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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2018
REVENUE
Expressed in Bahamian dollars
Premiums written (Note 11) $ Premiums ceded to reinsurers
Net premiums written
Change in net unearned premiums (Note 9) Portfolio transfer (Note 12)
Net premiums earned
DIRECT EXPENSES
Net claims incurred (Note 9)
Net commissions incurred (Note 13) Catastrophe and excess of loss reinsurance
Total direct expenses Underwriting gain
OTHER INCOME
Interest, dividends and other income
Rental income
Fair value adjustment to investment property (Note 7) Net realized gain on investments in securities
Net change in unrealized (depreciation)/appreciation of
investments in securities (Note 5)
Total other income
OPERATING EXPENSES
Personnel costs
General and administrative Depreciation and amortization (Note 8) Directors’ costs
Total operating expenses
Share of net results of associate (Note 6)
Net income and total comprehensive income 5,230,097
2018
67,151,124 (45,703,151 )
21,447,973 (645,579 )
–
20,802,394
4,309,613 1,829,913 5,571,179
11,710,705
9,091,689
1,814,808 286,516 –
(284,718 ) 29,803
1,846,409
2,890,211 2,172,634 712,267 113,000
5,888,112
180,111
2017
69,572,819 (48,778,964)
20,793,855 228,199
(7,564)
21,014,490
5,873,073 2,069,287 4,881,381
12,823,741
8,190,749
1,721,849 208,390 75,000 –
(31,072)
1,974,167
2,778,596 1,957,640 685,304 113,000
5,534,540
(22,994)
4,607,382
The accompanying notes are an integral part of these consolidated financial statements.
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