INCOME STATEMENT

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