2013 Integrated Report

East African Underwriters Limited

Statement of Financial Position
At 31st December 2013
Assets Note 2013 2012
Ushs'000 Ushs'000
Equipment 10 46,235 107,267
Statutory deposit 11 (c) 501,284 356,066
Available for sale investments 11 (a) 1,659,817 1,494,221
Held to maturity investments 11 (b) 11,860,381 11,254,140
investment in associates 11 (d) 129,300 129,300
Premiums receivable 12 1,306,789 761,557
Reinsurers' share of insurance liabilities and reserves 13 6,410,965 5,166,260
Short term loans 14 2,093,980 2,172,975
Other receivables 15 320,749 383,411
Due from related parties 16 (b) 78,791 23,744
Tax recoverable 9 (e) 715,987 701,659
Cash and bank balances   456,465 399,4765
Total Assets   25,580,743 26,545,365
Equity and liabilities
Capital and reserves
Share capital 17 4,000,000 2,050,000
Contingency reserve 18 (a) 2,299,387 2,093,771
Capital base growth fund 18 (b) 379,606 340,481
Fair value revaluation reserve   818,129 702,213
Retained earnings   2,612,826 4,025,072
Total equity   10,109,948 9,211,537
Liabilities
Deferred tax liability 9 (c) 249,351 488,369
Payables arising out of reinsurance arrangements   3,153,192 5,669,144
Insurance contract liabilities 19 7,157,695 5,627,846
Unearned premium reserves 20 4,112,312 4,800,418
Provision for retirement benefit obligation   327,596 179,529
Other payables 21 193,756 170,825
Due to related parties 16 (c) 276,893 397,697
Total liabilities   15,470,795 17,333,828
Total equity and liabilities   25,580,743 26,545,365