ट्रस्ट माइक्रो इन्स्योरेन्सको चौथो त्रैमासिक वित्तीय विवरणTrust Micro Insurance Fourth Quarter Financial Results

Quarterly Unaudited Financial Results for the Fourth Quarter, F.Y. 2080/81 B.S

CONDENSED STATEMENT OF FINANCIAL POSITION

As on Quarter Ended Ashad 2081

Fig in NPR.

Particulars	Unaudited At the end of this Quarter	Unaudited At the end of Immediate Previous Year
Assets:
Goodwill & Intangible Assets	1,629,326	1,795,675
Property and Equipment	30,067,490	33,822,452
Investment Properties	-	-
Deferred Tax Assets	4,845,109	4,845,109
Investment in Subsidiaries	-	-
Investment in Associates	-	-
Investments	577,763,721	543,693,820
Loans	661,333	1,173,333
Reinsurance Assets	135,574,505	109,202,594
Current Tax Assets	19,596,054	9,362,511
Insurance Receivables	-	-
Other Assets	3,891,305	2,968,388
Other Financial Assets	664,285	1,145,666
Cash and Cash Equivalent	59,104,851	36,390,003
Total Assets	833,797,981	744,399,552
Equity:
Share Capital	525,000,000	525,000,000
Share Application Money Pending Allotment	-	-
Share Premium	-	-
Special Reserves	3,766,600	3,612,039
Catastrophe Reserves	376,660	361,204
Retained Earnings	1,063,028	927,015
Other Equity	4,848,441	4,845,350
Total Equity	535,054,729	534,745,608
Liabilities:
Provisions	1,798,715	1,798,715
Gross Insurance Contract Liabilities	231,540,857	167,022,436
Deferred Tax Liabilities	-	-
Insurance Payable	32,997,083	18,971,343
Current Tax Liabilities	-	-
Borrowings	-	-
Other Liabilities	30,379,739	19,130,303
Other Financial Liabilities	2,026,858	2,731,146
Total Liabilities	298,743,251	209,653,943
Total Equity and Liabilities	833,797,981	744,399,552

CONDENSED STATEMENT OF PROFIT OR LOSS

For the Quarter Ended Ashad 2081

Fig in NPR.

Particulars Unaudited Current Year This Quarter Unaudited Current Year Upto this Quarter (YTD) Unaudited Corresponding Previous Year This Quarter Unaudited Corresponding Previous Year Upto this Quarter (YTD)
Income:
Gross Earned Premiums	92,925,978	265,165,697	56,349,674	135,105,924
Premiums Ceded	(54,746,642)	(158,495,830)	(36,948,742)	(89,240,054)
Net Earned Premiums	38,179,336	106,669,867	19,400,931	45,865,870
Commission Income	7,605,192	22,459,115	1,710,202	29,306,087
Other Direct Income	-	-	-	-
Income from Investments and Loans	7,164,286	34,947,896	10,545,703	41,253,511
Net Gain/(Loss) on Fair Value Changes	(4,727,746)	(5,291,378)	576,528	(188,552)
Net Realised Gains/(Losses)	(133,899)	(546,640)	-	29,257
Other Income	44,801	46,196	19	2,368
Total Income	48,131,971	158,285,057	32,233,382	116,268,542
Expenses:
Gross Claims Paid	25,009,494	83,804,114	15,067,358	31,602,114
Claims Ceded	(14,420,315)	(51,683,107)	(10,387,304)	(22,080,314)
Gross Change in Contract Liabilities	24,069,663	28,975,829	(3,129,296)	12,013,586
Change in Contract Liabieties Ceded to Reinsurers	(14,506,702)	(15,314,745)	1,769,060	(8,182,182)
Net Claims Incurred	20,152,139	45,782,090	3,319,818	13,353,204
Commission Expenses	725,541	2,009,608	84,194	1,156,292
Service Fees	153,492	655,776	105,793	385,096
Other Direct expenses	-	-	-	-
Employee Benefits Expenses	17,530,154	63,519,459	16,226,301	54,343,109
Depreciation and Amortization Expenses	1,484,724	5,783,040	1,822,595	8,556,842
Impairment Losses	-	-	-	-
Other Operating Expenses	9,926,472	39,089,563	9,078,740	30,624,243
Finance Cost	228,325	1,003,919	287,344	1,222,480
Total Expenses	50,200,847	157,843,456	30,924,784	109,641,265
Net Profit/(Loss) For The Year Before Share of Net Profits of Associates Accounted for Using Equity Method and Tax	(2,068,876)	441,601	1,308,599	6,627,277
Share of Net Profit of Associates accounted using Equity Method	-	-	-	-
Profit Before Tax	(2,068,876)	441,601	1,308,599	6,627,277
Income Tax Expenses	(620,663)	132,480	392,580	1,988,183
Net Profit/(Loss) For The Year	(1,448,213)	309,121	916,019	4,639,094
Earning Per Share
Basic EPS	0.06	0.71
Diluted EPS	0.06	0.71

CONDENSED STATEMENT OF OTHER COMPREHENSIVE INCOME

For the Quarter Ended Ashad 2081

Fig in NPR.

Particulars Unaudited Current Year This Quarter Unaudited Current Year Upto this Quarter (YTD) Unaudited Corresponding Previous Year This Quarter Unaudited Corresponding Previous Year Upto this Quarter (YTD)
Net Profit/(Loss) For The Year	(1,448,213)	309,121	916,019	4,639,094
Other Comprehensive Income	-	-	-	-
Total Comprehensive Income	(1,448,213)	309,121	916,019	4,639,094

OTHER DETAILS

Particulars	Current Year Upto this Quarter (YTD)	Previous Year Upto this Quarter (YTD)
1. Total Issued Policy Count	98,007	76,063

1. Total Renewed Policy Count 5,923 644
2. Total Claims Paid Count 697 231
3. Outstanding Claims Count 395 80

5. Gross Outstanding Claim including IBNR and IBNER (Amount)	81,186,713	17,338,586
6. Net Outstanding Claim including IBNR and IBNER (Amount)	30,388,706	4,825,964
7. Margin Over Best Estimate (MOBE)	-	-
8. Unearned Premium Reserve (Amount)	150,354,144	107,132,732
9. Unexpired Risk Reserve (Amount)	150,354,144	107,132,732
10. Earthquake Premium Reserve (Amount)	-	-
11. Long Term Investments (Amount in NPR)	182,166,681	166,882,372
12. Short Term Investments (Amountin NPR)	401,076,970	377,000,000
13. Direct Premium (Amount)	300,708,289	214,265,464
14. Investment in Cost (Amount)	583,243,651	543,882,372
15. Solvency Margin Ratio	1.98	1.96

Notes to interim Financial Statements:

1. The above figures are subject to change as per the direction of regulatory body i.e. Nepal Insurance Authority

2. The interim financial statement have been prepared in accordance with Nepal Financial Reporting Standards (NFRS) as issued by the Accounting Standard Board, Nepal and the carve outs issued by ICAN.

3. Gross earned premium has been measured net of unearned premium reserve.

4. Bonus payable to employees have been taken as 10% of profit before bonus adjustment