Jubilee Insurance 2010 Annual Report
Jubilee Insurance 2010 Annual Report
Jubilee Insurance 2010 Annual Report
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16<br />
JUBILEE HOLDINGS<br />
ANNUAL REPORT AND FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 31 ST DECEMBER <strong>2010</strong><br />
Consolidated Statement of Financial Position<br />
as at 31st December <strong>2010</strong><br />
CAPITAL AND RESERVES<br />
<strong>2010</strong> 2009<br />
Note Kshs ‘000 Kshs ‘000<br />
Share capital 12 247,500 225,000<br />
Fair value reserves 13 ( a ) (257,656) (461,168)<br />
General reserves 13 ( b ) 70,000 70,000<br />
Translation reserves 13 ( c ) (14,942) 22,957<br />
Contingency reserves 13 ( d ) 414,404 232,225<br />
Retained earnings 4,431,484 3,142,327<br />
Proposed dividends 14 222,750 157,500<br />
Sub total 5,113,540 3,388,841<br />
Non-controlling interest 463,823 405,257<br />
Total equity 5,577,363 3,794,098<br />
ASSETS<br />
Property and equipment 15 61,168 50,277<br />
Investment properties 16 2,882,945 2,573,933<br />
Investment in associates 17 (i) 4,126,174 3,710,320<br />
- Quoted shares at fair value through profit & loss 18 5,075,100 3,195,710<br />
- Quoted shares at fair value through other comprehensive income 18 597,916 844,585<br />
- Unquoted shares through other comprehensive income 19 1,052,957 1,051,593<br />
Mortgage loans 20 (i) 40,161 51,236<br />
Loans on life insurance policies 20 (ii) 213,994 196,324<br />
Government securities at armortised cost 21 6,344,018 4,232,441<br />
Deposits with financial institutions 3,337,658 3,247,958<br />
Commercial bonds 1,111,380 305,243<br />
Receivables arising out of direct insurance arrangements 1,204,673 1,033,698<br />
Receivables arising out of reinsurance arrangements 888,757 683,526<br />
Reinsurers’ share of insurance contract liabilities 22 2,577,902 1,687,819<br />
Deferred acquisition costs 23 112,143 123,525<br />
Other receivables 24 429,022 452,009<br />
Deferred income tax 25 12,619 2,801<br />
Cash and bank balances 26 622,795 236,816<br />
Total assets 30,691,382 23,679,814<br />
LIABILITIES<br />
<strong>Insurance</strong> contract liabilities 28 7,763,925 6,589,305<br />
Payable under deposit administration contracts 29 10,400,858 7,644,098<br />
Unearned premium reserve 30 3,510,177 2,512,986<br />
Creditors arising out of direct insurance arrangements 402,187 204,924<br />
Creditors arising out of reinsurance arrangements 652,998 890,216<br />
Trade and other payables 31 819,359 636,114<br />
Deferred income tax 25 97,204 187,556<br />
Current income tax payable 22,734 60,993<br />
Dividends payable 115,396 109,995<br />
Bank overdraft 32 121,581 64,394<br />
Borrowings 32 1,207,598 985,135<br />
Total liabilities 25,114,019 19,885,716<br />
Net assets 5,577,363 3,794,098<br />
The financial statements on pages 15 to 55 were approved by the Board of Directors on 1 st April, 2011 and signed on its behalf by:<br />
Nizar N Juma<br />
Sultan Khimji<br />
Chairman<br />
Director<br />
The notes on pages 21 to 55 are an integral part of these consolidated financial statements<br />
JUBILEE HOLDINGS
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