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ICBL CONSOLIDATED FINANCIAL STATEMENTS
CHAIRMAN’S REVIEW FOR THE PERIOD ENDED 31 MARCH 2018
As at 31 March 2018with comparative figures for 2017(in thousands of Barbados dollars)
Unaudited31 March 2018
Unaudited31 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
AssetsCash and cash equivalentsFixed depositsRegulatory depositsInvestmentsInsurance receivables and other assetsDeferred policy acquisition costsReinsurance assetsInvestment propertiesProperty, plant and equipmentTax recoverableIntangible assetsDeferred tax assetRetirement benefitRestricted cash
Total assets
LiabilitiesOther liabilitiesDue to affiliatesInvestment contract liabilitiesInsurance contract liabilitiesDeferred tax liability
Total liabilities
EquityShare capitalContributed surplusStatutory reserveSurplus reserveAccumulated other comprehensive incomeRetained earnings
Total Shareholders' equity
Non-controlling interest in subsidiary
Total equity
Total liabilities and equity
For the period ended 31 March 2018with comparative figures for 2017(in thousands of Barbados dollars)
Unaudited31 March 2018
Unaudited31 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 1221Tel: (246) 434-6000 • Fax: (246) 426-3393
BRANCH OFFICES:Emerald City, Six Roads, St. Philip, BarbadosTel: (246) 434-6009 • Fax: (246) 434-6098
12 Omni Mall, Speightstown, St. Peter, BarbadosTel: (246) 434-6010 • Fax: (246) 434-6094
Carlton Complex, Black Rock, St. Michael, BarbadosTel: (246) 434-6008 • Fax: (246) 434-6099
Email: [email protected]: www.icbl.comwww.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)
INCOMEGross premiums writtenReinsurance ceded
Net premiums writtenNet change in unearned premiums
Net premiums earned
Investment incomeCommission and other incomeRental income
Total income
EXPENSESInsurance contracts benefits and expenses Life and health policy benefits Short term claim and adjustments expensesCommission and acquisition expenseOperating expensesAmortisation and depreciation expense
Total benefits and expenses
Loss before income taxesIncome taxes Net loss for the period
Attributed to:ShareholdersNon-controlling interest in subsidiary
Net loss for the period
Basic and diluted earnings per share (cents)
For the period ended 31 March 2018with 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)
Unaudited31 March 2018
Unaudited31 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 lossInvestments classified as available for sale Fair value (loss) gainTotal other comprehensive (loss) income for the period after income taxes
Comprehensive loss
Comprehensive loss attributable to: Shareholders Non-controlling interest in subsidiaryTotal comprehensive loss for the period
For the period ended 31 March 2018with comparative figures for 2017(in thousands of Barbados dollars)
Unaudited31 March 2018
Unaudited31 March 2017
HOME | MOTOR | TRAVEL | MARINE | COMMERCIAL | LIFE | MEDICAL | ANNUITIES | PENSIONS | CREDITOR LIFE | GROUP LIFE | GROUP MEDICAL
Share capitalBalance at beginning of yearShare issuance Balance - end of period
Contributed surplusBalance - beginning of yearShare compensation expensesBalance - end of period
Statutory reserveBalance - beginning of yearTransfer to catastrophe reserveTransfer to surplus reserveBalance - end of period
Retained earningsBalance - beginning of yearInitial application of IFRS 9 at 1 January 2018Balance - beginning of year, restatedNet loss for the period attributable to shareholdersDividendsBalance - end of period
Accumulated other comprehensive incomeBalance - beginning of yearOther comprehensive (loss) income for the periodBalance - end of period
Total equity attributable to shareholders of the company Attributable to non-controlling interestBalance - beginning of yearNet income for the periodBalance - end of period
Total equity
For the period ended 31 March 2018with comparative figures for 2017(in thousands of Barbados dollars)
Unaudited31 March 2018
Unaudited31 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 - ChairmanMrs. Juanita Thorington-Powlett - Vice ChairmanMr. Goulbourne Alleyne - Deputy CEO
DIRECTORS
Sir Paul AltmanSir Trevor CarmichaelMr. Gordon Henderson
Mrs. Jennifer HunteMs. Toni JonesMr. Charles Watchorn
