Consolidated statement of cash flows for the year ended December 31, 2021
  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
Verified by ExactMetrics