UNION
ASSURANCE PLC
THE
STRENGTH
WITHIN
CondensedInterim Financial Statements ForThe Six Months Ended 30 June2022
INCOME STATEMENT
For the period ended 30 June | 2022 | 2021 | Change | |
Note | Rs. '000 | Rs. '000 | % | |
Gross written premium | 6 | 7,524,130 | 6,543,950 | 15 |
Premium ceded to reinsurers | (427,030) | (350,755) | 22 | |
Net written premium | 7,097,100 | 6,193,195 | 15 | |
Other revenue | ||||
Net investment income | 3,130,941 | 2,639,548 | 19 | |
Net realised gains/ (losses) | (222,617) | 159,925 | (239) | |
Net fair value gains/ (losses) | (548,033) | 95,918 | (671) | |
Other income | 12,251 | 13,905 | (12) | |
Total other revenue | 2,372,542 | 2,909,296 | (18) | |
Total net revenue | 9,469,642 | 9,102,491 | 4 | |
Benefits, claims and expenses | ||||
Net insurance benefits and claims | paid | (1,724,193) | (1,731,691) | (0) |
Net change in insurance claims outstanding | (499,285) | 79,334 | 729 | |
Change in contract liabilities - Life Fund | (3,320,061) | (4,261,696) | (22) | |
Underwriting and net acquisition costs (net of reinsurance) | (1,456,110) | (1,280,272) | 14 | |
Other operating, administrative and selling expenses | (1,681,303) | (1,322,758) | 27 | |
Depreciation and amortisation | (267,599) | (198,635) | 35 | |
Total benefits, claims and expenses | (8,948,551) | (8,715,718) | 3 | |
Profit from operations | 521,091 | 386,773 | 35 | |
Share of results of equity accounted investee, net of tax | 93,264 | 75,330 | 24 | |
Profit before tax | 614,355 | 462,103 | 33 | |
Income tax expenses | 7 | (134,806) | (60,071) | 124 |
Profit for the period | 479,549 | 402,032 | 19 | |
Earnings per share | ||||
Basic (Rs.) | 0.81 | 0.68 | 19 | |
Diluted (Rs.) | 0.81 | 0.68 | 19 | |
The notes form an integral part of these interim financial statements.
2 Union Assurance PLC | Condensed Interim Financial Statements For The Six Months Ended 30 June 2022
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the period ended 30 June | 2022 | 2021 | Change | |
Rs. '000 | Rs. '000 | % | ||
Profit for the period | 479,549 | 402,032 | 19 | |
Items that are or may be reclassified to profit or | loss | |||
Fair value reserve (available for sale financial assets) | ||||
Net change in fair value of available for sale financial | assets | (928,342) | (131,050) | |
Share of net change in fair value of available for sale financial assets | of | |||
equity accounted investee, net of tax | (64,571) | (13,098) | ||
Related tax | - | - | ||
(992,913) | (144,148) | 589 | ||
Net change in liabilities of insurance contracts arising from fair value changes in | ||||
available for sale financial assets | (613,729) | (109,149) | ||
Net change in fair value of available for sale financial | assets of insurance liabilities | |||
transferred to the income statement | 42,561 | (81,206) | ||
Related tax | - | - | ||
(571,168) | (190,355) | 200 | ||
Other comprehensive income, net of tax | (1,564,081) | (334,503) | 368 | |
Total comprehensive income for the period, net of tax | (1,084,532) | 67,529 | (1,706) |
The notes form an integral part of these interim financial statements.
Condensed Interim Financial Statements For The Six Months Ended 30 June 2022 | Union Assurance PLC | 3 |
INCOME STATEMENT
For the Quarter ended 30 June | 2022 | 2021 | Change |
Rs. '000 | Rs. '000 | % | |
Gross written premium | 3,546,506 | 3,142,820 | 13 |
Premium ceded to reinsurers | (225,885) | (180,884) | 25 |
Net written premium | 3,320,621 | 2,961,936 | 12 |
Other revenue | |||
Net investment income | 1,691,595 | 1,315,222 | 29 |
Net realised gains/ (losses) | (202,311) | 110,578 | (283) |
Net fair value gains/ (losses) | (74,533) | 10,239 | (828) |
Other income | 6,385 | 6,732 | (5) |
Total other revenue | 1,421,136 | 1,442,771 | (1) |
Total net revenue | 4,741,757 | 4,404,707 | 8 |
Benefits, claims and expenses | |||
Net insurance benefits and claims paid | (332,712) | (709,370) | (53) |
Net change in insurance claims outstanding | (721,111) | (29,467) | 2,347 |
Change in contract liabilities - Life Fund | (1,689,891) | (1,971,344) | (14) |
Underwriting and net acquisition costs (net of reinsurance) | (673,154) | (617,081) | 9 |
Other operating, administrative and selling expenses | (910,402) | (791,195) | 15 |
Depreciation and amortisation | (133,735) | (100,195) | 33 |
Total benefits, claims and expenses | (4,461,005) | (4,218,652) | 6 |
Profit from operations | 280,752 | 186,055 | 51 |
Share of results of equity accounted investee, net of tax | 54,700 | 38,463 | 42 |
Profit before tax | 335,452 | 224,518 | 49 |
Income tax expenses | (73,218) | (55,821) | 31 |
Profit for the quarter | 262,234 | 168,697 | 55 |
Earnings per share | |||
Basic (Rs.) | 0.45 | 0.29 | 55 |
Diluted (Rs.) | 0.45 | 0.29 | 55 |
The notes form an integral part of these interim financial statements.
4 Union Assurance PLC | Condensed Interim Financial Statements For The Six Months Ended 30 June 2022
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the Quarter ended 30 June | 2022 | 2021 | Change | |
Rs. '000 | Rs. '000 | % | ||
Profit for the quarter | 262,234 | 168,697 | 55 | |
Items that are or may be reclassified to profit or | loss | |||
Fair value reserve (available for sale financial assets) | ||||
Net change in fair value of available for sale financial | assets | (492,014) | (44,001) | |
Share of net change in fair value of available for sale financial assets | of | |||
equity accounted investee, net of tax | (31,124) | (6,560) | ||
Related tax | - | - | ||
(523,138) | (50,561) | 935 | ||
Net change in liabilities of insurance contracts arising from fair value changes in | ||||
available for sale financial assets | (315,651) | (42,113) | ||
Net change in fair value of available for sale financial | assets of insurance liabilities | |||
transferred to the income statement | 42,964 | (80,681) | ||
Related tax | - | - | ||
(272,687) | (122,794) | 122 | ||
Other comprehensive income, net of tax | (795,825) | (173,355) | 359 | |
Total comprehensive income for the quarter, net of tax | (533,591) | (4,658) | 11,355 |
The notes form an integral part of these interim financial statements.
Condensed Interim Financial Statements For The Six Months Ended 30 June 2022 | Union Assurance PLC | 5 |
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