Arpico Insurance : Interim Financial Statements as of 31/12/2022

PERSISTENT

STABILITY

INTERIM

FINANCIAL

STATEMENTS

31 DECEMBER 2022

10TH YEAR ANNIVERSARY

Arpico Insurance PLC

STATEMENT OF COMPREHENSIVE INCOME

For the Twelve Months Ended 31st December 2022

		Twelve Months		Twelve Months
		Ended 31		Ended 31
		December 2022		December 2021
		Unaudited		Audited
	Note	Rs		Rs
Gross Written Premium	3	2,318,578,356	2,311,632,930
Premium Ceded to Reinsurers	3	(69,162,493)		(103,292,315)
Net Written Premium		2,249,415,863	2,208,340,615
Other Revenue
Fee and Commission Income	3	50,077,425	45,547,057
Income From Investments	5	435,531,106	256,205,977
Fair Value Gain/(Loss)	3	14,011,738	-
Realise Gain	3	4,601,930	870,338
Other Income	3	4,811,644		7,149,084
Total Other Revenue		509,033,843	309,772,456
Net Income		2,758,449,706	2,518,113,071
Net Insurance Benefits and Claims Paid		(742,748,050)	(604,305,973)
Underwriting and Net Acquisition Costs		(633,937,820)	(753,929,519)
Change in Contract Liabilities - Life Fund		(377,051,154)	(58,943,480)
Other Operating and Administrative Expenses		(800,808,776)		(763,552,558)
Net Benefits and Claims		(2,554,545,800)	(2,180,731,530)
Profit/(Loss ) Before Tax		203,903,906	337,381,541
Income Tax Expense		-	(100,680,805)
Profit/(Loss) for the Period		203,903,906	236,700,736

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Arpico Insurance PLC

STATEMENT OF OTHER COMPREHENSIVE INCOME

For the Year Ended 31st December 2022

	Twelve Months
	Ended 31		Twelve Months
	December 2022		Ended 31 December
	Unaudited		2021 Audited
	Rs		Rs
Profit / (Loss) for the Year	203,903,906	236,700,736
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	(181,857,765)	(93,400,128)
Fair Value Movement of AFS Reserve Transferred to Li Income from investments	64,004,427	66,854,478
Other Comprehensive Income not to be Reclassified to Profit or Loss in Subsequent Periods
Re-measurement Gain on Defined Benefit Plan	-	181,391.00
Other Comprehensive Income	(117,853,338)	(26,364,259.00)
Total Comprehensive Income for the Period
86,050,567	210,336,477

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 FINANCIAL POSITION

As at 31st December 2022

		2022	2021
		Unaudited		Audited
	Notes	Rs.		Rs.
Assets
Property, Plant and Equipment		75,284,032	57,691,938
Right Of Use Asset	7	148,100,757	129,675,417
Intangible Asset		1,118,327	586,844
Financial Assets	8	3,674,729,672	3,470,094,773
Loans to Life Policy Holders		446,264,622	425,525,375
Reinsurance Receivable		1,902,666	8,373,896
Amounts due from Related Party		21,654,039	12,002,002
Premium Receivable		99,334,584	62,470,094
Other Assets		76,156,184	62,822,687
Deferred Tax Asset		36,979,105	36,979,105
Cash and Cash Equivalents		186,584,842		150,015,184
Total Assets		4,768,108,830	4,416,237,315
Equity and liabilities
Shareholders' Equity
Stated capital		675,564,870	675,564,870
Revenue Reserves		1,626,030,093	1,422,126,083
Other Reserves		(208,403,415)		(26,545,650)
Total Shareholders' Equity		2,093,191,548	2,071,145,303
Liabilities
Insurance Provision - Life	9	2,210,049,726	1,897,003,107
Employee Benefit Obligation		16,000,000	16,146,223
Reinsurance Creditors		30,025,208	70,001,400
Lease Creditors		160,055,458	157,443,360
Amounts due to Related Party	11	30,795,273	2,105,460
Financial Liabilities		156,745,736	107,718,526
Other Liabilities		71,245,882		94,673,936
Total Liabilities		2,674,917,283	2,345,092,012
Total Liabilities and Shareholders' Equity		4,768,108,830	4,416,237,315

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

…………………………

(S.H.Dulanjith Kaweesha)

Financial Controller

The Board of Directors is responsible for the preparation and presentation of these financial statements. Signed for and on behalf of the board.

…..…………	………………
(Dilukshika N Fernando)	(Lasinee Serasinghe)
Director	Director

The accounting policies and notes as set out in pages 8 to 12 form an integral part of these financial statements.

27th February 2023

Colombo

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Arpico Insurance PLC

STATEMENT OF CASH FLOWS

For the Period Ended 31st December 2022

	2022	2021
Notes	Rs.	Rs.
Operating Activities
Receipts from Policyholders	2,281,713,867	2,279,971,125
Payment to ReInsurer	(109,138,684)	(119,209,563)
Claims Paid	(822,744,281)	(654,322,578)
Reinsurance Receipts in Respect of Claims	66,234,222	61,741,883
Payments to Suppliers and Employees	(1,131,883,125)	(1,272,053,162)

Cash Inflow from Operating Activities	284,181,999		296,127,705
Tax Paid	1,248,903		-
Net Cash Flows from Operating Activities	285,430,902	296,127,705
Investing Activities
Purchase of Property and Equipment	(43,382,344)	(26,576,991)
Purchase of Intangible Asset	(844,000)	(465,400)
Disposal of Property Plant and Equipment	-	-
Net Drawdown of Investments	(204,634,899)		(787,618,321)
Net Cash Flows Used in Investing Activities	(248,861,243)	(814,660,712)
Financing Activities
Proceeds from Share Issue	-	-
Stamp Duty on Share Allotment	-	-
Dividend Payment	-		-
Net Cash Flows Used in Financing Activities	-		-
Net (Decrease)/Increase in Cash and Cash Equivalents	36,569,659	(518,533,007)
Cash and Cash Equivalents at 01 January 2022	150,015,184		668,548,192
Cash and Cash Equivalents at 31st December 2022	186,584,843	150,015,185
Analysis of Cash and Cash Equivalents
Favourable Balances
Cash at Hand	887,183	629,140
Cash at Bank	185,697,658	149,386,044
Short Term Investments	-		-
	186,584,841	150,015,185
Unfavourable Balances
Bank Overdrafts	-	-
Total Cash and Cash Equivalents	186,584,841	150,015,185

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