Breakdown of brokerage income
Brokerage income per annum
Currency: KPW
Balance Sheet
| ASSETS | 2023 | 2022 | 2021 |
|---|---|---|---|
| Cash and cash equivalents | 17,662,780 | 16,061,040 | 16,583,710 |
| Accounts receivable | 3,814,839 | 4,610,231 | 7,285,064 |
| Prepayments | 180,113 | 280,969 | 164,719 |
| Investments | 15,321,573 | 10,821,573 | 4,783,889 |
| Tangible assets | 8,025,870 | 7,948,546 | 7,893,435 |
| Intangible assets | 27,100 | 27,900 | 28,700 |
| Total Assets | 45,032,275 | 39,750,259 | 36,739,517 |
| LIABILITIES AND EQUITY | 2023 | 2022 | 2021 |
|---|---|---|---|
| Liabilities | |||
| Accounts payable | 1,274,976 | 760,059 | 897,883 |
| Long-term debt | 2,156,962 | 811,774 | 584,500 |
| Accrued expenses | 627,508 | 725,530 | 604,363 |
| Total liabilities | 4,059,446 | 2,297,363 | 2,086,746 |
| Equity | |||
| Paid-up capital | 5,000,000 | 5,000,000 | 5,000,000 |
| Retained earnings | 35,972,829 | 32,452,896 | 29,652,771 |
| Total equity | 40,972,829 | 37,452,896 | 34,652,771 |
| Total Liabilities and Equity | 45,032,275 | 39,750,259 | 36,739,517 |
Income Statement
| Item | 2023 | 2022 | 2021 |
|---|---|---|---|
| Revenues | |||
| Insurance brokerage | 50,443,693 | 47,464,539 | 44,000,406 |
| Consulting fee | 2,564,255 | 2,572,136 | 736,266 |
| Other income | 589,379 | 704,457 | 207,072 |
| Total revenues | 53,597,327 | 50,741,132 | 44,943,744 |
| Expenses | |||
| Net operating expenses | (14,868,490) | (14,822,942) | (10,362,794) |
| Other expenses | (627,508) | (725,530) | (604,363) |
| Total expenses | (15,495,998) | (15,548,472) | (10,967,157) |
| Income before payment to state | 38,101,329 | 35,192,660 | 33,976,587 |
| Payment to state | (11,430,399) | (10,557,798) | (10,192,976) |
| Net Income | 26,670,930 | 24,634,862 | 23,783,611 |
Cash Flow Statement
| Item | 2023 | 2022 | 2021 |
|---|---|---|---|
| Operating activities | |||
| Net income | 26,670,930 | 24,634,862 | 23,783,611 |
| Net cash from operating activities | 26,670,930 | 24,634,862 | 23,783,611 |
| Investing activities | |||
| Cash from investing activities | 6,202,974 | 8,127,838 | 2,519,000 |
| Cash for investing activities | (15,321,573) | (10,821,573) | (7,500,000) |
| Net cash used in investing activities | (9,118,599) | (2,693,735) | (4,981,000) |
| Financing activities | |||
| Cash from financing activities | |||
| Cash for financing activities | (21,114,929) | (20,983,486) | (13,135,083) |
| Net cash used in financing activities | (21,114,929) | (20,983,486) | (13,135,083) |
| Net change in cash and cash equivalents | (3,562,598) | 957,641 | 5,667,528 |
| Cash and cash equivalents at the beginning of the year | 17,541,351 | 16,583,710 | 10,916,182 |
| Cash and cash equivalents at the end of the year | 13,978,753 | 17,541,351 | 16,583,710 |