Pacis Insurance - Corporate Information

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Financial Statements

	2009	2008
	Shs '000	Shs '000
Gross Written Premiums	313,598	251,860
Gross Earned Premiums	287,877	215,843
Less : Reinsurance Premiums Ceded	43,575	(33,336)

Net Earned Premiums	244,302	182,507
Investment income	26,467	20,827
Fair value loss on equity investments at fair value through profit or loss	1,523	(6,948)
Commissions earned	8,668	6,228

Total Income	280,960	202,614

Claims Payable	124,650	101,297
Less: Amounts recoverable from Reinsurers	(626)	(2,830)

Net Claims Incurred	124,024	98,467
Operating and other expenses	94,143	78,507
Commissioons payable	36,292	21,921
	254,459	198,895

Profit before Tax	26,501	3,719
Taxation	(8,236)	958
Profit for the Year	18,265	4,677
Other Comprehensive Income	2,012	-

Total Comprehensive Income for the Year	20,277	4,677

Balance Sheet
For the Year Ended 31 December 2009

	2009	2008
	Shs '000	Shs '000
Assests
Motor vehicles, furniture and equipment	13,995	15,238
Intangilbe assets	2,408	2,618
Investment property	110,000	95,000
Equity investments - available for sale	6,211	-
Equity investments - at fair value through profit or loss	27,501	28,464
Deferred acquisition costs	11,896	10,604
Receivables arising out of direct insurance arrangements	64,499	53,260
Reinsurers' share of insurance liabilities	32,623	21,911
Other recievables	25,654	9,143
Taxation recoverable	-	1,877
Government securities held to maturity	85,360	48,692
Deposits with financial institutions	42,702	41,491
Cash and bank balances	6,238	13,468

Total Assets	429,087	341,766

Equity
Share Capital	133,111	123,070
Share premium	3,308	100
Revenue reserve	35,537	17,272
Fair value reserve	2,012	-

Share holders' funds	173,968	140,442

Liabilities
Insurance contract liabilities	86,516	72,810
Provisions for unearned premiums and unexpired risks	141,258	108,150
Payables arising out of reinsurance arrangements	6,213	4,270
Other payables	8,609	7,265
Finance lease obligation	2,781	5,446
Tax payable	2,801	-
Deferred tax liability	6,941	3,383

Total Equity and liabilities	429,087	341,766

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