| SOVEREIGN
TRUST INSURANCE PLC |
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| Statement of Comprehensive
Income |
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| As at 31 DECEMBER 2013 |
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Dec.2013 |
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Dec.2012 |
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% Change |
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=N='000 |
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=N='000 |
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| Gross Premium written |
8,673,676 |
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7,742,785 |
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12.02% |
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| Gross Premium Income |
7,437,639 |
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7,502,203 |
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-0.86% |
| Reinsurance Expenses |
-3,128,490 |
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-2,881,748 |
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8.56% |
| Net Premiums earned |
4,309,149 |
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4,620,455 |
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-6.74% |
| Fees and Commission income |
609,504 |
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374,007 |
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62.97% |
| Net Underwriting Income |
4,918,653 |
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4,994,462 |
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-1.52% |
| Claims Expenses: |
-1,751,951 |
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-920,434 |
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90.34% |
| Underwriting Expenses |
-1,281,533 |
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-1,589,788 |
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-19.39% |
| Underwriting Profit |
1,885,168 |
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2,484,240 |
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-24.11% |
| Investment income |
251,823 |
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328,233 |
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-23.28% |
| Net Realised losses/gains investment
securities |
0 |
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-35,835 |
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-100.00% |
| Other income |
63,594 |
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78,042 |
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-18.51% |
| Bad debt recovered |
159,441 |
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225,108 |
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-29.17% |
| Foreigh excxhange difference |
-50,743 |
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186,941 |
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-127.14% |
| Impairments |
-290,471 |
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-84,266 |
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244.71% |
| Share of loss in Association Company |
-23,945 |
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0 |
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| Management expenses |
-1,597,294 |
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-1,575,558 |
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1.38% |
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397,574 |
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1,636,906 |
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-75.71% |
| Finance Cost |
-122,715 |
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-51,792 |
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136.94% |
| Profit Before Tax |
274,859 |
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1,585,113 |
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-82.66% |
| Income Taxes |
72,071 |
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-108,759 |
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-166.27% |
| Profit After
tax |
346,930 |
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1,476,355 |
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-76.50% |
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| Other Comprehensive Income |
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| Amount that can be
reclassified to Profit or Loss |
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| Actuarial gains /(losses) in defined
gratuity scheme |
-29,715 |
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-9,077 |
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227.37% |
| Unrealised net gains/(losses) arising
during the period |
27,478 |
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2,955 |
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829.88% |
| Amount that can be
reclassified to Profit or Loss |
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| *Net Reclassification Adjustment for
realised net lossess |
0 |
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-6,313 |
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-100.00% |
| Other Comprehensive Income for the year ,net
of tax |
-2,237 |
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-12,435 |
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-82.01% |
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| Total Comprehensive income
for the year |
344,693 |
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1,463,920 |
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-76.45% |
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| Basic Earnings per
Share (Kobo) |
4.00 |
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23.07 |
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-82.66% |
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| Source - NSE website / Sovereign Trust
Insurance Plc |
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