Takaful International Company BSC: Interim Condensed Consolidated Financial Statements - 31 March 2018

Transcription

1. 5 Wednesday , May 9, 2018 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS AT 31ST MARCH 2018 Takaful International Company B.S.C. (BAHRAINI DINARS) INTERIM CONSOLIDATED STATEMENT OF CHANGES IN PARTICIPANTS' FUND For the three-months period ended 31 March 2018 (Reviewed) INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION (As at 31 March 2018) Shareholders Reviewed 31 March 2018 Audited 31 December 2017 Investments fair value reserve Total Family takaful General takaful Reviewed 31 March 2018 Audited 31 December 2017 Reviewed 31 March 2018 Audited 31 December 2017 Reviewed 31 March 2018 Audited 31 December 2017 125,000 5,721,691 6,077,612 125,000 5,534,986 5,604,387 ASSETS Cash and investments: Statutory deposit Cash and balances with banks Investments 125,000 1,353,456 3,272,687 125,000 1,255,696 3,214,134 2,907,441 963,448 3,083,394 1,070,434 1,154,101 1,841,477 1,195,896 1,626,512 Takaful and retakaful receivables Retakaful providers' share of takaful liabilities Deferred acquisition costs Property and equipment Other receivables, accruals and prepayments 4,751,143 534,457 2,030,005 959,206 4,288,137 4,177,582 - 10,048,980 - 8,935,275 464,402 2,083,013 1,079,527 266,220 4,153,828 9,604,360 8,628,576 171,393 2,995,578 183,091 792,415 35,885 2,822,408 284,707 1,206,893 27,352 11,924,303 11,264,373 10,232,071 9,889,067 9,727,690 9,835,469 534,457 464,402 2,030,005 2,083,013 1,261,311 1,278,272 TOTAL ASSETS 8,274,811 7,915,079 23,428,057 22,558,157 4,006,969 4,341,360 35,709,837 34,814,596 - - 19,285,847 17,934,166 - 366,400 332,568 2,758,631 - 3,112,211 - 22,044,478 21,046,377 366,400 332,568 Payables and accrued liabilities : Takaful and retakaful companies Participants' Others 1,732,227 - 3,016,632 2,249,278 - 1,064,257 2,079,028 1,437,389 1,127,121 1,557,150 421,957 11,237 212,618 445,248 10,735 143,521 Total liabilities 1,732,227 1,437,389 24,860,257 24,152,190 3,404,443 3,711,715 Shareholders' equity Share capital Statutory reserve General reserve Accumulated losses Investments fair value reserve 6,250,000 522,041 200,000 (426,754) (85,271) 6,250,000 522,041 200,000 (658,387) 63,219 29,782 21,338 (32,181) (22,286) 6,250,000 522,041 200,000 (426,754) (87,670) 6,250,000 522,041 200,000 (658,387) 62,271 Equity attributable to shareholders of the parent Non-controlling interests 6,460,016 82,568 6,376,873 100,817 29,782 - 21,338 - (32,181) - (22,286) - 6,457,617 82,568 6,375,925 100,817 Total shareholders' equity 6,542,584 6,477,690 29,782 21,338 (32,181) (22,286) 6,540,185 6,476,742 - (1,461,982) (1,615,371) 634,707 651,931 (827,275) (963,440 Liabilities Takaful liabilities Unearned commissions (Deficit) / surplus in participants' fund - TOTAL LIABILITES, SHAREHOLDER'S EQUITY AND PARTICIPANT'S FUND 8,274,811 7,915,079 23,428,057 22,558,157 4,006,969 4,341,360 3,438,589 1,075,494 3,071,966 Shareholders General takaful 31 March 2017 31 March 2018 Family takaful 31 March 2017 31 March 2018 31 March 2018 31 March 2017 Gross contributions Retakaful provider's share of gross contributions - - 6,035,684 (1,985,014) 5,581,999 (2,178,713) 428,284 (236,407) 457,402 (173,840) 6,463,968 (2,221,421) 6,039,401 (2,352,553) Retained contributions Unearned contributions adjustment - gross Unearned contributions adjustment - retakaful - - 4,050,670 (1,187,473) 350,916 3,403,286 (693,387) 616,229 191,877 24,871 1,273 283,562 (13,648) 2,103 4,242,547 (1,162,602) 352,189 3,686,848 (707,035) 618,332 Net earned contributions - - 3,214,113 3,326,128 218,021 272,017 3,432,134 3,598,145 Gross claims paid Retakaful provider's and others share of claims paid Outstanding claims adjustment - gross Outstanding claims adjustment - retakaful and others - - (3,061,561) 811,140 (164,208) (44,217) (3,592,297) 1,579,116 (474,633) 170,135 (119,683) 28,773 413,709 (415,751) (120,352) 68,558 (50,492) 43,143 (3,181,244) 839,913 249,501 (459,968) (3,712,649) 1,647,674 (525,125) 213,278 Net incurred claims Fee and Commission Income - - (2,458,846) 446,382 (2,317,679) 257,918 (92,952) - (59,143) 6,502 (2,551,798) 446,382 (2,376,822) 264,420 Other takaful expenses Transfer to family takaful technical reserve Provision for impaired takaful receivables Surplus from takaful operations before wakala fees Wakala fees expense Surplus / (deficit) from takaful operations after wakala fees - - (61,035) (73,492) (123,296) - (607) (85,000) 4,623 (4,095) (85,000) - (61,642) (85,000) (68,869) (127,391) (85,000) - - - 1,067,122 (939,377) 1,143,071 (1,071,185) 44,085 (85,664) 130,281 (137,221) 1,111,207 (1,025,041) 1,273,352 (1,208,406) Wakala fees income Investment income - net Mudarib share Other income General administration expenses Corporate expenses Amortisation of acquisition costs - - 127,745 71,886 (41,579) (6,940) 86,166 64,946 1,025,041 34,944 16,666 44,183 1,208,406 (82,022) 16,029 109,941 34,191 (8,548) - (2,948) (10,608) - 32,473 (8,118) - 21,684 (5,421) - 1,025,041 101,608 44,183 1,208,406 (63,286) 109,941 1,120,834 1,252,354 25,643 (13,556) 24,355 16,263 1,170,832 1,255,061 (622,153) (32,585) (252,712) (742,226) (47,905) (373,841) - - - - (622,153) (32,585) (252,712) (742,226) (47,905) (373,841) (907,450) (1,163,972) - - - - (907,450) (1,163,972 Net profit and surplus / (deficit) for the period 213,384 88,382 153,388 58,330 (17,224) 9,323 349,548 156,035 Attributable to: Shareholders of the parent Non-controlling interests 231,633 (18,249) 80,811 7,571 213,384 88,382 3.71 Fils 1.29 Fils Earnings per share Balance as at 31 March 2018 Balance at 1 January 2017 Realised fair value gains on investment securities Unrealised fair value loss on investment securities Surplus for the period Balance as at 31 March 2017 General takaful Family takaful Total 651,931 (17,224) 21,340 (4,461) 12,904 - (22,286) (1,554) (8,342) - (964,385) (6,015) 4,562 136,164 (1,461,982) 634,707 29,782 (32,181) (829,674) (1,346,619) 58,330 1,209,357 9,323 12,833 10,916 (2,135) - (33,041) 8,506 - (157,470) 19,422 (2,135) 67,653 (1,288,289) 1,218,680 21,614 (24,535) (72,530) INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the three months ended 31 March 2018 (Reviewed) 2,694,526 2,089,763 3,138,060 35,709,837 34,814,596 Total 31 March 2017 (1,615,370) 153,388 Three month's ended 31 March 2017 Three month's ended 31 March 2018 29,996,927 29,301,294 INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the three-months period ended 31 March 2018 (Reviewed) 31 March 2018 General takaful Family takaful Balance at 1 January 2018 Realised fair value loss on investment securities Unrealised fair value gains / (loss) on investment securities Surplus / (Deficit) for the period Total Shareholders General Takaful Family Takaful Total 153,388 (17,224) 349,548 88,382 58,330 9,323 156,035 (145,720) 12,904 (8,342) (141,158) 111,938 (2,771) (4,461) (1,554) (148,491) Shareholders General Takaful 213,384 Net profit and surplus / (deficit) for the period Other comprehensive income / (loss) to be reclassified to statement of profit or loss in subsequent periods: Available-for-sale investments: Fair value changes arising during the period Recycled to interim statement of profit or loss on disposal/impairment Other comprehensive income / (loss) for the year to be reclassified to statementof profit or loss in subsequent periods TOTAL COMPREHENSIVE INCOME / (LOSS) FOR THE PERIOD Attributable to: Shareholders of the parent Non-controlling interests Family Takaful 92,516 10,916 8,506 (8,786) (442) (2,135) - (2,577) 8,443 (9,896) (149,944) 92,074 8,781 8,506 109,361 64,893 161,831 (27,120) 199,604 180,456 67,111 17,829 265,396 83,142 (18,249) 161,831 - (27,120) 217,853 - (18,249) 172,885 7,571 67,111 - 17,829 - 257,825 7,571 64,893 161,831 (27,120) 199,604 180,456 67,111 17,829 265,396 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the three-months period ended 31 March 2018 (Reviewed) 31 March 2018 31 March 2017 Net cash from / (used in) operating activities Net cash from / (used in) investing activities Net cash from / (used in) financing activity INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS Cash and cash equivalents at the beginning of the period CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 662,041 415,068 1,077,109 3,316,919 4,394,028 (1282468) (1,752,159) (3034624) 6,792,578 3,757,952 COMPRISING: CASH AND BALANCES WITH BANKS Cash and balance in current accounts Bank deposits with maturity of three months or less 2,351,105 2,042,923 3,055,448 702,504 CASH AND CASH EQUIVALENTS Bank deposits with maturity of more than three months Cash and balances with banks as per interim statement of consolidated financial position 4,394,028 1,327,663 5,721,691 3,757,952 2,039,352 5,797,304 INTERIM CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY For the three-months period ended 31 March 2018 (Reviewed) Share capital Statutory reserve General reserve Accumulated losses Investments Equity attributable to shareholders fair value of the Parent reserve NonControlling interests Total equity Balance at 1 January 2018 Profit for the period Other comprehensive loss Total comprehensive income for the period 6,250,000 - 522,042 - 200,000 - (658,387) 231,633 231,633 63,219 (148,491) (148,491) 6,376,874 231,633 (148,491) 83,142 100,817 (18,249) (18,249) 6,477,692 213,384 (148,491) 64,893 Balance as at 31 March 2018 6,250,000 522,042 200,000 (426,754) (85,272) 6,460,016 82,568 6,542,584 Balance at 1 January 2017 Profit for the period Other comprehensive income Total comprehensive income for the period 6,250,000 - 519,728 - 200,000 - (679,213) 80,811 80,811 (23,543) 92,074 92,074 6,266,971 80,811 92,074 172,885 70,586 7,571 7,571 6,337,557 88,382 92,074 180,456 Balance as at 31 March 2017 6,250,000 519,728 200,000 (598,402) 68,531 6,439,856 78,157 6,518,013 These Financial Statements have been reviewed by Ernst & Young and approved by the Board of Directors at their meeting held on 8th May 2018. Jamal Ali Al Hazeem Chairman www.takaful.bh Abdulrahman Abdulla Mohamad Vice Chairman Essam Mohamed Al Ansari Acting Chief Executive Officer Licensed as a General and family Takaful Company by the CBB