Zambia Reinsurance Cash Flow Statement

Financials in millions ZMW. Fiscal year is January - December.

Millions ZMW. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020 - 2016
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	2020 - 2016
Net Income	7.81	28.46	15.51	2.54	1.31	Upgrade
Depreciation & Amortization	1.54	1.35	1	0.63	0.59	Upgrade
Gain (Loss) on Sale of Assets	-0.02	-0.08	-1.13	0.02	0.83	Upgrade
Gain (Loss) on Sale of Investments	0.08	0.06	0	-	-	Upgrade
Change in Accounts Receivable	0.19	-10.82	7.52	-16.69	9.87	Upgrade
Reinsurance Recoverable	6.91	-18.94	-9.8	-3.47	-	Upgrade
Change in Insurance Reserves / Liabilities	-1.13	23.54	-6.04	23.75	-0.15	Upgrade
Change in Other Net Operating Assets	-1.04	-16.43	-4.81	-3.38	0.19	Upgrade
Other Operating Activities	-4.03	1.66	2.55	2.62	-1.42	Upgrade
Operating Cash Flow	10.55	11.7	3.32	5.46	13.37	Upgrade
Operating Cash Flow Growth	-9.88%	252.45%	-39.18%	-59.17%	44.88%	Upgrade
Capital Expenditures	-3.08	-1.4	-3.18	-0.78	-0.5	Upgrade
Sale of Property, Plant & Equipment	0.04	0.11	0.3	0	0.23	Upgrade
Investment in Securities	-5.11	-23.6	16.82	-5.98	-18.12	Upgrade
Investing Cash Flow	-8.16	-24.88	13.94	-6.77	-18.42	Upgrade
Common Dividends Paid	-2.52	-2	-2.02	-2.65	-	Upgrade
Financing Cash Flow	-2.52	-2	-2.02	-2.65	-	Upgrade
Foreign Exchange Rate Adjustments	-	-	0.83	-0.02	-0.95	Upgrade
Net Cash Flow	-0.13	-15.18	16.08	-3.99	-5.99	Upgrade
Free Cash Flow	7.47	10.31	0.14	4.68	12.87	Upgrade
Free Cash Flow Growth	-27.54%	7047.80%	-96.92%	-63.65%	59.26%	Upgrade
Free Cash Flow Margin	4.11%	5.62%	0.12%	3.87%	23.52%	Upgrade
Free Cash Flow Per Share	0.17	0.23	0.00	0.10	0.29	Upgrade
Cash Income Tax Paid	6.61	2.23	2.49	3.48	2.94	Upgrade
Levered Free Cash Flow	13.33	-28.23	1.8	2.17	-0.72	Upgrade
Unlevered Free Cash Flow	13.33	-28.23	1.8	2.17	-0.72	Upgrade
Change in Working Capital	5.32	-19.35	-14.32	0.86	12.55	Upgrade

Source: S&P Capital IQ. Insurance template. Financial Sources.