Sonarwa General Profit & Loss Account

Statement Comprehensive Income

SONARWA General Insurance Company Limited
Financial Statements
For the year ended 31 December 2014

Statement of Comprehensive Income

Year ended 31 December :
Notes 2014 2013
Frw’000 Frw’000

Gross earned premiums 4 7,115,681 7,584,943
Premiums ceded to reinsurers 5 (1,868,190) (1,669,116)

Net earned premiums 5,247,491 5,915,827

Commissions earned 383,364 332,185
Investment income 6 671,241 1,326,307
Other income 7 204,332 163,769

Total income 6,506,428 7,738,088

Gross claims and policyholders’ benefits payable 26(b) (4,183,745) (4,221,929)
Less : amount recoverable from reinsurers 26(b) 1,579,117 1,431,096

Net claims payable 8 (2,604,628) (2,790,833)

Commissions payable ( 851,524) (879,013)
Operating and other expenses 9 (3,459,838) (4,026,830)

(Loss) / Profit before income tax (409,562) 41,412

Income tax expense 11(a) (99,111) (339,931)

(Loss) for the year (508,673) (298,519)

Other comprehensive income (net of tax)

Items that are or may be reclassified to profit or loss
Fair value gains on revaluation of land and buildings 12 139,398 243,363
Deferred tax liability on revaluation of land and buildings 27 (41,819) (73,009)
Fair value gains on available for sale equity investments 15 768,197 6 ,033
Deferred tax liability on available for sale equity investments 27 (232,269) -
Total comprehensive income / (loss) for the year 124,834 (122,132)

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