ECIC IR 2023

ANNUAL Financial Statements for the year ended 31 March 2023

E

D

H

S

I

L I

N

B

2

0

A

0

T

S

1

E

Statement of Profit or Loss and Other Comprehensive Income

E X P O R T C R E

L T D

O C

A S

C

R I

D I

F

T

A

I

N

H

S

T

U

U

R

O

A

S

N

F

C

O

E

N

C

O

O

I

R

T

P

A

O

R

2023 R’000

2022 R’000

Note(s)

Insurance premium revenue

20

150 357 274 595 277 237

196 290 398 970 401 748

Net change in unearned premiums Gross change in unearned premiums Change in reinsurance unearned premiums

14.1

10

(2 642)

(2 778)

Change in unexpired risks

14.2

(185 833) 239 119

(82 606) 512 654

Net insurance premium revenue

Assessment fees

-

435 429

Reinsurance commissions received

407

Net investment income

21

277 589 150 000

297 453 208 078

IMU grant receipts

Other income Net income

109

60

667 224

1 019 109

Claims incurred

(1 445 623)

(670 106)

Insurance benefits and claims

(784 714) (877 800)

83 644

Claims paid

-

Salvages income

93 086

83 644

Net change in claims reserve

(660 909) (809 615) 148 706

(753 750) (753 750)

Gross change in claims reserves Change in reinsurance claims reserves

14.3 10.2

-

Commission paid to intermediaries

(230)

(195)

Operating expenses

23 24 25 18 26

(174 148)

(161 035)

Interest paid

(792)

(67)

(Loss)/Profit on exchange differences

(611 631) (10 781)

65 431 39 489 (13 901) 278 725 55 617 334 342

Fair value movements on interest make up liability

SED & ESD contributions (Loss)/profit before taxation

(6 662)

(1 582 643)

Taxation

27

46 635

(Loss)/profit for the year

(1 536 008)

Other comprehensive income: Items that may be reclassified to profit or loss: Currency translation differences Fair value adjustments of financial assets Deferred tax on fair value of financial assets Total items that may be reclassified to profit or loss

22

1 540 078

(194 768)

(55 819) 12 057

3 458

(1 056)

1 496 316 1 496 316

(192 366) (192 366) 141 976

Other comprehensive income/(loss) for the year net of taxation

Total comprehensive (loss)/income for the year

(39 692)

YOUR EXPORT RISK PARTNER

17