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HSBC Amanah Takaful (Malaysia) Berhad: Interim Condensed Financial Statements - 30 June 2017

IM Research
By IM Research
3 years ago
HSBC Amanah Takaful (Malaysia) Berhad: Interim Condensed Financial Statements - 30 June 2017

Amanah, Ard, Islam, Mal, Sukuk , Takaful , Zakat, General Takaful, Investment Assets, Provision, Receivables, Reserves

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  1. HSBC Amanah Takaful (Malaysia) Berhad (Company No. 731530-M) (Incorporated in Malaysia) Unaudited interim condensed financial statements for the six months period ended 30 June 2017
  2. 1 HSBC Amanah Takaful (Malaysia) Berhad (Company No. 731530-M) (Incorporated in Malaysia) Unaudited interim statement of financial position Takaful Operator Note Assets Plant and equipment Intangible assets Investment assets Retakaful assets Current tax assets Financing receivables, excluding takaful receivables Takaful receivables Deferred tax assets Cash and cash equivalents Total assets 12 13 RM'000 30.06.2017 General Family Takaful Takaful Fund Fund RM'000 RM'000 Company Takaful Operator RM'000 RM'000 31.12.2016 General Family Takaful Takaful Fund Fund RM'000 RM'000 Company RM'000 245 15,558 135,422 5,320 39,996 36,791 - 1,051,389 36,218 31 245 15,558 1,226,807 73,009 3,242 281 16,605 139,911 5,276 49,858 32,851 - 994,290 34,415 - 281 16,605 1,184,059 67,266 724 46,942 1,617 6,486 37,376 47,260 1,530 6,727 37,721 666 10,769 214,922 1,976 118 14,887 95,385 5,240 534 32,235 1,132,133 7,216 1,318 57,891 1,422,662 735 2,896 212,964 3,647 123 7,328 95,337 4,371 1,615 44,580 1,085,998 8,018 2,473 54,804 1,371,951 The accompanying Notes on pages 8 to 22 form an integral part of the financial statements.
  3. 2 Company No .731530-M Unaudited interim statement of financial position (continued) Takaful Operator Note Shareholders’ equity Share capital Retained earnings Available-for-sale assets fair value reserves Total equity Liabilities Takaful contract liabilities Expense reserves Takaful payables Other payables Current tax liabilities Amount due to shareholders Total liabilities Total equity and liabilities RM'000 100,000 26,011 (45) 125,966 14 44,069 673 17,214 27,000 88,956 214,922 30.06.2017 General Family Takaful Takaful Fund Fund RM'000 RM'000 - 83,941 602 9,221 1,621 95,385 95,385 - 1,104,910 5,629 21,106 488 1,132,133 1,132,133 The accompanying Notes on pages 8 to 22 form an integral part of the financial statements. Company Takaful Operator RM'000 RM'000 100,000 26,011 (45) 125,966 100,000 19,182 (441) 118,741 1,188,851 44,069 6,904 29,872 27,000 1,296,696 1,422,662 47,014 817 19,392 27,000 94,223 212,964 31.12.2016 General Family Takaful Takaful Fund Fund RM'000 RM'000 - 88,431 910 4,990 1,006 95,337 95,337 - 1,050,191 5,338 26,923 3,546 1,085,998 1,085,998 Company RM'000 100,000 19,182 (441) 118,741 1,138,622 47,014 7,064 33,510 27,000 1,253,210 1,371,951
  4. 3 HSBC Amanah Takaful (Malaysia) Berhad (Company No. 731530-M) (Incorporated in Malaysia) Unaudited interim statement of comprehensive income for the six months ended 30 June 2017 01.01.2017 to 30.06.2017 General Family Takaful Takaful Takaful Company Operator Fund Fund Note RM'000 RM'000 RM'000 RM'000 Operating revenue 26,657 19,242 Takaful Operator income 22,939 - 18,241 (1,559) 2,144 (1,415) 17,411 3,718 23 40 3,781 (3,143) 822 (4,731) 6,430 (622) 1,001 (191) 810 Gross contributions Contributions ceded to retakaful Changes in unearned contribution reserves Actuarial reserves Net earned contributions Gross benefits and claims paid Claims ceded to retakaful Gross changes in claims liabilities Changes in claims liabilities ceded to retakaful Net benefits and claims Investment income Realised gain/(loss) Fee and commission income (Reversal of)/allowance for impairment Other Income Other income 104,586 01.01.2016 to 30.06.2016 General Family Takaful Takaful Takaful Company Operator Fund Fund RM'000 RM'000 RM'000 RM'000 129,725 29,066 17,562 89,622 84,372 (8,532) 75,840 102,613 (10,091) 2,144 (1,415) 93,251 25,495 - 16,594 (1,199) 2,056 (252) 17,199 68,018 (8,382) 59,636 84,612 (9,581) 2,056 (252) 76,835 (60,848) 5,284 3,282 2,987 (49,295) 20,214 228 854 115 21,411 (63,991) 6,106 (1,449) 9,417 (49,917) 27,112 251 854 (191) 155 28,181 3,571 306 3,877 (2,966) 1,046 (915) (214) (3,049) 968 86 1,054 (55,918) 13,670 2,767 (5,512) (44,993) 21,604 (14,185) (1) 7,418 (58,884) 14,716 1,852 (5,726) (48,042) 27,865 (13,879) 85 14,071 The accompanying Notes on pages 8 to 22 form an integral part of the financial statements. 112,477
  5. 4 Company No .731530-M Unaudited interim statement of comprehensive income for the six months ended 30 June 2017 (continued) 01.01.2017 to 30.06.2017 Family General Takaful Company Takaful Takaful Operator Fund Fund RM'000 RM'000 RM'000 RM'000 01.01.2016 to 30.06.2016 Family General Takaful Company Takaful Takaful Operator Fund Fund RM'000 RM'000 RM'000 RM'000 (6,432) 2,945 (23,650) (775) (27,912) (10,944) (2) (10,946) (8,052) 11,019 (221) 2,746 (6,432) 2,945 11,019 (23,650) (998) (17,116) (6,014) 5,030 (23,430) (289) (24,703) (10,377) (13) (10,390) (8,384) (4,704) 1,741 (11,347) (6,014) 5,030 (4,704) (23,430) 1,439 (27,679) (1,192) 6,653 50,702 54,399 4,669 - 4,814 - 10,714 - 15,185 - Surplus attributable to the participants' risk fund * - - (1,764) (1,764) Surplus attributable to Takaful Operator * Net surplus retained in takaful funds * Profit/Surplus before zakat and taxation (1,192) 2,047 8,700 (1,764) (43,314) 3,860 (41,268) 11,367 4,669 (2,132) (2,132) (474) 76 (4,194) (2,880) (4,741) (1,101) (6,326) (4,190) 4,669 Wakalah fees Commission paid Expense reserves Fair value gain/(loss) (unrealised) Management expenses Other expenses Other expenses Total profit for the period/Net underwriting surplus from operations * Estimated amount subjected to Board of Directors Approval The accompanying Notes on pages 8 to 22 form an integral part of the financial statements.
  6. 5 Company No .731530-M Unaudited interim statement of comprehensive income for the six months ended 30 June 2017 (continued) 01.01.2017 to 30.06.2017 General Family Takaful Takaful Takaful Company Operator Fund Fund RM'000 RM'000 RM'000 RM'000 Zakat Taxation 15 Profit for the period attributable to owners of the Company Other comprehensive income / (expenses) Fair value of available-for-sale financial assets - Gains/(Losses) arising during the period Tax effect thereon Other comprehensive income attributable to Takaful Operator/change in participants liabilities Total other comprehensive income for the period Total comprehensive income for the period attributable to owners of the Company 8,021 (8,699) 6,829 521 (125) (3,858) 1 2 (4,537) (2,173) 1,101 (2,173) 6,830 2,496 - 2,496 82 (21) 7,394 (592) 8,099 (769) - (61) (6,802) (6,863) 396 467 - - 467 7,226 2,963 - - 2,963 103 (25) 2,522 (202) 3,146 (352) - (78) (2,320) (2,398) 396 - 7,225 1 2 The accompanying Notes on pages 8 to 22 form an integral part of the financial statements. 01.01.2016 to 30.06.2016 General Family Takaful Takaful Takaful Company Operator Fund Fund RM'000 RM'000 RM'000 RM'000 623 (156) (76) -
  7. 6 HSBC Amanah Takaful (Malaysia) Berhad (Company No. 731530-M) (Incorporated in Malaysia) Unaudited interim statement of changes in equity for the six months ended 30 June 2017 Non- distributable Distributable Available for sale (Accumulat financial Share ed losses) / assets Total capital Retained ("AFS") earnings fair value reserves RM'000 RM'000 RM'000 RM'000 At 1 January 2017 Total other comprehensive income for the period Profit for the period 100,000 - (441) 19,182 118,741 396 - 6,829 396 6,829 At 30 June 2017 100,000 (45) 26,011 125,966 At 1 January 2016 100,000 (128) 18,467 118,339 467 - 2,496 467 2,496 339 20,963 121,302 Total other comprehensive income for the period Profit for the period At 30 June 2016 100,000 The accompanying Notes on pages 8 to 20 form an integral part of the financial statements.
  8. 7 HSBC Amanah Takaful (Malaysia) Berhad (Company No.731530-M) (Incorporated in Malaysia) Unaudited interim statement of cash flows for the six months ended 30 June 2017 01.01.2017 01.01.2016 to to 30.06.2017 30.06.2016 RM’000 RM’000 Cash flows from operating activities Cash generated from operations (Note 15) Income tax paid Net cash from operating activities Cash flows from investing activities Acquisition of plant and equipment Acquisition of intangible assets Acquisition of investments Proceeds from disposal of investments Proceeds from maturities of investments Profit from fixed deposits placed with licensed Islamic financial institutions Profit from government guaranteed sukuk Profit from government investment issues Profit from corporate debt securities Dividend received from quoted equity securities Net cash used in investing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 30 June 6,700 (4,834) 1,866 (20,604) (5,358) (25,962) (1,898) (78,163) 34,760 15,000 (35) (956) (224,586) 132,855 95,000 743 5,138 2,054 9,696 13,891 1,221 866 4,766 2,177 9,726 15,730 35,543 3,087 54,804 57,891 9,581 51,227 60,808 Cash and cash equivalents Cash and cash equivalents included in the statement of cash flows comprise the following statement of financial position amounts: Fixed deposits with licensed Islamic financial institutions Cash and bank balances 01.01.2017 01.01.2016 to to 30.06.2017 30.06.2016 RM’000 RM’000 28,308 30,268 29,583 30,540 57,891 60,808 The accompanying Notes on pages 8 to 20 form an integral part of the financial statements.
  9. 8 HSBC Amanah Takaful (Malaysia) Berhad (Company No. 731530-M) (Incorporated in Malaysia) Notes to the unaudited condensed interim financial statements 1. Basis of preparation Statement of compliance The unaudited condensed interim financial statements have been prepared in accordance with MFRS 134: Interim Financial Reporting by the Malaysian Accounting Standards ("MASB"), IAS 34: Interim Financial Reporting by the International Accounting Standards Board ("IASB"), Islamic Financial Services Act 2013 ("IFSA"),Takaful Guidelines/Circulars issued by Bank Negara Malaysia ("BNM") and Principles of Shariah. A Takaful Operator is required to present consolidated financial statements for itself and the Takaful funds it manages and controls in accordance with the requirements of MFRS 127, Consolidated and Separate Financial Statements. The statements of financial position and the statements of comprehensive income of the Takaful Operator, Family Takaful Fund and General Takaful Fund are supplementary financial information presented in accordance with the requirements of BNM, Islamic Financial Services Act 2013 in Malaysia to segregate assets, liabilities, income and expenses of Takaful funds from its own. The statements of financial position and comprehensive income of the Takaful Operator include only assets, liabilities, income and expenses of the Takaful Operator, excluding the Takaful funds managed by it. The statements of financial position and comprehensive income of the Family and General Takaful Fund include only the assets, liabilities, income and expenses of the family solidarity fund and General Takaful Fund that is set up, managed and controlled by the Takaful Operator. The unaudited interim financial statements should be read in conjunction with the audited annual financial statements of the Company for the financial year ended 31 December 2016. The explanatory notes attached to the 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 31 December 2016. 2. Summary of significant accounting policies The accounting policies and presentation adopted by the Company for the interim condensed financial statements are consistent with those adopted by the Company audited financial statements for the financial year ended 31 December 2016.
  10. 9 Company No .731530-M 3. Auditors' report The auditors' report on the audited financial statements of the preceding year ended 31 December 2016 did not contain any qualification. 4. Seasonality of operations The business operations of the company are not materially affected by seasonal or cyclical factors for the period under review. 5. Unusual items There were no unusual items affecting assets, liabilities, equity, net income or cash flows in the current period ended 30 June 2017. 6. Estimates There were no material changes in the basis used for accounting estimates for the current period under review. 7. Debt and Equity Securities There were no issuance, cancellation, repurchase, resale and repayment of debt and equity securities for the current period under review. 8. Dividends No dividends was declared nor paid during the current period ended 30 June 2017.
  11. 10 Company No .731530-M 9. Material Events Subsequent to the End of the Period There were no material events subsequent to the date of the statement of the financial position that requires disclosure or adjustment to the unaudited condensed interim financial statements. 10. Contingent Liabilities There were no contingent liabilities as at the date of this report. 11. Changes in the composition of the Company There is no change in the composition of the Company from the previous audited financial statements. 12. Investment assets Takaful Operator RM'000 At 30 June 2017 Available-for-sale financial assets Government investment issues Government guaranteed sukuk Corporate debt securities Financial assets at fair value through profit or loss Government investment issues Government guaranteed sukuk Corporate debt securities Collective investment schemes Quoted equity securities General Takaful Fund RM'000 Family Takaful Fund RM'000 Company RM'000 15,034 20,084 100,304 4,954 35,042 78,444 163,056 233,061 93,478 188,094 368,407 135,422 39,996 10,099 64,390 81,811 406,840 13,688 1,051,389 10,099 64,390 81,811 406,840 13,688 1,226,807
  12. 11 Company No .731530-M 12. Investment assets (continued) Takaful Operator RM'000 At 31 December 2016 Available-for-sale financial assets Government investment issues Government guaranteed sukuk Corporate debt securities Financial assets at fair value through profit or loss Government guaranteed sukuk Corporate debt securities Collective investment schemes Structured investments Quoted equity securities (a) 25,030 25,030 89,851 139,911 General Takaful Fund RM'000 14,865 34,993 49,858 Family Takaful Fund RM'000 78,335 162,224 226,559 10,104 59,158 81,129 363,761 13,020 994,290 Company RM'000 103,365 202,119 351,403 10,104 59,158 81,129 363,761 13,020 1,184,059 Carrying values of investment assets Investment assets are carried at fair value. Investment assets are categorised as either available-for-sale financial assets (“AFS”) or financial assets at fair value through profit or loss (“FVTPL”). At 1 January 2016 Purchases Maturities Disposals Fair value gains recorded in profit or loss AFS reserves (Amortisation)/accretion adjustment At 31 December 2016/1 January 2017 Purchases Maturities Disposals Fair value loss recorded in profit or loss AFS reserves (Amortisation)/accretion adjustment At 30 June 2017 AFS RM’000 654,954 126,143 (125,000) 1,176 (386) 656,887 15,060 (15,000) (9,983) 3,147 (132) 649,979 FVTPL RM’000 492,077 216,973 (181,034) (963) 119 527,172 63,103 (24,526) 11,019 60 576,828 Total RM’000 1,147,031 343,116 (125,000) (181,034) (963) 1,176 (267) 1,184,059 78,163 (15,000) (34,509) 11,019 3,147 (72) 1,226,807
  13. 12 Company No .731530-M 12. Investment assets (continued) (b) Fair values of investment assets The fair value of investment assets is determined by reference to market closing prices in an active market at reporting date. (c) The following investment assets mature after twelve months: Takaful Operator RM'000 General Takaful Fund RM'000 Family Takaful Fund RM'000 Company RM'000 At 30 June 2017 Available-for-sale financial Assets Financial assets at fair value through profit or loss 115,476 15,030 469,463 599,969 115,476 15,030 149,912 619,375 149,912 749,881 At 31 December 2016 Available-for-sale financial Assets Financial assets at fair value through profit or loss 104,930 104,930 15,013 15,013 462,117 582,060 145,376 607,493 145,376 727,436 30.06.2017 RM'000 31.12.2016 RM'000 36,791 36,218 73,009 32,851 34,415 67,266 13. Retakaful assets Note General Takaful Fund Family Takaful Fund 12(a) 12(b)
  14. 13 Company No .731530-M 14. Takaful contract liabilities Note Gross RM'000 Retakaful RM'000 Net RM'000 At 30 June 2017 General Takaful Fund Family Takaful Fund Company 14(a) 14(b) 86,329 1,104,910 1,191,239 (39,178) (36,218) (75,396) 47,151 1,068,692 1,115,843 At 31 December 2016 General Takaful Fund Family Takaful Fund Company 14(a) 14(b) 88,431 1,050,191 1,138,622 (32,851) (34,415) (67,266) 55,580 1,015,776 1,071,356 (a) General Takaful Fund Note At 30 June 2017 Provision for claims reported by participants Provision for IBNR Provision for outstanding claims Provision for unearned contributions Participants' funds At 31 December 2016 Provision for claims reported by participants Provision for IBNR Provision for outstanding claims Provision for unearned contributions Participants' funds (i) (ii) (iii) (i) (ii) (iii) Gross RM'000 Retakaful RM'000 Net RM'000 38,467 19,949 58,416 15,988 11,925 86,329 (31,859) (7,087) (38,946) (232) (39,178) 6,608 12,862 19,470 15,756 11,925 47,151 34,399 19,286 53,685 18,234 16,512 88,431 (27,919) (4,598) (32,517) (334) (32,851) 6,480 14,688 21,168 17,900 16,512 55,580
  15. 14 Company No .731530-M 14. Takaful contract liabilities (continued) (i) Provision for outstanding claims At 1 January 2017 Claims incurred in the current period Claims paid during the period At 30 June 2017 At 1 January 2016 Claims incurred in the current period Claims paid during the period At 31 December 2016 (ii) Gross Retakaful RM'000 RM'000 53,685 (32,517) 7,875 (7,252) (3,144) 823 58,416 (38,946) 66,579 (5,977) (6,917) 53,685 Net RM'000 21,168 623 (2,321) 19,470 (42,253) 6,392 3,344 (32,517) 24,326 415 (3,573) 21,168 Gross Retakaful RM'000 RM'000 18,234 (334) 18,241 (1,559) (20,487) 1,661 15,988 (232) Net RM'000 17,900 16,682 (18,826) 15,756 Provision for unearned contributions At 1 January 2017 Contributions written in the period Contributions earned during the year At 30 June 2017 At 1 January 2016 Contributions written in the period Contributions earned during the year At 31 December 2016 (iii) Participants’ fund Unallocated surplus AFS reserves Revenue account accumulated surplus 18,801 41,824 (42,391) 18,234 (905) (2,962) 3,533 (334) 17,896 38,862 (38,858) 17,900 30.06.2017 RM'000 2,398 2 9,525 11,925 31.12.2016 RM'000 4,457 (76) 12,131 16,512
  16. 15 Company No .731530-M 14. Takaful contract liabilities (continued) (a) General Takaful Fund (continued) (iii) Participants’ fund (continued) 30.06.2017 RM'000 Unallocated surplus At 1 January Transfer from surplus Retained surplus Transfer from other liabilities At 30 June / 31 December AFS reserves At 1 January Increase/(Decrease) in reserves At 30 June / 31 December Revenue account accumulated surplus At 1 January Surplus for the period Profit paid to participants Transfer to unallocated surplus At 30 June / 31 December (b) 31.12.2016 RM'000 4,457 (2,047) (12) 2,398 2,577 1,286 (20) 614 4,457 (76) 78 2 (31) (45) (76) 12,131 (2,047) (2,606) 2,047 9,525 6,362 7,074 (19) (1,286) 12,131 Family Takaful Fund Note Gross RM'000 Retakaful RM'000 Net RM'000 At 30 June 2017 Provision for outstanding claims Participants’ funds (i) (ii) 17,087 1,087,823 1,104,910 (14,159) (22,059) (36,218) 2,928 1,065,764 1,068,692 At 31 December 2016 Provision for outstanding claims Participants’ funds (i) (ii) 13,804 1,036,387 1,050,191 (11,173) (23,242) (34,415) 2,631 1,013,145 1,015,776
  17. 16 Company No .731530-M 14. Takaful contract liabilities (continued) (b) Family Takaful Fund (continued) (i) Provision for outstanding claims At 1 January 2017 Claims incurred during the year Claims paid during the year At 30 June 2017 At 1 January 2016 Claims incurred during the year Claims paid during the year At 31 December 2016 (ii) Gross Retakaful RM'000 RM'000 13,804 (11,173) 11,520 (8,270) (8,237) 5,284 17,087 (14,159) 12,446 22,488 (21,130) 13,804 (11,028) (19,256) 19,111 (11,173) Net RM'000 2,631 3,250 (2,953) 2,928 1,418 3,232 (2,019) 2,631 Participants’ fund Gross RM'000 At 30 June 2017 Actuarial reserves Unallocated surplus AFS reserve Net asset value attributable to participants Net asset value attributable to unit holders 236,971 51,443 90 390,658 408,661 1,087,823 Retakaful RM'000 (22,059) (22,059) Net RM'000 214,912 51,443 90 390,658 408,661 1,065,764
  18. 17 Company No .731530-M 14. Takaful contract liabilities (continued) (b) Family Takaful Fund (continued) (ii) Participants’ fund (continued) At 1 January 2017 Contributions received Liabilities paid for death, maturities, surrenders, benefits and claims Benefits and claims experience variation Fees deducted Investment income Retakaful reserve credit Net asset value attributable to unit holders Surplus attributable to Takaful Operator Write back of impairment AFS reserve Transfer to unallocated surplus Deferred tax on fair value gains Investment income distribution Transfer surplus distribution to other liabilities Others At 30 June 2017 Gross RM'000 1,036,387 21,910 (19,626) (3,591) 7,489 (1,183) 42,825 (1,764) 2,321 (2,854) 6,917 (1,764) 756 1,087,823 Retakaful RM'000 (23,242) 1,183 (22,059) Net RM'000 1,013,145 21,910 (19,626) (3,591) 7,489 42,825 (1,764) 2,321 (2,854) 6,917 (1,764) 756 1,065,764
  19. 18 Company No .731530-M 14. Takaful contract liabilities (continued) (b) Family Takaful Fund (continued) (ii) Participants’ fund (continued) Gross RM'000 At 31 December 2016 Actuarial reserves Unallocated surplus AFS reserve Net asset value attributable to participants Net asset value attributable to unit holders At 1 January 2016 Contributions received Liabilities paid for death, maturities, surrenders, benefits and claims Fees deducted Investment income Retakaful reserve credit Net asset value attributable to unit holders Surplus attributable to Takaful Operator Write back of impairment AFS reserve Transfer to unallocated surplus Deferred tax on fair value gains Investment income distribution Transfer surplus distribution to other liabilities Others At 31 December 2016 Retakaful RM'000 Net RM'000 238,027 53,934 (2,231) 380,821 365,836 1,036,387 (23,242) (23,242) 214,785 53,934 (2,231) 380,821 365,836 1,013,145 1,000,336 47,347 (28,363) - 971,973 47,347 (38,453) (8,293) 13,099 (5,121) 24,390 (7,291) 4 1,512 2,713 (921) 12,202 (10,602) 5,465 1,036,387 5,121 - (38,453) (8,293) 13,099 24,390 (7,291) 4 1,512 2,713 (921) 12,202 (10,602) 5,465 1,013,145 (23,242)
  20. 19 Company No .731530-M 15. Income Tax Expense General Takaful Fund RM'000 Family Takaful Fund RM'000 2,358 (10,322) 1,621 7,099 462 2,516 4,441 (707) (56) (8,020) (20) 8,700 880 3,858 803 4,537 7,868 987 240 765 722 8,108 2,474 1,682 296 (63) 10,474 2 1,303 (73) (790) (47) (188) 1,905 (790) (108) 11,589 Takaful Operator RM'000 At 30 June 2017 Current tax expense -Current -Under provision in prior years Deferred tax expense/(income) Origination and reversal of temporary differences At 31 December 2016 Current tax expense -Current -Under provision in prior years Deferred tax expense/(income) Origination and reversal of temporary differences Unabsorbed losses Under/(over) provision in prior year Company RM'000