ARPICO INSURANCE PLC PERSISTENT
STABILITY
INTERIM
FINANCIAL
STATEMENTS
30 JUNE 2022
10TH YEAR ANNIVERSARY
Arpico Insurance PLC
STATEMENT OF COMPREHENSIVE INCOME
For the Three Months Ended 30th June 2022
Three Months | Three Months | |||
Ended 30 June | Ended 30 June | |||
2022 Unaudited | 2021 Unaudited | |||
Note | Rs | Rs | ||
Revenue | 610,619,646 | 505,052,640 | ||
Gross Written Premium | 3 | 509,814,602 | 451,965,247 | |
Premium Ceded to Reinsurers | 3 | (15,242,382) | (18,859,839) | |
Net Written Premium | 494,572,220 | 433,105,408 | ||
Other Revenue | ||||
Fee and Commission Income | 3 | 11,535,738 | 10,069,451 | |
Income From Investments | 5 | 100,566,660 | 60,489,168 | |
Fair Value Gain/(Loss) | 3 | 2,809,084 | - | |
Other Income | 3 | 1,135,943 | 1,388,613 | |
Total Other Revenue | 116,047,426 | 71,947,232 | ||
Net Income | 610,619,646 | 505,052,640 | ||
Net Insurance Benefits and Claims Paid | (133,712,098) | (95,171,256) | ||
Underwriting and Net Acquisition Costs | (164,382,493) | (183,106,507) | ||
Change in Contract Liabilities - Life Fund | (49,109,344) | (20,751,507) | ||
Other Operating and Administrative Expenses | (206,802,445) | (191,724,852) | ||
Net Benefits and Claims | (554,006,381) | (490,754,122) | ||
Profit/(Loss ) Before Tax | 56,613,265 | 14,298,518 | ||
Income Tax Expense | - | - | ||
Profit/(Loss) for the Period | 56,613,265 | 14,298,518 | ||
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Arpico Insurance PLC
STATEMENT OF OTHER COMPREHENSIVE INCOME
For the Three Months Ended 30th June 2022
Three Months | Three Months | ||
Ended 30 June | Ended 30 June | ||
2022 | 2021 | ||
Unaudited | Unaudited | ||
Notes | Rs | Rs | |
Profit / (Loss) for the Year | 56,613,265 | 14,298,518 | |
Other Comprehensive Income | |||
Other Comprehensive Income to be Reclassified to Profit or Loss in Subsequent Periods | |||
Net change in Fair Value of Available-for-sale Assets | (37,900,858) | 5,438,407 | |
Fair Value Movement of AFS Reserve Transferred to Life Fund | 3,516,538 | (5,438,407) | |
Other Comprehensive Income not to be Reclassified to Profit or Loss in Subsequent Periods | |||
Re-measurement Gain on Defined Benefit Plan | - | - | |
Other Comprehensive Income | (34,384,320) | - | |
Total Comprehensive Income for the Period | |||
22,228,945 | 14,298,518 | ||
The accounting policies and notes as set out in pages 8 to 12 form an integral part of these financial statements.
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Arpico Insurance PLC
STATEMENT OF COMPREHENSIVE INCOME
For the Six Months Ended 30th June 2022
Six Months | Six Months | |||
Ended 30 June | Ended 30 June | |||
2022 Unaudited | 2021 Unaudited | |||
Note | Rs | Rs | ||
Revenue | 1,295,235,537 | 1,332,868,142 | ||
Gross Written Premium | 3 | 1,118,691,519 | 1,238,614,316 | |
Premium Ceded to Reinsurers | 3 | (25,337,331) | (55,029,661) | |
Net Written Premium | 1,093,354,187 | 1,183,584,656 | ||
Other Revenue | ||||
Fee and Commission Income | 3 | 20,099,215 | 21,910,154 | |
Income From Investments | 5 | 174,969,298 | 124,164,874 | |
Fair Value Gain/(Loss) | 3 | 4,288,510 | - | |
Other Income | 3 | 2,524,326 | 3,208,459 | |
Total Other Revenue | 201,881,350 | 149,283,486 | ||
Net Income | 1,295,235,537 | 1,332,868,142 | ||
Net Insurance Benefits and Claims Paid | (286,617,732) | (276,039,738) | ||
Underwriting and Net Acquisition Costs | (330,891,170) | (445,610,257) | ||
Change in Contract Liabilities - Life Fund | (135,859,860) | (197,757,816) | ||
Other Operating and Administrative Expenses | (458,857,714) | (382,292,352) | ||
Net Benefits and Claims | (1,212,226,475) | (1,301,700,162) | ||
Profit/(Loss ) Before Tax | 83,009,062 | 31,167,979 | ||
Income Tax Expense | - | (27,146,016) | ||
Profit/(Loss) for the Period | 83,009,062 | 4,021,963 | ||
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Arpico Insurance PLC
STATEMENT OF OTHER COMPREHENSIVE INCOME
For the Six Months Ended 30th June 2022
Six Months | |||
Six Months Ended | Ended 30 June | ||
30 June 2022 | 2021 | ||
Unaudited | Unaudited | ||
Notes | Rs | Rs | |
Profit / (Loss) for the Year | 83,009,062 | 4,021,963 | |
Other Comprehensive Income | |||
Other Comprehensive Income to be Reclassified to Profit or Loss in Subsequent Periods | |||
Net change in Fair Value of Available-for-sale Assets | (149,474,854) | (16,991,705) | |
Fair Value Movement of AFS Reserve Transferred to Li Income from investments | 44,602,398 | 16,991,705 | |
Other Comprehensive Income not to be Reclassified to Profit or Loss in Subsequent Periods | |||
Re-measurement Gain on Defined Benefit Plan | - | - | |
Other Comprehensive Income | (104,872,456) | - | |
Total Comprehensive Income for the Period | |||
(21,863,394) | 4,021,963 | ||
The accounting policies and notes as set out in pages 8 to 12 form an integral part of these financial statements.
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Arpico Insurance plc published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 03:22:01 UTC.
