UNION
ASSURANCE PLC
THE
STRENGTH
WITHIN
CondensedInterim Financial Statements ForThe Nine Months Ended 30 September 2022
INCOME STATEMENT
For the nine months ended 30 September | 2022 | 2021 | Change | |
Note | Rs. '000 | Rs. '000 | % | |
Gross written premium | 6 | 11,620,182 | 10,504,240 | 11 |
Premium ceded to reinsurers | (648,664) | (535,489) | 21 | |
Net written premium | 10,971,518 | 9,968,751 | 10 | |
Other revenue | ||||
Net investment income | 5,180,453 | 3,940,929 | 31 | |
Net realised gains | 208,400 | 188,003 | 11 | |
Net fair value gains/ (losses) | (19,774) | 201,803 | (110) | |
Other income | 78,444 | 20,698 | 279 | |
Total other revenue | 5,447,523 | 4,351,433 | 25 | |
Total net revenue | 16,419,041 | 14,320,184 | 15 | |
Benefits, claims and expenses | ||||
Net insurance benefits and claims | paid | (3,175,352) | (3,008,406) | 6 |
Net change in insurance claims outstanding | (504,631) | 334,687 | 251 | |
Change in contract liabilities - Life Fund | (6,669,973) | (6,535,218) | 2 | |
Underwriting and net acquisition costs (net of reinsurance) | (2,215,155) | (2,018,604) | 10 | |
Other operating, administrative and selling expenses | (2,609,130) | (2,108,703) | 24 | |
Depreciation and amortisation | (404,855) | (303,245) | 34 | |
Total benefits, claims and expenses | (15,579,096) | (13,639,489) | 14 | |
Profit from operations | 839,945 | 680,695 | 23 | |
Share of results of equity accounted investee, net of tax | 153,320 | 114,342 | 34 | |
Profit before tax | 993,265 | 795,037 | 25 | |
Income tax expenses | 7 | (216,586) | (111,238) | 95 |
Profit for the period | 776,679 | 683,799 | 14 | |
Earnings per share | ||||
Basic (Rs.) | 1.32 | 1.16 | 14 | |
Diluted (Rs.) | 1.32 | 1.16 | 14 | |
The notes form an integral part of these interim financial statements.
2 Union Assurance PLC | Condensed Interim Financial Statements For The Nine Months Ended 30 September 2022
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the nine months ended 30 September | 2022 | 2021 | Change | |
Rs. '000 | Rs. '000 | % | ||
Profit for the period | 776,679 | 683,799 | 14 | |
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 | (1,247,860) | (409,781) | |
Share of net change in fair value of available for sale financial assets | of | |||
equity accounted investee, net of tax | (61,555) | (30,229) | ||
Related tax | - | - | ||
(1,309,415) | (440,010) | 198 | ||
Net change in liabilities of insurance contracts arising from fair value changes in | ||||
available for sale financial assets | (1,344,297) | (296,013) | ||
Net change in fair value of available for sale financial | assets of insurance liabilities | |||
transferred to the income statement | 42,100 | (81,748) | ||
Related tax | - | - | ||
(1,302,197) | (377,761) | 245 | ||
Other comprehensive income, net of tax | (2,611,612) | (817,771) | 219 | |
Total comprehensive income for the period, net of tax | (1,834,933) | (133,972) | 1,270 |
The notes form an integral part of these interim financial statements.
Condensed Interim Financial Statements For The Nine Months Ended 30 September 2022 | Union Assurance PLC | 3 |
INCOME STATEMENT
For the Quarter ended 30 September | 2022 | 2021 | Change |
Rs. '000 | Rs. '000 | % | |
Gross written premium | 4,096,052 | 3,960,290 | 3 |
Premium ceded to reinsurers | (221,634) | (184,734) | 20 |
Net written premium | 3,874,418 | 3,775,556 | 3 |
Other revenue | |||
Net investment income | 2,049,512 | 1,301,381 | 57 |
Net realised gains | 431,017 | 28,078 | 1,435 |
Net fair value gains | 528,259 | 105,885 | 399 |
Other income | 66,193 | 6,793 | 874 |
Total other revenue | 3,074,981 | 1,442,137 | 113 |
Total net revenue | 6,949,399 | 5,217,693 | 33 |
Benefits, claims and expenses | |||
Net insurance benefits and claims paid | (1,451,159) | (1,276,715) | 14 |
Net change in insurance claims outstanding | (5,346) | 255,353 | 102 |
Change in contract liabilities - Life Fund | (3,349,912) | (2,273,522) | 47 |
Underwriting and net acquisition costs (net of reinsurance) | (759,045) | (738,332) | 3 |
Other operating, administrative and selling expenses | (927,827) | (785,945) | 18 |
Depreciation and amortisation | (137,256) | (104,610) | 31 |
Total benefits, claims and expenses | (6,630,545) | (4,923,771) | 35 |
Profit from operations | 318,854 | 293,922 | 8 |
Share of results of equity accounted investee, net of tax | 60,056 | 39,012 | 54 |
Profit before tax | 378,910 | 332,934 | 14 |
Income tax expenses | (81,780) | (51,167) | 60 |
Profit for the quarter | 297,130 | 281,767 | 5 |
Earnings per share | |||
Basic (Rs.) | 0.50 | 0.48 | 5 |
Diluted (Rs.) | 0.50 | 0.48 | 5 |
The notes form an integral part of these interim financial statements.
4 Union Assurance PLC | Condensed Interim Financial Statements For The Nine Months Ended 30 September 2022
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the Quarter ended 30 September | 2022 | 2021 | Change | |
Rs. '000 | Rs. '000 | % | ||
Profit for the quarter | 297,130 | 281,767 | 5 | |
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 | (319,518) | (278,731) | |
Share of net change in fair value of available for sale financial assets | of | |||
equity accounted investee, net of tax | 3,016 | (17,131) | ||
Related tax | - | - | ||
(316,502) | (295,862) | 7 | ||
Net change in liabilities of insurance contracts arising from fair value changes in | ||||
available for sale financial assets | (730,568) | (186,864) | ||
Net change in fair value of available for sale financial | assets of insurance liabilities | |||
transferred to the income statement | (461) | (542) | ||
Related tax | - | - | ||
(731,029) | (187,406) | 290 | ||
Other comprehensive income, net of tax | (1,047,531) | (483,268) | 117 | |
Total comprehensive income for the quarter, net of tax | (750,401) | (201,501) | 272 |
The notes form an integral part of these interim financial statements.
Condensed Interim Financial Statements For The Nine Months Ended 30 September 2022 | Union Assurance PLC | 5 |
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