Financial Condition Report
An insight into our Financial health as reported to Insurance Regulatory Authority of Uganda at 31/12/2022
|Financial Performance Statement (Amounts in Ushs '000')||Dec-22||Dec-21|
|Gross written premium||32,285,330||28,225,283|
|Net earned premium||9,030,725||7,759,299|
|Net claims incurred||(2,646,942)||(4,292,668)|
|Net commissions incurred||2,392,053||3,467,029|
|Other income & expenses||(14,326)||9,847|
|Profit before tax||4,583,565||3,028,236|
Consideration of the underwriting performance for the 2022 financial year against the prior year showed a 79% growth in underwriting profit against prior year. The financial performance for the 2022 financial year shows that profit before tax grew by Ushs 1.555 billion over prior year representing a 51% growth.
|Asset/Liability Class (Amounts in Ushs'000')||Dec-22||Dec-21|
|Cash and Cash Equivalents||3,934,044||3,658,471|
|Reinsurance Share of Liabilities||22,205,556||27,212,114|
|Other balance sheet assets||4,179,058||4,279,957|
Fixed interest securities formed 24% of the total assets as at 31 December 2022. These increased by Ushs 4.612 billion in 2022 from Ushs 12.259 billion in 2021 representing a 6% increment.
Investment Property accounted for 17% of the total assets as at 31 December 2022 while the Reinsurance share of liabilities formed 32% of the total assets. These reinsurances share of liabilities reduced by Ushs 5.001 billion in 2022 representing a 18% drop.
The premium debtors increased by Ushs 908 million from Ushs 7.609 billion in 2021 to Ushs 8.518 billion as at 31 December 2022.
Overall, the company’s net assets increased by Ushs 3.123 billion as a result of the increase in retained earnings due to the improved profitability in 2022