Ceylinco Life Insurance Limited
INTEGRATED ANNUAL REPORT 2016

FINANCIAL REPORTS

statement of cash flows
Group Company
For the Year Ended 31 December Note 2016
Rs. ’000
2015
Rs. ’000
2016
Rs. ’000
2015
Rs. ’000
Cash Flows from Operating Activities
Premiums/Revenue Received from Customers 15,038,006 8,382,435 15,038,136 8,382,435
Reinsurance Premiums (406,145) (229,318) (406,145) (229,318)
Commission Paid (1,855,514) (945,240) (1,862,641) (945,240)
Claims and Benefits Paid (6,529,593) (3,640,290) (6,529,593) (3,640,290)
Reinsurance Receipts in Respect of Claims and Benefits 90,071 26,747 90,071 26,747
Interest and Dividends Received 7,296,843 6,268,888 7,282,047 6,268,065
Other Operating Cash Payments (2,739,305) (1,844,854) (2,671,123) (1,713,039)
Other Income 198,061 293,256 49,800 37,652
Contributions to Gratuity Fund/Gratuity Payments (151,158) (89,011) (151,158) (88,879)
Income Taxes Paid (2,091) (4,936) (501)
Interest Paid (9,919) (9,787) (9,916) (6,008)
Net Cash Flows from Operating Activities A 10,929,254 8,207,890 10,829,478 8,091,624
Cash Flows from Investing Activities
Investments in/Proceeds from Subsidiaries/Associates (572,441)
Proceeds from Sale of Investment Property 4,000 4,000
Acquisition of Financial Investments 12. (e) (340,354,067) (101,554,843) (335,311,989) (101,545,343)
Proceeds from Financial Investments 12. (e) 326,618,872 93,454,353 322,238,586 93,454,028
Acquisition of Property, Plant and Equipment 8 (289,528) (358,139) (281,328) (357,445)
Proceeds from Disposal of Property, Plant and Equipment 8 181,054 21,243 177,454 21,243
Acquisition/Disposal of Intangible Assets 7 (3,103) (1,026) (3,103) (406)
Repo Borrowings (Net) 2,680,202 85,670 2,680,203 85,670
Net Cash Flows from Investing Activities (11,166,570) (8,348,742) (11,072,618) (8,338,253)
Cash Flows from Financing Activities
Proceeds from Issue of Ordinary Shares 400,000 400,000
Proceeds from Short Term Borrowing 23. (b) 1,000,000 (89,000) 1,000,000
Dividend paid to Equity Holder (557,380) (250) (557,380) (250)
Net Cash Flows from Financing Activities 442,620 310,750 442,620 399,750
Increase/(Decrease) in Cash and Cash Equivalents B 205,304 169,897 199,480 153,121
Note A
Reconciliation of Profit Before Tax with Net Cash Flows from Operating Activities
Profit Before Tax 3,972,384 2,073,218 3,743,727 2,018,048
Adjustments for:
Depreciation 32 & 8 269,947 190,118 201,669 122,986
Provision for Gratuity and Pension 153,550 69,663 151,158 69,663
Amortisation of Intangible Assets 32 & 7 1,093 1,258 989 1,232
Change in Trade and Other Receivables (1,832,643) 2,506,293 (1,627,307) 2,504,385
Change in Reinsurance Receivable 4,709 (3,243) 4,709 (3,243)
Increase in Life Insurance Funds 30. (c) 8,397,889 3,675,856 8,397,889 3,675,856
Increase in Unit-Linked Fund 25,031 8,589 25,031 8,589
Increase in Takaful Fund 5,855 2,741 5,855 2,741
Increase in Individual Special Fund (ISF) 34,181 11,590 34,181 11,590
Change in Trade and Other Payables 528,973 (164,488) 517,033 (161,085)
Realised Gain 28 (7,875) (4,369) (4,275) (4,369)
Fair Value Gain Recorded in Income Statement 29 (470,023) (65,389) (470,023) (65,389)
Income Tax Paid (2,659) (4,936) (501)
Payment to Gratuity and Pension Funds (151,158) (89,011) (151,158) (88,879)
Net Cash Flows from Operating Activities 10,929,254 8,207,890 10,829,477 8,091,624
Note B
Cash and Cash Equivalents at 1 January 149,657 (20,240) 154,696 1,575
Cash and Cash Equivalents at 31 December C 354,961 149,657 354,176 154,696
Increase/(Decrease) in Cash and Cash Equivalents 205,304 169,897 199,480 153,121
Note C
Cash at Bank and In hand 20 600,104 600,192 584,256 598,651
Bank Overdraft 20 (245,143) (450,534) (230,080) (443,955)
20 354,961 149,657 354,176 154,696

The above Statement of Cash Flows is to be read in conjunction with the Notes to the Financial Statements on pages 195 to 276 which form an integral part of the Financial Statements.