2014 Integrated Report

East African Underwriters Limited

Statement of Financial Position
At 31st December 2014
Assets Note 2014 2013
Ushs'000 Ushs'000
Equipment 10 454,588 46,235
Statutory deposit 11 (c) 538,723 501,284
Available for sale investments 11 (a) 1,816,679 1,659,817
Held to maturity investments 11 (b) 12,996,306 11,860,381
investment in associates 11 (d) 129,300 129,300
Premiums receivable 12 1,223,158 1,306,789
Reinsurers' share of insurance liabilities and reserves 13 6,429,133 6,410,965
Short term loans 14 2,216,535 2,093,980
Other receivables 15 384,474 320,749
Due from related parties 16 (b) 40,744 78,791
Tax recoverable 9 (e) 674,679 715,987
Cash and bank balances   616,445 456,465
Total Assets   27,520,764 25,580,743
Equity and liabilities
Capital and reserves
Share capital 17 4,000,000 4,000,000
Contingency reserve 18 (a) 2,659,686 2,299,387
Capital base growth fund 18 (b) 499,706 379,606
Fair value revaluation reserve   927,933 818,129
Retained earnings   4,534,422 2,612,826
Total equity   12,621,747 10,109,948
Liabilities
Deferred tax liability 9 (c) 559,338 249,351
Payables arising out of reinsurance arrangements   2,199,714 3,153,192
Insurance contract liabilities 19 6,806,298 7,157,695
Unearned premium reserves 20 4,241,184 4,112,312
Provision for retirement benefit obligation   450,003 327,596
Other payables 21 485,349 193,756
Due to related parties 16 (c) 157,021 276,893
Total liabilities   14,899,017 15,470,795
Total equity and liabilities   27,520,764 25,580,743