Britam Insurance Company (formerly Real Insurance Company)

Ticker code BRITAM Industry Insurance (Property & Casualty) Delamere House
Victoria Avenue
P.O. Box 442
Blantyre, Malawi
ISIN MW000A1C5MJ3 Sector Financial
Initial Listing 29 September 2008 Financial Year End 31 December
Website www.realinsurance.co.mw Results Released Half-yearly
2010 2011 2012 2013 2014
  MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
           
Statement of comprehensive income
Net insurance premium revenue 664,606 748,728 822,970 1,326,627 1,861,350
Investment income 10,131 10,938 26,091 163,172 196,290
Fair value gain on financial assets -433 4,261 529 1,937 19,898
Other income - - - 40,203 15,075
Total revenue 674,304 763,927 849,590 1,531,939 2,092,613
Insurance claims -287,579 -410,924 -581,761 -753,964 -1,154,642
Profit on disposal of property and equipment -237 934 258 788 -
Administrative and marketing expenses -322,711 -420,706 -393,940 -474,405 -683,438
Expenses for the acquisition of insurance contracts -20,592 -34,643 -31,364 -62,648 -114,087
Total expenditure -631,119 -865,339 -1,006,807 -1,290,229 -1,952,165
Profit/(loss) before income tax 43,185 -101,412 -157,217 241,710 140,448
Income tax credit/(expense) -17,217 5,852 -31,398 365 -29,640
Profit/(loss) for the year 25,968 -95,560 -188,615 242,075 110,808
Total comprehensive income for the year 35,658 -95,560 -188,615 252,512 110,808
Statement of financial position
Assets
Non-current assets 85,964 89,853 115,928 123,502 119,555
Current assets 796,973 1,020,699 1,264,090 1,599,178 1,905,267
Total assets 882,937 1,110,552 1,380,018 1,722,680 2,024,822
Equity and liabilities
Total equity 179,441 83,881 249,688 502,200 613,008
Non-current liabilities 13,181 13,181 24,865 28,463 16,983
Current liabiities 690,315 1,007,957 1,105,465 1,192,017 1,394,831
Total equity and liabilities 882,937 1,105,019 1,380,018 1,722,680 2,024,822
Statement of cash flows
Net cash inflow from operating activities 28,340 -44,986 2,947 225,688 270,507
Net cash inflow from investing activities -4,016 1,475 68,240 148,125 167,530
Net cashflows from financing activities - - 336,114 - -
Net increase in cash and cash equivalents for the year 24,324 -43,511 407,301 373,813 438,037
Cash and cash equivalents at the beginning of the year 72,556 96,880 53,369 460,670 834,483
Cash and cash equivalents at the end of the year 96,880 53,369 460,670 834,483 1,272,520

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
View original statement: Download Download Unavailable Download Download
Insurance premium revenue 1,020,049 1,163,374 1,303,064 2,070,837 2,771,549
Insurance premium ceded to reinsurers -306,795 -287,796 -410,658 -539,202 -785,883
Change in unearned premium provision -48,648 -126,850 -69,436 -205,008 -124,316
Net insurance premium revenue  664,606 748,728 822,970 1,326,627 1,861,350
Investment income 10,131 10,938 26,091 163,172 196,290
Fair value gain on financial assets -433 4,261 529 1,937 19,898
Other income - - - 40,203 15,075
Total revenue  674,304 763,927 849,590 1,531,939 2,092,613
Insurance claims -287,579 -410,924 -581,761 -753,964 -1,154,642
Profit on disposal of property and equipment -237 934 258 788 -
Administrative and marketing expenses -322,711 -420,706 -393,940 -474,405 -683,438
Expenses for the acquisition of insurance contracts -20,592 -34,643 -31,364 -62,648 -114,087
Total expenditure  -631,119 -865,339 -1,006,807 -1,290,229 -1,952,165
           
Profit/(loss) before income tax  43,185 -101,412 -157,217 241,710 140,448
Income tax credit/(expense) -17,217 5,852 -31,398 365 -29,640
Profit/(loss) for the year  25,968 -95,560 -188,615 242,075 110,808
           
Other comprehensive income
Items that will never be reclassified to profit or loss 
Revaluation surplus 13,843 - - 14,910 -
Deferred tax on revaluation surplus -4,153 - - -4,473 -
Depreciation transfer on land and buildings
Total other comprehensive income 9,690 - - 10,437 -
Total comprehensive income for the year  35,658 -95,560 -188,615 252,512 110,808

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Period length: 6 months 6 months 6 months 6 months 6 months
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Unaudited Audited Unaudited Audited Unaudited
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Insurance premium revenue 1,029,139 1,041,698 1,540,293 1,231,256 2,123,586
Insurance premium ceded to reinsurers -247,576 -291,626 -463,349 -322,534 -346,721
Net change in earned premium provision -179,885 -25,123 -163,670 39,354 -445,962
Net insurance premium revenue 601,678 724,949 913,274 948,076 1,330,903
Investment income 74,415 88,757 94,202 102,088 131,346
Fair value profit/loss on financial assets (shares) 4,588 -2,651 4,771 15,127 4,080
Other income - 40,203 5,176 9,899 5,818
Net income 680,681 851,258 1,017,423 1,075,190 1,472,147
Insurance claims -416,121 -337,843 -620,094 -534,548 -1,252,200
Profit/loss on disposal of plant and equipment 788 - - - -
Administrative and marketing expenses -215,971 -258,434 -322,458 -360,980 -465,273
Expenses for the acquisition of insurance contracts -30,721 -31,927 -35,398 -78,689 -76,186
Total expenditure -662,025 -628,204 -977,950 -974,217 -1,793,659
           
Profit before tax 18,656 223,054 39,473 100,973 -321,512
Income tax expense -5,597 5,962 -11,843 -17,797 -
Profit for the year 13,059 229,016 27,630 83,176 -321,512

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
View original statement: Download Download Unavailable Download Download
Assets          
Non-current assets
Property and equipment 79,574 84,467 113,711 122,120 119,008
Intangible assets 6,390 5,386 2,217 1,382 547
Total non-current assets 85,964 89,853 115,928 123,502 119,555
           
Current assets 
Deferred acquisition costs 33,260 52,288 62,735 100,131 112,133
Inventory 2,127 4,053 2,158 -
Government securities held to maturity 72,947 65,060 - - -
Income tax recoverable 6,841 27,560 13,079 52,093 53,550
Equity investments at fair value through profit or loss 22,316 26,406 26,935 24,839 44,737
Insurance receivables 410,781 457,772 202,183 155,718 143,995
Reinsurance contracts receivables 122,145 304,458 467,450 401,420 231,639
Other receivables and loans receivable 9,869 9,563 26,985 28,336 22,698
Amount due from related parties 21,913 22,096 - - 23,994
Deposits with financial institutions 61,941 21,081 436,267 771,484 1,016,953
Cash and cash equivalents 34,960 32,288 24,403 62,999 255,567
Total current assets  796,973 1,020,699 1,264,090 1,599,178 1,905,267
Total assets 882,937 1,110,552 1,380,018 1,722,680 2,024,822
           
Equity          
Capital and reserves 
Share capital 100,000 100,000 100,000 100,000 100,000
Share premium 14,875 14,875 14,875 14,875 14,875
Preference share capital - - 336,114 336,114 336,114
Revaluation reserve 18,838 18,308 36,171 46,608 46,404
Retained earnings 45,728 -49,302 -237,472 4,603 115,615
Total equity  179,441 83,881 249,688 502,200 613,008
           
Liabilities          
Non-current liabilities 
Deferred tax liabilities 13,181 13,181 24,865 28,463 16,983
Total non-current liabilities 13,181 13,181 24,865 28,463 16,983
           
Current liabilities 
Insurance contracts payables 371,757 521,080 582,471 806,944 1,055,168
Reinsurance contracts payables 192,690 295,216 328,805 284,682 240,830
Amounts due to related parties 14,601 32,532 8,383 8,668 0
Trade and other payables 103,136 156,806 185,806 91,723 98,833
Employee benefit obligations 7,137 - - - -
Borrowings 21 - - - -
Current income tax liabilities 973 2,323 - - -
Total current liabilities 690,315 1,007,957 1,105,465 1,192,017 1,394,831
Total liabilities 703,496 1,021,138 1,130,330 1,220,480 1,411,814
Total equity and liabilities 882,937 1,105,019 1,380,018 1,722,680 2,024,822

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Unaudited Audited Unaudited Audited Unaudited
View original statement: Download Download Download Download Download
Assets          
Non-current assets
Property and equipment 105,784 122,120 130,360 119,008 123,501
Intangible assets 1,799 1,382 964 547 129
Total non-current assets 107,583 123,502 131,324 119,555 123,630
           
Current assets 
Deferred acquisition costs 89,717 100,131 118,036 112,133 179,027
Inventory 7,920 2,158 1,878 - -
Income tax recoverable 13,080 52,093 52,093 53,550 80,211
Equity investments at fair value through profit or loss 20,051 24,839 29,609 44,737 48,817
Insurance receivables 400,359 155,718 452,074 143,995 752,568
Reinsurance contracts receivables 210,182 401,420 202,332 231,639 157,256
Other receivables 45,828 28,336 43,813 22,698 33,915
Amount due from related parties - - - 23,994 14,505
Deposits with financial institutions 482,011 771,484 1,017,317 1,016,953 1,366,333
Cash and cash equivalents 46,230 62,999 44,607 255,567 116,195
Total current assets  1,315,378 1,599,178 1,961,759 1,905,267 2,748,827
Total assets 1,422,961 1,722,680 2,093,083 2,024,822 2,872,457
           
Equity          
Capital and reserves 
Share capital 100,000 100,000 100,000 100,000 100,000
Share premium 14,875 14,875 14,875 14,875 14,875
Preference share capital 336,114 336,114 336,114 336,114 336,114
Revaluation reserve 36,171 46,608 46,608 46,404 46,404
Retained earnings -237,472 4,603 4,603 115,615 -205,897
Profit for the year 13,059 - 27,630 - -
Total equity  262,747 502,200 529,830 613,008 291,496
           
Liabilities          
Non-current liabilities 
Deferred tax liabilities 24,865 28,463 28,463 16,983 16,983
Total non-current liabilities 24,865 28,463 28,463 16,983 16,983
           
Current liabilities 
Insurance contracts payables 806,251 806,944 1,069,038 1,055,168 2,193,843
Reinsurance contracts payables 137,950 284,682 227,917 240,830 162,666
Amounts due to related parties 8,365 8,668 8,668 - -
Trade and other payables 177,186 91,723 217,325 98,833 207,469
Current income tax liabilities 5,597 - 11,842 - -
Total current liabiities 1,135,349 1,192,017 1,534,790 1,394,831 2,563,978
Total liabilities 1,160,214 1,220,480 1,563,253 1,411,814 2,580,961
Total equity and liabilities 1,422,961 1,722,680 2,093,083 2,024,822 2,872,457

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
View original statement: Download Download Unavailable Download Download
Net cash inflow from operating activities  28,340 -44,986 2,947 225,688 270,507
           
Cashflows from Investing Activities 
Investment income received 10,131 10,457 26,091 154,667 196,290
Proceeds from sale of shares -5,076 10,000 65,060 4,033 -
Purchase of property and equipment -14,112 -19,957 -23,749 -12,280 -28,760
Proceeds from sale of property and equipment 5,041 975 838 1,705 -
Net cash inflow from investing activities -4,016 1,475 68,240 148,125 167,530
           
Cashflows from financing activities
Proceeds from issue of preference shares - - 336,114 - -
Net increase in cash and cash equivalents for the year 24,324 -43,511 407,301 373,813 438,037
Cash and cash equivalents at the beginning of the year 72,556 96,880 53,369 460,670 834,483
Cash and cash equivalents at the end of the year  96,880 53,369 460,670 834,483 1,272,520

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Period length: 6 months 6 months 6 months 6 months 6 months
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Unaudited Audited Unaudited Audited Unaudited
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Net cash inflow from operating activities  -12,250 237,938 151,182 119,325 99,305
           
Cashflows from Investing Activities 
Investment income received 79,791 74,876 95,091 101,199 131,346
Proceeds from sale of shares - 4,033 - - -
Purchase of property and equipment -1,675 -10,605 -18,832 -9,928 -20,644
Proceeds from sale of property and equipment 1,705 - - - -
Net cash inflow from investing activities 79,821 68,304 76,259 91,271 110,702
           
Cashflows from financing activities
Proceeds from issue of preference shares - - - - -
           
Net increase in cash and cash equivalents for the year 67,571 306,242 227,441 210,596 210,007
Cash and cash equivalents at the beginning of the year 460,670 528,241 834,483 1,061,924 1,272,520
Cash and cash equivalents at the end of the year  528,241 834,483 1,061,924 1,272,520 1,482,528