Balance Sheet

GIC RE SOUTH AFRICA LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2017 and  31 MARCH 2018
Year ended 31 March 2017 Year ended 31 March 2018
R R
Gross premiums written 688 644 606 1,641,253,719
Retro ceded premiums (592 848 686) (1,267,664,011)
Net premiums written 95 795 920 373,589,708
Change in provision for unearned premiums (26 274 630) (163,713,328)
Gross (148 755 482) (503,792,782)
Reinsured 122 480 852 340,079,454
Net premium earned 69 521 290 209,876,380
Commission income 137 398 775 266,209,780
Net investment income 22 279 312 44,574,954
Decrease/(increase) in net life policyholder liabilities 4 062 675 13,835,338
Net income 233 262 052 534,496,452
Claims incurred, net of reinsurance (74 345 058) (220,441,026)
Commission expense (126 667 050) (294,606,833)
Interest paid (3 563 617) (9,953,112)
Investment management expenses (1 805 492) (3,034,423)
Management expenses (23 717 580) (25,991,898)
Increase in provision for doubtful debts (820 639) (3,168,950)
Foreign exchange (loss)/gain (28 881 344) (53,175,431)
Profit/Loss before taxation (26 538 728) (75,875,221)
Taxation (545,985)
Loss for the year (26 538 728) (76,421,206)
Other comprehensive income for the year, net of taxation
Total comprehensive loss for the year (26 538 728) (76,421,206)
GIC RE SOUTH AFRICA LTD
STATEMENT OF FINANCIAL POSITION
Comparison of Financial Position as at 31 MARCH 2017 and 31 MARCH 2018
Year ended 31 March 2017 Year ended 31 March 2018
R R
ASSETS
Equipment 1 243 485 1,830,253
Technical assets under insurance contracts 776 433 850 1,646,450,383
Retroceded outstanding claims 405 829 555 821,256,341
Retroceded policyholder liabilities 3 059 190   –
Retroceded unearned premium reserve 287 805 264 627,884,718
Gross deferred acquisition costs 79 739 841 197,309,324
Investments 539 218 376 1,339,797,265
Deferred taxation 5 971 195 5,425,210
Amounts due from companies on reinsurance contracts 343 620 234 909,050,084
Other accounts receivable 1 891 299 3,499,320
Cash at bank and on hand 77 673 244 130,549,637
Total assets 1 746 051 683 4,036,602,152
LIABILITIES AND SHAREHOLDER’S EQUITY
Technical liabilities under insurance contracts 903 576 353 1,996,197,456
Gross outstanding claims 478 388 281 983,586,426
Gross policyholder liabilities under life insurance contracts 16 894 528
Gross unearned premium reserve 332 164 908 835,957,690
Retroceded deferred acquisition cost 76 128 636 176,653,340
Deposits withheld from retrocessionaires 619 411 431 1,290,984,362
Amounts due to companies on reinsurance contracts 26 778 839 34,011,891
Other accounts payable 439 485 6,170,724
Total liabilities 1 550 206 108 3,327,364,433
SHAREHOLDER’S EQUITY
Share capital 253 900 000 843,713,350
Revaluation reserve 1 733 310 141,956
Retained earnings (59 787 735) (134,617,587)
Total shareholder’s equity 195 845 575 709,237,719
Total liabilities and shareholder’s equity 1 746 051 683 4,036,602,152

Download Annual Financial Statements

 Annual Financial Statement 2018

 Annual Financial Statement 2017

 Annual Financial Statement 2016

 Annual Financial Statement 2015

Over the years – Graphs

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