ICBL CONSOLIDATED FINANCIAL STATEMENTS 2018-08-15¢  ICBL CONSOLIDATED FINANCIAL STATEMENTS CHAIRMAN¢â‚¬â„¢S
ICBL CONSOLIDATED FINANCIAL STATEMENTS 2018-08-15¢  ICBL CONSOLIDATED FINANCIAL STATEMENTS CHAIRMAN¢â‚¬â„¢S

ICBL CONSOLIDATED FINANCIAL STATEMENTS 2018-08-15¢  ICBL CONSOLIDATED FINANCIAL STATEMENTS CHAIRMAN¢â‚¬â„¢S

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  • ICBL CONSOLIDATED FINANCIAL STATEMENTS

    CHAIRMAN’S REVIEW FOR THE PERIOD ENDED 31 MARCH 2018

    As at 31 March 2018 with comparative figures for 2017 (in thousands of Barbados dollars)

    Unaudited 31 March 2018

    Unaudited 31 March 2017

    44,486 12,245 2,000

    137,904 54,466 1,576

    44,819 34,176 20,673 3,919 4,834

    271 3,360

    36,922

    401,651

    24,419 4,047

    106,973 139,269

    -

    274,708

    39,816 427

    15,651 37,388 4,508

    20,829

    118,619

    8,324

    126,943

    401,651

    42,597 18,813 2,000

    184,013 38,477 2,605

    37,960 34,319 20,967 3,938 3,358

    - 4,339

    34,154

    427,540

    24,387 6,740

    111,870 132,029

    1,532

    276,558

    39,664 318

    14,966 37,388 5,701 44,845

    142,882

    8,100

    150,982

    427,540

    Assets Cash and cash equivalents Fixed deposits Regulatory deposits Investments Insurance receivables and other assets Deferred policy acquisition costs Reinsurance assets Investment properties Property, plant and equipment Tax recoverable Intangible assets Deferred tax asset Retirement benefit Restricted cash

    Total assets

    Liabilities Other liabilities Due to affiliates Investment contract liabilities Insurance contract liabilities Deferred tax liability

    Total liabilities

    Equity Share capital Contributed surplus Statutory reserve Surplus reserve Accumulated other comprehensive income Retained earnings

    Total Shareholders' equity

    Non-controlling interest in subsidiary

    Total equity

    Total liabilities and equity

    For the period ended 31 March 2018 with comparative figures for 2017 (in thousands of Barbados dollars)

    Unaudited 31 March 2018

    Unaudited 31 March 2017

    (3,871)

    3,813

    (603)

    (661)

    45,147

    44,486

    10,372

    461

    (4,238)

    6,595

    36,002

    42,597

    Net cash (used for) generated from operating activities

    Net cash generated from investing activities

    Net cash used in financing activities

    Net (decrease) increase in cash and cash equivalents for the period

    Cash and cash equivalents - beginning of year Cash and cash equivalents - end of period

    HOME | MOTOR | TRAVEL | MARINE | COMMERCIAL | LIFE | MEDICAL | ANNUITIES | PENSIONS | CREDITOR LIFE | GROUP LIFE | GROUP MEDICAL

    ICBL announced a net loss of $0.3 million for the three months ended 31 March 2018, compared to a net loss of $0.5 million for the corresponding period ended 31 March 2017. These results were reflective of the challenges facing ICBL’s policyholders in this economy, and continued pressure on the Motor account profitability which suffered from a continuing trend of high frequency and severity of claims.

    The company reaffirms its commitment to focus on what it can control: responsible underwriting, conservative reinsurance programs, expense reduction through transformation and modernization and strong customer service. ICBL remains very well capitalized, which is important for policyholders who need the confidence that their claims will be paid. We wish to thank our policyholders and shareholders for their continued support as we work through these difficult times.

    HEAD OFFICE: Roebuck Street, Bridgetown, St. Michael, Barbados P.O. Box 1221 Tel: (246) 434-6000 • Fax: (246) 426-3393

    BRANCH OFFICES: Emerald City, Six Roads, St. Philip, Barbados Tel: (246) 434-6009 • Fax: (246) 434-6098

    12 Omni Mall, Speightstown, St. Peter, Barbados Tel: (246) 434-6010 • Fax: (246) 434-6094

    Carlton Complex, Black Rock, St. Michael, Barbados Tel: (246) 434-6008 • Fax: (246) 434-6099

    Email: icb@icb.com.bb Website: www.icbl.com www.facebook.com/icblinsurance

  • FOR THE PERIOD ENDED 31 MARCH 2018

    25,359 (8,645)

    16,714 (1,395)

    15,319

    1,713 4,549

    548

    22,129

    3,609 6,746 3,253 8,397

    409

    22,414

    (285) 3

    (288)

    (401) 113

    (288)

    (0.01)

    INCOME Gross premiums written Reinsurance ceded

    Net premiums written Net change in unearned premiums

    Net premiums earned

    Investment income Commission and other income Rental income

    Total income

    EXPENSES Insurance contracts benefits and expenses Life and health policy benefits Short term claim and adjustments expenses Commission and acquisition expense Operating expenses Amortisation and depreciation expense

    Total benefits and expenses

    Loss before income taxes Income taxes Net loss for the period

    Attributed to: Shareholders Non-controlling interest in subsidiary

    Net loss for the period

    Basic and diluted earnings per share (cents)

    For the period ended 31 March 2018 with comparative figures for 2017 (in thousands of Barbados dollars)

    26,317 (9,041)

    17,276 (1,511)

    15,765

    1,659 4,614

    548

    22,586

    4,067 7,266 3,302 8,162

    457

    23,254

    (668) (158) (510)

    (624) 114

    (510)

    (0.02)

    Unaudited 31 March 2018

    Unaudited 31 March 2017

    (288)

    (194)

    (194)

    (482)

    (595) 113

    (482)

    (510)

    450

    450

    (60)

    (174) 114 (60)

    Net loss after income taxes

    Items that may be subsequently reclassified to profit or loss Investments classified as available for sale Fair value (loss) gain Total other comprehensive (loss) income for the period after income taxes

    Comprehensive loss

    Comprehensive loss attributable to: Shareholders Non-controlling interest in subsidiary Total comprehensive loss for the period

    For the period ended 31 March 2018 with comparative figures for 2017 (in thousands of Barbados dollars)

    Unaudited 31 March 2018

    Unaudited 31 March 2017

    HOME | MOTOR | TRAVEL | MARINE | COMMERCIAL | LIFE | MEDICAL | ANNUITIES | PENSIONS | CREDITOR LIFE | GROUP LIFE | GROUP MEDICAL

    Share capital Balance at beginning of year Share issuance Balance - end of period

    Contributed surplus Balance - beginning of year Share compensation expenses Balance - end of period

    Statutory reserve Balance - beginning of year Transfer to catastrophe reserve Transfer to surplus reserve Balance - end of period

    Retained earnings Balance - beginning of year Initial application of IFRS 9 at 1 January 2018 Balance - beginning of year, restated Net loss for the period attributable to shareholders Dividends Balance - end of period

    Accumulated other comprehensive income Balance - beginning of year Other comprehensive (loss) income for the period Balance - end of period

    Total equity attributable to shareholders of the company Attributable to non-controlling interest Balance - beginning of year Net income for the period Balance - end of period

    Total equity

    For the period ended 31 March 2018 with comparative figures for 2017 (in thousands of Barbados dollars)

    Unaudited 31 March 2018

    Unaudited 31 March 2017

    39,816

    - 39,816

    427 -

    427

    53,039 - -

    53,039

    39,415 (13,805)

    25,610 (401)

    (4,380) 20,829

    4,702 (194) 4,508

    118,619

    8,211 113

    8,324

    126,943

    39,664 -

    39,664

    304 14

    318

    52,354 - -

    52,354

    49,707 -

    49,707 (624)

    (4,238) 44,845

    5,251 450

    5,701

    142,882

    7,986 114

    8,100

    150,982

    Mr. R. John Wight - Chairman Mrs. Juanita Thorington-Powlett - Vice Chairman Mr. Goulbourne Alleyne - Deputy CEO

    DIRECTORS

    Sir Paul Altman Sir Trevor Carmichael Mr. Gordon Henderson

    Mrs. Jennifer Hunte Ms. Toni Jones Mr. Charles Watchorn