सूर्याज्योति लाइफ इन्स्योरेन्सको त्रैमासिक वित्तीय विवरणSuryaJyoti Life Insurance Quarterly Financial Results

Quarterly Financial Results

CONDENSED STATEMENT OF FINANCIAL POSITION

Fig in NPR.

Particulars At the end of this Quarter At the end of	Immediate	Previous Year
Assets:
Goodwill & Intangible Assets	66,721,590	66,064,099
Property and Equipment	314,559,592	314,503,194
Deferred Tax Assets	348,432,099	208,594,780
Investments	52,795,610,570	41,662,401,555
Loans	5,345,933,627	4,859,602,479
Reinsurance Assets	61,779,765	64,097,828
Current Tax Assets	1,011,047,484	1,025,130,470
Insurance Receivables	21,096,937	223,025,162
Other Assets	120,490,544	118,724,379
Other Financial Assets	576,828,130	1,064,970,255
Cash and Cash Equivalent	294,407,495	819,623,974
Total Assets	60,956,907,833	50,426,738,175
Equity:
Share Capital	5,011,947,797	5,011,947,797
Catastrophe Reserves	458,044,889	420,022,951
Retained Earnings	609,241,868	923,655,057
Other Equity	69,351,517	318,478,115
Total Equity	6,148,586,071	6,674,103,920
Liabilities:
Provisions	109,881,036	112,237,014
Gross Insurance Contract Liabilities	51,558,934,345	41,605,099,535
Deferred Tax Liabilities	-	-
Insurance Payable	10,465,075	25,469,079
Borrowings	1,440,000,000	350,000,000
Other Liabilities	1,076,386,324	921,428,417
Other Financial Liabilities	612,654,982	738,400,210
Total Liabilities	54,808,321,761	43,752,634,255
Total Equity and Liabilities	60,956,907,833	50,426,738,175

CONDENSED STATEMENT OF PROFIT OR LOSS

Fig in NPR.

Particulars Current Year Corresponding Previous Year

for Fourth Quarter, F.Y. 2080/81

OTHER DETAILS

Particulars	Current Year Upto this Quarter (YTD)	Previous Year Upto this Quarter (YTD)
1. Total inforce Policy count	655,679	668,873
2. Total no. of policy issued during the year	264,290	468,936
3. First Year Premium (including Single premium)	3,998,062,188	3,342,620,798
4. Single Premium	1,492,731,879	1,019,425,068
5. Renewal Premium	9,166,692,843	8,012,521,559
6. Total Benefits and Claims Paid in Count	13,086	11,404

7. Outstanding Benefits and Claims in Count 38 63

8. Gross Claim outstanding (Amount) 83,594,642 94,851,583

9. Declared Bonus rate for existing Product (2080-81) 40-90 (Per Thousand) 40-90 (Per Thousand)

10. Interim bonus rate for existing Product 40-90 (Per Thousand) 40-90 (Per Thousand)

11. Long Term Investments (Amount)	48,095,610,570	32,462,769,624
12. Short Term Investments (Amount)	4,700,000,000	9,200,000,000
13. Policyholders Loan	5,171,101,856	4,678,929,409
14. Investment in cost value	53,049,766,699	41,348,008,784
15. Life Insurance Fund	51,558,934,345	41,605,099,535
16. Unearned Premium Reserve for term policies (Amount)	193,231,429	169,775,209
17. Solvency Margin Ratio	1.65	3.00

Note:

1. SuryaJyoti Life Insurance Co. Ltd. has been formed by the merger of erstwhile Surya Life and Jyoti Life.

2. The above financials does not have the impact of actuarial valuation. The financial results will change after actuarial valuation.

3. The above figures are unaudited, and therefore might change after audit or direction from regulator.

4. Detailed Interim Report for the period has been published in the website of the company. (www.suryajyotilife.com)

Disclosure as per Section 84(3) of Insurance Act, 2079

1. Solvency Ratio related disclosure:

The Solvency Ratio for the year ended Asadh end, 2081 is declared as 1.65 which is above the requirements prescribed by Nepal Insurance Authority

2. Reinsurance related disclosure:

The Company purchases reinsurance as part of its risks mitigation programme. Premium ceded to the reinsurers is in accordance with the terms of the programmes already agreed based on the risks written by the insurance companies. Recoveries from reinsurers on claims are based on the cession made in respect of each risk and is estimated in a manner consistent with the outstanding claims provisions made for the loss. Although we mitigate our exposures through prudent reinsurance arrangements, the obligation to meet claims emanating from policy holders rests with the Company. Default of reinsurers does not negate this obligation and in that respect the Company carries a credit risk up to the extent ceded to each reinsurer. The Company currently has treaties with Nepal Re and Himalayan Re in Nepal and Hannover Re in Malaysia for the reinsurance arrangements.

3. Details regarding legal proceeding:

There is no legal proceeding by or against the company in the current period.

This Quarter Upto this Quarter (YTD) This Quarter Upto this Quarter (YTD)

Income:
Gross Earned Premiums	4,421,272,713	13,164,755,031	3,718,021,647	11,355,142,357
Premiums Ceded	(90,691,355)	(220,127,225)	(45,097,700)	(169,931,559)
Net Earned Premiums	4,330,581,359	12,944,627,807	3,672,923,947	11,185,210,797
Other Direct Income	25,863,151	86,694,336	24,634,878	85,628,461
Interest Income on Loan to Policyholders	114,936,708	489,342,766	113,696,990	416,259,673
Income from Investments and Loans	1,019,177,186	3,566,097,804	840,645,437	3,445,240,236
Other Income	11,410,836	12,302,027	896,294	2,437,663
Total Income	5,501,969,240	17,099,064,740	4,652,797,545	15,134,776,831
Expenses:
Gross Benefits and Claims Paid	1,136,234,313	3,654,305,975	973,280,911	3,696,711,445
Claims Ceded	(51,892,578)	(155,342,227)	(63,798,885)	(201,419,722)
Gross Change in Contract Liabilities	3,213,056,591	10,147,536,667	2,673,330,502	8,511,445,754
Change in Contract Liabilities Ceded to Reinsurers	(1,546,177)	2,318,063	906,961	(42,373,481)
Net Benefits and Claims Paid	4,295,852,148	13,648,818,478	3,583,719,488	11,964,363,996
Commission Expenses	398,784,051	1,138,858,942	359,680,239	1,022,894,219
Service Fees	32,479,360	97,084,709	27,546,930	83,889,081
Employee Benefits Expenses	185,803,969	685,579,571	175,987,072	657,137,146
Depreciation and Amortization Expenses	6,851,131	31,348,070	7,844,329	31,102,276
Other Operating Expenses	543,474,093	879,619,592	452,082,555	764,100,560
Finance Cost	4,343,776	6,573,702	573,415	2,791,311
Total Expenses	5,467,588,528	16,487,883,063	4,607,434,026	14,526,278,589
Net Profit/(Loss) For The Year Before Share of Net Profits of Associates Accounted for Using Equity Method and Tax	34,380,712	611,181,677	45,363,519	608,498,242
Share of Net Profit of Associates accounted using Equity Method	-	-	-	-
Profit Before Tax	34,380,712	611,181,677	45,363,519	608,498,242
Income Tax Expenses	(15,505,971)	230,962,295	(9,172,505)	258,211,841
Net Profit/(Loss) For The Year	49,886,683	380,219,382	54,536,023	350,286,400
Earning Per Share
Basic EPS (Annualized)	-	7.59	-	6.99
Diluted EPS (Annualized)	-	7.59	-	6.99

CONDENSED STATEMENT OF OTHER COMPREHENSIVE INCOME

Fig in NPR.

Particulars Current Year (This Quarter Upto this Quarter (YTD)) Corresponding Previous Year (This Quarter Upto this Quarter (YTD))
Net Profit/(Loss) For The Year	49,886,683	380,219,382	54,536,023	345,266,866
Other Comprehensive Income	(312,038,200)	(426,687,727)	203,792,505	97,516,038
Total Comprehensive Income	(262,151,517)	(46,468,344)	258,328,529	442,782,905

4. Corporate Governance:

We declare that we comply with the provision of Corporate Governance Directives, 2080 issued by Nepal Insurance Authority and other prevailing laws & regulation to which company shall adhere to.

5. Regulatory limit on expenses ratio:

Particulars	Current Year Upto this Quarter (YTD)	Previous Year Upto this Quarter (YTD)
Total Management Expenditure	1,603,120,935	1,455,131,293
Agent related Expenditure	636,066,648	525,559,748
Total Premium	13,164,755,031	11,355,142,357
First Premium	3,998,062,188	3,342,620,798

Total Management Expenditure as percentage of Total Premium 12.18% 12.81%

Agent related Expenditure as percentage of First Premium 15.91% 15.72%

6. Any other disclosure as deemed relevant

No any other disclosures.

Disclosure as required by Rule 26 (1) of Annexure 14 of Securities Listing and Issue Directives, 2073

1. Financial Statements

The Financial Statements for the company for Fourth Quarter of FY 2082-83 has been published aling with this report.

The Interim Financial Report have been prepared as per the Quarterly Financials Circular, 2080 issued by Nepal Insurance Authority

2. Major Financial Indicators

Earnings per Share (Annualised) 7.59

PE Ratio 54.44

Networth per share 122.68

Assets per share 1216.23

3. Management Analysis

The transactions of the company for the Fourth Quarter of FY 2082-83 can be summarized as belows:

Particulars Q4 FY 2082-83 Q4 FY 2081-82

Total Premium	13,164,755,031	11,355,142,357
Life Insurance Fund	51,558,934,345	41,605,099,535
Net Profits	380,219,382	350,286,400
Total Investments	52,795,610,570	41,662,401,555

4. Legal Proceedings

There are no legal proceedings against the company or by the company during this period.

5. Details of Share Transactions

The shares of the companies are listed and actively traded in Nepal Stock Exchange Limited. The details of the share transactions of the company are mentioned below:

Maximum Rate 451.00

Minimum Rate 401.00

Closing Price 413.00

No. of Transactions 9,602

No. of Transaction days 64 days

6 Problems and Threats

Lack of awareness among general public, absence of reliable database to develop new products and policies, general economic crisis across the globe are the major problems and threats to life insurance industry at present.

7 Corporate Good Governance

The Company has a strong internal control which is regulatory supervised and monitored through various committees and sub committees formed. It has adopted the latest IT infrastructures and facilities so as to maintain transparency and governance. The company has complied with the directives and circulars issued by Nepal Insurance Authority and other regulators.

8 Declaration by the Chief Executive Officer

I personally take responsibility of true and fair presentation of information and statements made in this report and to the best of my knowledge, no any information relevant to make informed decision by the investors, has been knowingly omitted while preparing this report.