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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of cash flows [abstract]      
Gross written premiums $ 545,582 $ 467,273 $ 349,292
Reinsurers’ share of insurance premiums (162,973) (128,863) (97,139)
Net written premiums 382,609 338,410 252,153
Change in unearned premiums (51,458) (71,054) (37,959)
Reinsurers’ share of change in unearned premiums 14,047 16,160 1,350
Net change in unearned premiums (37,411) (54,894) (36,609)
Net premiums earned 345,198 283,516 215,544
Claims and claim adjustment expenses (203,366) (213,963) (159,824)
Reinsurers’ share of claims 27,174 62,291 41,761
Net claims and claim adjustment expenses (176,192) (151,672) (118,063)
Commissions earned 23,035 16,053 13,930
Policy acquisition costs (86,201) (70,543) (59,366)
Net policy acquisition expenses (63,166) (54,490) (45,436)
Net underwriting results 105,840 77,354 52,045
General and administrative expenses (58,946) (46,923) (39,266)
Net investment income 16,034 9,967 13,374
Share of loss from associates (7,248) (1,479) (376)
Impairment loss on insurance receivables (5,181) (2,861) (629)
Other revenues 1,844 372 1,428
Other expenses (2,693) (1,892) (2,195)
Listing related expenses (3,366) (4,832)
Change in fair value of derivative financial liability 690 (4,418)
Gain (loss) on foreign exchange (4,897) 2,572 5,704
Profit before tax 45,443 29,326 25,253
Income tax (1,747) (2,075) (1,688)
Profit for the year $ 43,696 $ 27,251 $ 23,565
Earnings per share      
Basic and diluted earnings per share attributable to equity holders (US Dollars) (in Dollars per share) $ 0.89 $ 0.59 $ 0.69