Union Assurance : Interim Financial Statements as @ 31st December 2022

Gross written premium

6

16,675,053

15,406,161

8

Premium ceded to reinsurers

(887,546)

(725,809)

22

Net written premium

15,787,507

14,680,352

8

Other revenue

Net investment income

7,479,013

5,276,130

42

Net realised gains

265,577

431,225

(38)

Net fair value gains/ (losses)

(303,862)

235,848

(229)

Other income

87,973

27,528

220

Total other revenue

7,528,701

5,970,731

26

Total net revenue

23,316,208

20,651,083

13

Benefits, claims and expenses

Net insurance benefits and claims paid

(5,199,269)

(5,001,938)

4

Net change in insurance claims outstanding

(499,390)

392,391

227

Change in contract liabilities - Life Fund

(6,473,179)

(7,076,481)

(9)

Underwriting and net acquisition costs (net of reinsurance)

(3,152,291)

(2,844,018)

11

Other operating, administrative and selling expenses

(3,966,674)

(3,209,731)

24

Depreciation and amortisation

(535,088)

(435,556)

23

Total benefits, claims and expenses

(19,825,891)

(18,175,333)

9

Profit from operations

3,490,317

2,475,750

41

Share of results of equity accounted investee, net of tax

229,642

151,557

52

Profit before tax

3,719,959

2,627,307

42

Income tax expenses

7

(972,854)

(573,722)

70

Profit for the year

2,747,105

2,053,585

34

Earnings per share

Basic (Rs.)

4.66

3.48

34

Diluted (Rs.)

4.66

3.48

34

Profit for the year

2,747,105

2,053,585

34

Other comprehensive income

Items that will never be reclassified to profit or loss

Net gains on revaluation of land and buildings

-

190,254

Share of net change in actuarial gain on defined benefit plan of

equity accounted investee, net of tax

6,071

7,138

Actuarial loss on defined benefit plan

(5,292)

(3,588)

Related tax

-

-

779

193,804

(100)

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

(1,282,052)

(566,990)

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

of

equity accounted investee, net of tax

(45,584)

(32,656)

Net change in fair value of available for sale financial

assets transferred to

the income statement

(9,837)

74

Related tax

-

-

(1,337,473)

(599,572)

123

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

available for sale financial assets

(1,404,906)

(400,388)

Net change in fair value of available for sale financial

assets of insurance liabilities

transferred to the income statement

39,981

(82,116)

Related tax

-

-

(1,364,925)

(482,504)

183

(2,702,398)

(1,082,076)

Other comprehensive income, net of tax

(2,701,619)

(888,272)

204

Total comprehensive income for the year, net of tax

45,486

1,165,313

(96)

Condensed Interim Financial Statements For The Year Ended 31 December 2022 | Union Assurance PLC

3

Gross written premium

5,054,871

4,901,921

3

Premium ceded to reinsurers

(238,882)

(190,320)

26

Net written premium

4,815,989

4,711,601

2

Other revenue

Net investment income

2,298,560

1,335,201

72

Net realised gains

57,177

243,222

(76)

Net fair value gains / (losses)

(284,088)

34,045

(934)

Other income

9,529

6,830

40

Total other revenue

2,081,178

1,619,298

29

Total net revenue

6,897,167

6,330,899

9

Benefits, claims and expenses

Net insurance benefits and claims paid

(2,023,917)

(1,993,532)

2

Net change in insurance claims outstanding

5,241

57,704

91

Change in contract liabilities - Life Fund

196,794

(541,263)

(136)

Underwriting and net acquisition costs (net of reinsurance)

(937,136)

(825,414)

14

Other operating, administrative and selling expenses

(1,357,544)

(1,101,028)

23

Depreciation and amortisation

(130,233)

(132,311)

(2)

Total benefits, claims and expenses

(4,246,795)

(4,535,844)

(6)

Profit from operations

2,650,372

1,795,055

48

Share of results of equity accounted investee, net of tax

76,322

37,215

105

Profit before tax

2,726,694

1,832,270

49

Income tax expenses

(756,268)

(462,484)

64

Profit for the quarter

1,970,426

1,369,786

44

Earnings per share

Basic (Rs.)

3.34

2.32

44

Diluted (Rs.)

3.34

2.32

44

Profit for the quarter

1,970,426

1,369,786

44

Other comprehensive income

Items that will never be reclassified to profit or loss

Net gains on revaluation of land and buildings

-

190,254

Share of net change in actuarial gain on defined benefit plan of

equity accounted investee, net of tax

6,071

7,138

Actuarial loss on defined benefit plan

(5,292)

(3,588)

Related tax

-

-

779

193,804

(100)

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

(34,192)

(157,209)

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

of

equity accounted investee, net of tax

15,971

(2,427)

Net change in fair value of available for sale financial

assets transferred to

the income statement

(9,837)

74

Related tax

-

-

(28,058)

(159,562)

(82)

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

available for sale financial assets

(60,609)

(104,375)

Net change in fair value of available for sale financial

assets of insurance liabilities

transferred to the income statement

(2,119)

(368)

Related tax

-

-

(62,728)

(104,743)

(40)

(90,786)

(264,305)

(66)

Other comprehensive income, net of tax

(90,007)

(70,501)

28

Total comprehensive income for the quarter, net of tax

1,880,419

1,299,285

45

Condensed Interim Financial Statements For The Year Ended 31 December 2022 | Union Assurance PLC

5