Below are some of the key financial highlights of our business.

Gross Premium Income

UGX 32.3 billion

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Profit Before Tax

UGX 4.6 billion

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Capital Adequacy Ratio

278% (Minimum Required by IRA 200%)

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Claims Paid

UGX 12.9 billion

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Reinsurance Ratio

72.3%

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International Solvency Ratio

389.1%

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Financial Condition Report

Financial Performance

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
Actual Actual
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
Underwriting expenses (5,484,130) (5,091,243)
Investment income 1,833,140 1,459,723
Other income & expenses (14,326) 9,847
Other expenses (526,955) (283,751)
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.

Balance Sheet

Asset/Liability Class (Amounts in Ushs'000') Dec-22 Dec-21
Actual Actual
Investment Property 11,730,000 11,730,000
Fixed interest 16,871,328 12,259,282
Equities 1,745,675 1,719,480
Cash and Cash Equivalents 3,934,044 3,658,471
Invested Assets 34,281,047 29,367,233
Premium debtors 8,518,231 7,609,861
Reinsurance Share of Liabilities 22,205,556 27,212,114
Other balance sheet assets 4,179,058 4,279,957
Total Assets 69,183,892 68,469,165
Insurance Liabilities 31,872,651 34,519,790
Other Liabilities 3,249,875 3,011,863
Total Liabilities 35,122,526 37,531,653
Net Assets 34,061,366 30,937,512

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