UCPB GENERAL INSURANCE COMPANY

(A Wholly-owned Subsidiary of United Coconut Planters Life Insurance

Corporation)
STATEMENTS OF COMPREHENSIVE INCOME
Vertical Analysis Interpretation

NET PREMIMS EARNED

Net premiums earned consists of gross premiums earned on insurance

contracts and reinsurer’s share of gross premiums on insurance
contracts earned. In 2013, gross premiums earned on insurance
contracts was P2,421,390,816 and in 2014 it’s P2,518,790,967; and
reinsurer’s share of gross premiums on insurance contracts earned was
P1,097,436,326 and P1,080,492803 in 2013 and 2014 respectively. Net
premiums earned decreases 3.53% in 2014.

OTHER REVENUES

This account was consists of commission income and investment and

other income. Investment and other income was consists of interest
income on loans and receivables, AFS financial assets, cash and cash
equivalents, etc. Investment and other income in 2013 and 2014 was
P43, 268,110 and P124, 983,455. Other revenues account increases
3.53% in 2014.

NET BENEFITS AND CLAIMS

This account was consists of gross insurance contract benefits

(P4,745,525,151 in 2013 and P1,252,144,889 in 2014), reinsurer’s
shares of gross insurance contract benefits and claims (P4,111,378,530
in 2013 and P520,569,194 in 2014) and gross change in provision for

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 IBNR losses (P10,153,886 in 2013 and P0.00 in 2014). Net benefits
and claims increases 0.15% in 2014.

OTHER EXPENSES

Other expenses account was consists of commission expense, operating

expense, other underwriting expense and investment expense. The
operating expense in 2013 and 2014 was P313, 089,459 and P325,
344,944 respectively. Other underwriting expense in 2013 and 2014
was P101, 122, 052 and P109, 179, 405 respectively. Investment
expense was P1, 486, 425 in 2013 and P3, 107,271 in 2014. Other
expense decreases 4.99% in 2014.

INCOME TAX EXPENSE

The company’s income tax expense consists of rcit (P4, 929,329 in

2013 and P6, 358,709 in 2014), final (P4, 878,096 in 2013 and P3,
643,588 in 2014) and deferred tax (P3, 057,084 in 2013 and P0.00 in
2014). Income tax expense increases 0.14% in 2014, one of the reason
that affects this account was the increase in net income that’s why the
company’s tax payable increases as well.

OTHER COMPREHENSIVE INCOME

This account was consist of remeasurement of net pension liability

(P29, 689, 363 in 2013 and P25, 122, 131 in 2014); and change in fair
value of AFS financial assets (P47, 964, 012 in 2013 and P9, 134, 182
in 2014). This means that this account increases 0.80% in 2014.

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