Cash Flow Statement

For the Year ended December 31 2008

Unit:USD

Items

Notes

Operating activities

　　 Calls and premiums received

16,272,994.33

　　 Claims recoveries from 3rd party

-

　　 Reinsurance recoveries

1,376,684.63

　　 Interest received & exchange profit

919,935.83

　　 Other income

2,021.46

　　　　 Subtotal

A

18,571,636.25

　　 Claims paid

6,381,070.79

　　 Reinsurance premiums paid

10,352,505.33

　　 Operating expenses paid

1,333,218.26

　　 Brokerage paid

119,199.97

　　 Bank charges & exchange loss

9,747.32

　　 Other expenses paid

1,676,146.80

　　　　 Subtotal

B

19,871,888.47

　　 Net cash flow from operating activities　

A-B=C

(1,300,252.22)

Investing activities

　　 Sale of investments

5,359,080.18

　　 Investment income received

3,296,787.08

　　　　 Subtotal

D

8,655,867.26

　　 Purchase of investments

-

　　　　 Subtotal

E

-

　　 Net cash flow from investing activities

D-E=F

8,655,867.26

Net increase in cash and cash equivalents

C+F

7,355,615.04

Cash balances at beginning of period

13,681,844.52

Cash balances at end of period

21,037,459.56