Bhutan Insurance Limited

Statement of Financial Position as on 30th June 2022

in Bhutanese Ngultrum
Particulars Note 2022 2021
ASSETS Growth %

Cash and cash equivalents 3 171,929,166 184,646,587 -6.89%

Loans & Advances 4 2,708,232,846 2,058,565,976 31.56%

Investment Held Till Maturity 5 125,000,000 185,000,000 -32.43%

Equity Investment-FVOCI 6 59,124,249 18,163,090 225.52%

Insurance Receivable 7 65,075,679 81,248,429 -19.91%

Deferred Tax Assets 16a 2,849,248 - 100.00%

Other Assets 8 61,006,700 22,950,784 165.82%

Property, Plant and Equipment 9 123,824,448 107,550,958 15.13%

Intangible Assets 10 172,818 787,982 -78.07%

Total Assets 3,317,215,155 2,658,913,806 24.76%

LIABILITIES

Insurance Contract 11 55,470,236 51,223,560 8%

Reinsurance Contract 12 - - 0%

Subordinate Term Debt 13 120,000,000 120,000,000 0%

Borrowed Funds 14 1,756,897,216 1,291,837,413 36%

Employee Benefit Obligation 15 16,130,078 5,398,018 199%

Deferred Tax Liability 16b 1,745,150 - 100%

Tax Payable 17 38,082,716 18,329,882 108%

Provisions & Contingencies 18 284,872,523 381,038,379 -25%

Other Liabilities 19 160,101,149 131,326,338 22%

Total Liabilities 2,433,299,068 1,999,153,590 22%

EQUITY & RESERVES

Share Capital-Paid up 20 300,000,000 300,000,000 0%

General Reserve 21(i) 278,504,818 264,925,292 5%

Retained earnings 21(ii) 285,626,729 82,030,986 248%

CAT Reserve 21(iii) 12,803,938 12,803,938 0%

Equity Investment Revaluation Reserve 21(iv) 6,980,601 - 100%

Net assets attributable to the Company's owners
883,916,086 659,760,216 34%
Non Controlling Interest
TOTAL EQUITY
883,916,086 659,760,216
TOTAL SHARHOLDER's EQUITY & LIABILITIES
3,317,215,155 2,658,913,806 24.76%

Note:-

Contingent Liabilities (Off balance sheet) 324,715,043 126,161,241

The Schedules referred to above form an integral part of this Statement of Financial
Position.
This is the Statement of Financial Position referred to in our report of even date.
Bhutan Insurance Limited
Statement of Comprehensive Income as on 30th June 2022
in Bhutanese Ngultrum
Growth
Particular Note 2022 2021 %

Net Earned Premium 22 92,578,039 91,821,229 0.82%

Finance Income 23 5,398,664 5,820,616 -7.25%

Net Fees & Commission Income 24 13,237,181 16,734,483 -20.90%

Net Interest Income on Loans & Advances 25 77,497,463 54,581,805 41.98%

Other Operating Income 26 21,171,033 13,175,100 60.69%

Total Operating Income 209,882,379 182,133,234 15.24%

- -
Net Claims Expenses 27 52,603,630 38,246,793 37.54%
- -
Other Operating & Administrative Expenses 28 41,957,647 39,521,875 6.16%
- -
Depreciation 9 2,220,523 1,636,734 35.67%
- -
Amortization 10 749,554 63,890 1073.19%
-
Impairment gain/(Loss) on Loans & Advances 18a(iii)+18c+18e 39,979,839 29,344,413 -236.24%
- -
Total Operating Expense 57,551,514 108,813,705 -47.11%

Profit Before Tax 152,330,865 73,319,528 107.76%

Income Tax 17 38,082,716 18,329,882 108%

Deferred Tax 29 540,404 - 100%

Prior period adjustment 30 219,182 - 100%

Profit After Tax 113,488,563 54,989,646 106.38%

Basic Earnings Per Share 32(i) 3.82 1.83

Diluted Earnings Per Share 32(i) 3.82 1.83

Profit Available for Appropriation

Transfer to Catastrophic Reserve 21(iii) - -

Transfer to Statement of Other Comprehensive
Income 113,488,563 54,989,646

Statement of Other Comprehenisve Income as on 30th June 2022

in Bhutanese Ngultrum

Profit for the year after appropriation 113,488,563 54,989,646

Remeasurement Gain/(Loss) 28(i) - -

Total Comprehensive Income before Tax 113,488,563 54,989,646

Deferred Tax 31 - -
Total Comprehensive Income After Tax available for
appropriation 113,488,563 54,989,646

Transfer to General Reserve 20B 28,372,141 54,989,646

Transfer to Retained Earnings 20B 85,116,422 -

Total appropriation amount 113,488,563 54,989,646

Basic Earnings Per Share 32(ii) 3.78 1.83

Diluted Earnings Per Share 32(ii) 3.78 1.83

The Schedules referred to above form an integral part of this Statement of Comprehensive Income.
This is the Statement of Comprehensive Income referred to in our report of even date.
Bhutan Insurance Limited
Statement of Changes in Equity as on 30th June 2022
in Bhutanese Ngultrum
Investment
Share Retained General Revaluation Catastrophic
Particulars Capital Earnings Reserve Reserve Reserve Total

Opening Balance as on 01.01.2021 300,000,000 200,510,307 250,132,677 6,980,601 12,803,938 770,427,523

Adjustement of Bonus Shares Issued during the year - - - - - -

Prior Period Adjustment -

Earnings for the year as per BAS - 85,116,422 28,372,141 - - 113,488,563

-
Transfer to Catastrophic Reserve - - - - -
-
Cash Dividend paid - - - - - -
-
Investment Revaluation during the year - -

Closing Balance as on 30.06.2022 300,000,000 285,626,729 278,504,818 6,980,601 12,803,938 883,916,086

The Schedules referred to above form an integral part of this Statement of Changes In Equity.
This is the Statement of Changes In Equity referred to in our report of even date.
BHUTAN INSURANCE LIMITED

Statement of Cash Flow as of 30th June 2022

Particulars
2022 2021
1. Cash Flow from Operating Activities

Profit before tax 152,330,865 73,319,528

Add: Depreciation 2,220,523 1,636,734

Add: Amortisation 749,554 63,890

- -
Add/Less: Increase/(Decrease) in Current Liabilities 23,374,387 21,550,720
-
Add/Less: Increase/(Decrease) in Provision 42,315,084 30,780,650
-
Add/Less: Decrease/(Increase) in Current Assets 15,002,918 25,163,898
- -
Less: Tax & Dividend Paid for last year profit 60,008,451 27,210,617
-
Less: Prior Period Taxes, Penalties Paid & Others 759,586 -

Net Cash Flow from Operating Activities (A) 43,846,352 31,875,567

2. Cash Flow from Investing Activities

Decrease/(Increase) in Investment 60,000,000 -

- -
Decrease/(Increase) in Loans 366,371,295 38,009,433
- -
Purchase of Property Plant & Equipment 9,445,525 1,437,709

Net Cash Flow from Investing Activities (B) (315,816,820) (39,447,142)

3. Cash flow from Financing Activities

Increase/(Decrease) in borrowings 239,974,331 3,760,393

Net Cash Flow from Financing Activities (C) 239,974,331 3,760,393

Net Increase/(Decrease) in Cash and Cash Equivalent (A+B+C) (31,996,137) (3,811,183)

Change in Cash & Cash Equivalents

Closing Cash & Cash equivalent 171,929,166 184,646,587

Less: Opening Cash & Cash equivalent 203,925,303 188,457,770

Net changes in Cash & cash equivalent (31,996,137) (3,811,183)

This is the Cash Flow Statement referred to in our report of even date