Co operative Insurance : Errata to the Interim Financial Statements for the quarter ended 31st December 2022

CO-OPERATIVE INSURANCE COMPANY PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
	Group		Company	Change
FOR THE THREE MONTHS ENDED 31ST DECEMBER	2022	2021	2022	2021	Group	Company
(All amounts are in Sri Lanka Rupees)	Note (Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	%	%
Gross written premium	1,747,698,055	1,522,200,468	1,417,363,922	1,267,545,224	15%	12%
Less premium ceded to reinsurers	(198,312,114)	(191,355,847)	(189,193,226)	(180,232,053)	4%	5%
Net written premium	1,549,385,941	1,330,844,621	1,228,170,696	1,087,313,171	16%	13%
Net change in reserves for unearned premium	(147,478,209)	(146,612,726)	(147,478,209)	(146,612,726)	1%	1%
Net earned premium	1,401,907,732	1,184,231,895	1,080,692,487	940,700,445	18%	15%
Other revenue
Investment income	369,174,318	203,465,609	236,768,736	123,495,715	81%	92%
Unrealized changes in losses of financial instruments	(811,558)	366,199	-	-	-322%	-
Net realized gain in financial investments	569,481	-	-	-	100%	-
Policy administration fees	61,275,230	76,569,764	61,275,230	76,569,764	-20%	-20%
Other income	2,080,399	4,751,807	1,763,009	2,889,702	-56%	-39%
	432,287,870	285,153,379	299,806,975	202,955,181	52%	48%
Total net revenue	1,834,195,600	1,469,385,274	1,380,499,462	1,143,655,626	25%	21%
Net benefits & claims
Gross benefits & claims incurred	1,048,519,401	866,260,026	940,800,487	768,807,903	21%	22%
Claims ceded to reinsurers	(98,027,749)	(111,533,435)	(94,550,170)	(110,270,654)	-12%	-14%
Change in life contract liabilities	179,034,853	(57,978,996)	-	-	-409%	-
	1,129,526,505	696,747,595	846,250,317	658,537,249	62%	29%
Other expenses
Underwriting & policy acquisition cost	133,717,575	101,770,284	88,852,122	72,381,920	31%	23%
Other operating & administrative expenses	582,570,436	434,543,551	489,618,137	342,714,164	34%	43%
Finance cost	13,414,193	20,267,938	10,663,447	17,522,496	-34%	-39%
	729,702,204	556,581,773	589,133,706	432,618,580	31%	36%
Profit before income tax	(25,033,109)	216,055,906	(54,884,562)	52,499,797	-112%	-205%
Income tax expenses	(6,370,041)	(21,501,500)	812,885	(21,808,126)	-70%	-104%
Profit for the year	(31,403,149)	194,554,406	(54,071,677)	30,691,670	-116%	-276%
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss ;
Revaluation of property ,plant & equipment	318,997,311	164,134,637	242,844,351	171,780,097	-	41%
Actuarial gains/ (losses) on defined benefit plan	(13,609,141)	(3,801,227)	(13,609,141)	(4,263,463)	-	-
Items that may be reclassified subsequently to profit or loss ;	-	-	-	-		-
Net change in fair value of available-for-sale financial assets	(1,685,091)	(51,350,347)	1,331,853	5,076,674	-97%	-74%
Tax on other comprehensive income	-	19,047,784	-	6,020,605	-	-
	303,703,079	128,030,847	230,567,062	178,613,913	137%	29%
Total comprehensive income for the year, net of tax	272,299,930	322,585,253	176,495,387	209,305,583	-16%	-16%
Profit attributable to :
Equity holders of the Company	(31,403,149)	194,554,406	(54,071,677)	30,691,670	-116%	-276%
Non controlling interest	-	-	-	-		-
	(31,403,149)	194,554,406	(54,071,677)	30,691,670	-116%	-276%
Total comprehensive attributable to :
Equity holders of the Company	272,299,930	322,585,253	176,495,387	209,305,583	-16%	-16%
Non controlling interest	-	-	-	-
	272,299,930	322,585,253	176,495,387	209,305,583	-16%	-16%
Earnings per share
Basic earnings per share	(0.02)	0.13	(0.03)	0.02

The notes form an integral part of theses Condensed Consolidated Interim Financial Statements.

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