UNION

ASSURANCE PLC

THE

STRENGTH

WITHIN

CondensedInterim Financial Statements ForThe Six Months Ended 30 June2022

INCOME STATEMENT

For the period ended 30 June

2022

2021

Change

Note

Rs. '000

Rs. '000

%

Gross written premium

6

7,524,130

6,543,950

15

Premium ceded to reinsurers

(427,030)

(350,755)

22

Net written premium

7,097,100

6,193,195

15

Other revenue

Net investment income

3,130,941

2,639,548

19

Net realised gains/ (losses)

(222,617)

159,925

(239)

Net fair value gains/ (losses)

(548,033)

95,918

(671)

Other income

12,251

13,905

(12)

Total other revenue

2,372,542

2,909,296

(18)

Total net revenue

9,469,642

9,102,491

4

Benefits, claims and expenses

Net insurance benefits and claims

paid

(1,724,193)

(1,731,691)

(0)

Net change in insurance claims outstanding

(499,285)

79,334

729

Change in contract liabilities - Life Fund

(3,320,061)

(4,261,696)

(22)

Underwriting and net acquisition costs (net of reinsurance)

(1,456,110)

(1,280,272)

14

Other operating, administrative and selling expenses

(1,681,303)

(1,322,758)

27

Depreciation and amortisation

(267,599)

(198,635)

35

Total benefits, claims and expenses

(8,948,551)

(8,715,718)

3

Profit from operations

521,091

386,773

35

Share of results of equity accounted investee, net of tax

93,264

75,330

24

Profit before tax

614,355

462,103

33

Income tax expenses

7

(134,806)

(60,071)

124

Profit for the period

479,549

402,032

19

Earnings per share

Basic (Rs.)

0.81

0.68

19

Diluted (Rs.)

0.81

0.68

19

The notes form an integral part of these interim financial statements.

2 Union Assurance PLC | Condensed Interim Financial Statements For The Six Months Ended 30 June 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the period ended 30 June

2022

2021

Change

Rs. '000

Rs. '000

%

Profit for the period

479,549

402,032

19

Items that are or may be reclassified to profit or

loss

Fair value reserve (available for sale financial assets)

Net change in fair value of available for sale financial

assets

(928,342)

(131,050)

Share of net change in fair value of available for sale financial assets

of

equity accounted investee, net of tax

(64,571)

(13,098)

Related tax

-

-

(992,913)

(144,148)

589

Net change in liabilities of insurance contracts arising from fair value changes in

available for sale financial assets

(613,729)

(109,149)

Net change in fair value of available for sale financial

assets of insurance liabilities

transferred to the income statement

42,561

(81,206)

Related tax

-

-

(571,168)

(190,355)

200

Other comprehensive income, net of tax

(1,564,081)

(334,503)

368

Total comprehensive income for the period, net of tax

(1,084,532)

67,529

(1,706)

The notes form an integral part of these interim financial statements.

Condensed Interim Financial Statements For The Six Months Ended 30 June 2022 | Union Assurance PLC

3

INCOME STATEMENT

For the Quarter ended 30 June

2022

2021

Change

Rs. '000

Rs. '000

%

Gross written premium

3,546,506

3,142,820

13

Premium ceded to reinsurers

(225,885)

(180,884)

25

Net written premium

3,320,621

2,961,936

12

Other revenue

Net investment income

1,691,595

1,315,222

29

Net realised gains/ (losses)

(202,311)

110,578

(283)

Net fair value gains/ (losses)

(74,533)

10,239

(828)

Other income

6,385

6,732

(5)

Total other revenue

1,421,136

1,442,771

(1)

Total net revenue

4,741,757

4,404,707

8

Benefits, claims and expenses

Net insurance benefits and claims paid

(332,712)

(709,370)

(53)

Net change in insurance claims outstanding

(721,111)

(29,467)

2,347

Change in contract liabilities - Life Fund

(1,689,891)

(1,971,344)

(14)

Underwriting and net acquisition costs (net of reinsurance)

(673,154)

(617,081)

9

Other operating, administrative and selling expenses

(910,402)

(791,195)

15

Depreciation and amortisation

(133,735)

(100,195)

33

Total benefits, claims and expenses

(4,461,005)

(4,218,652)

6

Profit from operations

280,752

186,055

51

Share of results of equity accounted investee, net of tax

54,700

38,463

42

Profit before tax

335,452

224,518

49

Income tax expenses

(73,218)

(55,821)

31

Profit for the quarter

262,234

168,697

55

Earnings per share

Basic (Rs.)

0.45

0.29

55

Diluted (Rs.)

0.45

0.29

55

The notes form an integral part of these interim financial statements.

4 Union Assurance PLC | Condensed Interim Financial Statements For The Six Months Ended 30 June 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the Quarter ended 30 June

2022

2021

Change

Rs. '000

Rs. '000

%

Profit for the quarter

262,234

168,697

55

Items that are or may be reclassified to profit or

loss

Fair value reserve (available for sale financial assets)

Net change in fair value of available for sale financial

assets

(492,014)

(44,001)

Share of net change in fair value of available for sale financial assets

of

equity accounted investee, net of tax

(31,124)

(6,560)

Related tax

-

-

(523,138)

(50,561)

935

Net change in liabilities of insurance contracts arising from fair value changes in

available for sale financial assets

(315,651)

(42,113)

Net change in fair value of available for sale financial

assets of insurance liabilities

transferred to the income statement

42,964

(80,681)

Related tax

-

-

(272,687)

(122,794)

122

Other comprehensive income, net of tax

(795,825)

(173,355)

359

Total comprehensive income for the quarter, net of tax

(533,591)

(4,658)

11,355

The notes form an integral part of these interim financial statements.

Condensed Interim Financial Statements For The Six Months Ended 30 June 2022 | Union Assurance PLC

5

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Union Assurance plc published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2022 09:39:05 UTC.