Breakdown of brokerage income
Brokerage income per annum
Currency: KPW
Balance Sheet
| ASSETS | 2021 | 2020 | 2019 |
|---|---|---|---|
| Cash and cash equivalents | 16,583,710 | 10,916,182 | 13,797,232 |
| Accounts receivable | 7,285,064 | 5,228,961 | 6,747,013 |
| Prepayments | 164,719 | 156,875 | 150,600 |
| Investments | 4,783,889 | 10,133,889 | 5,161,395 |
| Tangible assets | 7,893,435 | 8,568,885 | 9,756,059 |
| Intangible assets | 28,700 | 29,500 | 26,000 |
| Total Assets | 36,739,517 | 35,034,292 | 35,638,299 |
| LIABILITIES AND EQUITY | 2021 | 2020 | 2019 |
|---|---|---|---|
| Liabilities | |||
| Accounts payable | 897,883 | 1,516,599 | 3,021,532 |
| Long-term debt | 584,500 | 595,050 | 886,537 |
| Accrued expenses | 604,363 | 716,366 | 1,042,593 |
| Total liabilities | 2,086,746 | 2,828,015 | 4,950,662 |
| Equity | |||
| Paid-up capital | 5,000,000 | 5,000,000 | 5,000,000 |
| Retained earnings | 29,652,771 | 27,206,277 | 25,687,637 |
| Total equity | 34,652,771 | 32,206,277 | 30,687,637 |
| Total Liabilities and Equity | 36,739,517 | 35,034,292 | 35,638,299 |
Income Statement
| Item | 2021 | 2020 | 2019 |
|---|---|---|---|
| Revenues | |||
| Insurance brokerage | 44,000,406 | 33,754,832 | 37,265,660 |
| Consulting revenue | 736,266 | 559,932 | 1,749,890 |
| Other income | 207,072 | 278,149 | 546,038 |
| Total revenues | 44,943,744 | 34,592,913 | 39,561,588 |
| Expenses | |||
| Net operating expenses | (10,362,794) | (11,617,151) | (11,229,697) |
| Other expenses | (604,363) | (716,366) | (1,042,593) |
| Total expenses | (10,967,157) | (12,333,517) | (12,272,290) |
| Income before payment to state | 33,976,587 | 22,259,396 | 27,289,298 |
| Payment to state | (10,192,976) | (6,677,819) | (8,186,789) |
| Net Income | 23,783,611 | 15,581,577 | 19,102,509 |
Cash Flow Statement
| Item | 2021 | 2020 | 2019 |
|---|---|---|---|
| Operating activities | |||
| Net income | 23,783,611 | 15,581,577 | 19,102,509 |
| Net cash from operating activities | 23,783,611 | 15,581,577 | 19,102,509 |
| Investing activities | |||
| Cash from investing activities | 2,519,000 | 6,099,213 | 5,119,002 |
| Cash for investing activities | (7,500,000) | (8,000,000) | (9,500,000) |
| Net cash used in investing activities | (4,981,000) | (1,900,787) | (4,380,998) |
| Financing activities | |||
| Cash from financing activities | |||
| Cash for financing activities | (13,135,083) | (16,561,840) | (25,431,856) |
| Net cash used in financing activities | (13,135,083) | (16,561,840) | (25,431,856) |
| Net change in cash and cash equivalents | 5,667,528 | (2,881,050) | (10,710,345) |
| Cash and cash equivalents at the beginning of the year | 10,916,182 | 13,797,232 | 24,507,577 |
| Cash and cash equivalents at the end of the year | 16,583,710 | 10,916,182 | 13,797,232 |