ECIC IR 2023
ANNUAL Financial Statements for the year ended 31 March 2023
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Notes to the Financial Statements
2023 R’000
2022 R’000
Statement of comprehensive income
Note(s)
Insurance premium revenue
20
150 357 278 112 280 810
196 290 397 965 400 760 (2 795) (82 706) 511 549
Net change in unearned premiums
Gross change in unearned premiums Change in reinsurance unearned premiums
14.1
10
(2 698)
Change in unexpired risks
14.2
(184 569) 243 900
Net insurance premium revenue
Claims incurred
(1 424 913)
(689 776)
Insurance benefits and claims
(784 714) (877 800)
83 644
Claims paid
-
Salvages income
93 086
83 644
Net change in claims reserve
(640 199) (785 110) 144 911
(773 420) (773 420)
Gross change in claims reserves
14.3 10.2
Change in reinsurance claims reserves
-
Assessment fees
-
435 431
Reinsurance commission received
415
Net investment income
21
277 589
297 453
Other income
109
60
IMU grant receipts
150 000 672 013
208 078
Net income
1 018 006
Expenses Commission paid to intermediaries
(232)
(195)
Operating expenses
23 24 25 18 26
(174 148)
(161 035)
Interest paid
(792)
(67)
Profit/(Loss) on exchange differences
902 479 (10 781)
(108 202) 39 489 (13 901)
Fair value movements on interest make up liability
SED & ESD contributions
(6 662)
(Loss)/profit before taxation
(43 036) 46 635
84 319 55 617 139 936
Taxation
27
(Loss)/profit for the year
3 599
Other comprehensive income: Items that may be reclassified to profit or loss: Fair value adjustments of financial assets Deferred tax on fair value of financial assets Total items that may be reclassified to profit or loss Other comprehensive income for the year net of taxation Total comprehensive (loss)/ income for the year
(55 819) 12 057 (43 762) (43 762) (40 163)
3 458
(1 056)
2 402 2 402
142 338
YOUR EXPORT RISK PARTNER
86
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