Consolidated Annual Report – December 2024

The company reported a profit before tax for the year ended 31 December 2024, a significant increase from 2023. Insurance revenue grew substantially from the prior year, driven by strong performance in its insurance services. Investment income also contributed positively to profitability.

The auditor issued an unqualified opinion, confirming that the financial statements present fairly, in all material respects, the financial position of the company in accordance with International Financial Reporting Standards (IFRS). However, two key audit matters were highlighted: revenue recognition (due to presumed fraud risk under ISA 240) and valuation of insurance contract liabilities (due to complexity, significant judgments, and reliance on data inputs). The auditor confirmed that these matters were appropriately addressed in the audit.

The company’s solvency margin remained strong, well above the regulatory minimum of 25%, reflecting a robust capital position. The group also generated healthy operating cash flows and maintained a going concern basis of preparation, supported by management’s assessment and post-year-end settlement of a significant reinsurance claim that improved the current asset position.