Balance Sheet

GIC RE SOUTH AFRICA LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2019
Year ended

31 March 2019

Year ended

31 March 2018

R R
Gross premiums written  2,935,603,723 1,641,253,719
Retro ceded premiums (2,120,305,206) (1,267,664,011)
Net premiums written  815,298,517 373,589,708
Change in provision for unearned premiums 48,764,573 (163,713,328)
Gross 310,916,711 (503,792,782)
Reinsured (262,152,138) 340,079,454
Net premium earned 864,063,090 209,876,380
Commission income 678,595,274 266,209,780
Net investment income 107,358,649 44,574,954
Decrease/(increase) in net life policyholder liabilities 13,835,338
Net income 1,650,017,012 534,496,452
Claims incurred, net of reinsurance (556,454,378) (220,441,026)
Commission expense (822,053,450) (294,606,833)
Interest paid (35,531,226) (9,953,112)
Investment management expenses (4,823,844) (3,034,423)
Management expenses  (31,283,486) (25,991,898)
Increase in provision for doubtful debts (14,639,867) (3,168,950)
Foreign exchange (loss)/gain 123,742,368 (53,175,431)
Profit/Loss before taxation 308,973,129 (75,875,221)
Taxation (54,371,713) (545,985)
Profit/ (Loss) for the year 254,601,416 (76,421,206)
Other comprehensive income for the year, net of taxation
Total comprehensive income (loss) for the year 254,601,416 (76,421,206)
GIC RE SOUTH AFRICA LTD
STATEMENT OF FINANCIAL POSITION
Comparison of Financial Position as at 31 MARCH 2019 and 31 MARCH 2018
Year ended

31 March 2019

Year ended

31 March 2018

R R
ASSETS
Equipment 1,862,699 1,830,253
Technical assets under insurance contracts 1,827,356,394 1,646,450,383
Retroceded outstanding claims 1,400,567,511 821,256,341
Retroceded policyholder liabilities   –
Retroceded unearned premium reserve 1,298,174,290 627,884,718
Gross deferred acquisition costs 61,056,303 197,309,324
Investments 2,589,816,261 1,339,797,265
Deferred taxation 5,425,210
Amounts due from companies on reinsurance contracts 1,298,174,290 909,050,084
Amounts due from Retrocessionaire contracts 9,662,590 223,505,199
Other accounts receivable 335,483 3,499,320
Cash at bank and on hand 99,274,855 130,549,637
Total assets 5,826,482,572 4,020,026,313
LIABILITIES AND SHAREHOLDER’S EQUITY
Technical liabilities under insurance contracts 2,389,825,794 1,996,197,456
Gross outstanding claims 1,830,836,269 983,586,426
Gross policyholder liabilities under life insurance contracts
Gross unearned premium reserve 525,040,979 835,957,690
Retroceded deferred acquisition cost 33,948,547 176,653,340
Deposits withheld from retrocessionaires 1,746,437,984 1,290,984,362
Deferred Taxation
Amounts Payable to retrocessionaire contracts 366,629,601 17,436,052
Other accounts payable 12,517,452 6,170,724
 Taxation  48,884,230
Total liabilities 4,564,295,062 3,310,788,594
SHAREHOLDER’S EQUITY
Share capital 1,142,061,725 843,713,350
Revaluation reserve (10,024,314) 141,956
Retained earnings 130,150,099 (134,617,587)
Total shareholder’s equity 1,262,187,510 709,237,719
Total liabilities and shareholder’s equity 5,826,482,572 4,020,026,313

Download Annual Financial Statements

 Annual Financial Statement 2019

 Annual Financial Statement 2018

 Annual Financial Statement 2017

 Annual Financial Statement 2016

 Annual Financial Statement 2015

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