Phone: 850 2 18333 ext. 3818304 Email: future@futurere.com.kp
Financial Highlights
As at December 31, 2023
Balance Sheet
Currency: KPW'000
| Assets | Year 2023 |
| Cash with bank and in hand | 2,883,376 |
| Trade receivables | 559,776 |
| Accrued incomes | 158,016 |
| Deferred acquisition costs | 30,547 |
| Prepayment | 4,704 |
| Intangible assets | 194,525 |
| Investments | 2,513,464 |
| Property and equipment | 602,227 |
| Total assets | 6,946,635 |
| Equity and Liabilities | Year 2023 |
| Liabilities | |
Reinsurance contract liabilities |
615,528 |
- Provision for unearned premiums |
327,084 |
- Provision for outstanding claims |
90,065 |
- Accounts payables |
198,379 |
- Deposits retained on retroceded business |
|
Other payables |
12,018 |
| Total liabilities | 627,546 |
| Equity | |
Paid up capital |
3,300,000 |
- Additional paid-in capital |
|
Retained earnings |
2,199,486 |
Contingency reserve |
217,691 |
Other reserves |
601,912 |
| Total equity | 6,319,089 |
| Total Equity and Liabilities | 6,946,635 |
Income Statement
| Income | |
| Underwriting Income | 1,909,416 |
Net premiums earned |
1,909,416 |
Net written premiums |
1,928,770 |
- Gross written premiums |
1,928,770 |
- Premiums ceded to retrocessionaires |
|
Changes in provision for unearned premiums |
(19,354) |
| Investment income | 295,641 |
Real estates |
|
Loans and receivables |
113,784 |
Available-for-sale financial assets |
146,832 |
Financial assets at fair value through profit |
2,202 |
Deposits |
32,823 |
Other income |
|
| Total incomes | 2,205,057 |
| Net claims incurred | (629,355) |
Net claims paid |
(573,448) |
- Gross claims paid |
(573,448) |
- Retroceded amount |
|
Changes in provision for outstanding claims |
(55,907) |
| Commission paid | (268,803) |
| Administrative expenses | (212,367) |
| Other expenses | (1,400) |
| Total expenses | (1,111,925) |
| Operating result before payment to state | 1,093,132 |
| Payment to state | (327,940) |
| Net profit for the year | 765,192 |
Cash Flow Statement
| Operating activities | |
| Cash generated from operation | 921,179 |
| Payment to state | (327,940) |
| Net cash (generated)/used in from operating activities | 593,239 |
| Investing activities | |
| Proceeds from disposal of investment assets | |
| Purchases of property and equipment | |
| Purchases of intangible assets | (1,033) |
| Purchases of securities | |
| Interests received | 158,180 |
| Rental income received | |
| Net cash (generated)/used in from investing activities | 157,147 |
| Financing activities | |
| Proceeds from note issued | |
| Dividends paid to equity shareholder | (229,558) |
| Net cash (generated)/used in from financing activities | (229,558) |
| Net (decrease)/increase in cash and cash equivalents | 520,828 |
| Movement in cash and cash equivalents | |
| At beginning of year | 2,362,547 |
| Net (decrease)/ increase in cash and cash equivalents | 520,828 |
| Cash and cash equivalents at the end of year | 2,883,375 |