|
|
| Underwriting |
2009 |
2008 |
2007 |
2006 |
2005 |
2004 |
| Reinsurance Premiums Assumed |
28,603,125 |
26,893,608 |
29,339,472 |
28,381,887 |
27,058,761 |
22,903,935 |
| Premiums Written |
688,150 |
2,176,748 |
4,371,940 |
2,931,486 |
1,329,255 |
498,691 |
| Mvmnt in Def. Reinsurance Prem Ceded |
356,250 |
(52,083) |
333,333 |
- |
- |
- |
| Movement in Unearned Premium Reserve |
(3,257,429) |
(467,605) |
238,782 |
(2,905,329) |
(1,733,139) |
(2,382,202) |
| Total Underwriting Income |
26,390,097 |
28,550,668 |
34,283,527 |
28,408,044 |
26,654,877 |
21,020,424 |
 |
| Underwriting Expense |
|
| Net Losses Paid |
6,962,049 |
10,503,911 |
14,159,579 |
13,826,517 |
9,932,110 |
8,307,631 |
| Mvmnt in OS Losses Recoverable |
807,659 |
(2,196,063) |
- |
- |
- |
- |
| Movement in Loss Reserves |
2,580,022 |
(393,849) |
3,301,723 |
1,202,678 |
3,301,010 |
2,585,141 |
| Acquisition Costs |
13,232,382 |
10,989,667 |
16,168,404 |
9,729,522 |
9,652,316 |
8,381,397 |
| Loss & Unallocated Adjustment Expense |
503,203 |
455,070 |
544,785 |
- |
- |
- |
| Movement in deffered commissions |
(738,542) |
(42,103) |
570,088 |
(513,137) |
(133,001) |
(370,143) |
| Total Underwriting Expenses |
23,346,773 |
19,316,632 |
34,744,579 |
24,245,580 |
22,752,435 |
18,904,026 |
|
| Net Underwriting Income |
3,043,324 |
9,234,036 |
(461,051) |
4,162,464 |
3,902,442 |
2,116,398 |
|
| Investment Income |
| Interest and Dividend Income |
882,350 |
2,149,814 |
2,512,285 |
1,593,866 |
1,890,226 |
856,226 |
| Net Realized Gain/(Loss) on Investments |
931,872 |
(6,382,003) |
593,363 |
3,614,546 |
(419,817) |
(203,758) |
| Net Realized Gain/(Loss) on Options |
- |
- |
- |
44,574 |
(14,750) |
- |
| Net Realized G/L on Futures Contracts |
- |
- |
- |
28,454 |
(543,578) |
(115,777) |
| Mvmnt. Unrealized Loss/Futures Contracts |
- |
- |
59,281 |
63,697 |
(15,216) |
(57,773) |
| Interest Expense |
(662,263) |
(1,058,208) |
(1,319,835) |
|
| Loss on Write Downs on Investments |
- |
- |
(1,037,466) |
|
| Total Investment Income |
1,151,959 |
(5,290,397) |
833,063 |
5,345,137 |
896,865 |
478,918 |
|
| Consultancy Fees |
1,398,240 |
1,316,824 |
126,500 |
138,000 |
138,000 |
138,000 |
| Directors Fees |
73,109 |
72,000 |
72,000 |
72,000 |
72,000 |
72,000 |
| Legal and professional fees |
98,689 |
171,845 |
94,605 |
12,854 |
81,587 |
58,814 |
| Insurance Management Fees |
1,313,863 |
1,934,233 |
1,795,432 |
1,479,383 |
1,147,238 |
630,015 |
| Audit and Tax Fees |
162,675 |
195,598 |
109,975 |
79,063 |
78,977 |
- |
| Government Fees |
10,701 |
9,641 |
16,143 |
12,532 |
12,202 |
10,771 |
| Bank charges |
2,722 |
18,602 |
38,266 |
56,660 |
55,229 |
32,603 |
| Letter of Credit Fees |
154,994 |
93,278 |
101,706 |
107,714 |
95,236 |
71,730 |
| Miscellaneous Expense |
46,575 |
(302,620) |
30,226 |
171,897 |
30,225 |
7,356 |
| Placement Agent Fees |
- |
- |
- |
453,500 |
- |
- |
| Administrative Expenses |
3,261,568 |
3,509,401 |
2,384,852 |
2,583,603 |
1,710,694 |
1,021,289 |
|
| Net Income Before Taxes |
933,714 |
434,238 |
(2,012,840) |
6,923,998 |
3,088,613 |
1,574,027 |
| Provision for income tax provision |
(140,690) |
(106,408) |
962,324 |
(2,191,819) |
(885,897) |
(415,738) |
| Net Income |
793,024 |
540,647 |
(1,050,515) |
4,732,179 |
2,202,716 |
1,158,289 |
|
| Statement of Retained Earnings |
| Retained Earnings Brought Forward |
4,118,812 |
3,578,165 |
11,628,680 |
6,896,501 |
4,693,785 |
3,535,496 |
| Net Income |
793,024 |
540,647 |
(1,050,515) |
4,732,179 |
2,202,716 |
1,158,289 |
| Retained Earnings Carried Forward |
4,911,836 |
4,118,812 |
10,578,165 |
11,628,680 |
6,896,501 |
4,693,785 |
(1) In June 2008 KIC paid a $7M non taxable dividend to the parent (KHI).
|
