Amãna Takaful Maldives: First Quarter Report 2018

Transcription

1. REPORT PUBLISHED ON : 30th APRIL 2018 2018 FIRST QUARTER REPORT
2. FIRST QUARTER REPORT 2018 COMPANY HIGHLIGHTS Am ãna Takaful (Maldives) PLC Page 1 of 8
3. FIRST QUARTER REPORT 2018 1 . DEVELOPMENTS OF THE COMPANY 1.1. SUMMARY During the quarter under review, Amana Takaful Maldives reported a total Gross Written Premium (GWP) of MVR 40.51Mn resulting growth in all major business classes. 1.2. HIGHLIGHTS OF THE COMPANY Takaful Advocacy Program Coinciding Global Money Week – A global money awareness celebration that takes place in March every year, coordinated by the Child and Youth Finance International (CYFI) Secretariat to raise awareness on Economic Citizenship and directly engage children and youth worldwide on the issue, Amana Takaful Maldives launched its Takaful Advocacy Program, the first of its kind. The event was a success that hosted more than 100 students from the Grade 8 of Ghiyaasuddeen International School. The session was conducted in the premise of delivering what Takaful is, and presenting basic Takaful Solutions for the retail market. At the end of the presentation students also presented their learning experience about the Takaful session. Subsequently, with the success of our first program two more session of ‘Takaful Advocacy’ program conducted for Gdh. Atoll Education Center and Arabiyya School attended by 35 and 100 students respectively. The signature Takaful Advocacy Program is continuously scheduled with additional academic institutions to carry the noble torch of ‘Takaful’ around the country. “100K Shield” Launched A special, free of charge Personal Accident Benefit (PAB) cover for Third Party Motor Takaful customers was launched on the 11th day of February 2018. The product’s discerning feature is that it covers rider and pinion up to MVR 100,000.00 in case of an unfortunate road accident. Number of road shows was held to promote “100k Shield” where our team was able to disseminate information about this special product to a significant number of commuters. The promotion will be carried out until end of May 2018. This package will be available from Agents that provide our Takaful services, mobile application, online and our head office. Amãna Takaful (Maldives) PLC Page 2 of 8
4. FIRST QUARTER REPORT 2018 Surplus Distribution As pioneers and the only fully fledged Takaful operator , Amana Takaful Maldives adheres to the highest ethical standards since inception. Payout of surplus to policy holders is a distinct feature of Takaful. At a special event held to mark the continuous distribution of surplus to policy holders, Managing Director of Amana Takaful Maldives Mr. Hareez Sulaiman announced 13% surplus payout for the second half of 2016. A memento was presented to the Managing Director by Mr. Siraj Nizam, Head of Finance of Amana Takaful Maldives on this ceremony. A press briefing was followed after the event, attended by the members of the local media. 2. BOARD MEETINGS A Board meeting was held on 13th of February 2018. There were no major decisions made by the Board which have significant implications to the operations for the period under review. 3. CHANGES IN MEMBERS OF THE BOARD There were no changes to the Board of Amana Takaful Maldives during the period under review. 4. MARKET HIGHLIGHTS Highest traded price: MVR Lowest traded price: MVR Weighted average traded price: MVR Last traded price: MVR Price-Earnings Ratio (P/E ratio): Dividend Yield: Market capitalization: MVR Q1 2018 Q4 2017 5 5 5 5 25.00 101,209,935 2 2 2 2 40.00 40,483,974 5. CORPORATE GOVERNANCE COMPLIANCE ATM is committed in adopting best practices in its endeavor to create shareholder wealth and gain market confidence. 6. REPORTING COMPLIANCE This report has been prepared adhering to CMDA’s quarterly reporting guidelines. Amãna Takaful (Maldives) PLC Page 3 of 8
5. FIRST QUARTER REPORT 2018 FINANCIAL STATEMENTS Am ãna Takaful (Maldives) PLC Page 4 of 8
6. FIRST QUARTER REPORT 2018 AMANA TAKAFUL (MALDIVES) PLC INCOME STATEMENT For the quarter ended 31st March 2018 1stQtr Ended 31st Mar 2018 Unaudited MVR 40,509,400 (18,444,779) 22,064,622 4thQtr Ended 31st Dec 2017 Unaudited MVR 17,960,238 (7,656,019) 10,304,220 Net change in reserve for unearned contribution Net earned contribution (2,509,150) 19,555,472 4,406,170 14,710,390 Benefits, losses and expenses Takaful claims and benefits Underwriting results (9,765,988) 9,789,484 (10,269,982) 4,440,408 Other revenue Investment and other income 2,369,344 2,120,098 (5,406,351) (1,806,798) 4,945,679 (904,410) 4,041,269 0.20 (4,495,398) (911,194) 1,153,914 (186,376) 967,538 0.05 4,041,269 4,041,269 4,041,269 967,538 39,040 1,006,578 (5,856) 1,000,722 Gross written contribution Contribution ceded to re-takaful Net written contribution Expenses Other operating, investment related and administrative expenses Selling and distribution cost Profit from operations Business profit tax Profit after tax Basic, Earnings per share Other Comprehensive Income Profit for the quarter Net change in Available for Sale Financial Assets Business profit tax for other comprehensive income Total comprehensive income Amãna Takaful (Maldives) PLC Page 5 of 8
7. FIRST QUARTER REPORT 2018 AMANA TAKAFUL (MALDIVES) PLC STATEMENT OF FINANCIAL POSITION As at 31st March 2018 1stQtr Ended 31st Mar 2018 Unaudited MVR Assets Investments Intangible assets - software Property, plant and equipment Deposit with Maldives Monetary Authority Contribution receivable Other assets Cash and cash equivalents Total assets Equity and liabilities Shareholders' equity Issued share capital Available for sale reserve Revenue reserve Total equity Liabilities Takaful contract liabilities Re takaful payable Amounts due to related parties Other liabilities Total liabilities Total equity and liabilities Hareez Sulaiman Managing Director/CEO Amãna Takaful (Maldives) PLC 4thQtr Ended 31st Dec 2017 Unaudited MVR 85,612,944 654,669 220,342 2,000,000 23,153,415 15,347,199 5,067,056 132,055,624 82,160,461 749,660 237,034 2,000,000 4,505,923 4,889,522 2,855,152 97,397,752 26,314,583 28,759,245 55,073,828 26,314,583 (76,264) 25,301,324 51,539,643 35,997,457 21,373,642 478,224 19,132,472 76,981,795 132,055,624 21,710,991 6,858,738 927,284 16,361,096 45,858,108 97,397,752 M. Siraj Nizam Head of Finance Page 6 of 8
8. FIRST QUARTER REPORT 2018 AMANA TAKAFUL (MALDIVES) PLC STATEMENT OF CASHFLOW For the quarter ended 31st March 2018 1stQtr Ended 31st Mar 2018 Unaudited MVR Operating activities Profit before tax Non-cash adjustment to reconcile profit to net cash flows Depreciation Amortization Marked to market valuation of investments Prior Period Adjustments Working capital adjustments: (Increase)/decrease in receivables Increase/ (decrease) in payable Net cash flows from operating activities Investing activities Investments in financial assets Acquisition of property, plant and equipment Dividend received Net cash used in investing activities Cash flows from/(used in) financing activities Dividend Paid Net Cash flows from/(used in) financing activities Net Increase/(Decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Amãna Takaful (Maldives) PLC 4thQtr Ended 31st Dec 2017 Unaudited MVR 4,945,679 1,153,914 31,482 94,991 292,194 (504,864) 34,627 (66,044) (320,206) (29,105,168) 30,219,277 5,973,591 4,665,402 (5,412,007) 55,685 (3,744,882) (17,010) 205 (3,761,687) (119,514) (15,256) 1,289 (133,481) 2,211,904 2,855,152 5,067,056 (77,795) 2,932,947 2,855,152 Page 7 of 8
9. FIRST QUARTER REPORT 2018 Am ãna Takaful (Maldives) PLC Page 8 of 8