Consolidated statement of profit or loss for the year ended December 31, 2021
  2021 2020  
(in thousands of U.S. dollars)  
Underwriting income
Insurance premium revenue 213,641  212,290
Reinsurance cost (95,653) (101,044)
Net premiums earned 117,988 111,246
Commission expense (33,537) (34,442)
Net insurance premium revenue 84,451 76,804
Other underwriting income 1,582 1,081
Total underwriting income 86,033 77,885

Underwriting expenses
Insurance claims and loss adjustment
expenses, net of recoveries
from reinsurers
44,746 46,361
Other underwriting expenses 345 292
Total underwriting expenses 45,091 46,653

Net underwriting income 40,942   31,232
Other expenses
Personnel expenses 23,666 22,529
Administrative expenses 5,700 5,152
Other operating expenses 11,515 12,596
Amortization 1,757 1,755
Depreciation 1,836  2,164
Total other expenses 44,474  44,196

Other income
Investment income 2,952 6,542
Other income 1,281 1,739
Total other income 4,233 8,281

Net result before taxation 701 (4,683)
Taxation (1,009) (629)
Net result after taxation (308) (5,312)

Other comprehensive income
Other comprehensive income to be reclassified
to profit or loss in subsequent years (net of tax):
Exchange differences on translation
of foreign operations
- 256
Net (loss) /gain on available-for-
sale financial assets
26 (13)
26 243
Other comprehensive income not to
be reclassified to profit or loss in
subsequent years (net of tax):
Remeasurement gains/(losses) on
defined benefit plans
909 (423)
Revaluation of land and buildings 376 -
1,285 (423)
Net other comprehensive income / (loss)
for the year
1,311 (180)
Comprehensive loss for the year 1,003 (5,492)
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