Balance Sheet as at 31st December 2007
Debtors
1,823,799
1,288,400
Investments
4,372,332
116,957
Statutory deposit
500,000
35,000
Fixed assets
608,472
615,040
Total Assets
7395237
2563051
Due to Bank
301,797
265,239
Insurance Fund
634,644
471,813
Deposit Administration
57,000
157,803
Deferred taxation
16,107
15,852
Share Capital
3,601,717
604,910
Share Premium
920,612
34,941
Revaluation reserve
435,052
435,052
Statutory contingency reserve
264,907
212,735
General reserve
863,809
227,810
Shareholders fund
6086097
1515448
Profit and Loss For the year ended 31 December 2007
Gross premiums
1,838,343
1,600,543
Premiums earned
1,005,485
828,274
Investment and other income
841,731
31,309
Profit before taxation
861,009
225,312
Profit after taxation
678,111
171,532
Statutory contingency reserve
-42,111
-40,513
Transfer to general reserve
636000
131019
Earnings Per Share - actual (kobo)
9
14
For the period ended 31 December 2007
Cash flows from operating activities
Premium received from policy holders
896,593
1,004,264
Reinsurance receipts in respect of claims
85,375
82,010
Reinsurance premium paid
-357,108
-451,721
Cash paid to and on behalf of employees
-194,862
-148,527
Other operating cash payments
-188,452
1,073,154,759
Claims paid
-286,608
-126,168
Company income tax paid
-23,602
-10,285
Net cash provided by operating activities
-68664
-237493
Cash flows from investing activities
Proceeds of sales of assets
2,223
Purchase of fixed assets
-21,344
-21,713
Purchase of investments (net)
-221,548
1,445
Statutory deposit
-465,000
Dividend and interests received
839,571
31,995
Net Cash Provided by Investing Activities
133902
11727
Cash flows from financing activities
Interest on overdraft
-164
-83
Increase in overdraft
36,559
265,239
Recapitalisation expenses
1,073,066,123
Issue of ordinary shares
4,558,179
Net Cash used in Financing Activities
3918873
265156
Net increase/(decrease) in cash and cash equivalent
3,984,111
39,390
Cash and cash equivalent at the beginning of the year
219,831
179,991
Cash and cash equivalent at the end of the year
4203942
219381
Cash at bank and in hand
90,634
140,350
Short-term investments
4,112,858
79,031
Investment Valuation Ratios
Operating Profit Margin(%)
Return On Capital Employed(%)
Return On Net Worth(%)
0.11%
Net Premium Income/Insurance Funds
Growth in Gross Premiums
0.15%
Growth in Underwriting Profit
Underwriting Expense Ratio
Underwriting Profit Margin
Cash Flow Indicator Ratios