Hong Leong MSIG Takaful Berhad: Interim Financial Statements - 31 December 2016

Transcription

1. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2016
2. Company No . 738090 M CONTENTS UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME UNAUDITED CONDENSED STATEMENT OF CHANGE OF EQUITY PAGE 1 2-3 4 UNAUDITED CONDENSED STATEMENT OF CASH FLOWS 5-6 NOTES TO UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS 7-22
3. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2016 Note ASSETS Property and equipment Intangible assets Financial assets – available-for-sale Financial assets – fair value through profit or loss Loans and receivables Retakaful assets Deferred tax assets Takaful receivables Other receivables Due from related companies Cash and cash equivalents Total assets LIABILITIES Takaful contract liabilities Tax Payable Takaful payables Expense liabilities Other payables Total liabilities SHAREHOLDERS’ EQUITY Share capital Accumulated losses Fair value reserve Total equity Total liabilities and equity 3 3 4 5 31.12.2016 30.06.2016 Takaful Operator RM’000 General Takaful Fund RM’000 Family Takaful Fund RM’000 Company RM’000 Takaful Operator RM’000 General Takaful Fund RM’000 Family Takaful Fund RM’000 Company RM’000 1,896 5,512 72,256 (157) 14,172 60 1,631 95,370 74,709 2 67,231 584 50,569 13,402 206,497 188,451 27,089 47 37,852 (549) 158 33,369 48,683 335,100 1,896 5,512 330,192 27,089 49 105,083 (122) 158 12,563 60 63,716 546,196 1,622 6,009 70,984 649 19,541 111 4,616 103,532 44,591 407 69,603 618 4,627 3,951 38,874 162,671 157,515 22,597 6,312 36,010 (552) 7,824 1,485 53,298 284,489 1,622 6,009 267,971 22,597 6,719 105,613 715 12,451 7,368 111 96,788 527,964 (1,281) 9,594 10,192 18,505 120,049 2,148 26,948 57,352 206,497 283,578 2,120 11,558 37,844 335,100 398,403 2,987 38,506 9,594 19,841 469,331 (44) 10,710 12,373 23,039 118,743 1,154 27,668 15,106 162,671 266,189 1,684 7,473 9,143 284,489 379,813 2,794 35,141 10,710 19,013 447,471 100,000 (24,834) 1,699 76,865 - - 100,000 (24,834) 1,699 76,865 100,000 (21,673) 2,166 80,493 - - 100,000 (21,673) 2,166 80,493 95,370 206,497 335,100 546,196 103,532 162,671 284,489 527,964 The accompanying notes form an integral part of the interim financial statements. 1
4. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2016 6 months ended 31.12.2016 6 months ended 31.12.2015 Takaful Operator RM’000 General Takaful Fund RM’000 Family Takaful Fund RM’000 Company RM’000 - 23,503 (8,828) 14,675 (1,083) 13,592 47,752 (13,862) 33,890 33,890 Wakalah fee income Share of investment profit from Family Takaful Commission income Investment income Realised gains Fair value (losses)/gains Other operating income Other income 21,068 481 1,500 90 (29) 205 23,315 2,468 1,429 75 (46) 72 3,998 Gross benefits and claims paid Claims ceded to retakaful Gross change to Takaful contract liabilities Change to Takaful contract liabilities ceded to retakaful Net benefits and claims - Gross contributions Contributions ceded to retakaful Net contributions Change in unearned contribution reserve Net earned contributions Wakalah fee expenses Commission expenses Management expenses Other operating expenses Other expenses Takaful Operator RM’000 General Takaful Fund RM’000 Family Takaful Fund RM’000 Company RM’000 71,255 (22,690) 48,565 (1,083) 47,482 - 21,482 (8,908) 12,574 (815) 11,759 32,440 (5,560) 26,880 26,880 53,922 (14,468) 39,454 (815) 38,639 4,719 1,093 (526) 29 5,315 2,468 8,129 1,258 (601) 125 11,379 15,992 282 1,528 86 (199) 370 18,059 2,445 1,101 27 (147) 3,426 3,757 325 (1,255) 1,222 4,049 2,445 6,668 438 (1,601) 1,236 9,186 (8,016) 2,117 (3,426) (16,147) 10,700 (20,829) (24,163) 12,817 (24,255) - (7,980) 4,886 (7,468) (6,979) 3,898 (18,782) (14,959) 8,784 (26,250) - 229 (9,096) 892 (25,384) 1,121 (34,480) - 4,291 (6,271) 845 (21,018) 5,136 (27,289) (9,627) (15,686) 81 (25,232) (7,516) (7,516) (13,552) (1) (16) (13,569) (9,627) (15,687) 246 (25,068) (6,403) (14,293) (116) (20,812) (6,686) (1,612) (8,298) (9,306) (415) (9,721) (6,403) (14,293) (1,787) (22,483) The accompanying notes form an integral part of the interim financial statements. 2
5. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2016 (CONTINUED) 6 months ended 31.12.2016 General Family Takaful Takaful Takaful Operator Fund Fund Company RM’000 RM’000 RM’000 RM’000 6 months ended 31.12.2015 General Family Takaful Takaful Takaful Operator Fund Fund Company RM’000 RM’000 RM’000 RM’000 (Loss)/profit before zakat and taxation Tax expense attributable to participants (1,917) - 978 (978) 252 (252) (687) (1,230) (2,753) - 616 (616) 190 (190) (1,947) (806) Profit before taxation attributable to Takaful Operator Taxation Tax expense attributable to participants Tax expense attributable to Takaful Operator Zakat Loss after zakat and taxation (1,917) (1,244) (1,244) (3,161) (978) 978 - (252) 252 - (1,917) (2,474) 1,230 (1,244) (3,161) (2,753) (99) (99) (2,852) (616) 616 - (190) 190 - (2,753) (905) 806 (99) (2,852) Other comprehensive income/(loss): Items that may be subsequently reclassified to profit or loss: Fair value changes on available-for-sale financial assets, net of deferred tax: - Gross fair value gains arising during the financial period - Gross fair value gains transferred to income statement (505) (90) 707 (74) 3,528 (789) 3,625 (953) (361) (86) 1,260 (27) 2,873 (330) 3,736 (443) - Deferred taxation - Net fair value changes 128 (467) (152) 481 (219) 2,520 (243) 2,429 112 (335) (308) 925 (203) 2,340 (399) 2,894 - (481) (2,520) (2,896) - (925) (2,340) (3,229) (467) (3,628) - - (467) (3,628) (335) (3,187) - - (335) (3,187) Changes in Takaful contract liabilities arising from unrealised net fair value changes Other comprehensive loss for the financial period, net of tax Total Comprehensive loss for the financial period The accompanying notes form an integral part of the interim financial statements. 3
6. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) UNAUDITED CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2016 Issued and fully paid ordinary shares of RM 1 each Nondistributable Number Nominal AFS Accumulated of Shares Value Reserve Losses Total RM’000 RM’000 RM’000 RM’000 100,000 100,000 2,166 (21,673) 80,493 - - (467) (3,161) (3,628) At 31 December 2016 100,000 100,000 1,699 (24,834) 76,865 At 1 July 2015 100,000 100,000 2,155 (14,280) 87,875 - - (335) (2,852) (3,187) 100,000 100,000 1,820 (17,132) 84,688 At 1 July 2016 Total comprehensive loss for the financial period Total comprehensive loss for the financial period At 31 December 2015 The accompanying notes form an integral part of the interim financial statements. . 4
7. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) UNAUDITED CONDENSED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2016 6 months ended 31.12.2016 RM’000 6 months ended 31.12.2015 RM’000 (3,161) (2,852) 298 999 (854) 835 1 (7,235) 689 2,324 (6,104) 94,582 5,000 (166,781) (1,115) 17,389 1,306 6,670 529 7,666 12,600 7,855 (17,334) 51 (37,686) (1,547) 6,534 702 (31,997) 3,138 34 275 929 (446) 57 (23) (6,857) 1544 (883) (5,084) 6,916 1,131 (22,684) 116 19,030 6,672 405 (2,564) (1,304) 372 (2,865) (742) (3) (604) 354 6,042 596 6,389 CASH FLOWS FROM OPERATING ACTIVITIES Net Loss for the financial period Adjustments for: Write back of takaful receivables Write back of retakaful payable Depreciation of property and equipment Amortisation of intangible assets Realised gain on disposal of investments Unrealised fair value loss on financial assets Amortisation of premium /(accretion of discount) -net Profits and dividend income Allowance for diminution in value of investment Taxation Loss from operations before changes in operating assets and liabilities Proceeds from disposal of investments Maturity of investments Purchase of investments (Decrease)/increase in expense liabilities Increase in Family Takaful contract liabilities Increase in General Takaful contract liabilities Decrease in loans and receivables Decrease/(increase) in retakaful assets Decrease/(increase) in Takaful receivables Decrease in other receivables Increase/(decrease) in Takaful payables Decrease in other payables Increase/(decrease) in amount due to related companies Tax (paid)/refund Profit received Dividends received Net cash generated from operating activities The accompanying notes form an integral part of the interim financial statements. 5
8. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) UNAUDITED CONDENSED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2016 (CONTINUED) 6 months ended 31.12.2016 RM’000 6 months ended 31.12.2015 RM’000 (503) (572) (1,075) (315) (131) (446) (33,072) 5,943 Cash and cash equivalents at beginning of the financial period 96,788 33,145 Cash and cash equivalents at the end of the financial period 63,716 39,088 8,120 55,596 63,716 7,980 31,108 39,088 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of intangible assets Purchase of property and equipment Net cash used in investing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents comprise: Cash and bank balances Short term deposits The accompanying notes form an integral part of the interim financial statements. 6
9. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2016 1. Basis of preparation The unaudited financial statements have been prepared in accordance with MFRS 134: Interim Financial Reporting issued by the Malaysian Accounting Standards Board (“MASB”), IAS 34 Interim Financial Reporting issued by International Accounting Standards Board and Guidelines/Circulars issued by Bank Negara Malaysia (“BNM”). The unaudited condensed interim statements have been prepared under the historical cost except for certain financial assets and financial liabilities that are stated at fair value. The statements of financial position and the statements of comprehensive income of the Operator, Family Fund and General Fund are supplementary financial information presented in accordance with the requirement of BNM. In accordance with Islamic Financial Services Act, 2013 the Company is required to segregate assets, liabilities, income and expenses of the Takaful funds from its own. The statements of financial position and comprehensive income of the Operator include only assets, liabilities, income and expenses of the Company excluding the Takaful funds managed by it. The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements of the Company for the financial year ended 30 June 2016. The explanatory notes attached to the condensed interim financial statements provide an explanation of events and transactions that are significant to an understanding of the changes in the financial position and performance of the Company since the year ended 30 June 2016. 2. Summary of Significant Accounting Policies The accounting policies and presentation adopted by the Company for the condensed interim financial statements are consistent with those adopted in the Company’s audited financial statements for the financial year ended 30 June 2016. 7
10. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2016 (CONTINUED) 3. Financial assets Takaful Operator RM’000 General Takaful Fund RM’000 Family Takaful Fund RM’000 31 December 2016 Government Investment Issues Islamic bonds Equity securities Unit and property trust funds Investments in investment-linked funds Structured investments Accrued profit 2,599 56,090 4,333 3,441 5,224 569 37,798 6,597 30,009 305 17,901 152,325 38,216 993 4,525 1,580 20,500 246,213 49,146 34,443 4,525 2,454 Total 72,256 74,709 215,540 357,281 Company RM’000 30 June 2016 Government Investment Issues Islamic bonds Equity securities Investments in investment-linked funds Structured investments Accrued profit 2,697 59,138 3,436 5,119 594 39,009 5,270 312 8,092 141,295 25,009 4,486 1,230 10,789 239,442 33,715 4,486 2,136 Total 70,984 44,591 180,112 290,568 8
11. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2016 (CONTINUED) 3. Financial assets (Continued) The Company’s financial assets are summarised as follows: (a) Takaful Operator RM’000 General Takaful Fund RM’000 31 December 2016 AFS FVTPL 72,256 - 74,709 - 188,451 27,089 330,192 27,089 Total 72,256 74,709 215,540 357,281 Current Non-current 569 71,687 305 74,404 1,580 213,960 2,454 354,827 72,256 74,709 215,540 357,281 2,599 56,090 4,333 37,798 6,597 16,861 142,496 26,618 19,460 236,384 37,548 3,441 30,009 993 34,443 5,224 569 305 1,483 2,357 72,256 74,709 188,451 330,192 FVTPL Government Investment Issues Islamic bonds Equity securities quoted in Malaysia Structured investments Accrued profit - - 1,040 9,829 11,598 4,525 97 1,040 9,829 11,598 4,525 97 Total - - 27,089 27,089 i) AFS Government Investment Issues Islamic bonds Equity securities quoted in Malaysia Unit and property trust funds Investments in investment-linked funds Accrued profit Total ii) 9 Family Takaful Fund RM’000 Company RM’000
12. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2016 (CONTINUED) 3. Financial assets (Continued) The Company’s financial assets are summarised as follows: (continued) (a) Takaful Operator RM’000 General Takaful Fund RM’000 Family Takaful Fund RM’000 Company RM’000 30 June 2016 AFS FVTPL 70,984 - 44,591 - 157,515 22,597 267,971 22,597 Total 70,984 44,591 180,112 290,568 Current Non-current 594 70,390 312 44,279 1,230 178,882 2,136 288,432 70,984 44,591 180,112 290,568 2,697 59,138 3,436 39,009 5,270 7,013 131,897 17,444 9,710 230,044 26,150 5,119 594 312 1,161 2,067 70,984 44,591 157,515 267,971 i) AFS Government Investment Issues Islamic bonds Equity securities quoted in Malaysia Investments in investment-linked funds Accrued profit Total ii) FVTPL Government Investment Issues Islamic bonds Equity securities quoted in Malaysia Structured investments Accrued profit - - 1,079 9,398 7,565 4,486 69 1,079 9,398 7,565 4,486 69 Total - - 22,597 22,597 10
13. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2016 (CONTINUED) 3. Financial assets (Continued) (b) Carrying values of financial investments AFS At 1 July 2015 Purchases Maturities Disposals Fair value (losses)/gains recorded in: Profit or loss - Unrealised gains - Movement in impairment allowance Other comprehensive income Realised gains Accretion/(armotisation) – net Movement in accrued profit At 30 June 2016/1 July 2016 Purchases Maturities Disposals Fair value (losses)/gains recorded in: Profit or loss - Unrealised gains - Movement in impairment allowance Other comprehensive income Realised gains Accretion/(amortisation) – net Movement in accrued profit At 31 December 2016 Takaful Operator RM’000 General Takaful Fund RM’000 Family Takaful Fund RM’000 Company RM’000 FVTPL Family Takaful Fund/ Company RM’000 74,064 3,431 (6,209) 49,879 7,703 (12,203) 133,836 48,105 (870) (23,102) 252,760 59,239 (870) (41,514) 17,754 5,775 (269) (927) - - - - 264 (252) 431 (454) 11 (38) 70,984 4,617 (2,500) (198) (380) 120 (461) (5) (62) 44,591 93,793 (1,000) (62,273) (2,051) 2,571 (1,172) 34 164 157,515 62,762 (1,500) (28,579) (2,683) 3,022 (2,087) 40 64 267,971 161,172 (5,000) (91,050) 22,597 5,609 (1,826) - - - - - 709 (40) (505) (90) 11 (23) 72,256 (44) (279) (73) 1 (7) 74,709 (605) (760) (690) (13) 321 188,451 (689) (1,649) (853) (1) 291 330,192 27,089 11
14. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2016 (CONTINUED) 3. Financial assets (Continued) (c) Fair value hierarchy The table below shows the financial assets recorded at fair value by their valuation method. Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). AFS 31 December 2016 Level 1 Level 2 Level 3 30 June 2016 Level 1 Level 2 Level 3 Takaful Operator RM’000 General Takaful Fund RM’000 Family Takaful Fund RM’000 Company RM’000 FVTPL Family Takaful Fund/ Company RM’000 4,333 67,923 72,256 6,597 68,112 74,709 26,618 161,833 188,451 37,548 292,644 330,192 11,598 15,491 27,089 3,436 67,548 70,984 5,270 39,321 44,591 17,444 140,071 157,515 26,150 241,821 267,971 7,565 15,032 22,597 12
15. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2016 (CONTINUED) 4. Retakaful assets General Takaful Fund RM’000 Family Takaful Fund RM’000 Company RM’000 31 December 2016 Retakaful of Takaful contracts 67,231 37,852 105,083 30 June 2016 Retakaful of Takaful contracts 69,603 36,010 105,613 13
16. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2016 (CONTINUED) 5. Takaful contract liabilities General Takaful Family Takaful Total Elimination of investment in investment-linked funds Total Company Note Gross RM’000 Re- takaful RM’000 31.12.2016 Net RM’000 5(a) 5(b) 120,049 283,578 403,627 (67,231) (37,852) (105,083) 52,818 245,726 298,544 118,743 266,189 384,932 (69,603) (36,010) (105,613) 49,140 230,179 279,319 (5,224) 398,403 (105,083) (5,224) 293,320 (5,119) 379,813 (105,613) (5,119)) 274,200 14 Gross RM’000 Re- takaful RM’000 30.06.2016 Net RM’000
17. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2016 (CONTINUED) 5. Takaful contract liabilities (a.) General Takaful contract liabilities The General Takaful contract liabilities and its movements are further analysed as follows: Provision for claims reported by certificateholders Provision for IBNR Provision for outstanding claims (i) Unearned contribution reserve (ii) AFS fair value adjustment (iii) Participants’ account (iv) Unallocated surplus (v) Gross RM’000 Re- takaful RM’000 31.12.2016 Net RM’000 55,227 29,667 84,894 13,122 480 16,100 5,453 (45,891) (18,873) (64,764) (2,467) - 9,336 10,794 20,130 10,655 480 16,100 5,453 58,317 27,023 85,340 14,193 792 16,392 2,026 (47,596) (17,386) (64,982) (4,621) - 10,721 9,637 20,358 9,572 792 16,392 2,026 120,049 (67,231) 52,818 118,743 (69,603) 49,140 15 Gross RM’000 Re- takaful RM’000 30.06.2016 Net RM’000
18. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2016 (CONTINUED) 5. Takaful contract liabilities (Continued) (a) General Takaful contract liabilities (continued) The General Takaful contract liabilities and its movements are further analysed as follows: (i) Provision for outstanding claims At 1 July Claims incurred in the current accident period/year Other movements in claims incurred in prior accident period/year Claims paid during the financial period / year At 31 December/30 June Gross RM’000 Re- takaful RM’000 31.12.2016 Net RM’000 Gross RM’000 Re-takaful RM’000 30.06.2016 Net RM’000 85,340 (64,982) 20,358 84,927 (61,687) 23,240 11,078 (7,380) 3,698 20,759 (12,245) 8,514 (19,540) 9,715 (9,825) (16,367) 6,381 (9,986) 8,016 84,894 (2,117) (64,764) 5,899 20,130 (3,979) 85,340 2,569 (64,982) (1,410) 20,358 16
19. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2016 (CONTINUED) 5. Takaful contract liabilities (Continued) (a) General Takaful contract liabilities (continued) The General Takaful contract liabilities and its movements are further analysed as follows: 31.12.2016 Gross Re- takaful Net RM’000 RM’000 RM’000 Unearned contribution reserve At 1 July 14,193 (4,620) 9,573 Contribution written in the financial period/year 23,503 (8,828) 14,675 Contribution earned during the financial period/year (24,574) 10,981 (13,593) At 31 December/30 June 13,122 (2,467) 17 10,655 Gross RM’000 Re-takaful RM’000 30.06.2016 Net RM’000 17,725 (8,390) 9,335 43,065 (19,970) 23,095 (46,597) 23,739 (22,858) 14,193 (4,621) 9,572
20. Company No . 738090 M HONG LEONG MSIG TAKAFUL BERHAD (Incorporated in Malaysia) NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED 31 DECEMBER 2016 (CONTINUED) 5. Takaful contract liabilities (Continued) (a) General Takaful contract liabilities (continued) Gross/Net (iii) AFS fair value adjustment At 1 July Net fair value change during the financial period/year At 31 December/30 June (iv) (v) 31.12.2016 RM’000 30.06.2016 RM’000 925 (445) 1,037 (245) 480 792 Participants’ account At 1 July Surplus payable to participants 16,392 (292) 7,270 9,122 At 31 December/30 June 16,100 16,392 Unallocated surplus At 1 July Surplus arising during the financial period/year Surplus sharing with Takaful operator/participants 2,026 3,427 - 3,635 19,515 (21,124) At 31 December/30 June 5,453 2,026 18