INCOME STATEMENT

Postion or Loss and Comprehensive
for year ended Dec 31 2013
2013 2012 % Change
N '000 N '000
Gross Premium Written 3,777,118   2,857,523 32.18%
Gross Premium Income 3,490,151 2,624,123 33.00%
Reinsurance Expense -937,590   -553,941 69.26%
Net Premium Income 2,552,561 2,070,182 23.30%
Fees and Commission Income 76,506 70,310 8.81%
Net underwriting Income 2,629,067   2,140,493 22.83%
Claims Expense incurred(net) -712,310 -425,231 67.51%
Underwriting Expense -534,639 -417,469 28.07%
Underwriting  Profit 1,382,118   1,297,792 6.50%
Net Interest Income 46,109 42,444 8.63%
Net trading income 44,615 37,067 20.36%
Investment Income 149,717 97,846 53.01%
Other Operating Income 31,377 36,769 -14.66%
Management Expenses -1,070,304 -805,391 32.89%
Net realised gain on financial assets -6 1,685 -100.36%
Unrealised fair gain value on equities 229,171 271,223 -15.50%
Impairment on trade receivable 0   -241,034 -100.00%
Result of Operating Activities 812,797 738,400 10.08%
Borrowing Cost -2,176   -3,157 -31.07%
Profit Before Tax 810,621 735,243 10.25%
income Tax Expense  -336,929 -295,263 14.11%
Profit After Taxation  473,691   439,980 7.66%
Unrealised fair Value gain/(loss) on equities -116 302 -138.41%
Total Other Comprehensive income /(Loss) -116   302 -138.41%
Total comprehensive income for the year 473,576   440,282 7.56%
Attributable:
To owner's of parent 454,791 425,457 6.89%
To Non Controlling Interest 18,785 14,825 26.71%
473,576   440,282 7.56%
Earning Per Share
Basic and Diluted (in Kobo) 7.10 6.60 7.58%
Source - NSE Website / Regency Alliance
 
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