Balance Sheet
| GIC Re SOUTH AFRICA LTD STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2022 |
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| Year ended
31 March 2022 |
Year ended
31 March 2021 |
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| R | R | ||
| Gross premiums written | 1,429,757,922 | 1,168,764,346 | |
| Retro ceded premiums | (1,026,814,462) | (851,284,776) | |
| Net premiums written | 402,943,460 | 317,479,570 | |
| Change in provision for unearned premiums | 54,437,148 | (21,643,344) | |
| Gross | 164,873,512 | (39,418,617) | |
| Reinsured | (110,436,365) | 17,775,273 | |
| Net premium earned | 457,380,608 | 295,836,226 | |
| Commission income | 237,126,909 | 272,360,059 | |
| Net investment income | 199,323,887 | 184,752,366 | |
| Decrease/(increase) in net life policyholder liabilities | |||
| Net income | 893,831,403 | 752,948,651 | |
| Claims incurred, net of reinsurance | (251,262,769) | (98,685,522) | |
| Commission expense | (336,005,235) | (335,664,870) | |
| Interest paid | (41,298,879) | (71,457,370) | |
| Investment management expenses | (6,051,006) | (5,438,014) | |
| Management expenses | (36,084,860) | (42,355,045) | |
| (Increase)/decrease in provision for doubtful debts | (11,765,620) | 4,224,147 | |
| Foreign exchange (loss)/gain | (7,995,788) | (183,558,953) | |
| Profit/Loss before taxation | 203,367,246 | 20,013,024 | |
| Taxation | (27,602,368) | 10,942,661 | |
| Profit/ (Loss) for the year | 175,764,878 | 30,955,685 | |
| Other comprehensive income for the year, net of taxation | – | – | |
| Total comprehensive income (loss) for the year | 175,764,878 | 30,955,685 | |
| GIC Re SOUTH AFRICA LTD STATEMENT OF FINANCIAL POSITION Comparison of Financial Position as at 31 MARCH 2022 and 31 MARCH 2021 |
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| Year ended
31 March 2022 |
Year ended
31 March 2021 |
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| R | R | |||
| ASSETS | ||||
| Cash at bank and on hand | 170,857,206 | 160,334,867 | ||
| Other accounts receivable | 2,899,126 | 457,424 | ||
| Investments | 2,937,009,268 | 2,522,037,380 | ||
| Technical assets under insurance contracts | 1,797,790,379 | 2,108,761,234 | ||
| Retroceded outstanding claims | 1,603,424,927 | 1,773,165,855 | ||
| Retroceded unearned premium reserve | 153,789,132 | 264,225,497 | ||
| Gross deferred acquisition costs | 40,576,320 | 71,369,882 | ||
| Amount due under companies on reinsurance contracts | 725,527,920 | 601,479,818 | ||
| Amounts due from Retrocessionaire contracts | 37,063,338 | 7,047,106 | ||
| Property, plant and equipment | 2,146,921 | 3,917,180 | ||
| Current tax receivable | 14,818,050 | 20,000,000 | ||
| Total assets | 5,688,112,208 | 5,424,035,009 | ||
| LIABILITIES AND SHAREHOLDER’S EQUITY | ||||
| Technical liabilities under insurance contracts | 2,172,209,236 | 2,541,157,366 | ||
| Gross outstanding claims | 1,918,306,505 | 2,100,701,469 | ||
| Gross unearned premium reserve | 225,766,794 | 390,640,306 | ||
| Retroceded deferred acquisition cost | 28,135,937 | 49,815,591 | ||
| Deposits withheld from retrocessionaire | 1,490,658,029 | 1,311,876,708 | ||
| Amounts Payable to retrocessionaire contracts | 212,150,974 | 143,674,271 | ||
| Amounts Payable under reinsureance contracts | 136,576,913 | 10,067,294 | ||
| Other accounts payable | 114,717,678 | 32,458,375 | ||
| Lease liability | 1,377,106 | 2,559,363 | ||
| Deferred liability | 2,415,762 | – | ||
| Total liabilities | 4,130,105,698 | 4,041,793,377 | ||
| SHAREHOLDER’S EQUITY | ||||
| Share capital | 1,142,061,725 | 1,142,061,725 | ||
| Retained earnings | 415,944,785 | 240,179,907 | ||
| Total shareholder’s equity | 1,558,006,510 | 1,382,241,632 | ||
| Total liabilities and shareholder’s equity | 5,688,112,208 | 5,424,035,009 | ||
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