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Balance Sheet

Sonarwa General Insurance Company Limited                                                                         Financial Statements                                                                                                                        For the year ended 31 December 2012

Statement of financial position - Company statement

 

ASSETS

Notes

 

 

2012

 

2011

 

 

 

Rwf ‘000

 

Rwf ‘000

Property and equipment

8

 

3,662,292

 

2,961,649

Investment property

9

 

5,603,621

 

4,803,923

Equity investments

10

 

3,355,093

 

2,146,508

Reinsurer’s share of insurance contract liabilities

11

 

635,199

 

703,724    

Receivables arising out of direct insurance arrangements

12

 

974,075

 

533,300

Receivables arising out of re-insurance arrangements

13

 

48,758

 

154,894

Prepaid tax

 

 

92,941

 

-

Deferred acquisition costs

14

 

388,430

 

 304,967

Other assets

15

 

473,009

 

559,836

Cash and cash equivalents

16

 

2,609,098

 

3,483,358

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

17,842,516

 

15,652,159

 

 

 

 

 

 

EQUITY AND LIABILITIES

 

 

 

 

 

EQUITY

 

 

 

 

 

Share capital

17

 

1,200,000

 

1,200,000

Share premium

17

 

47,240

 

47,240

Revaluation reserve

18

 

2,410,134

 

1,857,568

Fair value reserve

20

 

926,984

 

519,955

Retained earnings

 

 

3,712,660

 

2,039,751

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

 

8,297,018

 

5,664,514

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Unearned premiums

21

 

2,966,438

 

3,001,917

Insurance contract liabilities

22

 

2,972,663

 

3,085,023

Deferred income tax  liability

23

 

1,477,689

 

1,094,720

Other payables

24

 

1,799,388

 

1,183,816

Creditors arising from reinsurance arrangements

 

 

329,320

 

751,410

Current income tax payable

 

 

-

 

265,133

Dividend payable

 

 

-

 

605,626

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

9,545,498

 

9,987,645

 

 

 

 

 

 

 

 

 

 

 

 

Total equity and liabilities

 

 

17,842,516

 

15,652,159

 

 

 

 

 

 



 

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