February 17, 2023
General Accident Insurance Company Limited (GENAC), for the year ended December 31, 2022 reported gross premium written of $15.11 billion, 8% higher than the $13.96 billion reported for 2021. Reinsurance ceded also rose by 8% to close at $11.33 billion relative to $10.49 billion booked in 2021. Excess of loss reinsurance trended up by 30% to $282.64 million (2021: $216.99 million).
As a result, net premium written increased by 8% from $3.25 billion last year to $3.50 billion for the year ended December 31, 2022. Net premium written for the fourth quarter amounted to $983.35 million relative to $921.57 million booked for the corresponding period in 2021.
Net changes in unearned premiums totalled $125.90 million, 43% lower than the $221.21 million recorded last year. Consequently, net premiums earned, for the year ended December 31, 2022, grew by 11% to a total of $3.37 billion compared to $3.03 billion for the prior year. For the quarter, net premium earned totalled $851.01 million compared to $854.36 million booked for the similar quarter of 2021.
Underwriting profit for the year totalled $427.33 million, this compares to a profit of $80.32 million in 2021. The company also made an underwriting profit of $217.22 million relative to a loss of $71.97 million within the fourth quarter.
Investment income closed at $361.37 million, a increase of 60% when compared with last year’s $226.53 million, while other income totalled $42.27 million, relative to $124.59 million in 2021.
Profit before taxation amounted to $665.04 million (2021: $259.70 million). Following taxes of $76.92 million (2021: $110.46 million), net profit totalled $588.12 million for the year ended December 31, 2022 a 294% increase when compared to the $149.24 million reported last year. Net profit for the quarter was $310.83 million relative to the loss of $5.87 million booked in the corresponding quarter in 2021.
Profit attributable to shareholders amounted to $533.34 million (2021: $254.75 million), while for the quarter, profit attributable to shareholders totalled $276.23 million (2021: loss of $7.12 million).
Total comprehensive income amounted to $557.52 million (2021: $143.80 million) for the year ended December 31, 2022. For the fourth quarter, total comprehensive profit amounted to $316.75 million in comparison to the loss of $72.47 million in 2021.
As such, earning per share for the period amounted to $0.52 (2021: $0.25), while EPS for the quarter amounted to $0.27 compared to an LPS of $0.05 in 2021. The number of shares used in our calculations amounted to 1,031,250,000 units. The stock traded at $4.14 as at February 16, 2023 with a corresponding P/E ratio of 8.01 times.
Balance Sheet at a glance:
Total assets increased to $12.55 billion as at December 31, 2022 from $12.50 billion a year earlier. ‘Investment Securities’ and ‘Due from policyholders, brokers and agents’ contributed the most to the growth in assets to close at $3.19 billion (2021: $3.10 billion) and $1.77 billion (2021: $1.42 billion), respectively.
Shareholder’s equity as at December 31, 2022 stood at $2.88 billion (2021: $2.63 billion) resulting in book value per share of $2.79 (2021: $2.55)
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