Balance Sheet as at 31 December, 2010
Assets Emplyed:
251,186
39,840
Cash and bank balances
1,816,848
1,727,036
Short-term deposit
2,122,559
1,691,970
Debtors and prepayments
164,280
109,414
Deferred acquisition costs
1,209,700
923,633
long-term investment
388,935
283,935
Investment properly
320,000
300,000
Statutory deposit
700,471
482,321
Fixed assets
6973979
5558149
Dividend
1,048, 241
648,573
Insurance funds
129,226
133,081
Deferred taxation
1299204
862498
Total Liabilities
5674775
4695651
Capital and Reserves
2,640,251
2,488,461
Share Capital
272,551
272,551
Share premium
256,099
73,844
Capital reserve
1,653,378
1,217,299
General reserve
852,496
643,496
Contigency reserve
5674775
4695651
Profit & Loss Accountas at 31 December, 2010
Gross premium
1,073,054,697
-791,296
Rensurance cost
5,197,036
4,148,960
Premuim earned
149,032
213,271
Commission earned
5346068
4362231
Expenses:
-1,131,352
1,073,144,109
Claims Incured
1,072,220,710
-1,168,452
Underwritting Expenses
2693602
2596064
Underwritting Profit
142,067
163,211
Investment income
1,907
2,777
Other income
2837576
2762052
Administrative expenses
0
-205,824
Dimunition in value of quoted investments
-862,786
-901,960
Provision for bad and doubtful debts
1,044,998
868,705
Profit before taxation
-200,842
-11,673
Appropriations:
-206918
-171406
Transfer to contigency reserve
626936
672730
Profit transferred to general reserve
Earnings per share (Kobo)
0
4
Dividend per share (kobo)
Cash Flow as at 31 December 2010
Cash flow from Operating Activities
1,044,998
868,705
Operating profit before taxation
Adjustments for items not involving movement of cash:
95,642
84,444
Depreciation
399,668
-71,497
Increase/(decrease) in insurance funds
-54,866
-109,414
Deferred acquisition cost
412
-1,262
Profit/(loss) on disposal of fixed assets
0
205,824
Diminution in value of quoted investments
1,485,854
976,800
Cashflow before changes in Working Capital
-430,589
375,018
Decrease/(increase) in debtors
-22,596
16,721
Increase/(decrease) increditors
-141,208
-54,644
Net cashflow from operating activities
Cash Flow Investing Activities
-171,649
-116,822
Purchase of fixed assets
2,116
3,988
Proceeds from sale of fixed assets
-20,000
0
Statutory deposit
-353,483
-291,551
Purchase of investments
-543016
-404385
Net cash flow from investing activities
Investment Valuation Ratios as at 31 December 2010
Liquidity And Solvency Ratios
0.12%
Cash Flow Indicator Ratios
0.00%
Growth in Gross Premiums
0.00%
Growth in Net Premiums
0.19%
Growth in Underwriting Profit
0.25%
Underwriting Expense Ratio
-0.02%
Underwriting Profit Margin
-0.29%
Equity Cushion (Shareholders Funds/Total Assets)
0.14%
Insurance Funds/Total Assets
Risk Reserves/Total Assets