PROFIT & LOSS ACCOUNT

Gross Premium Written 3,467,770.00 3,810,859.00 3,268,491.00 2,328,903.00

Reinsurance Ceded (1,733,360.00) (2,228,337.00) (1,989,991.00) (1,224,140.00)

Net Premiums Written 1,734,410.00 1,582,522.00 1,278,500.00 1,104,763.00

Change in enearned premiu (94,775.00) (123,069.00) 52,817.00 11,628.00

Net Premiums Earned 1,639,635.00 1,459,453.00 1,331,317.00 1,116,391.00

Commission Income 194,866.00 192,423.00 170,305.00 113,172.00

Commission Expense (261,922.00) (245,589.00) (219,248.00) (172,208.00)

Claims expense (1,146,366.00) (1,023,315.00) (875,035.00) (713,147.00)

Underwriting expense (23,545.00) (16,053.00) (19,224.00) (14,416.00)

Administration Expense (551,619.00) (454,283.00) (401,959.00) (315,580.00)

Underwriting Loss/Profit (148,951.00) (87,364.00) (13,844.00) 14,212.00

Other Income 506,618.00 366,811.00 315,307.00 270,780.00

Other operating Expense (116,560.00) (63,120.00) (50,147.00) (25,047.00)

EBIT 241,107.00 216,327.00 251,316.00 259,945.00

(332.00) (8,833.00)

Profit Before Taxation 241,107.00 216,327.00 250,984.00 251,112.00

Taxation (82,243.00) (65,431.00) (91,435.00) (61,896.00)

Net Profit 158,864.00 150,896.00 159,549.00 189,216.00

1,373,056.00

(828,922.00)

544,134.00

(64,276.00)

479,858.00

79,540.00

(106,446.00)

(356,525.00)

(4,501.00)

(179,826.00)

(87,900.00)

356,306.00

(23,978.00)

244,428.00

(11,512.00)

232,916.00

(38,590.00)

194,326.00
BALANCE SHEET
2008 2007 2006 2005
ASSETS
Cash & short Term Investments 754,747 533,895 1,853,004 1,196,193
Investments 2,433,348 2,347,605 680,602 689,131
Due from Agents, Brokers &
Policyholders 431,837 260,075 255,785 340,161
Recoverable from Reinsurers and
Coincurers 1,694,783 1,256,771 897,877 1,087,155
Deferred Policy Acquisition Costs 122,873 99,137 92,134 92,500
Other Receivables 18,126 25,938 12,150 8,516
Due from Parent Company 1,207 33
Taxation Recoverable 42,062 3,725
Long term receivable
Fixed Assets 342,991 281,859 275,379 232,536
Retirement Benefit Assets 90,826 90,836 95,705 77,440
Intangable Assets 471,271 510,543 549,816 589,088
6,402,864 5,407,866 4,712,485 4,316,445

LIABILITIES & SHAREHOLDERS EQUITY

Due to reinsurers 399,818 183,621 305,304 298,311
Insurane services 3,754,719 3,085,384 2,422,282 2,502,508
Other Payables 100,236 74,790 61,440 55,585
Taxation Payable 10 31,517
Due to Parent 972 125
Deferred Tax Liabiliites 119,545 53,152 79,684 53,884
Bank Overdraft 25,146 27,610 5,539 109,801
Retirement Benefit Obligation 80,959 71,406 55,801 46,235
4,481,395 3,495,973 2,961,567 3,066,449

Shareholders Equity
Share Capital 1,065,076 1,065,076 1,065,076 265,064
Capital & fair value reserves 52,745 180,629 174,041 116,492
Retained earnings 803,648 666,188 511,801 868,440
1,921,469 1,911,893 1,750,918 1,249,996

6,402,864 5,407,866 4,712,485 4,316,445

PROFIT & LOSS ACCOUNT

Gross Premium Written 3,467,770 3,810,859 3,268,491 2,328,903
Reinsurance Ceded (1,733,360) (2,228,337) (1,989,991) (1,224,140)
 Net Premiums Written 1,734,410 1,582,522 1,278,500 1,104,763
Change in enearned premiums, net (94,775) (123,069) 52,817 11,628
Net Premiums Earned 1,639,635 1,459,453 1,331,317 1,116,391
Commission Income 194,866 192,423 170,305 113,172
Commission Expense (261,922) (245,589) (219,248) (172,208)
Claims expense (1,146,366) (1,023,315) (875,035) (713,147)
Underwriting expense (23,545) (16,053) (19,224) (14,416)
Administration Expense (551,619) (454,283) (401,959) (315,580)
Underwriting Loss/Profit (148,951) (87,364) (13,844) 14,212
Other Income 506,618 366,811 315,307 270,780
Other operating Expense (116,560) (63,120) (50,147) (25,047)
Finance Cost (332) (8,833)
Profit Before Taxation 241,107 216,327 250,984 251,112
Taxation (82,243) (65,431) (91,435) (61,896)
Net Profit 158,864 150,896 159,549 189,216

Cash Flow Statement

Cash Flow from Operating Activities

Premiums Received 3,296,008 3,773,254 3,352,867 2,228,645
Reinsurance Paid (1,524,637) (2,350,020) (1,982,998) (1,142,278)
Purchase of policy (119,072)
Commission Received 219,599 193,485 173,631 140,762
Commissions Paid (285,658) (252,592) (218,882) (194,640)
Claims Paid (1,024,530) (809,923) (716,492) (515,073)
Interest Received 274,241 208,796
Interest Paid (332) (8,833)
Rent Received 11,031 17,402 14,476 24,687
Other Receipts 50,618 35,011 19,817 9,025
Underwriting, administration and other
expenditure paid (623,822) (429,300) (429,140) (320,397)
Taxation Paid (73,255) (102,276) (46,491) (51,333)

Cash provided by operating activities 45,354 75,041 440,697 260,289

Cash Flow from Financing Activities
Dividends on preference shares (33,891)
Long term loan repaid (97,645)
Finance lease payments (387) (831)
Issue of Ordianary Shares 97,000
Issue of preference Shares 203,012
Cash used in financing activities (33,891) 201,980 (831)
Cash Flow from investing acivities
Interest received 334,092 272,594
 Investments (148,897) (335,020) 29,852 75,112
Long term receivable received 121,260
Additions to fixed Assets (30,919) (22,409) (14,900) (48,315)

Proceeds from the sale of fixed assets 3,862 1,738 2,586 252
Cash flow provided by(used in)
investing activities 158,138 (83,097) 17,538 148,309
203,492 (41,947) 660,215 407,767

Exchange gain on ash & cash equivalent 19,824 2,518 2826 2,118
Increase/Decrease in ash and cash
Equivalents 223,316 (39,429) 663,041 409,885
Cash & cash equivalents at beginning of
year 506,285 545,714 1,184,424 774,539

Cash & cash equivalents at end of year 729,601 506,285 1,847,465 1,184,424

Share Capital
# of shares Authorized, issued and fully
paid
Ordinary shares 862,064 862,064 862,064 254,064
Preference shares 3,130,000 3,130,000 3,130,000

Share Capital
Ordinary shares 862,064 862,064 862,064 254,064
Preference shares 203,012 203,012 203,012
2004

798,660
708,907

239,903

1,116,051
70,068
2,721

12,450
121,260
203,059
69,379

3,342,458

118,795
1,945,006
29,901

774
52,046
122,984
37,108
2,306,614

265,064
91,556
679,224
1,035,844

3,342,458

1,373,056
(828,922)
 544,134
(64,276)
479,858
79,540
(106,446)
(356,525)
(4,501)
(179,826)
(87,900)
356,306
(23,978)
(11,512)
232,916
(38,590)
194,326

1,283,565.00
(791,174.00)

86,581.00
(133,044.00)
(340,834.00)
279,568.00
(11,512.00)
26,857.00
14,888.00

(218,943.00)
(90,363.00)

105,589

(11,901.00)
(2,587.00)

(14,488)
140,892.00

(50,048.00)

1,551.00

92,395
183,496

1,310.00

184,806

589,733

774,539

254,064

254,064
Income Statement

2008 2007 2006 2005

Revenue 3,467,770.00 3,810,859.00 3,268,491.00 2,328,903.00

% Change -9% 17% 40% 70%

Profit Before Taxation 241,107 216,327 250,984 251,112

% Change 11.45% -13.81% -0.05% 7.81%

Taxation 82,243.00 65,431.00 91,435.00 61,896.00

Profit After Taxation 158,864.00 150,896.00 159,549.00 189,216.00

% Change 5% -5% -16% -3%

Balance Sheet

Total Assets 6,402,864.00 5,407,866.00 4,712,485.00 4,316,445.00

% Change 18% 15% 9% 29%

Total Liabiliites 4,481,395.00 3,495,973.00 2,961,567.00 3,066,449.00

% Change 28% 18% -3% 33%

Per Share Ratios ($)

EPS (cents) 0.18 0.14 0.19 0.74

P/Ratio

Profitability Ratios

Net Profit Margin 5% 4% 5% 8%

Return on Assets 3% 3% 4% 5%

Retun on Investments 8% 8% 9% 14%

Operating Income Margin 7% 6% 8% 11%

Return on Equity 8% 8% 9% 15%

Liquidity Ratios

Working Capital (1,462,357.00) (1,364,925.00) 168,483.00 (380,540.00)

Current Ratio 0.66 0.60 1.06 0.87

Operating Ratios

Cash Turnover 2.25 2.88 0.72 0.94

Total Asset Turnover 0.28 0.29 0.29 0.29

Fixed Asset Turnover 4.78 5.18 4.83 4.80

Debt to Equity Ratios 2.33 1.83 1.69 2.45

 2004

1,373,056.00

232,916

38,590.00

194,326

3,342,458

2,306,614
 2008 2007 2006 2005
Gross Profit 1,639,635 1,459,453 1,331,317 1,116,391
Net Profit 158,864 150,896 159,549 189,216
-0.9031 -0.9 -0.9 -0.8

2005

2006

N
2007 G

2008

- 500,000 1,000,000 1,500,000 2,000,000

2008 2007 2006 2005

Claims expense 1,146,366 1,023,315 875,035 713,147

Administration Ex 551,619 454,283 401,959 315,580
Taxation 82,243 65,431 91,435 61,896

1,200,000

1,000,000

800,000

600,000 Claims expen

Administratio
400,000 Taxation

200,000

-
1 2 3 4
 -
1 2 3 4

2008 2007 2006 2005

Net Profit Margin 5% 4% 5% 8%

Net Profit Margin

2008 2007 2006 2005

21%
38%

18%
23%

244428 259945 251316 216327 241107

189,216 159,549 150,896 158,864
2004 2005 2006 2007 2008
EBIT 244428 259945 251316 216327 241107
Net Profit 189,216 159,549 150,896 158,864

300000

250000

200000

EBIT
150000
Net
Profi
100000

50000

0
2004 2005 2006 2007 2008
 50000

0
2004 2005 2006 2007 2008

2008 2007 2006 2005 2004

Revenue 1,639,635 1,459,453 1,331,317 1,116,391 479858
0.11 0.09 0.16 0.57

2004 2005 2006 2007 2008

Revenue 1,373,056 2,328,903 3,268,491 3,810,859 3,467,770
70% 40% 17% -9%

Revenue
4,500,000
4,000,000
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
-
2004 2005 2006 2007
 Net Profit
Gross Profit

00 2,000,000

Claims expense
Administration Expense
Taxation

4
 4

Margin
2006 2005

21%

18%
%

EBIT
Net
Profit

2008
2008

Revenue

Revenu
e

2006 2007 2008