Page 16 - Proof no 3

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2018
(Incorporated under the laws of the Commonwealth of The Bahamas)
ASSETS
Cash on hand and at banks (Note 3) Term deposits (Note 3)
Due from reinsurers
Due from agents (Note 4)
Accounts receivable, prepayments and other assets Unearned premiums reserve – reinsurance (Note 9) Deferred commissions expense (Note 9)
Outstanding claims recoverable from reinsurers (Note 9) Investments in securities (Note 5):
Fair value through profit or loss
Loans and receivables
Investment in associate (Note 6) Investment property (Note 7)
Property, plant and equipment (Note 8)
LIABILITIES
General insurance liabilities
Unearned premiums reserve (Note 9) Deferred commissions income (Note 9) Outstanding claims reserve (Note 9)
Other liabilities
Cash advance from reinsurers (Note 9) Due to reinsurers
Accounts payable and accrued expenses
EQUITY
Equity attributable to shareholders of the Company
Share capital:
Ordinary shares
Authorized:
10,000,000 shares of $0.30 each
Issued and fully paid: 9,500,000 shares of $0.30 each
Contributed surplus Accumulated surplus
Non-controlling interests (Note 10)
APPROVED BY THE BOARD OF DIRECTORS AND SIGNED ON ITS BEHALF BY :
27 MARCH, 2019
Expressed in Bahamian dollars
$
Total assets 136,753,874
Total liabilities 87,427,961
Total equity 49,325,913
Total liabilities and equity 136,753,874
14,145,911 10,007,944 971,652 9,497,414 525,865 16,536,424 2,878,542 43,581,845
5,889,183 13,054,875 5,674,497 – 13,989,722
26,372,320 2,074,876 52,139,026
80,586,222
– 4,344,644 2,497,095
2,850,000 32,121,141 4,354,772
39,325,913
10,000,000
7,610,978 9,915,508 937,076 11,356,335 6,951,540 19,615,322 2,792,563 211,757,236
6,104,473 13,114,136 4,804,102 900,000 14,386,543
310,245,812
28,805,639 1,981,607 218,183,911
248,971,157
46,608 6,559,607 7,477,624
263,054,996
2,850,000 32,121,141 2,219,675
37,190,816
10,000,000
47,190,816
310,245,812
16
Date DIRECTOR DIRECTOR
The accompanying notes are an integral part of these consolidated financial statements.
2018 2017