Renasa - Global Credit Rating 2006

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Renasa Insurance Company Limited

Richard Hoffman hoffman@globalratings.net
Jackie Swan swanj@globalratings.net

South African Insurance Analysis

Page 1 - Page 2 - Page 3 - Page 4 - Page 5 - Page 6

Page 6

Renasa Insurance Company Limited
(R in millions except as noted)

Year ended : 30 June

Income Statement

2001

2002

2003

2005*

2006

Gross premium income (GPI)
Reinsurance premiums
Net Premium income (NPI)
(Increase) / Decrease in insurance funds
Net premiums earned
Claims incurred
Commission
Management expenses
Underwriting profit / (loss)
Investment income (incl. realised gains)
Other income / (expenses)
Taxation
Net income after tax

Unrealised gains / (losses)

0.4
(0.7)
(0.3)
2.2
1.9
(8.3)
(0.4)
(7.9)
(14.7)
3.7
7.7
0.0
(3.3)

0.0

4.5
(2.2)
2.2
(1.6)
0.6
(0.6)
(0.1)
(5.4)
(5.4)
3.6
(5.1)
0.0
(7.0)

0.0

100.7
(74.1)
26.6
(0.4)
26.2
(25.2)
(2.2)
(5.4)
(6.7)
4.4
0.8
0.0
(1.5)

0.0

210.3
(155.7)
54.6
(0.1)
54.5
(41.6)
(2.5)
(25.1)
(14.7)
2.2
0.0
0.0
(12.5)

0.0

102.0
(67.4)
34.6
(0.4)
34.3
(22.4)
(1.8)
(12.4)
(2.3)
0.9
0.0
0.0
(1.5)

0.0

Cash Flow Statement

Cash generated by operations
Cash flow from investment income
Working capital decrease / (increase)
Cash available from operating activities
Tax paid
Dividends paid
Cash flow from operating activities

Purchases of investments
Proceeds on disposal of investments
Other investing activities
Cash flow from investing activities

Cash flow from financing activities

Net cash inflow / (outflow)

(16.4)
11.4
(0.6)
(5.5)
0.0
0.0
(5.5)

(0.0)
0.0
0.0
(0.0)

0.0

(5.5)

(2.9)
(1.6)
(4.7)
(9.2)
0.0
0.0
(9.2)

(1.8)
0.0
0.0
(1.8)

0.0

(11.0)

(4.8)
4.4
7.3
6.9
0.0
0.0
6.9

(0.4)
0.0
0.0
(0.4)

0.0

6.6

(13.2)
2.2
(16.4)
(27.5)
0.0
0.0
(27.5)

(0.7)
0.0
0.0
(0.7)

5.5

(22.6)

(1.4)
0.9
(2.0)
(2.5)
0.0
0.0
(2.5)

(0.2)
0.0
0.0
(0.2)

8.0

5.4

Balance Sheet

Shareholders interest
Insurance funds
Other liabilities
Total capital & liabilities

Fixed assets
Investments
Cash and short term deposits
Other current assets
Total assets

27.2
0.0
23.7
50.9

0.7
0.0
49.5
0.7
50.9

20.3
1.6
20.1
42.0

1.6
0.0
38.6
1.8
42.0

18.8
2.1
47.7
68.5

1.2
0.0
45.2
22.1
68.5

11.7
0.4
22.9
35.1

0.5
0.0
22.5
12.1
35.1

18.3
0.8
23.3
42.3

0.4
0.0
27.9
14.0
42.3

Key Ratios

Solvency / Liquidity

Shareholders funds / NPI**
Solvency margin (Act)**
Financial base**
Outstanding claims / NPI**
Insurance funds / NPI**
Claims cash coverage**

Profitability

ROaE (before unrealised gains / losses)
ROaE (after unrealised gains / losses)
Investment yield (including unrealised gains / losses)
Cash investment yield (average)

Efficiency / Growth

GPI Growth**
Premiums reinsured / GPI
Earned loss ratio
Commissions / Earned premiums
Management expenses / Earned premiums
Underwriting result / Earned premium
Trade Ratio

Operating

Effective tax rate
Dividend cover

%
%
%
%
%
mth

%
%
%

%

%
%
%
%
%
%
%

%
X

neg
(17.5)
(9,185.1)
(6,271.2)
0.0
71.6

(23.9)
(23.9)
15.1

15.1

n.a.
167.6
435.2
19.8
415.7
(770.7)
870.7

0.0
n.a.

908.6
122.3
981.6
755.3
73.0
817.1

(29.4)
(29.4)
8.1

8.1

917.0
50.0
94.0
13.4
891.5
(899.0)
999.0

0.0
n.a.

70.5
(11.9)
78.3
91.0
7.7
21.5

(7.8)
(7.8)
10.5

10.5

2,156.6
73.6
96.4
8.4
20.7
(25.5)
125.5

0.0
n.a.

32.3
19.8
33.4
39.9
1.2
9.8

(54.7)
(54.7)
4.4

4.4

39.3
74.0
76.3
4.6
46.1
(27.0)
127.0

0.0
n.a.

52.7
43.6
55.0
47.3
2.3
15.0

(9.9)
(9.9)
3.4

3.4

(27.2)
66.0
65.3
5.3
36.3
(6.8)
106.8

0.0
n.a.

months ended 30 June, prior to which 31 December year end.
** Annualised in F05.

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