Co operative Insurance : Interim Financial Statements as at 31 December 2022

CO-OPERATIVE INSURANCE COMPANY PLC

CO-OPERATIVE INSURANCE COMPANY PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
		Group		Company	Change
FOR THE QUARTER ENDED 31ST DECEMBER		2022	2021	2022	2021	Group	Company
(All amounts are in Sri Lanka Rupees)	Note	(Unaudited)	(Audited)	(Unaudited)	(Audited)	%	%
Gross written premium	07	6,197,742,723	5,355,662,407	5,086,944,500	4,519,359,369	16%	13%
Less premium ceded to reinsurers		(750,335,444)	(758,614,735)	(705,590,999)	(712,521,091)	-1%	-1%
Net written premium		5,447,407,279	4,597,047,672	4,381,353,501	3,806,838,278	18%	15%
Net change in reserves for unearned premium		(219,714,688)	(46,704,475)	(219,714,688)	(46,704,475)	370%	370%
Net earned premium		5,227,692,591	4,550,343,197	4,161,638,813	3,760,133,803	15%	11%
Other revenue
Investment income	08	1,185,713,721	764,114,565	770,932,512	489,756,955	55%	57%
Unrealized changes in losses of financial instruments		(811,558)	606,752	-	-	-	-
Net realized gain in financial investments		-	-	-	-	-	-
Policy administration fees		232,371,975	255,973,638	232,371,975	255,973,638	-9%	-9%
Other income		16,074,371	10,071,358	13,221,900	7,523,279	60%	76%
		1,433,348,509	1,030,766,313	1,016,526,387	753,253,872	39%	35%
Total net revenue		6,661,041,100	5,581,109,510	5,178,165,200	4,513,387,675	19%	15%
Net benefits & claims
Gross benefits & claims incurred		3,254,171,212	2,702,289,345	2,867,224,251	2,442,224,692	20%	17%
Claims ceded to reinsurers		(295,158,342)	(325,750,562)	(268,491,750)	(317,010,395)	-9%	-15%
Change in life contract liabilities		541,538,648	191,271,608	-	-	183%	-
		3,500,551,518	2,567,810,391	2,598,732,501	2,125,214,297	36%	22%
Other expenses
Underwriting & policy acquisition cost		480,462,423	430,671,756	324,113,985	293,817,293	12%	10%
Other operating & administrative expenses		1,967,744,251	1,585,375,597	1,655,342,695	1,302,256,900	24%	27%
Finance cost		49,850,071	64,216,265	38,692,941	52,756,959	-22%	-27%
		2,498,056,745	2,080,263,618	2,018,149,621	1,648,831,152	20%	22%
Profit before income tax		662,432,837	933,035,501	561,283,078	739,342,226	-29%	-24%
Income tax expenses	09	(106,087,202)	(123,168,861)	(81,915,625)	(108,548,055)	-14%	-25%
Profit for the year		556,345,635	809,866,640	479,367,453	630,794,171	-31%	-24%
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss ;
Revaluation of property ,plant & equipment		318,997,311	235,921,672	242,844,351	171,780,097	35%	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		(4,704,480)	(167,701,985)	4,854,624	9,233,074	-97%	-47%
Tax on other comprehensive income		-	19,047,784	-	6,020,605.00	-	-
		300,683,690	83,466,244	234,089,833	182,770,313	260%	28%
Total comprehensive income for the year, net of tax		857,029,325	893,332,884	713,457,287	813,564,484	-4%	-12%
Profit attributable to :
Equity holders of the Company		556,345,635	809,866,640	479,367,453	630,794,171	-31%	-24%
Non controlling interest		-	-	-	-	-	-
		556,345,635	809,866,640	479,367,453	630,794,171	-31%	-24%
Total comprehensive attributable to :
Equity holders of the Company		857,029,325	893,332,884	713,457,287	813,564,484	-4%	-12%
Non controlling interest		-	-	-	-
		857,029,325	893,332,884	713,457,287	813,564,484	-4%	-12%
Earnings per share
Basic earnings per share	10	0.34	0.54	0.29	0.42

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

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CO-OPERATIVE INSURANCE COMPANY PLC

SEGMENTAL REVIEW

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE QUARTER ENDED 31ST DECEMBER 2022

(All amounts are in Sri Lanka Rupees)

			2022					2021
	Company	Subsidiary	Subsidiary	Consolidation	Total	Company	Subsidiary	Subsidiary	Consolidation	Total
	(Non Life)	(Coop Life)	(CITA)	adjustments	(Non Life)	(Coop Life)	(CITA)	adjustments
Gross written premium	5,086,944,500	1,114,506,699	-	(3,708,477)	6,197,742,722	4,519,359,369	840,558,515	-	(4,255,477)	5,355,662,407
Less: premium ceded to reinsurers	(705,590,999)	(44,744,445)	-	-	(750,335,444)	(712,521,091)	(46,093,644)	-	-	(758,614,735)
Net written premium	4,381,353,501	1,069,762,254	-	(3,708,477)	5,447,407,278	3,806,838,278	794,464,871	-	(4,255,477)	4,597,047,672
Net change in reserves for unearned premium	(219,714,688)	-	-	-	(219,714,688)	(46,704,475)	-	-	-	(46,704,475)
Net earned premium	4,161,638,813	1,069,762,254	-	(3,708,477)	5,227,692,590	3,760,133,803	794,464,871	-	(4,255,477)	4,550,343,197
Other income
Investment income	770,932,512	414,654,307	126,900	-	1,185,713,719	489,756,955	299,250,755	111,521	(25,004,667)	764,114,564
Unrealized changes in losses of financial instruments	-	(811,558)	-	-	(811,558)	-	606,752	-	-	606,752
Net realized gain in financial investments	-	-	-	-	-	-		-	-	-
Policy administration fees	232,371,975	-	-	-	232,371,975	255,973,638	-	-	-	255,973,638
Other income	13,221,900	5,760,685	1,655,787	(4,564,000)	16,074,371	7,523,279	6,176,457	749,006	(4,377,383)	10,071,359
	1,016,526,387	419,603,434	1,782,687	(4,564,000)	1,433,348,508	753,253,872	306,033,964	860,527	(29,382,050)	1,030,766,313
Total revenue	5,178,165,200	1,489,365,687	1,782,687	(8,272,477)	6,661,041,098	4,513,387,675	1,100,498,835	860,527	(33,637,527)	5,581,109,510
Net benefits & claims
Gross benefits & claims incurred	2,867,224,251	386,946,961	-	-	3,254,171,212	2,442,224,692	260,064,652	-	-	2,702,289,344
Claims ceded to reinsurers	(268,491,750)	(26,666,591)	-	-	(295,158,342)	(317,010,395)	(8,740,167)	-	-	(325,750,562)
Change in life contract liabilities	-	541,538,648	-	-	541,538,648	-	191,271,608	-	-	191,271,608
	2,598,732,501	901,819,017	-	-	3,500,551,518	2,125,214,297	442,596,093	-	-	2,567,810,390
	2,579,432,699	587,546,670	1,782,687	(8,272,477)	3,160,489,580	2,388,173,378	657,902,742	860,527	(33,637,527)	3,013,299,120
Other expenses
Underwriting & policy acquisition cost	324,113,985	156,348,438	-	-	480,462,423	293,817,293	136,854,463	-	-	430,671,756
Other operating & administrative expenses	1,655,342,695	319,326,197	1,347,835	(8,272,477)	1,967,744,251	1,302,256,900	290,594,735	1,156,823	(8,632,862)	1,585,375,596
Finance cost	38,692,941	11,157,130		-	49,850,071	52,756,959	13,700,973		(2,241,667)	64,216,265
	2,018,149,621	486,831,765	1,347,835	(8,272,477)	2,498,056,744	1,648,831,152	441,150,171	1,156,823	(10,874,529)	2,080,263,617
Profit before tax	561,283,078	100,714,905	434,852	-	662,432,835	739,342,226	216,752,572	(296,296)	(22,762,998)	933,035,503
Income tax expenses	(81,915,625)	(24,171,577)	-	-	(106,087,202)	(108,548,055)	(14,594,041)	(26,765)	-	(123,168,861)
Profit for the year	479,367,453	76,543,328	434,852	-	556,345,633	630,794,171	202,158,531	(323,061)	(22,762,998)	809,866,642
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss ;
Revaluation of land & buildings	242,844,351	76,152,960	-	-	318,997,311	171,780,097	64,141,575	-	-	235,921,672
De-recognition of revaluation reserve		-	-	-	-		-	-	-	-
Actuarial gains / (loses) on defined benefit plan	(13,609,141)	-	-	-	(13,609,141)	(4,263,463)	462,236	-	-	(3,801,227)
					-					-
Items that may be reclassified subsequently to profit or loss ;					-					-
Net change in fair value of available for sale of
financial assets	4,854,624	(9,559,103)	-	-	(4,704,480)	9,233,074	(176,935,058)	-	-	(167,701,984)
Tax on other comprehensive income	-	-	-	-	-	6,020,605	13,027,179	-	-	19,047,784
Total comprehensive income for the year	713,457,287	143,137,185	434,852	-	857,029,323	813,564,483	102,854,463	(323,061)	(22,762,998)	893,332,887

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CO-OPERATIVE INSURANCE COMPANY PLC

SEGMENTAL REVIEW

STATEMENT OF FINANCIAL POSITION

AS AT 31ST DECEMBER 2022

(All amounts are in Sri Lanka Rupees)

			2022					2021
	Company	Subsidiary	Subsidiary	Consolidation	Total	Company	Subsidiary	Subsidiary	Consolidation	Total
	(Non Life)	(Coop Life)	(CITA)	adjustments	(Non Life)	(Coop Life)	(CITA)	adjustments
Assets
Property, plant & equipment	1,067,129,943	351,860,693	937,500	-	1,419,928,136	978,949,984	302,485,148	1,162,500		1,282,597,630
Intangible assets	27,582,657	883,285	-	-	28,465,943	22,145,481	1,695,113			23,840,596
Right of use assets	325,411,964	69,533,706	-	-	394,945,670	328,836,557	72,997,928			401,834,486
Deferred tax asset	-	63,104,030	-	-	63,104,030	-	87,275,607			87,275,607
Financial investments	6,433,921,985	3,806,656,804	1,500,000	-	10,242,078,788	5,850,388,827	3,180,049,558	1,500,000		9,031,938,386
Investments in subsidiaries	544,260,050		-	(544,260,050)	-	544,260,050			(544,260,050)	-
Loans to policy holders	-	34,762,789	-	-	34,762,789	-	31,373,709			31,373,709
Reinsurance receivables	514,122,729	13,451,223	-	-	527,573,952	655,095,061	11,902,483			666,997,544
Premium receivables	1,323,853,956	18,300,755	-	-	1,342,154,711	1,010,997,067	12,719,381			1,023,716,448
Related party receivables	6,649,313		-	(6,649,313)	-	10,635,220			(10,635,220)	(0)
Other assets	88,112,753	45,808,949	1,188,018	-	135,109,731	133,674,987	44,692,925	387,913	(525,527)	178,230,306
Cash & cash equivalents	65,202,658	31,806,186	3,026,720	-	100,035,564	267,833,246	7,493,842	1,576,249	2,922,177	279,825,513
Total assets	10,396,248,009	4,436,168,420	6,652,238	(550,909,363)	14,288,159,314	9,802,816,480	3,752,685,694	4,626,662	(552,498,620)	13,007,630,224
Equity & liabilities
Equity
Stated capital	2,198,315,515	544,260,040	10	(544,260,050)	2,198,315,515	2,198,315,515	544,260,040	10	(544,260,050)	2,198,315,515
Revaluation reserve	924,576,894	262,095,575	-	(18,228,939)	1,168,443,533	681,732,543	185,942,616		(18,228,940)	849,446,222
Available for sale reserves	(23,500,620)	(23,957,716)	-	(31,137,497)	(78,595,832)	(28,355,243)	(14,398,613)		(31,137,489)	(73,891,343)
Retained earnings	2,010,680,654	514,121,465	835,350	49,366,436	2,575,003,912	1,767,966,317	437,578,136	400,498	49,366,428	2,255,311,382
Non controlling interest	-	-	-	-	-	-				-
Total equity	5,110,072,444	1,296,519,365	835,360	(544,260,051)	5,863,167,127	4,619,659,132	1,153,382,179	400,508	(544,260,050)	5,229,181,777
Liabilities
Preference shares	11,000,000	-	-	-	11,000,000	50,500,000			-	50,500,000
Retirement benefit obligations	92,256,948	12,451,936	-	-	104,708,883	65,597,849	13,638,442			79,236,291
Interest bearing borrowings	-	-	-	-	-	-				-
Lease liability under SLFRS 16	369,154,249	85,197,561	-	-	454,351,810	361,850,546	85,108,470			446,959,016
Insurance liabilities	3,248,819,189	2,908,117,057	-	-	6,156,936,245	3,126,799,940	2,384,781,491			5,511,581,431
Reinsurance creditors	513,045,287	17,553,767	-	-	530,599,054	622,122,585	18,308,201			640,430,787
Related party payables	-		5,612,152	(9,549,327)	(3,937,175)	-	4,187,281	4,051,303	(8,238,584)	(0)
Deferred tax liability	54,108,229	3,937,175	-	-	58,045,404	54,108,229				54,108,229
Other liabilities	978,808,861	112,391,560	204,726	2,900,015	1,094,305,163	880,304,699	93,279,630	174,851	-	973,759,175
Bank overdrafts	18,982,804	-	-	-	18,982,804	21,873,500				21,873,500
Total liabilities	5,286,175,566	3,139,649,055	5,816,878	(6,649,312)	8,424,992,186	5,183,157,348	2,599,303,515	4,226,154	(8,238,584)	7,778,448,429
Total equity & liabilities	10,396,248,009	4,436,168,419	6,652,238	(550,909,363)	14,288,159,315	9,802,816,480	3,752,685,694	4,626,662	(552,498,638)	13,007,630,205

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