Custodian and Allied Insurance Plc Plc
Balance Sheet as at 31st December 2009
Cash and Bank Balances
594,900,779
239,626,005
Short-term
8,173,088,780
7,363,156,701
Due from Insurance Companies,Agents and Brokers
1,490,593,533
1,185,557,742
Prepayments and Other Receivables
919,788,870
160,293,451
Advances under Finance Lease
39,737,695
90,096,315
Short Term lnvestments
869,642,071
1,106,654,939
Long Term lnvestments
898,259,110
776,028,672
Statutory Deposit
335,000,000
335,000,000
Deferred Acquisition Expenses
114,589,041
118,971,104
Fixed Assets
549,854,555
565,934,166
Deferred Reinsurance Cost
174,367,510
Total Assets
14159821944
11941319095
Current Liabilities
451,321,444
565,694,756
Deferred Taxation
90,916,406
82,422,801
Insurance Funds
2,240,098,416
1,176,540,650
Redeemable Convertible Loan Stock
233,806,652
1,170,000,000
NET ASSETS
11143679026
8946660888
Share Capital
2,569,385,798
2,395,372,164
Contingency Reserve
1,304,200,687
654,764,538
Share Premium
5,366,878,220
4,604,698,506
Revaluation Reserve
87,187,500
87,187,500
Equity Price Equalisation Reserve
12,003,131
12,003,131
General Reserve
1,804,023,690
1,192,635,049
Shareholders' Fund
11143679026
8946660888
For the year ended 31 December 2009
Gross Premiums
5,277,048,377
4,102,052,664
Increase in Unexpired Risk
863,855,603
338,831,776
Gross Premium Earned
4,413,192,774
3,169,309,318
Increase in Reinsurance Cost
816,704,509
932,743,346
Premiums Earned
3,596,488,265
2,830,477,542
Commissions Earned
102,503,976
109,606,875
Lease Operating lncome
19,245,160
32,824,155
lnvestment lncome
1,295,136,374
1,255,405,214
Other Income
30,466,199
13,899,197
Underwriting Expenses
752,222,605
725,834,356
Claims lncurred
1,021,266,188
847,313,455
Management Expenses
790,538,991
650,217,212
Direct Lease Expenses
2,470,640
5,802,463
Finance Charges-lnterest
9,965,136
6,357,568
Provision for Doubtful Debt
157,509,061
75,000,000
Bad Debt Written-Off
137,824,232
81,398,920
Diminution in Value of Quoted Investments
152,986,424
Net Profit before Taxation
2,019,056,697
1,850,289,009
Taxation
132,153,728
290,738,009
Net Profit after Taxation
1,886,902,969
1,559,551,000
Contingency Reserve
402,290,531
367,296,128
Transfer to General Reserve
1484612438
1192254872
Earnings per share (actual)
37k
33k
Eranings per share (Adjusted)
37k
20k
Earnings per share (Diluted)
34k
22k
For the period ended 31 December 2009
Cash flows from operating activities
Premiums
4,538,588,456
3,816,715,211
Reinsurance premiums paid
-991,072,019
-932,743,346
Reinsurance received
30,467,866
35,359,326
Cash received from customers
69,603,780
13,032,519
Commissions received
102,503,976
109,606,875
Commissions Paid
-643,574,768
-631,541,939
Cash Paid to Employees
967,640,473
987,961,756
Other operating cash payments
-687,386,660
550,811,900
Claims paid
-1,553,136,379
-942,634,020
Companies Income Tax paid
955,857,489
991,226,462
Net cash provided by operating activities
642008566
776569272
cash flows from investing activities
Purchase of Fixed Assets
1,024,036,586
873,813,827
Other Accruals
761,305,866
Purchase of liquid investments
1,035,537,830
68,492,383
Interest received
1,295,136,374
1,255,405,214
Sale of Fixed Assets
1,509,185
3,956,489
Statutory Deposit
-15,000,000
Other Income
29,591,873
9,942,708
Net cash provided by investing activities
1238328200
810432839
Cash flows from financing activities
Interest paid
1,063,776,688
-6,357,568
Dividends paid
-705,164,777
-839,305,825
Share premium
762,179,714
3,513,287,700
Share Capital Issued
174,013,634
395,372,164
Redeemable Convertible loan Stock
-936,193,348
1,170,000,000
Loan Granted
1,053,807,645
Net Cash (Utilised)/Provided by Financing Activities
-715129913
4213062292
Net Cash Increase in Cash and Cash Equivalents
1,165,206,853
5,800,064,403
Cash and Cash Equivalents as at 01/01/09
7,602,782,706
1,802,718,303
Cash and Cash Equivalents as at 31/12/09
8767989559
7602782706
Investment Valuation Ratios
Operating Profit Margin(%)
Return On Capital Employed(%)
Return On Net Worth(%)
0.17%
Net Premium Income/Insurance Funds
Growth in Gross Premiums
0.29%
Growth in Underwriting Profit
Underwriting Expense Ratio
Underwriting Profit Margin
Cash Flow Indicator Ratios
Earning Retention Ratio
1.37%
213.28 0.58%
