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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES      
Profit before tax $ 45,443 $ 29,326 $ 25,253
Adjustments for:      
Depreciation and amortization 3,563 2,612 1,956
Impairment loss on insurance receivables 5,181 2,861 629
Impairment of goodwill 41
Loss on disposal of property, premises and equipment 60 26
Realized gain on sale of financial assets at FVTPL (396) (1,599) (947)
Fair value loss (gain) on investment properties 1,300 2,007 304
Realized loss (gain) on sale of investment properties 8 213 (679)
Loss (gain) on revaluation of financial assets at FVTPL (3,089) 241 (1,591)
Loss on sale of bonds at fair value through OCI 88 411 629
Expected credit loss on financial assets 180 264 (36)
Share of loss from associates 7,248 1,479 376
Lease interest expense 358 203 108
Interest income (14,049) (12,169) (10,866)
Share-based payment expense 1,871 450
Change in fair value of derivative financial liability (690) 4,418
Net foreign exchange differences 4,897 (2,572) (5,704)
Cash from operations before working capital changes 52,014 28,145 9,458
Working capital adjustments      
Term deposits (7,754) (52,459) (44,426)
Insurance receivables (20,005) (55,870) (3,523)
Purchase of financial assets at FVTPL (6,470) (9,400) (14,906)
Purchase of bonds through OCI (159,041) (237,528) (109,955)
Proceeds from maturity of financial assets at amortized cost 169 133 500
Proceeds from sale/maturity of bonds at fair value through OCI 116,963 71,050 67,193
Proceeds from sale of financial assets at FVTPL 5,727 10,073 9,616
Reinsurance share of outstanding claims 5,237 (11,273) 11,353
Reinsurance share of unearned premiums (14,047) (16,160) (1,350)
Deferred excess of loss premiums (143) (1,922) (2,724)
Deferred policy acquisition costs (9,670) (13,459) (5,309)
Other assets 1,150 (175) (1,944)
Interest received 15,043 10,536 10,117
Additions to investment property (36) (74) (745)
Proceeds from sale of investment property 1,120 3,526 6,063
Gross outstanding claims 83,644 79,202 28,673
Gross unearned premiums 51,458 71,054 37,959
Insurance payables 6,058 29,917 20,510
Other liabilities 8,013 3,447 3,943
Unearned commissions 2,687 2,128 900
Net cash flows from (used in) operating activities before tax 132,117 (89,109) 21,403
Income tax paid (2,328) (1,465)
Net cash flows from (used in) operating activities after tax 129,789 (90,574) 21,403
INVESTING ACTIVITIES      
Purchases of property, premises and equipment (1,486) (344) (443)
Proceeds from sale of premises and equipment 22
Acquisition of a subsidiary, net of cash acquired (146)
Purchases of intangible assets (859) (1,561) (613)
Net cash flows used in investing activities (2,491) (1,905) (1,034)
FINANCING ACTIVITIES      
Cash injection in connection with Business Combination 120,821
Consideration paid to shareholders as deemed settlement for shares (80,000)
Dividends paid (16,109) (4,360) (10,816)
Treasury shares (5,053)
Lease liabilities payments (783) (796) (606)
Net cash flows (used in) from financing activities (16,892) 35,665 (16,475)
NET CHANGE IN CASH AND CASH EQUIVALENTS 110,406 (56,814) 3,894
Net foreign exchange differences (1,699) (2,207) 3,834
Cash and cash equivalents at the beginning of the year 133,439 192,460 184,732
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR $ 242,146 $ 133,439 $ 192,460