December

2024

2023

Change

Rs. ' 000

Rs. ' 000

%

Un-Audited

Audited

Profit for the Period

1,672,130

1,130,880

48

Other comprehensive income

Items that will not be reclassified to income statement

Equity investments at FVOCI - net change in fair value

730,903

(31,975)

Equity investments at FVOCI - net change in fair value - life fund

419,721

(97,782)

Re-measurement (losses) / gains on defined benefit liabilities

(51,141)

(20,844)

Revaluation of Land and Building

-

43,783

Related tax / deferred tax

-

-

1,099,483

(106,818)

(1,129)

Items that are or may be reclassified subsequently to income statement

Debt investments at FVOCI - net change in fair value

(403,708)

(4,262)

Debt investments at FVOCI - net change in fair value - life fund

176,804

(226,463)

Debt investments at FVOCI - reclassified to income statement

232

41

Related tax / deferred tax

-

-

(226,672)

(230,684)

(2)

Total other comprehensive income for the period, net of tax

872,811

(337,502)

(359)

Total comprehensive income for the period, net of tax

2,544,941

793,378

221

Total comprehensive income attributable to:

Owners of the Company

2,544,941

793,378

Non - controlling interests

-

-

2,544,941

793,378

221

As at

Note

31.12.2024

31.12.2023

Rs. ' 000

Rs. ' 000

Un-Audited

Audited

Assets

Intangible assets

3,955

2,364

Property, plant and equipment

689,233

707,427

Right of use assets

1,193,764

611,661

Deferred Tax Assets

468,263

838,938

Financial investments

10

43,938,018

43,500,215

Loans to life policyholders

350,134

331,301

Reinsurance receivables

518,316

465,211

Premium receivables

2,904,513

2,449,089

Receivables and other assets

1,658,300

1,333,537

Cash and cash equivalents

1,869,652

1,099,679

Total assets

53,594,148

51,339,422

Equity and liabilities

Equity

Stated capital

16

1,062,500

1,062,500

Restricted regulatory reserve

798,004

798,004

Other reserves

(764,262)

(2,144,892)

Retained earnings

9,258,312

13,617,734

Total equity

10,354,554

13,333,346

Liabilities

Insurance contract liabilities

11

33,290,278

27,925,474

Employee benefit liabilities

372,315

276,302

Loans and borrowings

3,016,443

5,014,997

Reinsurance payables

754,059

718,855

Other liabilities

5,438,184

3,693,758

Bank overdraft

368,315

376,690

Total liabilities

43,239,594

38,006,076

Total equity and liabilities

53,594,148

51,339,422

Net asset per share (Rs.)

15

32.73

35.56

The Notes form an integral part of these Financial Statements

These Financial Statements are in compliance with the requirements of the Companies Act No 07 of 2007.

Sgd.

Nuwan Withanage

Chief Financial Officer

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Approved and signed for and on behalf of the Board.

Sgd.

Sgd.

Ashok Pathirage

Iftikar Ahamed

Chairman

Managing Director

Restricted

Other

For the Year ended 31 December

reserves

Retained

Stated capital

regulatory

Total

Fair value

Revaluation

earnings

reserve

reserve

reserves

Rs. ' 000

Rs. ' 000

Rs. ' 000

Rs. ' 000

Rs. ' 000

Rs. ' 000

Balance as at 01 January 2023

1,062,500

798,004

(3,229,988)

129,733

12,112,675

10,872,924

Profit for the period

-

-

-

-

2,838,403

2,838,403

Other comprehensive income for the period

Equity investments at FVOCI - net change in fair value

-

-

606,708

-

-

606,708

Equity investments at FVOCI - net change in fair value - Life fund

-

-

43,133

-

-

43,133

Debt investments at FVOCI - net change in fair value

-

-

42,641

-

-

42,641

Re-measurement Gain on defined benefit liabilities

-

-

-

-

(20,844)

(20,844)

Gain on revaluation of land and building

-

-

-

43,783

-

43,783

Debt investments at FVOCI - net change in fair value - Life fund

-

-

218,387

-

-

218,387

Debt investments at FVOCI - reclassified to income statement

-

-

711

-

-

711

Total other comprehensive income, net of tax

-

-

911,580

43,783

(20,844)

934,519

Total comprehensive income for the period

-

-

911,580

43,783

2,817,559

3,772,922

Transaction with owners of the Company

Contribution and distribution

Interim dividend - 2022

-

-

-

-

(1,312,500)

(1,312,500)

Total transactions with owners of the Company

-

-

-

-

(1,312,500)

(1,312,500)

Balance as at 31 December 2023

1,062,500

798,004

(2,318,408)

173,516

13,617,734

13,333,346

Profit for the period

-

-

-

-

4,521,797

4,521,797

Other comprehensive income for the period

Equity investments at FVOCI - net change in fair value

-

-

925,328

-

-

925,328

Equity investments at FVOCI - net change in fair value - Life fund

-

-

571,318

-

-

571,318

Debt investments at FVOCI - net change in fair value

-

-

(404,912)

-

-

(404,912)

Re-measurement Gain on defined benefit liabilities

-

-

-

-

(51,141)

(51,141)

Debt investments at FVOCI - net change in fair value - Life fund

-

-

288,664

-

-

288,664

Debt investments at FVOCI - reclassified to income statement

-

-

232

-

-

232

Total other comprehensive income, net of tax

-

-

1,380,630

-

(51,141)

1,329,489

Total comprehensive income for the period

-

-

1,380,630

-

4,470,656

5,851,286

Transaction with owners of the Company

Contribution and distribution

Interim Dividend - 2023

-

-

-

-

(1,406,250)

(1,406,250)

Interim Dividend - 2024

(1,423,828)

(1,423,828)

Repurchase of Shares

-

-

-

-

(6,000,000)

(6,000,000)

Total transactions with owners of the Company

-

-

-

-

(8,830,078)

(8,830,078)

Balance as at 31 December 2024

1,062,500

798,004

(937,778)

173,516

9,258,312

10,354,554

For the Year ended 31 December

2024

2023

Rs. ' 000

Rs. ' 000

Un-Audited

Audited

Cash flows from operating activities

Profit before taxation

6,332,319

3,197,171

Adjustments for :

Depreciation of property, plant and equipment

139,076

133,393

Amortisation of intangible assets

859

722

Depreciation of right of use asset

372,657

305,520

Interest expenses on lease liabilities and loans and borrowings

692,048

727,743

Provision for employee benefit liabilities

72,318

67,029

Gain on sale of property, plant and equipment

(90)

(141)

Net realised Gains

(801,049)

(227,391)

Net fair value (Gains)/ losses

354,957

(733,445)

Net loss arising from derecognition of financial assets measured at amortised cost

100,425

-

Net unrealised losses on foreign currency transactions

300,593

402,348

Net amortisation of financial investments

(2,056,433)

(1,931,198)

Provision for impairment (Reversal) /losses on financial investments

(3,004,984)

1,081,777

2,502,696

3,023,528

Change in operating assets

Decrease / (Increase) in loans to life policyholders

(18,833)

(66,241)

Increase in reinsurance receivables

(53,105)

103,168

Decrease in premium receivables

(455,424)

(685,701)

Increase in receivables and other assets

(366,787)

(257,296)

(894,149)

(906,070)

Change in operating liabilities

Increase / (Decrease) in insurance contract liabilities

5,546,939

2,742,320

Increase in reinsurance payables

48,884

(1,371,949)

Increase / (Decrease) in other liabilities

1,108,009

(78,348)

6,703,832

1,292,023

Net cash generated from operations

8,312,379

3,409,480

Tax Paid

(1,516,665)

(1,101,542)

Interest Paid

(621,210)

(599,383)

Gratuity paid

(27,446)

(20,530)

Net cash generated from operating activities

6,147,058

1,688,026

Cash flows from investing activities

Acquisition of investment securities

(79,734,766)

(41,704,138)

Proceeds from sale of investment securities

85,257,125

42,293,266

Acquisition of property, plant and equipment

(120,942)

(217,679)

Net Acquisition of ROU Asset

(69,278)

(79,116)

Acquisition of intangible assets

(2,450)

(520)

Proceeds from the sale of property, plant and equipment

150

141

Net cash flows used in investing activities

5,329,839

291,954

Cash flows from financing activities

Repurchase of ordinary voting shares

(6,000,000)

-

Dividend paid to equity holders

(2,830,078)

(1,312,500)

Repayment of long term borrowings

(1,454,000)

-

Principal Payment of lease liabilities

(414,471)

(376,117)

Net cash used in financing activities

(10,698,549)

(1,688,617)

Net increase / (Decrease) in cash and cash equivalents

778,348

291,363

Net cash and cash equivalents as at 1 January

722,989

431,626

Net cash and cash equivalents as at 31 December

1,501,337

722,989

Analysis of cash and cash equivalents

Cash in hand and at bank

1,869,652

1,099,679

Bank overdraft

(368,315)

(376,690)

Total cash and cash equivalents as at 31 December

1,501,337

722,989

As at

Note

31.12.2024

31.12.2023

Rs. ' 000

Rs. ' 000

Un-Audited

Audited

Assets

Property, plant and equipment

298,188

311,000

Right of use assets

1,189,827

600,973

Financial investments

31,721,103

33,092,231

Loans to life policyholders

350,134

331,301

Reinsurance receivables

518,316

465,211

Premium receivables

2,904,513

2,449,089

Receivables and other assets

1,078,748

1,063,438

Cash and cash equivalents

1,865,751

1,087,058

Total assets

39,926,580

39,400,301

Equity and liabilities

Equity

Other reserves

(47,764)

(856,820)

Total equity

(47,764)

(856,820)

Liabilities

Insurance contract liabilities

11

33,290,278

27,925,474

Employee benefit liabilities

372,315

276,302

Reinsurance payables

754,059

718,855

Other liabilities

5,189,377

10,959,800

Bank overdraft

368,315

376,690

Total liabilities

39,974,344

40,257,121

Total equity and liabilities

39,926,580

39,400,301

For the Year ended 31 December

2024

2023

Rs. ' 000

Rs. ' 000

Un-Audited

Audited

First Year Premium

6,540,525

6,366,477

Renewal Premium

16,006,226

13,181,096

Group Life Premium

7,632,722

6,140,540

Single Premium

1,393,994

653,208

Total Gross Written Premium

31,573,467

26,341,321