Jubilee Insurance 2010 Annual Report

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14 JUBILEE HOLDINGS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST DECEMBER 2010 Report of the Independent Auditor to the Members of Jubilee Holdings Limited We have audited the accompanying consolidated financial statements of Jubilee Holdings Limited (the “Company”) and its subsidiaries (together, the “Group”), as set out on pages 15-55. These financial statements comprise the consolidated statement of financial position as at 31 December, 2010 and the consolidated income statement, statement of comprehensive income, statement of changes in equity and the statement of cash flows for the year then ended, together with the statement of financial position of the Company standing alone as at 31 December, 2010 and the statement of changes in equity of the Company for the year then ended, and a summary of significant accounting policies and other explanatory notes. Directors’ responsibility for the financial statements The directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and with the requirements of the Kenyan Companies Act and for such internal controls as the directors determine necessary to enable the preparation of financial statements that are free from material misstatements whether due to fraud or error. Opinion In our opinion the accompanying financial statements give a true and fair view of the state of the financial affairs of the Group and of the Company at 31 December 2010 and of the profit and cash flows of the Group for the year then ended in accordance with International Financial Reporting Standards and the Kenyan Companies Act. Report on other legal requirements The Kenyan Companies Act requires that in carrying out our audit we consider and report to you on the following matters. We confirm that: (i) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; (ii) in our opinion proper books of account have been kept by the Company, so far as appears from our examination of those books; (iii) the Company’s statement of financial position is in agreement with the books of account. Auditor’s responsibility Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform our audit to obtain reasonable assurance that the financial statements are free from material misstatement. Certified Public Accountants 21st April, 2011 Nairobi An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. JUBILEE HOLDINGS
JUBILEE HOLDINGS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST DECEMBER 2010 15 Consolidated Income Statement 2010 2009 Note Kshs ‘000 Kshs ‘000 Gross earned premium revenue 6 8,492,698 7,069,039 Less: outward reinsurance 6 3,132,562 2,118,905 Net insurance premium revenue 5,360,136 4,950,134 Investment and other income 7 2,149,292 1,322,389 Net fair value gains on financial assets at fair-value-through profit & loss 18 & 19 1,633,103 322,961 Commission earned 627,494 454,328 Total income 9,770,025 7,049,812 Claims and policy holders benefits payable 8 7,516,421 4,838,974 Claims recoverable from re-insurers 8 1,897,705 848,806 Net insurance benefits and claims 5,618,716 3,990,168 Operating and other expenses 9 1,315,054 1,195,505 Commission payable 1,143,538 943,517 Total expenses and commissions 2,458,592 2,139,022 Result of operating activities 1,692,717 920,622 Finance costs (60,409) (46,372) Share of result of associates 17 (i) 420,979 241,526 Group profit before income tax 2,053,287 1,115,776 Income tax expense 11 214,163 202,103 Profit for the year 1,839,124 913,673 Attributable to: Equityholders of the Company 1,755,761 824,982 Non-controlling Interest 83,363 88,691 Total 1,839,124 913,673 Earnings Per Share (2009 restated) Basic and diluted 27 37 17 The notes on pages 21 to 55 are an integral part of these consolidated financial statements Consolidated Statement of Comprehensive Income 2010 2009 Note Kshs ‘000 Kshs ‘000 Profit for the year 1,839,124 913,673 Other comprehensive income Change in fair value of financial assets at fair value through other comprehensive income 18 & 19 220,958 (108,831) Net translation loss 13 ( c ) (69,822) (24,080) Total other comprehensive income for the year 151,136 (132,911) Total comprehensive income for the year 1,990,260 780,762 Attributable to: Equityholders of the Company 1,932,948 708,869 Non-controlling interest 57,312 71,893 Total comprehensive income for the year 1,990,260 780,761 The notes on pages 21 to 55 are an integral part of these consolidated financial statements JUBILEE HOLDINGS
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Page 57 and 58: Proxy Form I/We (in block letters)
Page 59: Additional group information KENYA

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