Balance Sheet as at 31st December 2009
Cash and bank Balance
434,537
350,224
Short-term investments
10,511,556
11,404,514
Long -term investments
2,565,625
638,500
Debtors and prepayments
2,003,994
2,681,311
Deferred acquisition cost
98,682
74,731
Deferred tax assets
1,106
36,846
Statutory deposit
500,000
500,000
Fixed assets
897,343
788,010
Total Assets
17012843
16474136
Outstanding claims
388,040
188,588
Creditors and accruals
662,582
2,193,271
Insurance fund
1,595,323
794,546
Deposit administration
1,115,094
586,386
Deferred tax
189,080
29,157
Net Assets
12521768
12515352
Share capital
5,000,000
4,375,000
capital reserve
2,500,000
2,500,000
Share premium
3,843,243
3,073,153
Statutory contingency reserve
745,687
561,068
Retained earnings
432,838
2,006,131
Shareholders’ fund
12521768
12515352
Contingent liabilities
142212
32276
For the year ended 31 December 2009
Gross premium written
5,377,502
4,143,899
Premium earned
2,372,031
2,453,139
Profit before taxation
1,173,520
1,987,413
Profit after taxation
423,826
1,865,220
Transfer to contingency reserve
-184619
-324756
For the period ended 31 December 2009
cash flow from Operating activities:
Cash flows from operating activities
Operating profit before changes in working capital
2,053,323
261,815
Changes in working capital
Trade debtors
-350,374
-187,556
Other debtors and prepayments
1,139,794
1,072,202,513
Deferred acquisition cost
-23,951
-5,366
Outstanding claims
120,747
118,761
Creditors and accruals
-1,584,944
1,760,270
Deposit administration
528,708
249,872
Net changes in working capital
-170,020
396,670
Net cash flows from operating activities
1697937
430558
cash flows from investing activities
Proceeds from sale of fixed assets
326
6,827
Purchase of fixed assets
-234,375
-229,484
Purchase of investment
1,071,764,699
1,070,849,087
Proceeds from disposal ofinvestments
3,373,418
Dividend income
147,961
248,766
Purchase of trading securities
1535657
-839295
Net cash flows from investing activities
-527556
-332505
Cash flows from financing activities
Share issue expenses
-167,410
-36,025
Dividend paid
-1,812,500
-300,000
Proceeds from share capital increase
1,562,500
4,687,500
Net cash flows from financing activities
-417410
4351475
Net increase in cash and bank balances
752,971
4,449,528
Cash and cash equivalents, beginning of year
7,661,375
3,211,847
Cash and cash equivalents, end of year
8414346
7661375
Investment Valuation Ratios
Operating Profit Margin(%)
Return On Capital Employed(%)
Return On Net Worth(%)
0.03%
Net Premium Income/Insurance Funds
0
Growth in Gross Premiums
0.30%
Growth in Underwriting Profit
Underwriting Expense Ratio
Underwriting Profit Margin
Cash Flow Indicator Ratios
Earning Retention Ratio
2.54%