Reliance Insurance Limited

Statement of Financial Position (Un-audited)

As at March 31.,2022

Particulars Notes 37Dec2O27

Taka

Non current assets 5,777,762,783 5,942,570,577

Property, plant & equipment L,862,952,055
Assets under construction 906,940,841.
Financial Assets 3,172,677,682

Curent assets 5,332,158,958 5,140,377,395

Stock of Stamps and others 7,298,840 5,493,21,0
Advances, deposits & prepayments L,78L,934,728 1,,651,,396,544
Short-term investment in FDR 3,334,500,000 3,338,500,000
Cash & cash equi,ialents 208,425390 1,44,921.,640

Total assets 11,109,921,140 17,082,887,972

Shareholders' equity 6,405,427,896 6,771,755,137

Share capital 05.00 1.,051.,61.0,870 1,051,610,870
Revaluation reserve 1,399,559,360 1,400,512,128
Fair value reserve 1.,204,1.49,680 1,440,199,292
Capital reserve 2,379,041. 2,379,041.
Exceptional loss reserve L,557,395,399 1,518,484,698
General reserve 101,250,000 101,250,000
Retained earnings L,090,083,546 1.,256,719,1.08

Current liabilities
Fund accounts, creditors & provisions 4,703,493,2M 4,31L,726,832

Total shareholders' equify & liabilities 1'1.,109,92'1.,140 17,082,887,972

Net asset value per share (NAVPS) 06.00 60.92 64.39

The annexed notes 01 to 12 form an integral part of these financial statements

@
Company Secretary Chief Financial ?ef Executive Officer

/ab=
Director Chairman
 Reliance Insurance Limited
Statement of Comprehensive fncome (Un-audited)
For the period ended March37,2022

Particulars Notes

Gross premium income 9s4,055,287 898,035,000

Net premium income f- 38% o?,u| f36r,1 4spool

Commission on re-insurance | | 74,1,54,380
9s,686,260 | |

484,793272 435299,380
Allocable mgt. €Xp€[s€s (rncludinsclaitu & co,*.) a- erel? Ln7i1 l- wrl3l,s? 3l
Un-allocable mgt. expenses | I (gz,ges,soorl
1zr,osa,o+oyl eo,etT,Blql
Unexpired risk reserve | |
(+o,gsa,rsetl
(366,817,012) (290A34,819)
Profit before investment & other income 177,976,260 744,864,56'1,
Investment & other income 76,300,148 69,557,954
Profit before tax 194276A08 274,422,515
Income tax expense
Current tax o7.oo l-(ss2oz"a3sil a- @,654,366\
Deferred tax 07.01 | (4,843,484\ll (9,466,061)l
(60,051,319) (72,720A27)
Net profit after tax 134,225,089 '142,302,088
Other comprehensive income/(loss)
Changes in fair value of shares available for sale Q62,277,348) (72,730,164)
Deferred tax on shares available for sale 26,227,735 7,273,075
(236,049,612) (65,457,1.47)
Total comprehensive income/(loss) ___a0,.fi24Fzsl _?6W,9n_
Profit & loss appropriation
Net profit after tax 134,225,089 1.42,302,088
Reserye for exceptional loss (38,910,701) (36,114,500)

__2u&q9g_ _105,t8?FW_
Earnings per share{EPS) 08.00 1.28 1.35

The annexed notes 01 to 12 form an integral part of these financial statements

-.-.-?tr'.P W,
Company Secretary Chief Financial Officer

/ea-* \E-
Director Chairman
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 Reliance fnsurance Limited
Statement of Cash Flows (Un-audited)
For the period ended March 37,2022

Particulars Notes lan-Mar,2022 lan-Mar,2021

Taka Taka

Cash flows from operating activities

Collection from premium & others 1,,028,295,074 999,452,278
Payment for commission, claim & others (724,598,518) (51,6,389,639)
VAT paid to Government (112,396,242) (119,097,107)
Income-tax paid and deducted at sources t,71,4

Net cash generated from operating activities 134,640,600 225,722,057

Cash flows from investing activities

Payment for acquisition of assets (3,674,393) (2,684,1,56)
Payment for assets under construction (21,,984,206) (7,505,886)
Proceeds from disposal of fixed asset 3,100 5,788
Payment against investments (2,731, (221,,883)
Dividend received 9,529,349 6,152,139
Interest received 19,466,214 16,530,772
Govt. Treasury Bond '44,115
Net cash flows from investing activities (75,136,850) 72,276,774

Cash flows from financing activities

Dividend paid
Net cash flows from financing activities

Net changes in cash & cash equivalents for the period 59,503,750 237,998,831
Cash and cash equivalents at the beginrring of the period 3,483,421.,640 3,116,542,260
Closing cash and cash equivalents at the end of the period __3,SQBXen_ 3,354,541,091,

Net operating cash flow per share (NOCFPS) 09.00 1..28 2.15

,/Ar*/r,ib*;/;/4
Company Secretary
m
Chief Financial Officer

\8. Chairman
 Reliance Insurance Limited
Selected explanatory notes to the Financial Statements as at and for the period ended M arch37,2}221

01.00 Legal form of the Company:

Reliance Insurance Ltd. was incorporated as a public limited Company in Bangladesh in the year 1988 under the Companies
Act 1913 (present 1994). The Company, within the stipulatiore laid down by Insulance Act 2010 and directives as received
from krsuance Development & Regulatory Authority (IDRA) from time to time, provides nonlife Insurance services.

02.00 Basis of preparation:

The intedm Financial Statements have been prepared based on Intemational Accounting Standard (lA$ 3a: "Interim
Financial Reporting,'and in accordance with other International Financial RePorting Standards (IFRS), the ComPanies Act
1994, the Insutance Act 2010, Securities and Exchange Rulm 1987 and other applicable laws and regulatiore.

03.00 Accounting policies and method of computations:

Accounting policies and methods of computatioro followed in preparing this interim Financial Statements are consistent with
those used in the Amual Fimncial Statements, prepared and published for the yeal ended December 31, 2021'

04.00 Dividend:
A cash dividend of Tk. 2.50 per share was declared for distribution to the valued shareholders in the 34th AGM held on March
30,2022 for lhe year ended December 31, 2021.

05.00 Share Capital 31Vr^rr\n 31 Dec 2021

Taka Taka
Authorized CaPital:
200,000,000 ordinary shares of Tk.10 each 2,000,000,000 2,000,000,000

Issued, subscribed and paid up Capital:

Group A- Sponsor Directors:

48,052,230 ordinary shares of Tk.10 each fully paid in cash 480,522,300 480,522,300

Group B-Others:
57,108,857 ordinary shares of Tk 10 each fully paid in cash 571,088,570 577,088,570

Total 1051510,870 LA57,570870

06,00 Net Assets Value Per Share

at
Net Assets Value Per Share has been calculated based on weighted average number of105,161,087 shares outstanding as

March 31,2022. Detail calculations are as follows:

31Dec2021.
Taka
6,406,427,896 6,771,'.155,737
Net assets
705,16L,087 705,757,087
Weighted average number of ordinary shares
Net Assets Value Per Share (NAVPS) :- 50.92 54.39

Net Assets Value Per Share (NAVITS) decreased due to decrease in fair value of shares.

07.00 Income tax exPense Jan-Mar,2021

Taka

(55,207,835) (62,654,366)
Current tax
(4,843,484) (9,465,06t)
Deferred tax (07.0L)
(60,051,319) _____82120,4r?)-

07.07 Deferred tax l^"-M^r,r\n J""-Mrt r0r1

Taka Taka
153,107,667 160,882,088
Deferred tax liability as on December 37,2021, / 2020
170,348,"149
Deferred tax tiability as on March 31, 2022 / 2021 157,95"t,157
p,46qw
Def erred tax Income/(ExPenses) {4,843,484',,
08,00 Earnings Per Share
Earnings per Share (EI'S) calculated in accordance with "lAS 33: Earnings Per Share". Detail calculations are as follows:

lan-Mat,2022
Taka

Net profit after tax 134,225,089 L42,302,088

Weighted average nmber of ordinary shares 105,16t,087 705,757,087

Basic Eamings Per share 1.28 1.35

There was no convertible securities during the period and hence no diluted EPS is required to be calculated. Earnings per share decreased
due to increase of Claim expenses.

09,00 Net Operating Cash Flows Per Share

Net Operating Cash Flows Per Share (NOCFI'S) has been calculated based on weighted average number of 105,161,087 shares
outstanding during the period. Detail calculations are as follows:
t^"-M^\r\n ,*-M*,r0r1
Taka Taka

Net cash generated from operating activities 134,640,600 225,722,057

Weighted average number of ordinary shares
'105,16't,087 105,"t67,087

Net Operating Cash Flows Per Share (NOCFPS) 7.28 2.15

Net Operating Cash Flows Per Share decreased due to increase of te-insurance payment and claim exPenses.

10.00 Reconciliation of net profit before tax to net operating cash flow
Net profit before tax 194275408 v14422,515
Adjustment:
Depreciation 9,681,365 9,737,347
Interest income (67,729,741) (51,823,189)
Dividend income (77,e70A3s) v,690,174)
Profit on sales of fixed assets (3,09s) (s,788)
Gain on financial assets (3,527,19s) $0,383,124)
Changes in working capital;
Increase/(decrease) the balance of fund 46,986,158 37,385,366
lncrease/(decrease) the premium deposit 113,577,971' 26,888,393
Increase/(decrease) of amount due to other persons or body 105,923,665 102,^86,398
Increase/(decrease) outstanding refundable premium 99,318 (299,573)
Increase/ (decrease) of outstanding claim (134,007,420) (47,064,237)
Increase/ (decrease) of sundry creditors except payable for fixed asset and tax payable (37 ,457 ,559) (3'1,1'"14,325)
(Increase)/decrease of stock of stamps & others (1,805,630) 4,954,770
(tncr€ase)/decrease of advance, deposit & prepayment except AIT, Advance for fixed assets & collection control (30,080,832) 1,4,743,547
(lncrease)/decrease of premium control account 9,37? 2,?45,727
(lncrease)/decrease of arnount due from other persons or body 727,965 (-162,054)

Income tax paid (s6,6se,77s) (38,243A7s)

Net cash generated from oPerating activities ____-13!,640,600_ ____ ZEZ2B_
11.00 Financialassekas-FVOCI
Financial msets, designated as Fair Value Through Other Comprehereive Income (FVOCI) in accordance with IFRS 9, Fimcial
Imtrments.

12.00 Transactions with related parties

The Company, in normal course of business cilied out a nmber of trmsactiore with other entities that fall within the definition of
related party contained in International Accounting Standard 24 'Related Party Disclosures'. All trmactioro involving related parties
arising in norml course of business are conducted on m arnls length basis at comercial rates on the sme tere ild conditiore as
applicable to the third paties. Details of trffiactions with related puties and business with them 6 at March 31, 2022 were as follows:

Nature of lat-Mx,2022
Name of the related puty Relationship
trmsaction Premium Eaned Claim paid
i Wefare Trust of Bengal (BD) Ltd. Common Director Iroutance 7"1,735

Common Director Insurance 58,987,573 718,100

Rangs Limited
Irmcom Ltd Common Director Insurance 43,873,936 7,485,948

i/**r/.b*reV"/t @
Compmy Secretary Finucial Officer

Director
\3'
Chairman