| 2021 | 2020 (restated) |
|
| (in thousands of U.S. dollars) | ||
| Cash flows from operating activities: | ||
| Net result before taxation | 701 | (4,683) |
| Adjustments to reconcile profit before tax to net cash flows: |
||
| Depreciation of property and equipment | 1,334 | 1,587 |
| Depreciation from right-of-use assets | 502 | 577 |
| Amortization of intangible assets | 1,757 | 1,755 |
| Gain on disposal of property and equipment | (109) | (40) |
| Effect of currency translation rate changes | - | 252 |
| Change in unrealized gains and losses on investments |
1,530 | (2,693) |
| Gain on revaluation of investment properties | 333 | 76 |
| Movements in retirement benefit asset | (300) | (311) |
| Interest and other expense from lease liability | 115 | 142 |
| Interest on borrowings | 1,571 | 944 |
| Bad debts | 1,090 | 2,738 |
| Working capital movements: | ||
| Due from reinsurers | (25,489) | 26,939 |
| Insurance receivables | (2,289) | (2,562) |
| Deferred acquisition costs | (445) | 3 |
| Policy loans | (1,485) | (136) |
| Prepayments and other current assets | (10,588) | (2,522) |
| Due to reinsurers | 18,841 | (961) |
| Insurance liabilities | 33,783 | (20,075) |
| Accounts payable and accrued liabilities | (1,913) | 3,545 |
| 18,238 | 9,258 | |
| Interest received | 4,582 | 4,203 |
| Profit tax paid | (920) | (1,420) |
| 3,662 | 2,783 | |
| Net cash flows provided by operating activities | 22,601 | 7,358 |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (869) | (643) |
| Proceeds from sale/disposal of property and equipment |
423 | 36 |
| Purchase of investment properties | (2,036) | - |
| Purchase of investment securities | (74,743) | (53,584) |
| Proceeds from sale and maturity of investment securities |
60,079 | 42,449 |
| Movement long-term loans receivable | (219) | (806) |
| Purchase of intangible assets | - | (40) |
| Net cash flows provided by investing activities |
(17,365) | (12,588) |
| Cash flows from financing activities: | ||
| Repayment of lease liability | (580) | (671) |
| Prior year adjustments | 1,199 | |
| Proceeds from borrowings | 10,000 | |
| Dividend pay out to St.Vincent Insurance Limited | (167) | (99) |
| Net cash flows (used in) / provided by financing activities |
452 | 9,230 |
| Net increase in cash and cash equivalents | 5,688 | 4,000 |
| Cash and cash equivalents at January 1 | 75,674 | 71,674 |
| Cash and cash equivalents at December 31 | 81,362 | 75,674 |