|
30 September |
31 December |
31 December |
31 December |
|
2009 |
2008 |
2007 |
2006 |
|
INCOME STATEMENT
|
|
|
|
|
|
|
|
|
|
|
Underwriting Income:
|
|
|
|
|
|
Net Premiums earned
|
1,444,685 |
2,030,753 |
2,247,271 |
796,270 |
|
Investment Income
|
50,382 |
83,075 |
2,795,722 |
2,723,638 |
|
1,495,067 |
2,113,828 |
5,042,993 |
3,519,908 |
|
|
|
|
|
|
Underwriting Expenses:
|
|
|
|
|
|
Net Claims Incurred
|
854,443 |
1,319,241 |
4,002,670 |
2,863,157 |
|
Other
|
380,565 |
838,538 |
608,243 |
225,476 |
|
1,235,008 |
2,157,779 |
4,610,913 |
3,088,633 |
|
|
|
|
|
|
Underwriting Profit
|
260,059 |
(43,951) |
432,080 |
431,275 |
|
Other Income
|
4,807,611 |
1,212,707 |
3,087,604 |
2,139,025 |
|
5,067,670 |
1,168,756 |
3,519,684 |
2,570,300 |
|
|
|
|
|
|
Foreign Exchange Profit (Loss)
|
376,218 |
(295,311) |
264,814 |
541,670 |
|
General and Administrative Expenses
|
(2,779,320) |
(2,622,979) |
(2,614,167) |
(2,069,413) |
|
Earnings for the Year before Taxation
|
2,664,568 |
(1,749,534) |
1,170,331 |
1,042,557 |
|
|
|
|
|
|
Taxation
|
(173,047) |
(17,612) |
(89,733) |
(61,287) |
|
|
|
|
|
|
Net Earnings from Continuing Operations
|
2,491,521 |
(1,767,146) |
1,080,598 |
981,270 |
|
Discontinued Operation
|
37,500 |
19,518 |
(67,657) |
56,132 |
|
Non-controlling Interests
|
- |
- |
35,000 |
- |
|
Net Earnings for the Year
|
2,529,021 |
(1,747,628) |
1,047,941 |
1,037,402 |
|
|
|
|
|
|
Retained Earnings - Beginning of Year
|
1,358,847 |
4,106,475 |
3,058,534 |
2,621,132 |
|
Dividends
|
- |
(1,000,000) |
- |
(600,000) |
|
Retained Earnings - End of Year
|
3,887,868 |
1,358,847 |
4,106,475 |
3,058,534 |
|
|
|
|
|
|
BALANCE SHEET
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Cash and Deposits
|
19,431,219 |
10,043,781 |
8,156,378 |
15,872,913 |
|
Marketable Securities
|
18,630,330 |
13,980,854 |
17,350,791 |
7,718,568 |
|
Deposit Assets
|
48,826,205 |
50,996,557 |
63,998,910 |
60,036,833 |
|
Accounts Receivable
|
2,181,543 |
1,263,681 |
2,131,155 |
1,811,346 |
|
Deferred Underwriting Expenses
|
65,299 |
- |
- |
- |
|
Capital Assets
|
171,395 |
39,854 |
34,477 |
111,526 |
|
(Less) Accumulated Depreciation
|
(97,996) |
- |
- |
- |
|
Total Assets
|
89,207,995 |
76,324,727 |
91,671,711 |
85,551,186 |
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Accounts Payable
|
6,841,040 |
1,314,353 |
2,091,714 |
1,774,775 |
|
Work in Progess
|
5,858,921 |
- |
- |
- |
|
Losses Payable
|
2,769,072 |
1,925,501 |
1,042,006 |
180,001 |
|
Deposit liabilities
|
48,826,205 |
50,996,557 |
63,998,910 |
60,038,833 |
|
Amounts due to Affiliates
|
- |
- |
- |
- |
|
Provision for unearned
|
666,575 |
345,121 |
- |
- |
|
Net Liabilities of DO
|
358,314 |
384,348 |
432,606 |
499,043 |
|
Total Liabilities
|
65,320,127 |
54,965,880 |
67,565,236 |
62,492,652 |
|
|
|
|
|
|
Net Assets
|
23,887,868 |
21,358,847 |
24,106,475 |
23,058,534 |
|
|
|
|
|
|
Shareholders Equity
|
|
|
|
|
|
Capital Stock
|
20,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
|
Retained Earnings
|
3,887,868 |
1,358,847 |
4,106,475 |
3,058,534 |
|
Total Equity Interest Attributable to Shareholders
|
23,887,868 |
21,358,847 |
24,106,475 |
23,058,534 |
|
|
