Page | Page | |||
Remuneration Statement and Report of the Remuneration Committee to the Shareholders | ||||
24.1 Composition of statement of financial position | ||||
24.2 Short-term insurance contracts under PAA model | ||||
and reinsurance contracts held | ||||
and estimation techniques | ||||
26. Trade and other receivables | ||||
29. Other reserves | ||||
31. Other payables | ||||
Product | Final Bonus Flat Rate % | Rate per Year in Force | After Years in Force |
Comprehensive Life Plan ( Regular Premium) | 4.00% | 1.30% | 23 |
Comprehensive Flexi Plan (Regular Premium) | Nil | 1.00% | 20 |
Single Premium Plan | 4.00% | 2.50% (capped at 15.00%) | 10 |
Comprehensive Life Plan (Single Premium) | 4.00% | 2.50% (capped at 15.00%) | 10 |
Comprehensive Flexi Plan (Single Premium) | 4.00% | 2.50% (capped at 15.00%) | 10 |
Simon Azzopardi | 3 |
Romeo Cutajar (Chairman) | 3 |
Jose-Luis Jimenez | 3 |
Jose Maria del Pozo | 3 |
Javier Moreno | 3 |
Patrick Spiteri Swain | 3 |
Paul Testaferrata Moroni Viani | 2 |
Jose Ramon Alegre (Chairman) | 3 |
Antoinette Caruana | 3 |
Gordon Cordina (appointed on 28 April 2023) | 2 |
Robert Suban (appointed until 28 April 2023) | 1 |
Fixed Remuneration | Variable Remuneration | Share Options | Others |
€264,083 | None | None | None |
Director | 2023 Fees € | 2022 Fees € | Percentage Annual Change of Remuneration % | ||
2022-2023 | 2021-2022 | 2020-2021 | |||
Jose Ramon Alegre (NED) | nil | nil | n/a | n/a | n/a |
Antoinette Caruana (NED) | 45,000 | 45,000 | 0.00 | 4.65 | 0.00 |
John Cassar White (NED until 29 April 2022) | nil | 13,333 | n/a | (55.56) | n/a |
Gordon Cordina (NED from 29 April 2022)1 | 52,333 | 54,683 | 0.00 | n/a | n/a |
Jose Maria del Pozo (NED) | nil | nil | n/a | n/a | n/a |
Martin Galea (NED)2 | 65,000 | 68,000 | (10.55) | 4.81 | 1.96 |
Jose Luis Jimenez (NED) | nil | nil | n/a | n/a | n/a |
Taddeo Scerri (NED until 29 April 2022) | nil | 15,000 | n/a | 4.65 | 5.00 |
Etienne Sciberras (NED from 29 April 2022)5 | nil | nil | n/a | n/a | n/a |
Robert Suban (NED from 29 April 2022 until 28 April 2023) | 13,333 | 26,667 | 0.00 | n/a | n/a |
Godfrey Swain (NED from 28 April 2023) | 48,417 | nil | n/a | n/a | n/a |
Paul Testaferrata Moroni Viani (NED) | 40,000 | 40,000 | 0.00 | 0.00 | (6.98) |
Joseph F.X. Zahra (NED until 29 April 2022)4 | nil | 44,667 | n/a | 17.50 | 0.00 |
Total | 264,083 | 307,350 |
Financial Year | |||
2023 | 2022 | 2021 | |
€ | € | € | |
President & CEO | |||
Javier Moreno Gonzalez | |||
Fixed Salary | 191,880 | 184,500 | 135,000 |
Defined pension contribution | 58,601 | 41,985 | 30,375 |
Other fringe benefits | 102,551 | 106,644 | 84,262 |
Total Fixed remuneration | 353,032 | 333,129 | 249,637 |
Variable remuneration | 135,674 | 116,320 | 97,817 |
Total remuneration | 488,706 | 449,449 | 347,454 |
Fixed Variable Proportion | 72%-28% | 74%-26% | 72%-28% |
Performance indicators | % Difference FY2023-FY2022 | % Difference FY2022-FY2021 | % Difference FY2021-FY2020 |
Company's profit after tax | 59.86%* | 45.3%** | (36.64)% |
Company's gross premium written | 9.88% | 8.75% | 6.64% |
Remuneration of Company's President & CEO | 8.73% | (2.98)%*** | 1.90% |
Company's employees' average remuneration on full time equivalent | 1.34% | 3.39% | 6.44% |
Group's employees' average remuneration on full time equivalent | 2.90% | 3.01% | 5.54% |
Year ended 31 December | |||||
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Restated | Restated | ||||
Notes | €’000 | €’000 | €’000 | €’000 | |
Insurance revenue | 92,869 | 84,350 | |||
Insurance service expenses | ( | ( | (68,455) | (72,683) | |
Net expenses from reinsurance contracts held | ( | ( | (12,247) | (5,727) | |
Insurance service result | 12,167 | 5,940 | |||
Interest revenue calculated using the effective interest method | 221 | 74 | |||
Other investment revenue/(losses) | ( | 1,742 | 1,019 | ||
Net credit impairment losses | ( | — | — | ||
Net investment return/ (loss) | ( | 1,963 | 1,093 | ||
Net change in investment contract liabilities | ( | — | — | ||
Finance (expense)/income from insurance contracts issued | ( | (1,320) | 2,604 | ||
Finance (expense)/income from reinsurance contracts held | ( | 486 | (1,059) | ||
Net financial result | ( | (834) | 1,545 | ||
Net insurance and investment results | 13,296 | 8,578 | |||
Other income | — | — | |||
Other operating expenses | ( | ( | (3,432) | (2,522) | |
Recovery of impairment in group undertaking | — | 540 | |||
Profit before tax | 9,864 | 6,596 | |||
Tax expense | ( | ( | (3,176) | (2,413) | |
Profit for the year | 6,688 | 4,183 | |||
Attributable to: | |||||
- owners of the Company | 6,688 | 4,183 | |||
- non-controlling interests | — | — | |||
6,688 | 4,183 | ||||
Statement of profit or loss and other comprehensive income | |||||
Year ended 31 December | |||||
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Restated | Restated | ||||
Notes | €’000 | €’000 | €’000 | €’000 | |
Profit for the financial year | 6,688 | 4,183 | |||
Other comprehensive income: | |||||
Items that are or may be reclassified subsequently to profit or loss | |||||
Change in fair value of available-for sale investments | ( | — | (764) | ||
Net gains on investments in debt securities measured at FVOCI | 287 | — | |||
Debt securities measured at FVOCI reclassified to profit or loss on disposal | 14 | — | |||
Items that will not be reclassified to profit or loss | |||||
Re-measurement actuarial (loss)/gain on provision for other liabilities and charges | ( | (68) | 57 | ||
Total other comprehensive income, net of tax | ( | 233 | (707) | ||
Total comprehensive income for the year | 6,921 | 3,476 | |||
Attributable to: | |||||
- owners of the Company | |||||
- non-controlling interests | |||||
Total comprehensive income for the year | |||||
Notes | Group | Company | |||||
As at 31 December | 1 January | As at 31 December | 1 January | ||||
2023 | 2022 | 2022 | 2023 | 2022 | 2022 | ||
Restated | Restated | Restated | Restated | ||||
€’000 | €’000 | €’000 | €’000 | €’000 | €’000 | ||
ASSETS | |||||||
Intangible assets | 10,391 | 9,967 | 9,146 | ||||
Property and equipment | 4,209 | 4,480 | 4,542 | ||||
Right-of-use assets | 1,509 | 1,378 | 1,685 | ||||
Investment properties | 13,809 | 13,404 | 13,529 | ||||
Investment in associated undertakings | 403 | 389 | 383 | ||||
Investment in subsidiary undertakings | — | — | — | 77,214 | 77,214 | 77,214 | |
Other investments | 16,290 | 12,097 | 8,382 | ||||
Deferred income tax asset | 1,260 | 1,292 | 1,268 | ||||
Insurance contract assets | — | — | — | ||||
Reinsurance contract assets | 13,359 | 23,590 | 25,959 | ||||
Trade and other receivables | 21,189 | 18,918 | 18,297 | ||||
Current income tax receivable | — | — | — | ||||
Cash and cash equivalents | 10,780 | 11,130 | 11,575 | ||||
Total assets | 170,413 | 173,859 | 171,980 | ||||
EQUITY | |||||||
Capital and reserves attributable to owners of the Company | |||||||
Share capital | 19,320 | 19,320 | 19,320 | ||||
Share premium account | 688 | 688 | 688 | ||||
Other reserves | 34,553 | 34,171 | 34,935 | ||||
Retained earnings | 27,108 | 24,106 | 22,266 | ||||
81,669 | 78,285 | 77,209 | |||||
Non-Controlling Interest | — | — | — | ||||
Total equity | 81,669 | 78,285 | 77,209 | ||||
LIABILITIES | |||||||
Deferred income tax liabilities | 2,447 | 2,936 | 2,418 | ||||
Provisions for other liabilities and charges | 923 | 854 | 997 | ||||
Insurance contract liabilities | 72,467 | 82,964 | 82,070 | ||||
Investment contract liabilities | 25 | — | — | — | |||
Reinsurance contracts liabilities | — | — | — | ||||
Derivative financial instruments | — | — | — | ||||
Lease liabilities | 1,575 | 1,449 | 1,745 | ||||
Other payables | 9,314 | 7,288 | 7,402 | ||||
Current income tax liabilities | 2,018 | 83 | 139 | ||||
Total Liabilities | 88,744 | 95,574 | 94,771 | ||||
Total equity and liabilities | 170,413 | 173,859 | 171,980 | ||||
Group | ||||||||
Attributable to owners of the Company | ||||||||
Share capital | Share premium account | Other reserves | Retained earnings | Total | Non- controlling interests | Total equity | ||
Notes | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | |
Balance as at 1 January 2022 as previously stated | ||||||||
Adjustment on initial application of IFRS 17 net of tax | ( | ( | ( | ( | ||||
Balance as at 1 January 2022 as restated | ||||||||
Comprehensive income | ||||||||
Profit for the financial year | ||||||||
Other comprehensive income: | ||||||||
Change in available-for-sale investments' fair value at FVOCI | ( | ( | ( | |||||
( | ||||||||
Re-measurement actuarial gain on provision for other liabilities and charges | ||||||||
Total other comprehensive income, net of tax | ( | ( | ( | |||||
Total comprehensive income | ( | |||||||
Transactions with owners | ||||||||
Dividends for 2021 | ( | ( | ( | ( | ||||
Total transactions with owners | ( | ( | ( | ( | ||||
Balance as at 31 December 2022 | ||||||||
Group - continued | ||||||||
Attributable to owners of the Company | ||||||||
Share capital | Share premium account | Other reserves | Retained earnings | Total | Non- controlling interests | Total equity | ||
Notes | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | |
Adjustment on initial application of IFRS9 net of tax | ( | ( | ( | ( | ||||
Balance as at 1 January 2023 as restated | ||||||||
Comprehensive income | ||||||||
Profit for the year | ||||||||
Other comprehensive income: | ||||||||
Net change in fair value of debt securities measured at FVOCI | ||||||||
FVOCI investments - reclassified to profit or loss | ||||||||
Re-measurement actuarial loss on provision for other liabilities and charges | ( | ( | ( | |||||
Total other comprehensive income, net of tax | ( | |||||||
Total comprehensive income | ||||||||
Transactions with owners | ||||||||
Dividends for 2022 | ( | ( | ( | |||||
Total transactions with owners | ( | ( | ( | |||||
Balance as at 31 December 2023 | ||||||||
Company | ||||||
Share | ||||||
Share | premium | Other | Retained | |||
capital | account | reserves | earnings | Total | ||
Notes | €’000 | €’000 | €’000 | €’000 | €’000 | |
Balance as at 1 January 2022 as previously stated | 19,320 | 688 | 34,935 | 21,468 | 76,411 | |
Adjustment on initial application of IFRS17 net of tax | — | — | — | 798 | 798 | |
Balance as at 1 January 2022 as restated | 19,320 | 688 | 34,935 | 22,266 | 77,209 | |
Comprehensive income | ||||||
Profit for the financial year | — | — | — | 4,183 | 4,183 | |
Other comprehensive income: | ||||||
Change in available-for-sale investments' fair values | — | — | (764) | — | (764) | |
Re-measurement actuarial gain on provision for other liabilities and charges | — | — | — | 57 | 57 | |
Total other comprehensive income, net of tax | — | — | (764) | 57 | (707) | |
Total comprehensive income | — | — | (764) | 4,240 | 3,476 | |
Transactions with owners | ||||||
Dividend for 2021 | — | — | — | (2,400) | (2,400) | |
Balance as at 31 December 2022 | 19,320 | 688 | 34,171 | 24,106 | 78,285 | |
Company - continued | ||||||
Share | ||||||
Share | premium | Other | Retained | |||
capital | account | reserves | earnings | Total | ||
Notes | €’000 | €’000 | €’000 | €’000 | €’000 | |
Balance as at 1 January 2023 | 19,320 | 688 | 34,171 | 24,106 | 78,285 | |
Adjustment on initial application of IFRS 9, net of tax | — | — | 81 | (118) | (37) | |
Balance as at 1 January 2023 | 19,320 | 688 | 34,252 | 23,988 | 78,248 | |
Comprehensive income | ||||||
Profit for the financial year | — | — | — | 6,688 | 6,688 | |
Other comprehensive income: | ||||||
Net change in fair value of debt securities measured at FVOCI | — | — | 287 | — | 287 | |
FVOCI investments - reclassified to profit or loss | — | — | 14 | — | 14 | |
Re-measurement actuarial loss on provision for other liabilities and charges | — | — | — | (68) | (68) | |
Total other comprehensive income, net of tax | — | — | 301 | (68) | 233 | |
Total comprehensive income | — | — | 301 | 6,620 | 6,921 | |
Transactions with owners | ||||||
Dividend for 2022 | — | — | — | (3,500) | (3,500) | |
Total transactions with owners of the Company | — | — | — | (3,500) | (3,500) | |
Balance as at 31 December 2023 | 19,320 | 688 | 34,553 | 27,108 | 81,669 | |
Year ended 31 December | |||||
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Restated | Restated | ||||
Notes | €’000 | €’000 | €’000 | €’000 | |
Cash flows from operating activities | |||||
Cash (used in)/generated from operations | ( | ( | 10,779 | 11,262 | |
Dividends received | 229 | 1,347 | |||
Interest received | 205 | 97 | |||
Interest paid | ( | — | (27) | ||
Income tax paid | ( | ( | (1,653) | (1,944) | |
Net cash (used in)/generated from operating activities | ( | ( | 9,560 | 10,735 | |
Cashflow from investing activities | |||||
Purchase of investment property | ( | ( | (344) | (76) | |
Disposal of investment property | — | 9 | |||
Purchase of financial investments | ( | ( | (3,531) | (5,135) | |
Disposal of financial investments | 381 | 183 | |||
Purchase of property, plant and equipment and intangible assets | ( | ( | (2,916) | (3,761) | |
Net cash generated from/(used in) investing activities | (6,410) | (8,780) | |||
Cash flows from financing activities | |||||
Dividends paid to owners of the Company | ( | ( | (3,500) | (2,400) | |
Dividends paid to minority interests | ( | — | — | ||
Cash used in financing activities | ( | ( | (3,500) | (2,400) | |
Net movement in cash and cash equivalents | ( | (350) | (445) | ||
Movement in cash and cash equivalents | |||||
Cash and cash equivalents at beginning of year | 11,130 | 11,575 | |||
Cash and cash equivalents at end of year | 10,780 | 11,130 | |||
Original classification under IAS 39 | New classification under IFRS 9 | Original carrying amount under IAS 39 | New carrying amount under IFRS 9 | ||
€'000 | €'000 | ||||
Group | |||||
Financial assets | |||||
Cash and cash equivalents | Loans and receivables | Amortised cost | 137,286 | 137,284 | |
Financial investments - Other | |||||
Government bonds | Available for sale | FVOCI | 5,045 | 5,045 | |
Other debt securities | Available for sale | FVOCI | 4,693 | 4,693 | |
Equity securities | Available for sale | FVTPL (Mandatory) | 570 | 570 | |
Equity securities | FVTPL (designated) | FVTPL (Mandatory) | 1,186 | 1,186 | |
Government bonds | FVTPL (designated) | FVOCI | 603 | 603 | |
Equity securities and units in unit trusts | FVTPL (held for trading) | FVTPL (Mandatory) | 972,740 | 972,740 | |
Debt securities | FVTPL (held for trading) | FVTPL (Mandatory) | 777,251 | 783,205 | |
Collective investment schemes | FVTPL (held for trading) | FVTPL (Mandatory) | 102,256 | 102,256 | |
Forward foreign exchange contracts and swaps | FVTPL (held for trading) | FVTPL (Mandatory) | 2,698 | 2,698 | |
Deposits with banks or credit institutions | Loans and receivables | Amortised cost | 116,728 | 116,988 | |
Trade and other receivables (excluding prepayments) | Loans and receivables | Amortised cost | 28,305 | 21,903 | |
Total financial assets | 2,149,361 | 2,149,171 | |||
Financial liabilities | |||||
Payables | Amortised cost | Amortised cost | 17,702 | 17,702 | |
Investment contracts liabilities | FVTPL | FVTPL | 69,054 | 69,054 | |
Total financial liabilities | 86,756 | 86,756 | |||
Original classification under IAS 39 | New classification under IFRS 9 | Original carrying amount under IAS 39 | New carrying amount under IFRS 9 | ||
€'000 | €'000 | ||||
Company | |||||
Financial assets | |||||
Cash and cash equivalents | Loans and receivables | Amortised cost | 11,130 | 11,128 | |
Financial investments - Other | |||||
Government bonds | Available for sale | FVOCI | 5,045 | 5,045 | |
Other debt securities | Available for sale | FVOCI | 4,693 | 4,693 | |
Equity securities | Available for sale | FVTPL (Mandatory) | 570 | 570 | |
Equity securities | FVTPL (designated) | FVTPL (Mandatory) | 1,186 | 1,186 | |
Government bonds | FVTPL (designated) | FVOCI | 603 | 603 | |
Trade and other receivables (excluding prepayments) | Loans and receivables | Amortised cost | 17,255 | 17,201 | |
Total financial assets | 40,482 | 40,426 | |||
Financial liabilities | |||||
Payables | Amortised cost | Amortised cost | 7,288 | 7,288 | |
Total financial liabilities | 7,288 | 7,288 | |||
Buildings | 100 years | |
Leasehold improvements | 10 - 40 years | |
Motor vehicles | 5 years | |
Furniture, fittings and equipment | 3 - 10 years |
Classification | Reason | ||
Cash and cash equivalents | Amortised Cost | SPPI, hold to collect business model | |
Other investments | FVTPL | Trading or portfolio managed at FV | |
Other investments | FVOCI | SPPI, hold to collect and sell business model | |
Other investments | Amortised Cost | SPPI, hold to collect business model | |
Trade and other receivables | Amortised Cost | SPPI, hold to collect business model | |
Other payables | Amortised Cost | Not managed at FV | |
Investment contract liabilities | FVTPL | Managed at FV |
Type of contract | Contracts issued | Within scope of IFRS 17 | Measurement model | Description of benefit | |
Short-term insurance contracts | Insurance contracts - Non-Life and Group Life contracts | Yes | PAA | Pure insurance contracts carrying significant insurance risk where the obligation of the Group towards the insured is the payment for loss incurred if the insured event occurs whilst the policy is in force. | |
Long-term insurance contracts - Life risk | Insurance contracts - Term assurance including term riders | Yes | General Measurement Model ('GMM') | Pure insurance contracts carrying significant insurance risk where the obligation of the Group towards the insured is the payment of a death benefit, if the death occurs whilst the policy is in force. | |
Long-term insurance contracts - Life risk | Unit-linked – Maximum Investment Plan | Yes | GMM | A unit-linked contract with significant insurance risk is one that incorporates a material sum assured within the contract (i.e. the sum assured/minimum death benefit provided, exceeds the investment value of the product). |
Direct participating contracts | With-profits (Investment contracts with DPF) | Yes | Variable Fee Approach ('VFA') | Investment contracts with DPF where the obligation of the Group towards the insured also includes an annual discretionary investment return (declared bonus rate). | |
Direct participating contracts | Hybrids (Investment contracts with DPF) | Yes | VFA | These are mainly unit-linked products including with-profits components (investment contract with DPF). | |
Investment contracts | Unit-linked - others (Investment contracts without DPF) | No | FVTPL | Investment contracts which pays the policyholder 1% of the fund value at the time of death, this component is deemed to be immaterial to the overall value of the fund and therefore, no significant insurance risk is deemed to arise from it. Therefore, these contracts will be valued in line with IFRS 9 with effect from 1 January 2023 and IAS 39 prior to 1 January 2023. |
Year of issue of contracts | Transition approach |
Short-term non-life and life | Full retrospective approach |
After 2016 – term business including reinsurance | Full retrospective approach |
Before 2016 – term business including reinsurance | Fair value approach |
All with-profits and unit-linked business | Fair value approach |
Group | 2023 | 2022 |
€000s | €000s | |
Cash at bank and in hand | 8,910 | 11,891 |
Deposits with banks or credit institutions | — | 51,502 |
Debts securities | 844,145 | 762,579 |
Equity securities and units in unit trusts | 926,282 | 931,605 |
Assets held to cover linked liabilities - collective investment schemes | 31,762 | 27,796 |
Investments in associated undertakings | 24,508 | 23,809 |
Investment property | 92,844 | 95,504 |
Foward foreign exchange contracts and swaps | 1,970 | 2,698 |
Other assets | — | 6,068 |
Total investment assets and cash and cash equivalents | 1,930,421 | 1,913,452 |
Insurance contract liabilities | (1,984,889) | (1,961,452) |
Contract | Key risks | Risk mitigation | |
Short-term contracts | Insurance risk – frequency and severity of claims | Underwriting strategy, adequate reinsurance arrangements and proactive claim handling | |
Life risk - Term | Mortality risk: death of policyholder earlier than expected | Reinsurance with financially strong reinsurer and adequate underwriting | |
Investment contracts with DPF | Market risk: investment return on underlying items falling below guaranteed minimum rates | Management discretion to determine amount and timing of policyholder bonus rates | |
Interest rate risk: difference in duration and yield of assets and liabilities | Matching of asset and liability cash flows | ||
Unit-linked | Lapse risk: insufficient charges to cover acquisition expenses | Surrender penalties and review of charges |
31 December 2023 | Impact on profit before income tax | Impact on equity | |||
Gross | Net | Gross | Net | ||
€'000 | €'000 | €'000 | €'000 | ||
Non-life | |||||
Ultimate loss – 5% increase | (427) | (379) | (278) | (246) | |
Ultimate loss – 5% decrease | 427 | 379 | 278 | 246 | |
31 December 2022 | Impact on profit before income tax | Impact on equity | |||
Gross | Net | Gross | Net | ||
€'000 | €'000 | €'000 | €'000 | ||
Non-life | |||||
Ultimate loss – 5% increase | (346) | (300) | (225) | (195) | |
Ultimate loss – 5% decrease | 346 | 300 | 225 | 195 |
31 December 2023 | Impact on CSM | Impact on profit before income tax | Impact on equity | ||||
Gross | Net | Gross | Net | Gross | Net | ||
€'000 | €'000 | €'000 | €'000 | €'000 | €'000 | ||
Life Risk (Net) | |||||||
Mortality rate – 10% increase | (4,155) | (1,852) | (59) | (15) | (39) | (10) | |
Mortality rate – 10% decrease | 4,151 | 1,854 | 57 | 14 | 37 | 9 | |
Lapse rates – 10% increase | (1,775) | (288) | 192 | 124 | 125 | 80 | |
Lapse rates – 10% decrease | 1,775 | 288 | (192) | (124) | (125) | (80) | |
Expenses – 10% increase | (1,566) | (1,812) | (48) | (57) | (31) | (37) | |
Expenses – 10% decrease | 1,566 | 1,812 | 48 | 57 | 31 | 37 | |
Investment contracts with DPF | |||||||
Mortality rate – 10% increase | (391) | (391) | 3 | 3 | 2 | 2 | |
Mortality rate – 10% decrease | 391 | 391 | (3) | (3) | (2) | (2) | |
Lapse rates – 10% increase | 123 | 123 | 93 | 93 | 60 | 60 | |
Lapse rates – 10% decrease | (178) | (178) | (89) | (89) | (58) | (58) | |
Expenses – 10% increase | (1,179) | (1,179) | (71) | (71) | (46) | (46) | |
Expenses – 10% decrease | 1,179 | 1,179 | 71 | 71 | 46 | 46 | |
31 December 2022 | Impact on CSM | Impact on profit before tax | Impact on equity | ||||
Gross | Net | Gross | Net | Gross | Net | ||
€'000 | €'000 | €'000 | €'000 | €'000 | €'000 | ||
Life Risk (Net) | |||||||
Mortality rate – 10% increase | (5,030) | (2,257) | 589 | 279 | 383 | 182 | |
Mortality rate – 10% decrease | 5,030 | 2,257 | (589) | (279) | (383) | (182) | |
Lapse rates – 10% increase | (1,413) | (103) | 324 | 52 | 211 | 34 | |
Lapse rates – 10% decrease | 1,413 | 103 | (324) | (52) | (211) | (34) | |
Expenses – 10% increase | (1,678) | (1,891) | 130 | 145 | 85 | 95 | |
Expenses – 10% decrease | 1,678 | 1,891 | (130) | (145) | (85) | (95) | |
Investment contracts with DPF | |||||||
Mortality rate – 10% increase | (295) | (295) | (6) | (6) | (4) | (4) | |
Mortality rate – 10% decrease | 295 | 295 | 6 | 6 | 4 | 4 | |
Lapse rates – 10% increase | 531 | 531 | 82 | 82 | 53 | 53 | |
Lapse rates – 10% decrease | (531) | (531) | (82) | (82) | (53) | (53) | |
Expenses – 10% increase | (1,338) | (1,338) | (123) | (123) | (80) | (80) | |
Expenses – 10% decrease | 1338 | 1338 | 123 | 123 | 80 | 80 |
GMM | VFA | ||
a. CSM | Changes in fulfilment cash flows, other than those recognised as insurance finance income or expenses | Changes in fulfilment cash flows | |
b. Profit or loss | Changes in fulfilment cash flows that are recognised as insurance finance income or expenses in profit or loss and change in CSM release and /or coverage units | Changes in CSM release and /or coverage units | |
c. Equity | The effect on profit or loss under (b) after tax | The effect on profit or loss under (b) after tax |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Restated | |||||
€’000 | €’000 | €’000 | €’000 | ||
Assets at floating interest rates | 70,570 | 68,536 | — | — | |
Assets at fixed interest rates | 1,306,182 | 1,079,838 | 15,804 | 10,341 | |
1,376,752 | 1,148,374 | 15,804 | 10,341 | ||
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Restated | |||||
€’000 | €’000 | €'000 | €'000 | ||
Loans and receivables (Note 22) | — | 116,728 | — | — | |
Debt securities (Note 22) | 937,669 | 787,592 | 13,804 | 10,341 | |
Deposits with banks and credit institutions (Note 22) | 75,977 | — | — | — | |
A component of equity securities and units in unit trusts | 360,935 | 243,126 | — | — | |
Interest bearing cash and cash equivalents | 2,171 | 928 | 2,000 | — | |
1,376,752 | 1,148,374 | 15,804 | 10,341 | ||
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Restated | Restated | ||||
€’000 | €’000 | €'000 | €'000 | ||
Insurance and reinsurance contracts | |||||
Liabilities | (1,969,216) | (1,959,723) | (40,446) | (52,773) | |
Assets | 22,024 | 32,343 | 10,734 | 22,340 | |
(1,947,192) | (1,927,380) | (29,712) | (30,433) |
Group | ||
2023 | 2022 | |
€’000 | €’000 | |
Long positions | ||
- Federal Republic of Germany | 23,146 | 69,704 |
- United States Government | 25,155 | — |
48,301 | 69,704 | |
Short positions | ||
- Federal Republic of Germany | 90,016 | 76,362 |
- United States Government | 18,352 | 2,730 |
108,368 | 79,092 | |
CSM | Profit or loss before tax | Equity | |||||
Increase | Decrease | Increase | Decrease | Increase | Decrease | ||
€’000 | €’000 | €’000 | €’000 | €’000 | €’000 | ||
Insurance and reinsurance contracts (net) | 370 | (408) | (40) | (104) | (26) | (68) | |
Investment contracts with DPF | 11,131 | (27,317) | 952 | (2,363) | 618 | (1,536) | |
Other investments | — | — | — | — | (289) | 268 | |
11,501 | (27,725) | 912 | (2,467) | 303 | (1,336) | ||
31 December 2022 (restated) | |||||||
Insurance and reinsurance contracts (net) | 370 | (406) | (1,760) | 2,071 | (1,143) | 1,346 | |
Investment contracts with DPF | 12,238 | (25,601) | 1,845 | (3,318) | 1,199 | (2,156) | |
Other investments | — | — | (37) | 40 | (354) | 341 | |
12,608 | (26,007) | 48 | (1,207) | (298) | (469) | ||
Profit or loss before tax | Equity | ||||
Increase | Decrease | Increase | Decrease | ||
€’000 | €’000 | €’000 | €’000 | ||
31 December 2023 | |||||
Insurance and reinsurance contracts (net) | 362 | (372) | 235 | (242) | |
Other investments | — | — | (289) | 268 | |
362 | (372) | (54) | 26 | ||
31 December 2022 (restated) | |||||
Insurance and reinsurance contracts (net) | 464 | (360) | 302 | (234) | |
Other investments | (37) | 40 | (354) | 341 | |
427 | (320) | (52) | 107 | ||
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
€’000 | €’000 | €’000 | €’000 | ||
Assets subject to equity price risk | 622,434 | 753,882 | 2,486 | 1,756 | |
The above includes: | |||||
Component of investments in associated undertakings (Note 21)* | 23,212 | 22,512 | — | — | |
A component of equity securities and units in unit trusts | 599,222 | 731,370 | 2,486 | 1,756 | |
622,434 | 753,882 | 2,486 | 1,756 | ||
CSM | Profit or loss before tax | Equity | ||
€’000 | €’000 | €’000 | ||
31 December 2023 | ||||
Investment contracts with DPF | (3,869) | (353) | (229) | |
Other investments | — | (249) | (211) | |
(3,869) | (602) | (440) | ||
31 December 2022 (restated) | ||||
Investment contracts with DPF | (7,692) | (543) | (353) | |
Other investments | — | (119) | (143) | |
(7,692) | (662) | (496) | ||
Profit or loss before tax | Equity | |||
€’000 | €’000 | |||
31 December 2023 | ||||
Other investments | (249) | (211) | ||
31 December 2022 | ||||
Other investments | (119) | (143) |
31 December 2023 | Net exposure before hedging | Notional amount of currency derivatives | Net exposure after hedging | |
€’000 | €’000 | €’000 | ||
Currency of exposure: | ||||
USD | 255,326 | 101,730 | 153,596 | |
CHF | 18,203 | — | 18,203 | |
GBP | 10,236 | 805 | 9,431 | |
SEK | 37,777 | 24,421 | 13,356 | |
DKK | 13,166 | 30 | 13,136 | |
HKD | 3,456 | — | 3,456 | |
Others | 12,786 | (15) | 12,801 | |
350,950 | 126,971 | 223,979 | ||
31 December 2022 | Net exposure before hedging | Notional amount of currency derivatives | Net exposure after hedging | |
€’000 | €’000 | €’000 | ||
Currency of exposure: | ||||
USD | 194,131 | 2,325 | 191,806 | |
CHF | 19,762 | — | 19,762 | |
GBP | 6,679 | 901 | 5,778 | |
SEK | 11,932 | — | 11,932 | |
DKK | 13,378 | — | 13,378 | |
HKD | 7,454 | — | 7,454 | |
Others | 19,687 | 6,801 | 12,886 | |
273,023 | 10,027 | 262,996 | ||
31 December 2023 | Net exposure before hedging | Notional amount of currency derivates | Net exposure after hedging | |
€’000 | €’000 | €’000 | ||
Currency of exposure: | ||||
USD | (155) | — | (155) | |
GBP | (33) | — | (33) | |
Other | 2 | — | 2 | |
(186) | — | (186) | ||
31 December 2022 | Net exposure before hedging | Notional amount of currency derivates | Net exposure after hedging | |
€’000 | €’000 | €’000 | ||
Currency of exposure: | ||||
USD | (155) | — | (155) | |
GBP | (33) | — | (33) | |
Others | 2 | — | 2 | |
(186) | — | (186) | ||
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Restated | Restated | ||||
€'000 | €'000 | €'000 | €'000 | ||
Debt securities | 937,669 | 787,592 | 13,804 | 10,341 | |
Deposits with banks and credit institutions | 75,977 | 116,728 | — | — | |
Forward foreign exchange contracts and swaps | 1,970 | 2,698 | — | — | |
A component of reinsurance contract assets | 9,701 | 19,511 | 9,701 | 19,511 | |
Trade and other receivables (excluding prepayments) | 22,362 | 25,882 | 19,645 | 17,254 | |
Cash and cash equivalents | 47,975 | 137,286 | 10,780 | 11,130 | |
Total | 1,095,654 | 1,089,697 | 53,930 | 58,236 | |
Group and Company | |||||
2023 | 2022 | ||||
Restated | |||||
€’000 | €’000 | ||||
AA | 385 | 1,820 | |||
A | 9,293 | 17,640 | |||
Below BBB or not rated | 23 | 51 | |||
9,701 | 19,511 | ||||
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Restated | Restated | ||||
€'000 | €'000 | €'000 | €'000 | ||
AAA | 109,154 | 115,968 | 1,383 | 1,976 | |
AA | 188,328 | 177,241 | 2,824 | 766 | |
A | 412,833 | 253,553 | 7,764 | 3,991 | |
BBB | 248,171 | 386,998 | 8,790 | 9,542 | |
Below BBB or not rated | 127,467 | 136,426 | 23,467 | 22,450 | |
1,085,953 | 1,070,186 | 44,228 | 38,725 | ||
Group and Company | |||||
2023 | 2022 | ||||
Restated | |||||
€’000 | €’000 | ||||
Within credit terms | 10,501 | 9,779 | |||
Not more than three months | 4,100 | 2,952 | |||
Within three to twelve months | 2,442 | 2,130 | |||
Over twelve months | 762 | 224 | |||
17,805 | 15,085 | ||||
Group and Company | |||||
2023 | 2022 | ||||
€’000 | €’000 | ||||
Over twelve months (Note 26) | 535 | 440 | |||
Group expected cash flows (€ millions) 2023 | |||||||||
Payable on demand | 0-1 yr | 1-2 yrs | 2-3 yrs | 3-4 yrs | 4-5 yrs | >5 yrs | Total | ||
Undiscounted | Discounted | Discounted | Discounted | Discounted | Discounted | Discounted | Discounted | ||
Insurance contract assets - Life insurance contracts | 2.0 | (8.0) | (7.0) | (6.0) | (6.0) | (5.0) | (26.0) | (56.0) | |
Insurance contract liabilities - Life insurance contracts | 50.0 | 199.0 | 169.0 | 156.0 | 124.0 | 145.0 | 1,882.0 | ||
Reinsurance contract liabilities | 5.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 19.0 | 34.0 | |
Insurance contract liabilities – liabilities for incurred claims short- term contracts under PAA | — | 27.8 | 5.3 | 1.2 | 3.1 | 0.6 | 1.4 | 39.4 | |
Lease liabilities | — | 0.4 | 0.4 | 0.3 | 0.3 | 0.2 | 0.4 | 2.0 | |
Other payables | 18.0 | — | — | — | — | — | — | 18.0 |
Group expected cash flows (€ millions) 2022 | |||||||||
Payable on demand | 0-1 yr | 1-2 yrs | 2-3 yrs | 3-4 yrs | 4-5 yrs | >5 yrs | Total | ||
Undiscounted | Discounted | Discounted | Discounted | Discounted | Discounted | Discounted | Discounted | ||
Insurance contract assets - Life insurance contracts | 2.0 | (8.0) | (7.0) | (6.0) | (5.0) | (4.0) | (18.0) | (46.0) | |
Insurance contract liabilities - Life insurance contracts | 48.0 | 211.0 | 183.0 | 155.0 | 143.0 | 113.0 | 1,880.0 | ||
Reinsurance contract liabilities | 2.0 | 2.0 | 2.0 | 1.0 | 2.0 | 1.0 | 15.0 | 25.0 | |
Insurance contract liabilities – liabilities for incurred claims short-term contracts under PAA | — | 33.9 | 8.0 | 1.3 | 4.3 | 1.3 | 2.6 | 51.4 | |
Lease liabilities | — | 0.4 | 0.4 | 0.3 | 0.2 | 0.2 | 0.2 | 1.7 | |
Other payables | 17.7 | — | — | — | — | — | — | 17.7 |
Company expected cash flows (€ millions) 2023 | |||||||||
Payable on demand | 0-1 yr | 1-2 yrs | 2-3 yrs | 3-4 yrs | 4-5 yrs | >5 yrs | Total | ||
Undiscounted | Discounted | Discounted | Discounted | Discounted | Discounted | Discounted | Discounted | ||
Insurance contract liabilities – liabilities for incurred claims short-term contracts under PAA | — | 27.8 | 5.3 | 1.2 | 3.1 | 0.6 | 1.4 | 39.4 | |
Lease liabilities | — | 0.4 | 0.4 | 0.3 | 0.3 | 0.2 | 0.4 | 2.0 | |
Other payables | 9.3 | — | — | — | — | — | — | 9.3 |
Company expected cash flows (€ millions) 2022 | |||||||||
Payable on demand | 0-1 yr | 1-2 yrs | 2-3 yrs | 3-4 yrs | 4-5 yrs | >5 yrs | Total | ||
Undiscounted | Discounted | Discounted | Discounted | Discounted | Discounted | Discounted | Discounted | ||
Insurance contract liabilities – liabilities for incurred claims short-term contracts under PAA | — | 33.9 | 8.0 | 1.3 | 4.3 | 1.3 | 2.6 | 51.4 | |
Lease liabilities | — | 0.4 | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 | 1.6 | |
Other payables | 7.3 | — | — | — | — | — | — | 7.3 |
Group | |||
2023 | 2022 | ||
€’000 | €’000 | ||
At 31 December | |||
Foreign exchange contracts | |||
- outflow | (140,177) | (97,745) | |
- inflow | 142,147 | 100,443 | |
Group | |||||
Level 1 | Level 2 | Level 3 | Total | ||
€'000 | €'000 | €'000 | €'000 | ||
Assets | |||||
Financial assets at fair value through profit or loss | |||||
- Equity Securities, units in unit trusts and collective investment schemes | 934,308 | 91,550 | 94,839 | 1,120,697 | |
- Debt Securities | 532,525 | 316,536 | — | 849,061 | |
Debt securities at FVOCI | 7,204 | 6,600 | — | 13,804 | |
Forward foreign exchange contracts and swaps | — | 1,970 | — | 1,970 | |
Investment in associated undertakings | — | 23,346 | — | 23,346 | |
Total assets | 1,474,037 | 440,002 | 94,839 | 2,008,878 | |
Liabilities | |||||
Investment Contract Liabilities | — | 123,253 | — | 123,253 | |
Total liabilities | — | 123,253 | — | 123,253 | |
Company | ||||
Level 1 | Level 2 | Total | ||
€'000 | €'000 | €'000 | ||
Assets | ||||
Financial assets at fair value through profit or loss | ||||
- Equity securities, units in unit trusts and collective investment schemes | 667 | 1,819 | 2,486 | |
Debt securities at FVOCI | 7,204 | 6,600 | 13,804 | |
Total assets | 7,871 | 8,419 | 16,290 | |
Group | |||||
Level 1 | Level 2 | Level 3 | Total | ||
€'000 | €'000 | €'000 | €'000 | ||
Assets | |||||
Financial assets at fair value through profit or loss | |||||
- Equity securities, units in unit trusts and collective investment schemes | 973,661 | 40,912 | 61,609 | 1,076,182 | |
- Debt securities | 529,741 | 248,113 | — | 777,854 | |
Other available-for-sale investments | 5,605 | 4,703 | — | 10,308 | |
Forward foreign exchange contracts and swaps | — | 2,698 | — | 2,698 | |
Investment in associated undertakings | — | 22,647 | — | 22,647 | |
Total assets | 1,509,007 | 319,073 | 61,609 | 1,889,689 | |
Liabilities | |||||
Investment contract liabilities (restated) | — | 69,054 | — | 69,054 | |
Total liabilities | — | 69,054 | — | 69,054 | |
Company | Level 1 | Level 2 | Total | |
€'000 | €'000 | €'000 | ||
Assets | ||||
Financial assets at fair value through profit or loss | ||||
- Equity securities, units in unit trusts and collective investment schemes | — | 1,186 | 1,186 | |
- Debt securities | 603 | — | 603 | |
Other available-for-sale investments | 5,605 | 4,703 | 10,308 | |
Total assets | 6,208 | 5,889 | 12,097 | |
Group | ||
2022 | ||
Equity securities | ||
€'000 | ||
Opening balance | 18,756 | |
Additions | 38,363 | |
Total gains recognised in profit or loss | 4,490 | |
Closing balance | 61,609 | |
2023 | ||
Equity securities | ||
€'000 | ||
Opening balance | 61,609 | |
Additions | 30,252 | |
Total gains recognised in profit or loss | 2,978 | |
Closing balance | 94,839 | |
31 December 2023 | Life Risk | Investment contracts with DPF | Total | |
€’000 | €’000 | €’000 | ||
Insurance contracts issued | ||||
Insurance revenue | ||||
New contracts and contracts measured under the full retrospective approach at transition | (12,905) | (3,241) | (16,146) | |
Contracts measured under the fair value approach at transition | (138) | (31,427) | (31,565) | |
(13,043) | (34,668) | (47,711) | ||
CSM | ||||
New contracts and contracts measured under the full retrospective approach at transition | 24,909 | 8,770 | 33,679 | |
Contracts measured under the fair value approach at transition | 7,285 | 62,957 | 70,242 | |
32,194 | 71,727 | 103,921 | ||
31 December 2023 | Life Risk | ||
€’000 | |||
Reinsurance contracts held | |||
CSM | |||
New contracts and contracts measured under the full retrospective approach at transition | (8,806) | ||
Contracts measured under the fair value approach at transition | (4,157) | ||
(12,963) | |||
31 December 2022 | Life Risk | Investment contracts with DPF | Total | |
€’000 | €’000 | €’000 | ||
Insurance contracts issued | ||||
Insurance revenue | ||||
New contracts and contracts measured under the full retrospective approach at transition | (11,714) | — | (11,714) | |
Contracts measured under the fair value approach at transition | (157) | (35,187) | (35,344) | |
(11,871) | (35,187) | (47,058) | ||
CSM | ||||
New contracts and contracts measured under the full retrospective approach at transition | 19,868 | — | 19,868 | |
Contracts measured under the fair value approach at transition | 4,607 | 54,709 | 59,316 | |
24,475 | 54,709 | 79,184 | ||
31 December 2022 | Life Risk | |
€’000 | ||
Reinsurance contracts held | ||
CSM | ||
New contracts and contracts measured under the full retrospective approach at transition | (6,441) | |
Contracts measured under the fair value approach at transition | (3,413) | |
(9,854) | ||
As at 31 December 2023 | Insurance contracts issued | Reinsurance contracts held | ||||
Life Risk | Investment contracts with DPF | Total CSM for insurance contracts issued | Life Risk | Total CSM for reinsurance contracts held | ||
€’000 | €’000 | €’000 | €’000 | €’000 | ||
1 | (3,418) | (6,027) | (9,445) | 1,421 | 1,421 | |
2 | (3,144) | (5,560) | (8,704) | 1,302 | 1,302 | |
3 | (2,888) | (5,120) | (8,008) | 1,193 | 1,193 | |
4 | (2,645) | (4,704) | (7,349) | 1,089 | 1,089 | |
5 | (2,424) | (4,374) | (6,798) | 994 | 994 | |
6 – 10 | (9,400) | (15,485) | (24,885) | 3,823 | 3,823 | |
> 10 | (13,994) | (30,457) | (44,451) | 5,394 | 5,394 | |
Total | (37,913) | (71,727) | (109,640) | 15,216 | 15,216 | |
As at 31 December 2022 | Insurance contracts issued | Reinsurance contracts held | ||||
Life Risk | Investment contracts with DPF | Total CSM for insurance contracts issued | Life Risk | Total CSM for reinsurance contracts held | ||
€’000 | €’000 | €’000 | €’000 | €’000 | ||
1 | (2,526) | (6,606) | (9,132) | 1,055 | 1,055 | |
2 | (2,325) | (5,817) | (8,142) | 967 | 967 | |
3 | (2,134) | (5,150) | (7,284) | 883 | 883 | |
4 | (1,957) | (4,587) | (6,544) | 809 | 809 | |
5 | (1,791) | (4,069) | (5,860) | 739 | 739 | |
6 – 10 | (6,967) | (13,659) | (20,626) | 2,850 | 2,850 | |
> 10 | (11,031) | (14,821) | (25,852) | 4,244 | 4,244 | |
Total | (28,731) | (54,709) | (83,440) | 11,547 | 11,547 | |
At 31 December 2023 | Motor | Fire and other property damages | Health | Other classes | Group Life | Total | |
€’000 | €’000 | €’000 | €’000 | €’000 | €’000 | ||
Insurance revenue | 42,997 | 16,830 | 15,808 | 14,522 | 2,712 | 92,869 | |
Insurance service expenses | (35,577) | (10,255) | (14,012) | (6,578) | (2,033) | (68,455) | |
Net expenses from reinsurance contracts held | (2,742) | (5,721) | 143 | (3,913) | (14) | (12,247) | |
Insurance service result | 4,678 | 854 | 1,939 | 4,031 | 665 | 12,167 | |
At 31 December 2022 | Motor | Fire and other property damages | Health | Other classes | Life | Total | |
Restated | Restated | Restated | Restated | Restated | Restated | ||
€’000 | €’000 | €’000 | €’000 | €’000 | €’000 | ||
Insurance revenue | 39,180 | 15,333 | 13,960 | 13,208 | 2,669 | 84,350 | |
Insurance service expenses | (40,861) | (10,937) | (10,803) | (8,814) | (1,268) | (72,683) | |
Net expenses from reinsurance contracts held | 778 | (4,085) | (79) | (2,117) | (224) | (5,727) | |
Insurance service result | (903) | 311 | 3,078 | 2,277 | 1,177 | 5,940 | |
2023 | Life Risk | Investment contracts with DPF | Total | |
€’000 | €’000 | €’000 | ||
Insurance revenue | ||||
Amounts relating to change in the LRC | ||||
- Expected incurred claims and other directly attributable expenses | 7,945 | 24,576 | 32,521 | |
- Changes in risk adjustment for non-financial risk for the risk expired | 1,397 | 140 | 1,537 | |
- CSM recognised for the services provided | 3,589 | 6,178 | 9,767 | |
- Experience adjustments – arising from premiums received in the period other than those that relate to future service | 61 | 18 | 79 | |
Insurance acquisition cash flows recovery | 51 | 3,756 | 3,807 | |
13,043 | 34,668 | 47,711 | ||
Insurance service expenses | ||||
Incurred claims and other directly attributable expenses | (5,471) | (13,711) | (19,182) | |
Insurance acquisition cash flows amortization | (51) | (3,756) | (3,807) | |
(5,522) | (17,467) | (22,989) | ||
Net income (expenses) from reinsurance contracts held | ||||
Amounts relating to the changes in the remaining coverage | ||||
- Expected incurred claims and other directly attributable expenses recovery | (2,309) | — | (2,309) | |
- Change in the risk adjustment for non-financial risk for the risk expired | (242) | — | (242) | |
- CSM recognised for the services provided | (1,516) | — | (1,516) | |
- Experience adjustments – arising from ceded premiums paid in the period other than those that relate to future service | (122) | — | (122) | |
Reinsurance expenses | (4,189) | — | (4,189) | |
Other incurred directly attributable expenses | (382) | — | (382) | |
Incurred claims recovery | 974 | — | 974 | |
(3,597) | — | (3,597) | ||
Total insurance service result | 3,924 | 17,201 | 21,125 | |
2022 | Life Risk | Investment contracts with DPF | Total | |
€’000 | €’000 | €’000 | ||
Insurance revenue | ||||
Amounts relating to change in the LRC | ||||
- Expected incurred claims and other directly attributable expenses | 7,393 | 21,791 | 29,184 | |
- Changes in risk adjustment for non-financial risk for the risk expired | 1,783 | 259 | 2,042 | |
- CSM recognised for the services provided | 2,624 | 6,754 | 9,378 | |
- Experience adjustments – arising from premiums received in the period other than those that relate to future service | 4 | 32 | 36 | |
Insurance acquisition cash flows recovery | 67 | 6,351 | 6,418 | |
11,871 | 35,187 | 47,058 | ||
Insurance service expenses | ||||
Incurred claims and other directly attributable expenses | (4,538) | (14,919) | (19,457) | |
Changes that relate to past service – changes in the FCF relating to the LIC | 2 | — | 2 | |
Insurance acquisition cash flows amortization | (67) | (6,351) | (6,418) | |
(4,603) | (21,270) | (25,873) | ||
Net expenses from reinsurance contracts held | ||||
Amounts relating to the changes in the remaining coverage | ||||
- Expected incurred claims and other directly attributable expenses recovery | (2,177) | — | (2,177) | |
- Change in the risk adjustment for non-financial risk for the risk expired | (355) | — | (355) | |
- CSM recognised for the services provided | (1,141) | — | (1,141) | |
- Experience adjustments – arising from ceded premiums paid in the period other than those that relate to future service | 781 | — | 781 | |
Reinsurance expenses | (2,892) | — | (2,892) | |
Other incurred directly attributable expenses | (303) | — | (303) | |
Effect of changes in the risk of reinsurers’ non-performance | — | — | — | |
Incurred claims recovery | 1,050 | — | 1,050 | |
(2,145) | — | (2,145) | ||
Total insurance service result | 5,123 | 13,917 | 19,040 | |
Group | Company | ||||||
31 December 2023 | Life Risk | Investment contracts with DPF | Investment contracts without DPF | Short- Term contracts measured under the PAA | Other | Total | Short- Term contracts measured under the PAA |
€’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | |
Net investment income/(expenses) | |||||||
Share of profit of other associated undertaking, net of tax | — | — | — | — | 110 | 110 | — |
Dividend income from group companies | — | — | — | — | — | — | 147 |
Interest revenue from financial assets not measured at FVTPL | — | 1,257 | — | 221 | 3,744 | 5,222 | 221 |
Interest expenses from financial assets not measured at FVTPL | — | — | — | (32) | — | (32) | (32) |
Net gains on FVTPL instruments | 500 | 170,178 | 8,194 | 812 | 714 | 180,398 | 812 |
Other investment income | — | 425 | — | 9 | — | 434 | 9 |
Net (losses)/gains from fair value adjustments to investment properties | — | (3,925) | — | 61 | (409) | (4,273) | 61 |
Investment income from investment properties | — | 5,698 | — | 817 | — | 6,515 | 817 |
Expenses arising from investment properties | — | (368) | — | — | — | (368) | — |
Other investment expenses | — | (5,927) | — | (23) | (27) | (5,977) | (23) |
Net credit impairment losses | — | (37) | — | — | 15 | (22) | — |
Interest on lease liabilities | — | — | — | (49) | — | (49) | (49) |
Net investment income | 500 | 167,301 | 8,194 | 1,816 | 4,147 | 181,958 | 1,963 |
Finance income/(expenses) from insurance contracts issued | |||||||
Changes in value of underlying assets of contracts measured under VFA | — | (178,200) | — | — | — | (178,200) | — |
Interest accreted | 1,542 | — | — | — | — | 1,542 | — |
Effect of changes in interest rates and other financial assumptions | 2,871 | — | — | (1,320) | — | 1,551 | (1,320) |
Effect of changes in FCF at current rates when CSM is unlocked at locked-in rates | (1,764) | — | — | — | — | (1,764) | — |
Finance expense from insurance contracts issued | 2,649 | (178,200) | — | (1,320) | — | (176,871) | (1,320) |
Finance income/(expenses) from reinsurance contracts held | |||||||
Interest accreted | (752) | — | — | — | — | (752) | — |
Effect of changes in interest rates and other financial assumptions | (2,680) | — | — | 486 | — | (2,194) | 486 |
Effect of changes in FCF at current rates when CSM is unlocked at locked-in rates | 719 | — | — | — | — | 719 | — |
Finance (expense)/income from reinsurance contracts held | (2,713) | — | — | 486 | — | (2,227) | 486 |
Net change in investment contract liabilities | — | — | (8,194) | — | — | (8,194) | — |
436 | (10,899) | — | 982 | 4,147 | (5,334) | 1,129 | |
Group | Company | |||||||
31 December 2022 | Life Risk | Investment contracts with DPF | Investment contracts without DPF | Other | Total | |||
(Restated) | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | |
Net investment income/(expenses) | ||||||||
Share of profit of other associated undertaking, net of tax | — | — | — | — | 95 | 95 | — | |
Dividend income from group companies | — | — | — | — | — | — | 1,313 | |
Interest revenue from financial assets not measured at FVTPL | — | 1,306 | — | 74 | 121 | 1,501 | 74 | |
Interest expenses from financial assets not measured at FVTPL | — | — | — | (53) | — | (53) | (53) | |
Net gains on FVTPL instruments | (8,931) | (274,027) | (10,353) | (300) | (253) | (293,864) | (300) | |
Other investment income | — | 992 | — | 7 | — | 999 | 7 | |
Net (losses)/gains from fair value adjustments to investment properties | — | (2,461) | — | (642) | 56 | (3,047) | (642) | |
Investment income from investment properties | — | 5,420 | — | 776 | — | 6,196 | 776 | |
Expenses arising from investment properties | — | (328) | — | (13) | — | (341) | (13) | |
Other investment expenses | — | (6,621) | — | (18) | (14) | (6,653) | (18) | |
Net credit impairment losses | — | — | — | — | — | — | — | |
Interest on lease liabilities | — | — | — | (51) | — | (51) | (51) | |
Net investment (expense)/income | (8,931) | (275,719) | (10,353) | (220) | (90) | (295,218) | 1,093 | |
Finance income/(expenses) from insurance contracts issued | ||||||||
Changes in value of underlying assets of contracts measured under VFA | — | 268,747 | — | — | — | 268,747 | — | |
Interest accreted | (213) | — | — | — | — | (213) | — | |
Effect of changes in interest rates and other financial assumptions | (6,433) | — | — | 2,604 | — | (3,829) | 2,604 | |
Effect of changes in FCF at current rates when CSM is unlocked at locked-in rates | (10) | — | — | — | — | (10) | — | |
Finance (expense)/income from insurance contracts issued | (6,656) | 268,747 | — | 2,604 | — | 264,695 | 2,604 | |
Finance income/(expenses) from reinsurance contracts held | ||||||||
Interest accreted | 124 | — | — | — | — | 124 | — | |
Effect of changes in interest rates and other financial assumptions | 6,881 | — | — | (1,059) | — | 5,822 | (1,059) | |
Effect of changes in FCF at current rates when CSM is unlocked at locked-in rates | (11) | — | — | — | — | (11) | — | |
Finance income/(expense) from reinsurance contracts held | 6,994 | — | — | (1,059) | — | 5,935 | (1,059) | |
Net change in investment contract liabilities | — | — | 10,353 | — | — | 10,353 | — | |
(8,593) | (6,972) | — | 1,325 | 5 | (14,235) | 2,638 | ||
Group | |||
2023 | 2022 | ||
€'000 | €'000 | ||
Investment management fees | 1,222 | 203 | |
Management fees | 644 | 603 | |
Other income | 37 | 567 | |
1,903 | 1,373 | ||
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
€’000 | €’000 | €’000 | €’000 | ||
Employee compensation (Note 11) | 15,218 | 13,709 | 8,295 | 7,553 | |
Depreciation/amortisation: | |||||
- intangible assets (Note 16) | 4,549 | 2,575 | 2,147 | 1,973 | |
- property, plant and equipment (Note 18) | 1,079 | 1,071 | 616 | 579 | |
Release of provision for impairment on receivables (Note 26) | — | (135) | — | (135) | |
Impairment of receivables | 61 | 29 | 61 | 29 | |
Increase in provision for impairment on receivables (Note 26) | 41 | 188 | 41 | 188 | |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
€’000 | €’000 | €’000 | €’000 | ||
Annual statutory audit | 741 | 599 | 320 | 271 | |
IFRS 17 Transition Audit | 810 | — | 300 | — | |
Solvency II audit | 113 | 105 | 49 | 45 | |
Non-audit services | — | 2 | — | — | |
Paid during the year: | |||||
for financial year 2022 | 160 | 296 | — | 136 | |
for financial year 2021 | 410 | 276 | 181 | 127 | |
for financial year 2020 | — | — | — | — |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
€'000 | €'000 | €'000 | €'000 | ||
Salaries | 14,332 | 12,908 | 7,799 | 7,098 | |
Social security costs | 726 | 667 | 420 | 395 | |
Contributions to Employee Voluntary Occupational Pension Scheme | 160 | 134 | 76 | 60 | |
15,218 | 13,709 | 8,295 | 7,553 | ||
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
No. | No. | No. | No. | ||
Key management personnel | 27 | 27 | 14 | 14 | |
Managerial | 34 | 41 | 20 | 19 | |
Technical | 232 | 213 | 142 | 139 | |
Administrative | 15 | 9 | 9 | 5 | |
308 | 290 | 185 | 177 | ||
Group | Company | ||||
Restated | Restated | ||||
2023 | 2022 | 2023 | 2022 | ||
€'000 | €'000 | €'000 | €'000 | ||
Current tax expense | 6,061 | 44,721 | 3,588 | 1,888 | |
Deferred tax expense (Note 23) | 2,015 | (42,044) | (412) | 525 | |
Income tax expense | 8,076 | 2,677 | 3,176 | 2,413 | |
Group | Company | ||||
Restated | Restated | ||||
2023 | 2022 | 2023 | 2022 | ||
€’000 | €’000 | €’000 | €’000 | ||
Profit before tax | 24,019 | 8,292 | 9,864 | 6,596 | |
Tax at 35% | 8,407 | 2,902 | 3,452 | 2,309 | |
Adjusted for tax effect of : | |||||
Net exempt income and disallowed expenses | (410) | (17) | (118) | 306 | |
Property withholding tax at 8% or10% | 321 | (97) | 20 | 170 | |
Other | (242) | (111) | (178) | (372) | |
Income tax expense | 8,076 | 2,677 | 3,176 | 2,413 | |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
€'000 | €'000 | €'000 | €'000 | ||
Directors' fees | 264 | 307 | 170 | 224 | |
Group | |||
Restated | |||
2023 | 2022 | ||
€'000 | €'000 | ||
Profit attributable to owners of the Company | 11,309 | 4,476 | |
Number of ordinary shares in issue (Note 28) | 92,000 | 92,000 | |
Basic and diluted earnings per share attributable to owners of the Company (€) | 0.123 | 0.049 | |
Group | ||||
Computer Software | Deferred Acquisition cost (i) | Total (ii) | ||
€'000's | €'000's | €'000's | ||
At 1 January 2022 | ||||
Cost or valuation | 43,805 | 3,719 | 47,524 | |
Accumulated amortisation and impairment | (21,345) | (3,554) | (24,899) | |
Net book amount | 22,460 | 165 | 22,625 | |
Year ended 31 December 2022 | ||||
Opening net book amount | 22,460 | 165 | 22,625 | |
Additions | 7,946 | 155 | 8,101 | |
Disposals | (2) | — | (2) | |
Amortisation charge | (2,563) | (12) | (2,575) | |
Closing net book amount | 27,841 | 308 | 28,149 | |
At 31 December 2022 | ||||
Cost or valuation | 51,749 | 3,874 | 55,623 | |
Accumulated amortisation and impairment | (23,908) | (3,566) | (27,474) | |
Net book amount | 27,841 | 308 | 28,149 | |
Year ended 31 December 2023 | ||||
Opening net book amount | 27,841 | 308 | 28,149 | |
Additions | 6,581 | 551 | 7,132 | |
Amortisation charge | (4,502) | (47) | (4,549) | |
Closing net book amount | 29,920 | 812 | 30,732 | |
At 31 December 2023 | ||||
Cost or valuation | 58,330 | 4,425 | 62,755 | |
Accumulated amortisation and impairment | (28,410) | (3,613) | (32,023) | |
Net book amount | 29,920 | 812 | 30,732 | |
Company | Computer Software | |
€'000 | ||
At 1 January 2022 | ||
Cost | 18,238 | |
Accumulated amortisation | (9,092) | |
Net book amount | 9,146 | |
Year ended 31 December 2022 | ||
Opening net book amount | 9,146 | |
Additions | 2,794 | |
Amortisation charge | (1,973) | |
Closing net book amount | 9,967 | |
At 31 December 2022 | ||
Cost | 21,032 | |
Accumulated amortisation | (11,065) | |
Net book value | 9,967 | |
Year ended 31 December 2023 | ||
Opening net book amount | 9,967 | |
Additions | 2,571 | |
Amortisation charge | (2,147) | |
Closing net book amount | 10,391 | |
At 31 December 2023 | ||
Cost | 23,603 | |
Accumulated amortisation | (13,212) | |
Net book amount | 10,391 | |
2022 | Group | |||
Property | Motor vehicles | Total | ||
€’000 | €’000 | €’000 | ||
Balance on 01 January | 1,204 | 598 | 1,802 | |
Derecognition of right-of-use assets | — | (46) | (46) | |
Depreciation charge for the year | (212) | (129) | (341) | |
Depreciation released on derecognition | — | 46 | 46 | |
Balance on 31 December | 992 | 469 | 1,461 | |
2023 | Group | ||
Property | Motor vehicles | Total | |
€’000 | €’000 | €’000 | |
Balance on 01 January | 992 | 469 | 1,461 |
Additions | 437 | 40 | 477 |
Derecognition of right-of-use assets | — | (29) | (29) |
Depreciation charge for the year | (219) | (118) | (337) |
Depreciation released on derecognition | — | 29 | 29 |
Balance on 31 December | 1,210 | 391 | 1,601 |
2022 | Company | |||
Property | Motor vehicles | Total | ||
€’000 | €’000 | €’000 | ||
Balance on 1 January | 1,204 | 481 | 1,685 | |
Depreciation charge for the year | (212) | (95) | (307) | |
Balance on 31 December | 992 | 386 | 1,378 | |
2023 | Company | |||
Property | Motor vehicles | Total | ||
€’000 | €’000 | €’000 | ||
Balance on 1 January | 992 | 386 | 1,378 | |
Additions | 437 | — | 437 | |
Depreciation charge for the year | (219) | (87) | (306) | |
Balance on 31 December | 1,210 | 299 | 1,509 | |
2022 | Group | |||
Property | Motor vehicles | Total | ||
€’000 | €’000 | €’000 | ||
Depreciation of right-of-use assets | 212 | 129 | 341 | |
Interest expense on lease liabilities | 27 | 28 | 55 | |
2023 | Group | |||
Property | Motor vehicles | Total | ||
€’000 | €’000 | €’000 | ||
Depreciation of right-of-use assets | 219 | 118 | 337 | |
Interest expense on lease liabilities | 30 | 24 | 54 | |
2022 | Company | |||
Property | Motor vehicles | Total | ||
€’000 | €’000 | €’000 | ||
Depreciation of right-of-use assets | 212 | 95 | 307 | |
Interest expense on lease liabilities | 27 | 24 | 51 | |
2023 | Company | |||
Property | Motor vehicles | Total | ||
€’000 | €’000 | €’000 | ||
Depreciation of right-of-use assets | 219 | 87 | 306 | |
Interest expense on lease liabilities | 30 | 19 | 49 | |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
€’000 | €’000 | €’000 | €’000 | ||
Less than one year | 5,815 | 5,530 | 660 | 654 | |
One to two years | 4,079 | 4,309 | 445 | 510 | |
Two to three years | 2,000 | 3,229 | 386 | 314 | |
Three to four years | 1,401 | 1,578 | 38 | 274 | |
Four to five years | 1,052 | 1,217 | — | 38 | |
More than five years | 3,113 | 3,726 | — | — | |
Total | 17,460 | 19,589 | 1,529 | 1,790 | |
Freehold | Furniture | ||||
land and | Leasehold | fittings and | |||
buildings | improvements | equipment | Total | ||
€’000 | €’000 | €’000 | €'000 | ||
At 1 January 2022 | |||||
Cost | 14,201 | 3,643 | 8,388 | 26,232 | |
Accumulated depreciation | (171) | (2,152) | (6,252) | (8,575) | |
Closing net book amount | 14,030 | 1,491 | 2,136 | 17,657 | |
Year ended 31 December 2022 | |||||
Opening net book amount | 14,030 | 1,491 | 2,136 | 17,657 | |
Additions | 156 | 580 | 754 | 1,490 | |
Amount transferred to investment property (Note 19) | (457) | — | — | (457) | |
Depreciation charge | (89) | (238) | (744) | (1,071) | |
Depreciation on amount transferred to investment property (Note 19) | 7 | — | — | 7 | |
Closing net book amount | 13,647 | 1,833 | 2,146 | 17,626 | |
At 31 December 2022 | |||||
Cost | 13,900 | 4,223 | 9,142 | 27,265 | |
Accumulated depreciation | (253) | (2,390) | (6,996) | (9,639) | |
Net book amount | 13,647 | 1,833 | 2,146 | 17,626 | |
Year ended 31 December 2023 | |||||
Opening net book amount | 13,647 | 1,833 | 2,146 | 17,626 | |
Additions | 170 | 158 | 308 | 636 | |
Depreciation charge | (104) | (230) | (745) | (1,079) | |
Closing net book amount | 13,713 | 1,761 | 1,709 | 17,183 | |
At 31 December 2023 | |||||
Cost | 14,070 | 4,381 | 9,450 | 27,901 | |
Accumulated depreciation | (357) | (2,620) | (7,741) | (10,718) | |
Net book amount | 13,713 | 1,761 | 1,709 | 17,183 | |
Freehold | Furniture | ||||
land and | Leasehold | fittings and | |||
buildings | improvements | equipment | Total | ||
€'000 | €'000 | €'000 | €'000 | ||
At 1 January 2022 | |||||
Cost | 2,191 | 3,056 | 3,347 | 8,594 | |
Accumulated depreciation | (18) | (1,597) | (2,437) | (4,052) | |
Net book amount | 2,173 | 1,459 | 910 | 4,542 | |
Year ended 31 December 2022 | |||||
Opening net book amount | 2,173 | 1,459 | 910 | 4,542 | |
Transfer to investment property (Note 19) | (457) | — | — | (457) | |
Additions | — | 579 | 388 | 967 | |
Depreciation Charge | (21) | (212) | (346) | (579) | |
Depreciation released on transfer to investment property (Note 19) | 7 | — | — | 7 | |
Closing net book amount | 1,702 | 1,826 | 952 | 4,480 | |
At 31 December 2022 | |||||
Cost | 1,734 | 3,635 | 3,735 | 9,104 | |
Accumulated depreciation | (32) | (1,809) | (2,783) | (4,624) | |
Net book amount | 1,702 | 1,826 | 952 | 4,480 | |
Company - continued | |||||
Freehold | Furniture | ||||
land and | Leasehold | fittings and | |||
buildings | improvements | equipment | Total | ||
€’000 | €’000 | €’000 | €’000 | ||
Year ended 31 December 2023 | |||||
Opening net book amount | 1,702 | 1,826 | 952 | 4,480 | |
Additions | — | 158 | 187 | 345 | |
Depreciation charge | (17) | (228) | (371) | (616) | |
Closing net book amount | 1,685 | 1,756 | 768 | 4,209 | |
At 31 December 2023 | |||||
Cost or valuation | 1,734 | 3,793 | 3,922 | 9,449 | |
Accumulated depreciation | (49) | (2,037) | (3,154) | (5,240) | |
Net book amount | 1,685 | 1,756 | 768 | 4,209 | |
Valuation technique | Significant unobservable inputs | Inter-relationship between key unobservable inputs and fair value measurement |
Discounted cash flows: The valuation model considers the present value of net cash flows potentially generated from the property, taking into account the expected rental growth rate, void periods and costs not paid for by the tenants. The expected net cash flows are discounted using the risk-adjusted discount rates. Among other factors, the discount rate estimation considers the quality of a building and its location (prime vs secondary), lease terms, property risk premium and inflation. | – Risk-adjusted discount rate varying between 6.2% and 7.9% (2022: 6.2% and 6.8%) – The valuation provides for a void factor varying between 2.5% and 4.5% (2022: 2.5% and 4.5%) on rental income. – A benchmark lease market rate was applied once current lease terms expired. – Expected market rental growth rate of 2.0% (2022: 2.0%) in line with the implied inflation rate IRR (Internal Rate of Return). | The estimated fair value would increase/(decrease) if: – The risk-adjusted discount rate were lower/(higher); – Void factor were lower/(higher) – The market rate were higher/(lower); – Expected market rental growth were higher/(lower). |
Group | Company | |
€’000 | €’000 | |
At 1 January 2022 | ||
Cost | 65,116 | 7,022 |
Accumulated fair value gains | 44,900 | 6,507 |
Net book amount | 110,016 | 13,529 |
Year ended 31 December 2022 | ||
Opening net book amount | 110,016 | 13,529 |
Transfer from property, plant & equipment (Note 18) | 450 | 450 |
Additions | 936 | 76 |
Disposals | (90) | (7) |
Net fair value losses | (3,034) | (644) |
Net book amount | 108,278 | 13,404 |
At 31 December 2022 | ||
Cost | 66,412 | 7,541 |
Accumulated fair value gains | 41,866 | 5,863 |
Net book amount | 108,278 | 13,404 |
Group | Company | ||
€’000 | €’000 | ||
Year ended 31 December 2023 | |||
Opening net book amount | 108,278 | 13,404 | |
Additions | 1,614 | 344 | |
Net fair value losses | (4,273) | 61 | |
Net book amount | 105,619 | 13,809 | |
At 31 December 2023 | |||
Cost | 68,026 | 7,885 | |
Accumulated fair value gains | 37,593 | 5,924 | |
Net book amount | 105,619 | 13,809 | |
Valuation technique | Significant unobservable inputs | Inter-relationship between key unobservable inputs and fair value measurement | |
Discounted cash flows: The valuation model considers the present value of net cash flows generated from the property, taking into account the expected rental growth rate, void periods and costs not paid for by the tenants. The expected net cash flows are discounted using the risk- adjusted discount rates. Among other factors, the discount rate estimation considers the quality of a building and its location (prime vs secondary), lease terms, property risk premium and inflation. | – Risk-adjusted discount rate varying between 7.0%% and 8.6%% (2022: 5.7% and 8.1%%). – A void factor varying between 1.0% to 5.0% (2022: 1.5% and 6.5%) on rental income. – Lease market rate was applied once current lease terms expired. – Expected market rental growth rate of 2.0% (2022: 2.0%) in line with the general inflation rate – Construction costs for undeveloped airspace and re-developable land varying between €671/sqm and €1,592/sqm (2022: €656/ sqm and €1,535/sqm) | ||
Valuation technique | Significant unobservable inputs | Inter-relationship between key unobservable inputs and fair value measurement | |
Discounted cash flows: The valuation model considers the present value of net cash flows generated from the property, taking into account the expected rental growth rate, void periods and costs not paid for by the tenants. The expected net cash flows are discounted using the risk- adjusted discount rates. Among other factors, the discount rate estimation considers the quality of a building and its location (prime vs secondary), lease terms, property risk premium and inflation. | – Risk-adjusted discount rate varying between 7.9% and 8.4% (2022: 7.1% and 7.9%). – A void factor of 4.5% (2022: 4.5%) on rental income. – Lease market rate was applied once current lease terms expired. – Expected market rental growth rate of 2.0% (2022: 1.6%) in line with general inflation rate. | The estimated fair value would increase/(decrease) if: – The risk-adjusted discount rate were lower/(higher); – Void factor were lower/ (higher); – The market rate were higher/(lower); – Expected market rental growth were higher/ (lower). |
Valuation technique | Significant unobservable inputs | Inter-relationship between key unobservable inputs and fair value measurement | |
– Offices net internal area on completion 7,130 sq.m. – Annual net rental rate per sq.m. of office space €141 – Number of car spaces on completion 159 – Annual net rental rate per car space €816 – Capitalisation rate 6.4% – Net development costs €10.0m – Developer’s profit 15% – Planning uncertainty discount 10% | The estimated fair value would increase/(decrease) if: – Offices net internal area on completion were higher/ (lower); – Annual net rental rate per sqm of office space were higher/(lower); – Number of car spaces on completion were higher/ (lower); – Net rental rate per car space were higher/(lower); – Capitalisation rate were lower/ (higher); – Net development costs were lower/(higher); – Developer’s profit were lower/(higher); and – Planning uncertainty discount were lower/ (higher). |
Valuation technique | Significant unobservable inputs | Inter-relationship between key unobservable inputs and fair value measurement |
Market value : The valuation model comprises: (a) the estimation of an average sales rate based on information obtained from either actual prices of recent transactions or advertised prices for properties currently available for sale. | – Average sales rate of €1,355/ sqm – Reduction in average sales rate of 70% to allow for potential negotiation in rates between what is being advertised to what is actually contracted. | The estimated fair value would increase/(decrease) if: – The average sale rate were higher/(lower); – The reduction in average sales rate were higher/ (lower); |
Future rental cash inflows | based on the actual location, type and quality of the properties and supported by the terms of any existing lease, other contracts or external evidence such as current market rents for similar properties; | |
Capitalisation rates | based on actual location, size and quality of the properties and taking into account market data at the valuation date. |
Significant unobservable Inputs | |||||
Fair value at 31 December 2023 | Valuation technique | Rental value | Capitalisation rate | ||
Description | € | € | % | ||
Office buildings | 1.34m | Capitalisation of future net income streams | 0.05m | 3.25-5.00 |
Significant unobservable Inputs | |||||
Description | Fair value at 31 December 2022 | Valuation technique | Rental value | Capitalisation rate | |
€ | € | % | |||
Office buildings | 1.27m | Capitalisation of future net income streams | 0.05m | 3.50-5.00 |
2023 | 2023 | 2022 | 2022 | |
-0.5% | +0.5% | -0.5% | +0.5% | |
€ million | € million | € million | € million | |
Discount rates | ||||
2023 | 2023 | 2022 | 2022 | |
-5% | +5% | -5% | +5% | |
€ million | € million | € million | € million | |
Market rates | ||||
2023 | 2023 | 2022 | 2022 | |
-0.5% | +0.5% | -0.5% | +0.5% | |
€ million | € million | € million | € million | |
Discount rates | ||||
2023 | 2023 | 2022 | 2022 | |
-5% | +5% | -5% | +5% | |
€ million | € million | € million | € million | |
Market rates | ||||
Company | ||
€’000 | ||
Year ended 31 December 2023 | ||
Opening net book amount | 77,214 | |
Closing net book amount | 77,214 | |
Year ended 31 December 2022 | ||
Opening net book amount | 77,214 | |
Closing net book amount | 77,214 | |
Subsidiary undertakings | Registered office | Class of shares held | Percentage of shares held | ||
2023 | 2022 | ||||
Euro Globe Holdings Limited (Company in liquidation) | Middle Sea House Floriana | Ordinary shares | 100% | 100% | |
Euromed Risk Solutions Limited | Development House Floriana | Ordinary shares | 100% | 100% | |
Bee Insurance Management Limited | Development House Floriana | Ordinary shares | 100% | 100% | |
MAPFRE MSV Life plc | Level 7 The Mall Floriana | Ordinary shares | 50% | 50% | |
Church Wharf Properties Limited | Middle Sea House Floriana | Ordinary shares | 75% | 75% |
2023 | % Held by non- controlling interests | Assets | Liabilities | Revenues | Profit before tax | Net cash | |
€’000 | €’000 | €’000 | €’000 | €’000 | |||
MAPFRE MSV Life p.l.c. | 50% | 2,319,702 | 2,154,321 | 201,271 | 14,572 | (88,713) | |
Church Wharf | |||||||
Properties Limited | 25% | 2,301 | 325 | — | (400) | — |
2022 | % Held by non- controlling interests | Assets | Liabilities | Revenues | Profit before tax | Net cash | |
€’000 | €’000 | €’000 | €’000 | €’000 | |||
MAPFRE MSV Life p.l.c. | |||||||
(consolidated results) | |||||||
restated | 50% | 2,273,409 | 2,117,206 | 254,910 | 2,673 | 65,934 | |
Church Wharf | |||||||
Properties Limited | 25% | 2,674 | 333 | — | 8 | (1) |
Subsidiary undertakings | Registered office | Class of shares held | Percentage of shares held | ||
2023 | 2022 | ||||
Growth Investment Limited (held indirectly by MAPFRE MSV Life p.l.c.) | Pjazza Papa Giovanni XXIII Floriana | Ordinary shares | 50% | 50% |
Group | Company | ||
€’000 | €’000 | ||
At 1 January 2022 | |||
Cost | 14,480 | 294 | |
Accumulated share of associated undertaking's equity | 89 | 89 | |
Accumulated fair value movements | 8,262 | — | |
Net book amount | 22,831 | 383 | |
2022 | |||
Opening net book amount | 22,831 | 383 | |
Share of associated undertaking's movement in equity | 6 | 6 | |
Fair value movement | 190 | — | |
Closing net book amount | 23,027 | 389 | |
At 31 December 2022 | |||
Cost | 14,480 | 294 | |
Accumulated share of associated undertaking's equity | 95 | 95 | |
Accumulated fair value movements | 8,452 | — | |
Net book amount | 23,027 | 389 | |
Year ended 31 December 2023 | |||
Opening net book amount | 23,027 | 389 | |
Share of associated undertaking's movement in equity | 14 | 14 | |
Fair value movement | 882 | — | |
Closing net book amount | 23,923 | 403 | |
At 31 December 2023 | |||
Cost | 14,480 | 294 | |
Accumulated share of associated undertaking's equity | 109 | 109 | |
Accumulated fair value movements | 9,334 | — | |
Net book amount | 23,923 | 403 | |
2023 | Registered office | Assets | Liabilities | Revenues | Profit | % of interest held | |
€’000 | €’000 | €’000 | €’000 | ||||
Middlesea Assist Limited | 4D, Development House, | ||||||
St. Anne Street, | |||||||
Floriana | 1,423 | 600 | 3,063 | 224 | 49% | ||
2022 | Registered office | Assets | Liabilities | Revenues | Profit | % of interest held | |
€’000 | €’000 | €’000 | €’000 | ||||
Middlesea Assist Limited | 4D, Development House, | ||||||
St. Anne Street, | |||||||
Floriana | 1,456 | 662 | 2,863 | 195 | 49% | ||
Associated undertakings | Registered office | Class of shares held | Percentage of shares held | ||||
MSV | Group | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Plaza Centres p.l.c. | The Plaza Commercial Centre | ||||||
Bisazza Street Sliema | Ordinary shares | 31.42% | 31.42% | 31.42% | 31.42% | ||
Tigne Mall | The PointShoppin g Mall | ||||||
Tigne Point Sliema | Ordinary shares | 35.46% | 35.46% | 35.46% | 35.46% |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Restated | Restated | ||||
€’000 | €’000 | €’000 | €’000 | ||
Fair value through profit or loss | 1,971,728 | 1,856,734 | 2,486 | 1,789 | |
Other available-for-sale | — | 10,308 | — | 10,308 | |
Fair value through OCI | 13,804 | — | 13,804 | — | |
Loans and receivables | — | 116,728 | — | — | |
Amortised Cost | 150,781 | — | — | — | |
2,136,313 | 1,983,770 | 16,290 | 12,097 | ||
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
€’000 | €’000 | €’000 | €’000 | ||
Equity securities, and units in unit trusts | 960,157 | 973,927 | 2,486 | 1,186 | |
Debt securities | 849,061 | 777,854 | — | 603 | |
Assets held to cover linked liabilities | |||||
- collective investment schemes | 160,540 | 102,255 | — | — | |
Forward foreign exchange contracts | 1,970 | 2,698 | — | — | |
Total investments at fair value through profit or loss | 1,971,728 | 1,856,734 | 2,486 | 1,789 | |
Group | Company | ||
Fair value through profit & loss | Fair value through profit & loss | ||
€’000 | €’000 | ||
Year ended 31 December 2022 | |||
Opening net book amount | 2,201,982 | 2,151 | |
Additions | 1,312,024 | — | |
Disposals | (1,452,223) | — | |
Net fair value losses | (205,049) | (362) | |
Closing net book amount | 1,856,734 | 1,789 | |
Year ended 31 December 2023 | |||
Opening net book amount | 1,856,734 | 1,789 | |
Reclassified from AFS | 570 | 570 | |
Reclassified to FVOCI | (603) | (603) | |
Additions | 1,499,134 | — | |
Disposals | (1,514,034) | — | |
Net fair value gains (excluding net realised gains) | 122,094 | 730 | |
Movement in accrued interest receivable | 1,879 | — | |
Accrued interest on initial application of IFRS 9 | 5,954 | — | |
Closing net book amount | 1,971,728 | 2,486 | |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€'000 | €'000 | €'000 | €'000 | |
Within one year | 25,650 | 58,337 | — | — |
Between 1 and 2 years | 50,064 | 76,751 | — | — |
Between 2 and 5 years | 238,481 | 194,953 | — | — |
Over 5 years | 534,866 | 447,813 | — | 603 |
849,061 | 777,854 | — | 603 | |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
€’000 | €’000 | €’000 | €’000 | ||
Listed debt securities: | — | 9,738 | — | 9,738 | |
Listed equity securities: | — | 570 | — | 570 | |
— | 10,308 | — | 10,308 | ||
Fixed income securities | |||||
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
€’000 | €’000 | €’000 | €’000 | ||
Year ended 31 December | |||||
Opening net book amount | 9,738 | 5,579 | 9,738 | 5,579 | |
Reclassified to FVOCI | (9,738) | — | (9,738) | — | |
Additions | — | 5,135 | — | 5,135 | |
Disposals | — | (203) | — | (203) | |
Net fair value losses | — | (773) | — | (773) | |
Closing net book amount | — | 9,738 | — | 9,738 | |
Equity | |||||
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
€’000 | €’000 | €’000 | €’000 | ||
Year ended 31 December | |||||
Opening net book amount | 570 | 652 | 570 | 652 | |
Reclassified to FVTPL | (570) | — | (570) | — | |
Net fair value losses | — | (82) | — | (82) | |
Closing net book amount | — | 570 | — | 570 | |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€'000 | €'000 | €'000 | €'000 | |
Within one year | — | — | — | — |
Between 1 and 2 years | — | 854 | — | 854 |
Between 2 and 5 years | — | 6,962 | — | 6,962 |
Over 5 years | — | 1,922 | — | 1,922 |
— | 9,738 | — | 9,738 | |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
€'000 | €'000 | €'000 | €'000 | ||
Listed debt securities | 13,804 | — | 13,804 | — | |
13,804 | — | 13,804 | — | ||
Listed debt securities | |||||
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
€'000 | €'000 | €'000 | €'000 | ||
Year ended 31 December | |||||
Reclassified from AFS | 9,738 | — | 9,738 | — | |
Reclassified from FVTPL | 603 | — | 603 | — | |
Additions | 3,530 | — | 3,530 | — | |
Disposals | (379) | — | (379) | — | |
Net fair value gains | 312 | — | 312 | — | |
Closing net book amount | 13,804 | — | 13,804 | — | |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€'000 | €'000 | €'000 | €'000 | |
Within one year | 3,847 | — | 3,847 | — |
Between 1 and 2 years | 4,668 | — | 4,668 | — |
Between 2 and 5 years | 2,772 | — | 2,772 | — |
Over 5 years | 2,517 | — | 2,517 | — |
13,804 | — | 13,804 | — | |
Rating of fixed income debt securities | |||||
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
€’000 | €’000 | €’000 | €’000 | ||
AAA | 1,366 | — | 1,366 | — | |
AA | 2,821 | — | 2,821 | — | |
A | 5,541 | — | 5,541 | — | |
BBB | 4,076 | — | 4,076 | — | |
BB or lower | — | — | — | — | |
13,804 | — | 13,804 | — | ||
Group | |||
2023 | 2022 | ||
Restated | |||
€'000 | €'000 | ||
Deposits with banks or credit institutions | — | 116,728 | |
— | 116,728 | ||
Maturity of deposits with banks or credit institutions: | |||
Group | |||
2023 | 2022 | ||
€'000 | €'000 | ||
Within 3 months | — | 19,564 | |
Within 1 year but exceeding 3 months | — | 76,527 | |
Between 1 and 5 years | — | 20,637 | |
— | 116,728 | ||
The above deposits earn interest as follows: | |||
Group | |||
2023 | 2022 | ||
€'000 | €'000 | ||
At fixed rates | — | 116,728 | |
— | 116,728 | ||
Group | ||
2023 | ||
€'000 | ||
Deposits with banks or credit institutions | 75,977 | |
Debt securities | 74,804 | |
150,781 | ||
Group | ||
2023 | ||
€'000 | ||
The movements for the year are summarised as follows: | ||
Opening reclassification from loans and receivables (Note 22 (d)) | 116,728 | |
ECL on initial application of IFRS 9 | (134) | |
Accrued interest on initial application of IFRS 9 | 394 | |
Interest income earned | 4,818 | |
Interest income collected | (3,032) | |
Additions | 264,821 | |
Redemptions and disposals | (232,792) | |
ECL | (22) | |
Closing net book amount | 150,781 | |
Maturity of investments at amortised cost: | ||
Group | ||
2023 | ||
€'000 | ||
Within 3 months | 61,159 | |
Within 1 year but exceeding 3 months | 10,009 | |
Between 1 and 5 years | 71,431 | |
Over 5 years | 8,182 | |
150,781 | ||
The above investments earn interest as follows: | Group | |
2023 | ||
€'000 | ||
At fixed rates | 150,781 | |
150,781 | ||
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Restated | Restated | ||||
€’000 | €’000 | €’000 | €’000 | ||
Balance at 1 January | 10,038 | 40,286 | 1,644 | 721 | |
Initial application of IFRS 17 | — | 11,827 | — | 429 | |
Initial application of IFRS 9 | (66) | — | (19) | — | |
Movements during the year: | |||||
Profit or loss account (Note 12) | 2,015 | (42,044) | (412) | 525 | |
Other comprehensive income | (26) | (31) | (26) | (31) | |
Balance at 31 December - net | 11,961 | 10,038 | 1,187 | 1,644 | |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Restated | Restated | ||||
€’000 | €’000 | €’000 | €’000 | ||
Temporary differences on property, plant and equipment | 5,627 | 4,365 | 1,127 | 991 | |
Temporary differences attributable to investment property, unrealised capital losses and fair value adjustments on financial assets | 10,455 | 752 | 1,182 | 1,082 | |
(3,878) | (1,908) | (933) | (933) | ||
Temporary differences attributable to other provisions | (243) | (137) | (189) | (138) | |
Initial application of IFRS 17 | — | 6,966 | — | 642 | |
Balance at 31 December - net | 11,961 | 10,038 | 1,187 | 1,644 | |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Restated | Restated | ||||
€’000 | €’000 | €’000 | €’000 | ||
Deferred tax asset | (2,118) | (8,750) | (1,260) | (1,292) | |
Deferred tax liability | 14,079 | 18,788 | 2,447 | 2,936 | |
11,961 | 10,038 | 1,187 | 1,644 | ||
Group | Life Risk | Investment Contracts with DPF | Total long- term business | Short-term Under PAA | Total | |
€’000 | €’000 | €’000 | €’000 | €’000 | ||
As at 31 December 2023 | ||||||
Insurance contract assets | 8,945 | — | 8,945 | — | 8,945 | |
Insurance contract liabilities | 6,488 | 1,984,889 | 1,991,377 | 72,467 | 2,063,844 | |
Reinsurance contract assets | — | — | — | 13,359 | 13,359 | |
Reinsurance contract liabilities | 15,493 | — | 15,493 | — | 15,493 | |
Group | Life Risk | Investments Contracts with DPF | Total long- term business | Short-term Under PAA | Total | |
€’000 | €’000 | €’000 | €’000 | €’000 | ||
As at 31 December 2022 | ||||||
Insurance contract assets | 8,400 | — | 8,400 | — | 8,400 | |
Insurance contract liabilities | 6,357 | 1,961,452 | 1,967,809 | 82,964 | 2,050,773 | |
Reinsurance contract assets | — | — | — | 23,590 | 23,590 | |
Reinsurance contract liabilities | 10,750 | — | 10,750 | — | 10,750 |
Company | |||
2023 | 2022 | ||
€’000 | €’000 | ||
Insurance contract liabilities | 72,467 | 82,964 | |
Reinsurance contract assets | 13,359 | 23,590 |
Group and Company | 2023 | |||||
LRC | LIC | |||||
Excluding loss component | Loss component | Total | ||||
€’000 | €’000 | €’000 | €’000 | €’000 | ||
Insurance contracts liabilities at 1 January | 29,789 | 402 | 51,374 | 1,399 | 82,964 | |
Insurance revenue | (92,869) | — | — | — | (92,869) | |
Insurance service expenses | ||||||
Incurred claims and other directly attributable expenses | — | — | 50,008 | 445 | 50,453 | |
Changes that relate to past service - changes in FCF relating to the LIC | — | — | (8,121) | (869) | (8,990) | |
Losses on onerous contracts and reversals of those losses | — | (402) | — | — | (402) | |
Insurance acquisition cash flows amortisation | 27,394 | — | — | — | 27,394 | |
Insurance service expenses | 27,394 | (402) | 41,887 | (424) | 68,455 | |
Insurance service result | (65,475) | (402) | 41,887 | (424) | (24,414) | |
Finance expenses from insurance contracts issued | — | — | 1,285 | 35 | 1,320 | |
Total amount recognised in comprehensive income | (65,475) | (402) | 43,172 | (389) | (23,094) | |
Cash flows | ||||||
Premiums received | 95,723 | — | — | — | 95,723 | |
Claims and other directly attributable expenses paid | — | — | (55,110) | — | (55,110) | |
Insurance acquisition cash flows | (28,016) | — | — | — | (28,016) | |
Total cash flows | 67,707 | — | (55,110) | — | 12,597 | |
Insurance contracts liabilities at 31 December | 32,021 | — | 39,436 | 1,010 | 72,467 | |
Insurance contracts liabilities at 31 December | 32,021 | 40,446 | 72,467 | |||
Group and Company | 2022 | |||||
LRC | LIC | |||||
Total | ||||||
€’000 | €’000 | €’000 | €’000 | €’000 | ||
Insurance contracts liabilities at 1 January | 28,589 | 447 | 51,585 | 1,449 | 82,070 | |
Insurance revenue | (84,350) | — | — | — | (84,350) | |
Insurance service expenses | ||||||
Incurred claims and other directly attributable expenses | — | — | 46,735 | 513 | 47,248 | |
Changes that relate to past service - changes in FCF relating to the LIC | — | — | 1,891 | (490) | 1,401 | |
Losses on onerous contracts and reversals of those losses | — | (45) | — | — | (45) | |
Insurance acquisition cash flows amortisation | 24,079 | — | — | — | 24,079 | |
Insurance service expenses | 24,079 | (45) | 48,626 | 23 | 72,683 | |
Insurance service result | (60,271) | (45) | 48,626 | 23 | (11,667) | |
Finance expenses from insurance contracts issued | — | — | (2,531) | (73) | (2,604) | |
Total amount recognised in comprehensive income | (60,271) | (45) | 46,095 | (50) | (14,271) | |
Cash flows | ||||||
Premiums received | 86,824 | — | — | — | 86,824 | |
Claims and other directly attributable expenses paid | — | — | (46,306) | — | (46,306) | |
Insurance acquisition cash flows | (25,353) | — | — | (25,353) | ||
Total cash flows | 61,471 | — | (46,306) | — | 15,165 | |
Insurance contracts liabilities at 31 December | 29,789 | 402 | 51,374 | 1,399 | 82,964 | |
Insurance contracts liabilities at 31 December | 30,191 | 52,773 | 82,964 | |||
2023 | |||||
ARC | AIC | ||||
Remaining coverage excluding loss component | Present value of future cash flows | Risk adjustment for non- financial risk | Total | ||
€’000 | €’000 | €’000 | €’000 | ||
Reinsurance contracts assets at 1 January | 1,250 | 21,683 | 657 | 23,590 | |
Net income/(expense) from reinsurance contracts held | |||||
Reinsurance expenses | (11,326) | — | — | (11,326) | |
Incurred claims recovery | — | 4,635 | 127 | 4,762 | |
Changes that relate to past service - changes in FCF relating to the LIC | — | (5,202) | (532) | (5,734) | |
Effect of changes in the risk of reinsurers' non- performance | — | 51 | — | 51 | |
Net expense from reinsurance contracts held | (11,326) | (516) | (405) | (12,247) | |
Finance income from reinsurance contracts held | — | 471 | 15 | 486 | |
Total amount recognised in comprehensive income | (11,326) | (45) | (390) | (11,761) | |
Cash flows | |||||
Premiums paid net of ceding commissions and other directly attributable expenses paid | 12,701 | — | — | 12,701 | |
Recoveries from reinsurance | — | (11,171) | — | (11,171) | |
Total cash flows | 12,701 | (11,171) | — | 1,530 | |
Reinsurance contracts assets at 31 December | 2,625 | 10,467 | 267 | 13,359 | |
Group and Company | 2022 | ||||
ARC | AIC | ||||
Remaining coverage excluding loss component | Present value of future cash flows | Risk adjustment for non- financial risk | Total | ||
€’000 | €’000 | €’000 | €’000 | ||
Reinsurance contracts assets at 1 January | 297 | 24,883 | 779 | 25,959 | |
Net income/(expense) from reinsurance contracts held | |||||
Reinsurance expenses | (10,964) | — | — | (10,964) | |
Incurred claims recovery | — | 8,220 | 198 | 8,418 | |
Changes that relate to past service - changes in FCF relating to the LIC | — | (3,027) | (286) | (3,313) | |
Effect of changes in the risk of reinsurers' non- performance | — | 133 | — | 133 | |
Net income/(expense) from reinsurance contracts held | (10,964) | 5,326 | (88) | (5,726) | |
Finance expense from reinsurance contracts held | — | (1,025) | (34) | (1,059) | |
Total amount recognised in comprehensive income | (10,964) | 4,301 | (122) | (6,785) | |
Cash flows | |||||
Premiums paid net of ceding commissions and other directly attributable expenses paid | 11,917 | — | — | 11,917 | |
Recoveries from reinsurance | — | (7,501) | — | (7,501) | |
Total cash flows | 11,917 | (7,501) | — | 4,416 | |
Reinsurance contracts assets at 31 December | 1,250 | 21,683 | 657 | 23,590 | |
Group and Company | ||||||||||||
Accident Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | TOTAL | |
€’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | ||
Estimate of ultimate claims cost:(undiscounted, inclusive of other directly attributable expenses) | ||||||||||||
- at end of accident year | 22,779 | 26,677 | 34,704 | 38,545 | 43,006 | 43,700 | 32,634 | 37,770 | 42,727 | 44,496 | ||
- one year later | 20,198 | 26,748 | 35,127 | 39,334 | 44,264 | 47,172 | 32,240 | 37,618 | 41,788 | — | ||
- two years later | 19,500 | 27,591 | 33,780 | 39,377 | 44,724 | 47,326 | 32,727 | 35,321 | — | — | ||
- three years later | 19,430 | 27,946 | 33,211 | 39,741 | 45,831 | 49,511 | 32,333 | — | — | — | ||
- four years later | 19,322 | 27,665 | 33,159 | 38,328 | 46,109 | 48,483 | — | — | — | — | ||
- five years later | 19,284 | 27,605 | 33,045 | 38,099 | 46,392 | — | — | — | — | — | ||
- six years later | 19,092 | 27,908 | 32,750 | 37,715 | — | — | — | — | — | — | ||
- seven years later | 19,112 | 27,789 | 31,792 | — | — | — | — | — | — | — | ||
- eight years later | 19,776 | 25,413 | — | — | — | — | — | — | — | — | ||
- nine years later | 19,684 | — | — | — | — | — | — | — | — | — | ||
Current estimate of cumulative claims | 19,684 | 25,413 | 31,792 | 37,715 | 46,392 | 48,483 | 32,333 | 35,321 | 41,788 | 44,496 | 363,417 | |
Cumulative payments to date | (18,474) | (24,967) | (31,545) | (36,651) | (42,287) | (46,046) | (30,627) | (32,570) | (36,116) | (25,657) | (324,940) | |
Cumulative claims liabilities – accident years from 2014 to 2023 | 1,210 | 446 | 247 | 1,064 | 4,105 | 2,437 | 1,706 | 2,751 | 5,672 | 18,839 | 38,477 | |
Claims liabilities – prior accident years | 1,419 | |||||||||||
Claims liabilities – Group life | 866 | |||||||||||
Effect of discounting | (1,326) | |||||||||||
Liability for incurred claims for the contracts originated | 39,436 | |||||||||||
Group and Company | ||||||||||||
Accident year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | TOTAL | |
€’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | ||
Estimate of ultimate claims cost:(undiscounted, inclusive of other directly attributable expenses) | ||||||||||||
- at end of accident year | 17,776 | 23,216 | 30,079 | 33,106 | 33,539 | 33,848 | 28,126 | 34,463 | 39,334 | 40,287 | ||
- one year later | 16,060 | 23,350 | 30,320 | 33,951 | 33,645 | 35,714 | 27,881 | 34,094 | 38,818 | — | ||
- two years later | 15,565 | 22,442 | 29,171 | 33,638 | 33,846 | 36,367 | 28,372 | 32,035 | — | — | ||
- three years later | 15,608 | 22,786 | 28,863 | 33,325 | 32,704 | 37,032 | 28,358 | — | — | — | ||
- four years later | 15,611 | 22,551 | 29,038 | 32,961 | 32,524 | 36,587 | — | — | — | — | ||
- five years later | 15,420 | 22,489 | 28,994 | 32,732 | 33,182 | — | — | — | — | — | ||
- six years later | 15,247 | 22,596 | 28,746 | 32,680 | — | — | — | — | — | — | ||
- seven years later | 15,220 | 22,707 | 28,382 | — | — | — | — | — | — | — | ||
- eight years later | 15,388 | 22,420 | — | — | — | — | — | — | — | — | ||
- nine years later | 15,392 | — | — | — | — | — | — | — | — | — | ||
Current estimate of cumulative claims | 15,392 | 22,420 | 28,382 | 32,680 | 33,182 | 36,587 | 28,358 | 32,035 | 38,818 | 40,287 | 308,141 | |
Cumulative payments to date | (14,992) | (22,076) | (28,204) | (31,902) | (32,917) | (35,694) | (26,774) | (29,628) | (33,615) | (24,316) | (280,118) | |
Cumulative claims liabilities – accident years from 2014 to 2023 | 400 | 344 | 178 | 778 | 265 | 893 | 1,584 | 2,407 | 5,203 | 15,971 | 28,023 | |
Claims liabilities – prior accident years | 1,195 | |||||||||||
Claims liabilities – Group life | 730 | |||||||||||
Effect of discounting | (979) | |||||||||||
Liability for incurred claims for the contracts originated | 28,969 | |||||||||||
2023 | 2022 | ||||||
No. of years | No. of years | ||||||
1 | 5 | 10 | 1 | 5 | 10 | ||
Short term insurance contracts issued and reinsurance contracts held | 3.4% | 2.3% | 2.4% | 3.2% | 3.1% | 3.1% | |
Group | 2023 | |||
LRC excluding Loss component | LIC | Total | ||
€’000 | €’000 | €’000 | ||
Insurance Contracts assets at 1 January | (9,423) | 1,023 | (8,400) | |
Insurance Contract liabilities at 1 January | 6,281 | 76 | 6,357 | |
Insurance revenue | (13,043) | — | (13,043) | |
Insurance service expenses | ||||
Incurred claims and other directly attributable expenses | — | 5,471 | 5,471 | |
Insurance acquisition cash flows amortization | 51 | — | 51 | |
Insurance service expenses | 51 | 5,471 | 5,522 | |
Insurance service result | (12,992) | 5,471 | (7,521) | |
Finance expenses from insurance contracts issued | (2,648) | — | (2,648) | |
Total amounts recognised in profit and loss | (15,640) | 5,471 | (10,169) | |
Investment components | (575) | 575 | — | |
Cash flows | ||||
Premium received | 15,510 | — | 15,510 | |
Claims and other directly attributable expenses | — | (5,357) | (5,357) | |
Insurance acquisition cash flows | (398) | — | (398) | |
Total cash flows | 15,112 | (5,357) | 9,755 | |
Insurance Contract assets at 31 December | (10,686) | 1,741 | (8,945) | |
Insurance Contract liabilities at 31 December | 6,441 | 47 | 6,488 | |
Group | 2022 | |||
LRC excluding Loss component | LIC | Total | ||
€’000 | €’000 | €’000 | ||
Insurance Contract assets at 1 January | (19,822) | 1,836 | (17,986) | |
Insurance Contract liabilities at 1 January | 7,553 | 244 | 7,797 | |
Insurance revenue | (11,871) | — | (11,871) | |
Insurance service expenses | ||||
Incurred claims and other directly attributable expenses | — | 4,538 | 4,538 | |
Changes that relate to past service – changes in the FCF relating to the LIC | — | (2) | (2) | |
Insurance acquisition cash flows amortization | 67 | — | 67 | |
Insurance service expenses | 67 | 4,536 | 4,603 | |
Insurance service result | (11,804) | 4,536 | (7,268) | |
Finance income from insurance contracts issued | 6,656 | — | 6,656 | |
Total amounts recognised in comprehensive income | (5,148) | 4,536 | (612) | |
Investment components | (502) | 502 | — | |
Cash flows | ||||
Premium received | 15,128 | — | 15,128 | |
Claims and other directly attributable expenses | — | (6,019) | (6,019) | |
Insurance acquisition cash flows | (351) | — | (351) | |
Total cash flows | 14,777 | (6,019) | 8,758 | |
Insurance Contracts assets at 31 December | (9,423) | 1,023 | (8,400) | |
Insurance Contract liabilities at 31 December | 6,281 | 76 | 6,357 | |
Group | 2023 | ||||
Life Risk – Insurance contracts issued | Present value of future cash flows | Risk adjustment for non- financial risk | CSM | Total | |
€’000 | €’000 | €’000 | €’000 | ||
Insurance Contracts assets at January | (46,144) | 13,269 | 24,475 | (8,400) | |
Insurance Contract liabilities at January | 6,357 | — | — | 6,357 | |
Changes that relate to current service | |||||
CSM recognised for the services provided | — | — | (3,589) | (3,589) | |
Change in the risk adjustment for non- financial risk for risk expired | — | (1,397) | — | (1,397) | |
Experience adjustment | (2,535) | — | — | (2,535) | |
(2,535) | (1,397) | (3,589) | (7,521) | ||
Changes that relate to future service | |||||
Changes in estimates that adjust the CSM | (11,341) | 1,872 | 9,469 | — | |
Contracts initially recognised in the period | (2,695) | 1,161 | 1,534 | — | |
(14,036) | 3,033 | 11,003 | — | ||
Insurance service result | (16,571) | 1,636 | 7,414 | (7,521) | |
Finance income from insurance contracts issued | (2,953) | — | 305 | (2,648) | |
(19,524) | 1,636 | 7,719 | (10,169) | ||
Cash flows | |||||
Premium received | 15,510 | — | — | 15,510 | |
Claims and other directly attributable expenses paid | (5,357) | — | — | (5,357) | |
Insurance acquisition cash flows | (398) | — | — | (398) | |
Total cash flows | 9,755 | — | — | 9,755 | |
(56,044) | 14,905 | 32,194 | (8,945) | ||
6,488 | — | — | 6,488 | ||
Group | 2022 | ||||
Life Risk – Insurance contracts issued | Present value of future cash flows | Risk adjustment for non- financial risk | CSM | Total | |
€’000 | €’000 | €’000 | €’000 | ||
Insurance Contract assets at 1 January | (56,783) | 15,883 | 22,914 | (17,986) | |
Insurance Contract liabilities at 1 January | 7,797 | — | — | 7,797 | |
Changes that relate to current service | |||||
CSM recognised for the services provided | — | — | (2,624) | (2,624) | |
Change in the risk adjustment for non- financial risk for risk expired | — | (1,783) | — | (1,783) | |
Experience adjustment | (2,859) | — | — | (2,859) | |
(2,859) | (1,783) | (2,624) | (7,266) | ||
Changes that relate to future service | |||||
Changes in estimates that adjust the CSM | 181 | (1,957) | 1,776 | — | |
Contracts initially recognised in the period | (3,345) | 1,126 | 2,219 | — | |
(3,164) | (831) | 3,995 | — | ||
Changes that relate to past service | |||||
Changes that relate to past service – changes in FCF relating to LIC | (2) | — | — | (2) | |
Insurance service result | (6,025) | (2,614) | 1,371 | (7,268) | |
Finance income/ (expense) from insurance contracts issued | 6,466 | — | 190 | 6,656 | |
Total amounts recognised in comprehensive income | 441 | (2,614) | 1,561 | (612) | |
Cash flows | |||||
Premium received | 15,128 | — | — | 15,128 | |
Claims and other directly attributable expenses paid | (6,019) | — | — | (6,019) | |
Insurance acquisition cash flows | (351) | — | — | (351) | |
Total cash flows | 8,758 | — | — | 8,758 | |
Insurance Contract assets at 31 December | (46,144) | 13,269 | 24,475 | (8,400) | |
Insurance Contract liabilities at 31 December | 6,357 | — | — | 6,357 | |
Group | 2023 | 2022 | |
Non-onerous contracts originated | Non-onerous contracts originated | ||
€’000 | €’000 | ||
Estimates of present value of future cash outflows | |||
- Insurance acquisition cash flows | 383 | 324 | |
- Claims and other directly attributable expense | 7,088 | 6,617 | |
7,471 | 6,941 | ||
Estimates of the present value of future cash inflows | (10,166) | (10,286) | |
Risk adjustment for non-financial risk adjustment | 1,161 | 1,126 | |
CSM | 1,534 | 2,219 | |
Increase in insurance contract liabilities from contracts recognised in the period | — | — | |
Group | 2023 | 2022 | |||||
Remaining coverage | Remaining coverage | ||||||
Excluding Loss- Recovery Component | Incurred Claims | Total | Excluding Loss- Recovery Component | Incurred Claims | Total | ||
€’000 | €’000 | €’000 | €’000 | €’000 | €’000 | ||
Reinsurance contract liabilities at 1 January | 14,239 | (3,489) | 10,750 | 25,377 | (5,406) | 19,971 | |
Net expenses from reinsurance contracts held | |||||||
Reinsurance expenses | 4,189 | — | 4,189 | 2,892 | — | 2,892 | |
Other directly attributable expenses | — | 382 | 382 | — | 303 | 303 | |
Incurred claims recovery | — | (974) | (974) | — | (1,050) | (1,050) | |
Net income (expenses) from reinsurance contracts held | 4,189 | (592) | 3,597 | 2,892 | (747) | 2,145 | |
Finance expenses/ (income) from reinsurance contracts held | 2,713 | — | 2,713 | (6,994) | — | (6,994) | |
Total amounts recognised in comprehensive income | 6,902 | (592) | 6,310 | (4,102) | (747) | (4,849) | |
Cash flows | |||||||
Premium paid net of ceding commission and other directly attributable expenses paid | (1,970) | (382) | (2,352) | (7,036) | (303) | (7,339) | |
Recoveries from reinsurance | — | 785 | 785 | — | 2,967 | 2,967 | |
Total cash flows | (1,970) | 403 | (1,567) | (7,036) | 2,664 | (4,372) | |
Reinsuance contract liabilities at 31 December | 19,171 | (3,678) | 15,493 | 14,239 | (3,489) | 10,750 | |
Group | 2023 | ||||
Present value of future cash flows | Risk adjustment for non- financial risk | CSM | Total | ||
€’000 | €’000 | €’000 | €’000 | ||
Reinsurance contract liabilities at 1 January | 25,404 | (4,800) | (9,854) | 10,750 | |
Changes that relate to current service | |||||
CSM recognised for the services received | — | — | 1,516 | 1,516 | |
Change in the risk adjustment for non- financial risk for risk expired | — | 242 | — | 242 | |
1,839 | — | — | 1,839 | ||
1,839 | 242 | 1,516 | 3,597 | ||
Changes that relate to future service | |||||
Changes in estimates that adjust the CSM | 5,186 | (841) | (4,345) | — | |
Contracts initially recognised in the period | 400 | (227) | (173) | — | |
5,586 | (1,068) | (4,518) | — | ||
Finance expenses/(income) from reinsurance contracts held | 2,819 | — | (106) | 2,713 | |
Total amounts recognised in comprehensive income | 10,244 | (826) | (3,108) | 6,310 | |
Cash flows | |||||
Premium paid net of ceding commission and other directly attributable expenses paid | (2,352) | — | — | (2,352) | |
Recoveries from insurance | 785 | — | — | 785 | |
Total cash flows | (1,567) | — | — | (1,567) | |
Reinsurance contract liabilities at 31 December | 34,081 | (5,626) | (12,962) | 15,493 | |
Group | 2022 | ||||
Present value of future cash flows | Risk adjustment for non- financial risk | CSM | Total | ||
€’000 | €’000 | €’000 | €’000 | ||
Reinsurance contract liabilities at 1 January | 35,704 | (5,947) | (9,786) | 19,971 | |
Changes that relate to current service | |||||
CSM recognised for the services received | — | — | 1,141 | 1,141 | |
Change in the risk adjustment for non- financial risk for risk expired | — | 355 | — | 355 | |
Experience adjustment – relating to incurred claims and other directly attributable expenses recovery and reinsurance premium | 649 | — | — | 649 | |
649 | 355 | 1,141 | 2,145 | ||
Changes that relate to future service | |||||
Changes in estimates that adjust the CSM | (37) | 979 | (942) | — | |
Contracts initially recognised in the period | 379 | (187) | (192) | — | |
342 | 792 | (1,134) | — | ||
Finance income from reinsurance contracts held | (6,919) | — | (75) | (6,994) | |
Total amounts recognised in comprehensive income | (5,928) | 1,147 | (68) | (4,849) | |
Cash flows | |||||
Premium paid net of ceding commission and other directly attributable expenses paid | (7,339) | — | — | (7,339) | |
Recoveries from insurance | 2,967 | — | — | 2,967 | |
Total cash flows | (4,372) | — | — | (4,372) | |
Reinsurance contract liabilities at 31 December | 25,404 | (4,800) | (9,854) | 10,750 | |
Group | 2023 | 2022 | |
Contracts originated not in a net gain | Contracts originated in a net gain | ||
€’000 | €’000 | ||
Estimates of the present value of future cash inflows | (2,860) | (2,661) | |
Estimates of the present value of future cash outflows | 3,260 | 3,040 | |
Risk adjustment for non-financial risk | (227) | (187) | |
CSM | (173) | (192) | |
Increase in reinsurance contract assets from contracts recognised in the period | — | — | |
Group | 2023 | 2022 | |||||
LRC Excluding Loss Component | LIC | Total | LRC Excluding Loss Component | LIC | Total | ||
€’000 | €’000 | €’000 | €’000 | €’000 | €’000 | ||
Insurance contract liabilities at 1 January | 1,914,851 | 46,601 | 1,961,452 | 2,271,573 | 44,132 | 2,315,705 | |
Insurance revenue | (34,668) | — | (34,668) | (35,187) | — | (35,187) | |
Insurance service expenses | |||||||
Incurred claims and other directly attributable expenses | — | 13,711 | 13,711 | — | 14,919 | 14,919 | |
Insurance acquisition cash flows amortization | 3,756 | — | 3,756 | 6,351 | — | 6,351 | |
Insurance service expenses | 3,756 | 13,711 | 17,467 | 6,351 | 14,919 | 21,270 | |
Insurance service result | (30,912) | 13,711 | (17,201) | (28,836) | 14,919 | (13,917) | |
Finance expenses/(income) from insurance contracts issued | 178,200 | — | 178,200 | (268,747) | — | (268,747) | |
Total amounts recognised in comprehensive income | 147,288 | 13,711 | 160,999 | (297,583) | 14,919 | (282,664) | |
Investment components | (255,819) | 255,819 | — | (285,217) | 285,217 | — | |
Cash flows | |||||||
Premium received | 135,175 | — | 135,175 | 233,775 | — | 233,775 | |
Claims and other directly attributable expenses | — | (267,212) | (267,212) | — | (297,667) | (297,667) | |
Insurance acquisition cash flows | (3,721) | — | (3,721) | (6,661) | — | (6,661) | |
increase in policy loans | (1,804) | — | (1,804) | (1,036) | — | (1,036) | |
Total cash flows | 129,650 | (267,212) | (137,562) | 226,078 | (297,667) | (71,589) | |
Insurance contract liabilities at 31 December | 1,935,970 | 48,919 | 1,984,889 | 1,914,851 | 46,601 | 1,961,452 | |
Group | 2023 | ||||
Present value of future cash flows | Risk adjustment for non- financial risk | CSM | Total | ||
€’000 | €’000 | €’000 | €’000 | ||
Insurance contract liabilities at 1 January | 1,904,544 | 2,199 | 54,709 | 1,961,452 | |
Changes that relate to current service | |||||
CSM recognised for the services provided | — | — | (6,178) | (6,178) | |
Change in the risk adjustment for non-financial risk for risk expired | — | (140) | — | (140) | |
Experience adjustment | (10,883) | — | — | (10,883) | |
(10,883) | (140) | (6,178) | (17,201) | ||
Changes that relate to future service | |||||
Changes in estimates that adjust the CSM | (18,202) | 612 | 17,590 | — | |
Contracts initially recognised in the period | (2,489) | 144 | 2,345 | — | |
Experience adjustments - arising from premiums received in the period that relate to future service | (3,261) | — | 3,261 | — | |
(23,952) | 756 | 23,196 | — | ||
Insurance service result | (34,835) | 616 | 17,018 | (17,201) | |
Finance income from insurance contracts issued | 178,200 | — | — | 178,200 | |
Total amounts recognised in comprehensive income | 143,365 | 616 | 17,018 | 160,999 | |
Cash flows | |||||
Premium received | 135,175 | — | — | 135,175 | |
Claims and other directly attributable expenses paid | (267,212) | — | — | (267,212) | |
Insurance acquisition cash flows | (3,721) | — | — | (3,721) | |
Increase in policy loans | (1,804) | — | — | (1,804) | |
Total cash flows | (137,562) | — | — | (137,562) | |
Insurance contract liabilities at 31 December | 1,910,347 | 2,815 | 71,727 | 1,984,889 | |
Group | 2022 | ||||
Present value of future cash flows | Risk adjustment for non- financial risk | CSM | Total | ||
€’000 | €’000 | €’000 | €’000 | ||
Insurance contract liabilities at 1 January | 2,244,713 | 3,688 | 67,304 | 2,315,705 | |
Changes that relate to current service | |||||
CSM recognised for the services provided | — | — | (6,754) | (6,754) | |
Change in the risk adjustment for non-financial risk for risk expired | — | (259) | — | (259) | |
Experience adjustment | (6,904) | — | — | (6,904) | |
(6,904) | (259) | (6,754) | (13,917) | ||
Changes that relate to future service | |||||
Changes in estimates that adjust the CSM | 14,213 | (1,799) | (12,414) | — | |
Contracts initially recognised in the period | (5,656) | 569 | 5,087 | — | |
Experience adjustments - arising from premiums received in the period that relate to future service | (1,486) | — | 1,486 | — | |
7,071 | (1,230) | (5,841) | — | ||
Insurance service result | 167 | (1,489) | (12,595) | (13,917) | |
Finance income from insurance contracts issued | (268,747) | — | — | (268,747) | |
Total amounts recognised in comprehensive income | (268,580) | (1,489) | (12,595) | (282,664) | |
Cash flows | |||||
Premium received | 233,775 | — | — | 233,775 | |
Claims and other directly attributable expenses paid | (297,667) | — | — | (297,667) | |
Insurance acquisition cash flows | (6,661) | — | — | (6,661) | |
Increase in policy loans | (1,036) | — | — | (1,036) | |
Total cash flows | (71,589) | — | — | (71,589) | |
Insurance contract liabilities at 31 December | 1,904,544 | 2,199 | 54,709 | 1,961,452 | |
Group | 2023 | 2022 | |
Direct participating contracts issued | Non-onerous contracts originated | Non-onerous contracts originated | |
€’000 | €’000 | ||
Estimates of present value of future cash outflows | |||
- Insurance acquisition cash flows | 4,001 | 6,379 | |
- Claims and other directly attributable expense | 144,823 | 247,931 | |
148,824 | 254,310 | ||
Estimates of the present value of future cash inflows | (151,313) | (259,966) | |
Risk adjustment for non-financial risk adjustment | 144 | 569 | |
CSM | 2,345 | 5,087 | |
Increase in insurance contract liabilities from contracts recognised in the period | — | — | |
2023 | 2022 | ||||
No. of years | No. of years | ||||
Product | 5 | 10 | 5 | 10 | |
Life risk (issued and reinsurance held) | 2.4% | 2.5% | 3.8% | 3.8% | |
Investment contracts with DPF | 2.3% | 2.4% | 3.1% | 3.1% | |
2023 | 2022 | |
Life Risk | 41.7 | 40.7 |
Investment contracts with DPF | 50.7 - 86.6 | 42.2 - 75.4 |
2023 | 2022 | ||
Life Risk | 44% AMC00 | 52% AMC00 | |
Investment contracts with DPF | 50% AMC00 | 54% AMC00 |
2023 | 2022 | |
Life Risk | 3.0% - 7.0% | 3.0% - 7.0% |
Investment contracts with DPF | 0.5% - 7.0% | 0.5% - 7.0% |
Group | |||
2023 | 2022 | ||
€’000 | €’000 | ||
Opening balance – 1 January | 69,054 | 75,922 | |
Contributions received | 50,266 | 6,594 | |
Benefits paid | (3,582) | (3,173) | |
Investment return from underlying assets | 8,194 | (10,353) | |
Asset management fees charged | (679) | 64 | |
Closing balance – 31 December | 123,253 | 69,054 | |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Restated | Restated | ||||
€’000 | €’000 | €’000 | €’000 | ||
Receivables from intermediaries | 19,410 | 16,715 | 19,410 | 16,715 | |
Other prepayments and receivables: | |||||
- prepayments and other receivables | 5,635 | 5,441 | 1,544 | 1,663 | |
- accrued interest and rent | 758 | 8,003 | 179 | 377 | |
- receivables from group undertakings | 48 | — | 532 | 420 | |
- receivables from associated undertaking | 59 | 183 | 59 | 183 | |
- other debtors | 115 | 66 | — | — | |
Provision for impairment of receivables | (535) | (440) | (535) | (440) | |
25,490 | 29,968 | 21,189 | 18,918 | ||
Current portion | 25,490 | 29,968 | 21,189 | 18,918 | |
Group and Company | |||
2023 | 2022 | ||
€’000 | €’000 | ||
Balance as at 1 January | 440 | 387 | |
Adjustment on initial application of IFRS 9 for impairment losses | 54 | — | |
Movement in expected credit loss | — | 41 | |
Increase in provision for impairment | 41 | 147 | |
Release of provision for impairment during the year | — | (135) | |
Balance as at 31 December | 535 | 440 | |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
€’000 | €’000 | €’000 | €’000 | ||
Cash at bank and in hand | 45,975 | 137,286 | 8,780 | 11,130 | |
T-Bills | 2,000 | — | 2,000 | — | |
47,975 | 137,286 | 10,780 | 11,130 | ||
Group and Company | |||||
2023 | 2022 | ||||
€’000 | €’000 | ||||
Authorised | |||||
150 million ordinary shares of €0.21 each | 31,500 | 31,500 | |||
Issued and fully paid | |||||
92 million ordinary shares of €0.21 each | 19,320 | 19,320 | |||
Freehold land and buildings | Available- for-sale investments | Total | ||
€'000 | €'000 | €'000 | ||
Balance at 1 January 2022 | 1,081 | 183 | 1,264 | |
Fair value movements -gross | — | (831) | (831) | |
Fair value movements -tax | — | 61 | 61 | |
Revaluation gain on freehold land and buildings | (225) | — | (225) | |
Balance at 31 December 2022 | 856 | (587) | 269 | |
Balance at 1 January 2023 | 856 | (587) | 269 | |
Initial Application of IFRS9 | — | 81 | 81 | |
Fair value movements -gross | — | 284 | 284 | |
Fair value movements -tax | — | (11) | (11) | |
FVOCI investment reclassified to profit or loss | — | 14 | 14 | |
Balance at 31 December 2023 | 856 | (219) | 637 | |
Investment in subsidiary undertakings | Investment in associated undertakings | Available for-sale investments | Total | ||
€’000 | €’000 | €’000 | €’000 | ||
Balance at 1 January 2022 | 34,663 | 89 | 183 | 34,935 | |
Fair value movements -gross | — | — | (831) | (831) | |
Fair value movements -tax | — | — | 61 | 61 | |
Other | — | 6 | — | 6 | |
Balance at 31 December 2022 | 34,663 | 95 | (587) | 34,171 | |
Balance at 1 January 2023 | 34,663 | 95 | (587) | 34,171 | |
Net effect of initial application of IFRS 9 | — | — | 81 | 81 | |
Fair value movements -gross | — | — | 284 | 284 | |
Fair value movements -tax | — | — | (11) | (11) | |
FVOCI investment reclassified to profit or loss | — | — | 14 | 14 | |
Other | — | 14 | — | 14 | |
Balance at 31 December 2023 | 34,663 | 109 | (219) | 34,553 | |
Group and Company | |||
2023 | 2022 | ||
€’000 | €’000 | ||
At 1 January | 854 | 997 | |
Interest expense - profit or loss | 32 | 7 | |
Settlements | (67) | (62) | |
Re-measurement actuarial loss - other comprehensive income | 104 | (88) | |
At 31 December | 923 | 854 | |
Group and Company | |||
2023 | 2022 | ||
€’000 | €’000 | ||
Within one year | 66 | 65 | |
After more than one year | 857 | 789 | |
923 | 854 | ||
Group and Company | |||
2023 | 2022 | ||
Mortality | AMC00 | AMC00 | |
Discount rate | 3.1% | 3.8% | |
Inflation rate | 2.4% | 2.1% |
Group and Company | |||
2023 | 2022 | ||
€000 | €000 | ||
Discount Rate - 1% point increase | (69) | (64) | |
Discount Rate - 1% point decrease | 79 | 72 | |
Inflation Rate - 1% point increase | 73 | 68 | |
Inflation Rate - 1% point decrease | (66) | (61) |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Restated | Restated | ||||
€’000 | €’000 | €’000 | €’000 | ||
Creditors arising out of insurance operations | 260 | 255 | 260 | 255 | |
Amount owed to associated undertakings | 242 | 264 | 242 | 257 | |
Amount owed to group undertakings | — | — | 999 | 1,012 | |
Social security and other tax payables | 5,293 | 4,295 | 1,765 | 1,711 | |
Accruals and other payables | 11,760 | 9,175 | 6,008 | 3,964 | |
Deferred income | 1,366 | 799 | 40 | 89 | |
Other creditors | 428 | 2,915 | — | — | |
19,349 | 17,703 | 9,314 | 7,288 | ||
Current | 19,094 | 17,488 | 9,314 | 7,288 | |
Non-current | 255 | 215 | — | — | |
19,349 | 17,703 | 9,314 | 7,288 | ||
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Restated | Restated | ||||
€’000 | €’000 | €’000 | €’000 | ||
Profit before tax | 24,019 | 8,292 | 9,864 | 6,596 | |
Adjustments for: | |||||
Depreciation (Note 18) | 1,079 | 1,071 | 616 | 579 | |
Adjustment on initial application of IFRS 9 for impairment losses | (55) | — | (55) | — | |
Increase in provision for impairment of receivables (Note 26) | 41 | 53 | 41 | 53 | |
Settlement of provision for liabilities and charges (Note 30) | (67) | (62) | (67) | (62) | |
Amortisation (Note 16) | 4,549 | 2,575 | 2,147 | 1,973 | |
Depreciation of right-of-use assets | 334 | 337 | 306 | 307 | |
Lease payments against lease liabilities | (398) | (386) | (359) | (347) | |
Loss on disposal of intangible asset | — | 2 | — | — | |
Investment return adjustments | (185,695) | 283,604 | (1,160) | (342) | |
Movements in: | |||||
Trade and other receivables | (2,410) | (1,538) | (2,303) | (644) | |
Insurance and reinsurance contracts | 27,497 | (352,064) | (267) | 3,264 | |
Investment contract liabilities | 54,199 | (6,868) | — | — | |
Other payables | 1,764 | (476) | 2,016 | (115) | |
Cash (used in)/generated from operations | (75,143) | (65,460) | 10,779 | 11,262 | |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
€’000 | €’000 | €’000 | €’000 | ||
Authorised and not contracted for | |||||
- property, plant and equipment | 629 | 1,354 | — | 707 | |
- intangible assets | 4,485 | 3,517 | 528 | 1,326 | |
- investment property | 853 | — | — | — | |
5,967 | 4,871 | 528 | 2,033 | ||
Authorised and contracted for | |||||
- property, plant and equipment | 182 | 132 | 140 | 110 | |
- intangible assets | 3,273 | 1,984 | 2,340 | 1,386 | |
- investment property | 1,219 | 1,427 | 50 | — | |
- other investments | 35,835 | 47,937 | — | — | |
40,509 | 51,480 | 2,530 | 1,496 | ||
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
€’000 | €’000 | €’000 | €’000 | ||
Not later than 1 year | 5,815 | 5,530 | 660 | 654 | |
Later than 1 year and not later than 5 years | 8,531 | 10,333 | 869 | 1,136 | |
Later than 5 years | 3,113 | 3,726 | — | — | |
17,459 | 19,589 | 1,529 | 1,790 | ||
2023 | 2022 | ||
€’000 | €’000 | ||
Sales of insurance contracts and other services | |||
Transactions with a parent undertaking: | |||
Commission received | 5,328 | 4,849 | |
Claims recoverable | 12,377 | 7,560 | |
Transactions with related undertaking: | |||
Trailer fees receivable | 1 | 4 | |
Sale of insurance contracts | 1,086 | 1,039 | |
Dividends received and interest income | 637 | 1,221 | |
Rental income on investment property | 248 | 230 | |
Transactions with associated undertaking: | |||
Sale of insurance contracts | 20 | 25 | |
Dividends received | 147 | 137 | |
Rental income on investment property | 44 | 43 | |
Reimbursement of expenses for back office support services | 19 | 19 | |
2023 | 2022 | ||
€’000 | €’000 | ||
Purchase of products and services | |||
Transactions with a parent undertaking: | |||
Reinsurance premium ceded | 17,997 | 15,325 | |
Staff development training & Fringe Benefits | 4 | 5 | |
Expat staff benefits and services | 105 | 127 | |
Computer maintenance, Group IT shared services | 1,920 | 1,558 | |
Capitalisation of software development | 9 | 28 | |
Other back office support services | 647 | 802 | |
Investment management services | 20 | 16 | |
Commission payable | 82 | 120 | |
Transactions with other related undertaking: | |||
Acquisition costs payable | 2,638 | 4,304 | |
Bank charges | 207 | 207 | |
Bank interest payable | — | 197 | |
Investment management services | 49 | 64 | |
Claims paid | 148 | 335 | |
Transactions with associates undertaking: | |||
Road side assistance and other back office support services | 2,856 | 2,750 | |
Claims paid | 4 | 11 | |
2023 | 2022 | ||
€’000 | €’000 | ||
Sales of insurance contracts and other services | |||
Transactions with a parent undertaking: | |||
Commission received | 5,328 | 4,849 | |
Claims recoverable | 11,075 | 6,918 | |
Transactions with related undertaking: | |||
Sale of insurance contracts | 1,086 | 1,039 | |
Dividends received and interest income | 26 | 15 | |
Trailer fees receivable | 1 | 1 | |
Transactions with subsidiary undertaking: | |||
Sale of insurance contracts | 190 | 294 | |
Dividends received | — | 1,176 | |
Rental income on investment property | 52 | 52 | |
Rental income from sub-letting of shared premises | 32 | 37 | |
Reimbursement of expenses for back office support services | 1,013 | 798 | |
Transactions with associated undertaking: | |||
Sale of insurance contracts | 20 | 25 | |
Dividends received | 147 | 137 | |
Rental income on investment property | 44 | 43 | |
Reimbursement of expenses for back office support services | 19 | 19 | |
2023 | 2022 | ||
€’000 | €’000 | ||
Purchase of products and services | |||
Transactions with a parent undertaking: | |||
Reinsurance premium ceded | 15,860 | 14,992 | |
Staff development training & fringe benefits | 4 | 5 | |
Expat staff benefits and services | 105 | 127 | |
Computer maintenance, Group IT shared services | 824 | 564 | |
Capitalisation of software development | 9 | 28 | |
Other back office support services | 458 | 453 | |
Investment management services | 20 | 16 | |
Transactions with other related parties: | |||
Bank charges | 111 | 119 | |
Bank interest payable | — | 20 | |
Claims paid | 148 | 335 | |
Transactions with subsidiaries | |||
Reimbursement of expenses for back office support services | 2,490 | 1,886 | |
Claims paid | 135 | 165 | |
Employer's contribution to defined contribution work pension scheme | 76 | 60 | |
Transactions with associates | |||
Road side assistance and other back office support services | 2,856 | 2,750 | |
Claims paid | 4 | 11 | |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
€’000 | €’000 | €’000 | €’000 | ||
Financial assets at amortised cost | |||||
-Related undertaking | 244 | 156 | 244 | 156 | |
-Parent undertaking | 128 | 148 | 128 | 148 | |
Financial liabilities at amortised cost | |||||
-Parent undertaking | 738 | 1,263 | 337 | 894 | |
-Related undertaking | 160 | 171 | — | — | |
Amounts owed to | |||||
-Associated undertaking | 245 | 257 | 245 | 257 | |
-Subsidiary undertaking | — | — | 1,011 | 1,029 | |
Amounts owed by | |||||
-Associated undertaking | 59 | 183 | 59 | 183 | |
-Subsidiary undertaking | — | — | 545 | 500 | |
-Parent undertaking | — | 191 | — | 1 | |
Accruals - Parent undertaking | 378 | 277 | 268 | 163 | |
Reinsurance contract assets | |||||
-Parent undertaking | 17,867 | 27,299 | 17,183 | 27,105 | |
-Related undertaking | 476 | 55 | 476 | 55 | |
-Subsidiary undertaking | — | — | — | 156 | |
-Associated undertaking | 10 | 6 | 10 | 6 | |
Investment in related undertakings | 14,088 | 59,128 | 800 | 456 | |
Cash and cash equivalents with related undertakings | 31,085 | 111,723 | 4,828 | 5,513 | |