AIICO INSURANCE : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

AIICO INSURANCE PLC

UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

30 JUNE 2023

Table of contents

Page

Corporate Information

2

Consolidated Results at a Glance - The Group

4

Results at a Glance - The Company

5

Shareholding structure and free float status

6

Certification Pursuant to Section 60(2) of Investment & Securities Act No. 29 of 2007 and Statement of

Directors' Responsibilities in Relation to the Financial Statements

7

Material Accounting Policies

8

Condensed Consolidated and Separate Statements of Financial Position

38

Condensed Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income

39

Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income movement

40

Condensed Consolidated Statement of Changes in Equity - the Group

41

Condensed Statement of Changes in Equity - the Company

42

Condensed Consolidated and Separate Statements of Cash Flows

43

Notes to the Condensed Consolidated and Separate Financial Statements

44

- Revenue Account of General Business

77

- Revenue Account of Life Business

78

Corporate information (continued)

Reinsurers

Africa Reinsurance Corporation

Continental Reinsurance Plc

Swiss Reinsurance

WAICA Reinsurance

Nigerian Reinsurance

Trust Reinsurance

Zep Reinsurance

Arig Reinsurance

Aveni Reinsurance

NCA Reinsurance

Estate Valuer

Firm Name:

Niyi Fatokun & Co.

Firm FRCN:

FRC/2019/00000012894

Partner

Niyi Fatokun

FRCN

(Chartered Surveyors & Valuer)

FRC/2013/NIESV/70000000/1217

Regulatory Authority

National Insurance Commission (NAICOM)

Branch Networks

1. Port Harcourt

2. Kaduna

11 Ezimgbu Link Road (Mummy B Road)

Yaman Phone House

Off Stadium Road

1, Constitution Road

G.R.A Phase 4, Port Harcourt

Kaduna, Kaduna State

Rivers State

Tel: +234 803 338 6968;

Tel: +234 808 313 4875

+234 805 601 9667

+234 909 448 9393

3. Abuja Area Office

4. Kano

No 44 Durban Street,

8, Post Office Road

Off Adetokunbo Ademola Crescent, Wuse II

Kano

FCT, Abuja.

Kano State

Tel: +234 805 820 0439

Tel: +234 807 810 7938

+234 817 668 4115

+234 806 593 4787

5. Abeokuta

6. Lagos, Ikeja

46, Tinubu Street

AIICO House

Ita Eko, Abeokuta

Plot 2, Oba Akran Avenue

Ogun State

Opp. Dunlop, Ikeja, Lagos

Tel: +234 803 255 7071

Tel: +234 1 460 2097-8; +234 808 313 4376

+234 1 460 2218

7. Aba

8. Lagos, Isolo

7, Factory Road

203/205, Apapa-Oshodi Expressway

Aba, Abia State

Isolo, Lagos

Tel: +234 805 531 4351

Tel: +234 802 305 4803; +234 805 717 6063

9. Enugu

10. Lagos, Ilupeju

55-59, Chime Avenue

AIICO House

Gbuja's Plaza New Haven

36/38, Ilupeju Industrial Avenue

Enugu State

Ilupeju, Lagos

Tel: +234 803 724 6767

Tel: +234 816 046 6239

+234 803 334 3036

11. Benin

12. Onitsha

28, Sakponba Road

Noclink Plaza, 41 New Market Road

Benin City

Opp UBA Bank, Onitsha

Edo State

Anambra State

Tel: +234 805 116 3395

Tel: +234 708 606 4999

+234 813 405 1972

+234 803 375 0361

13. Jos

14. Owerri

4, Beach Road

46, Wetheral Road

Jos, Plateau State.

Owerri, Imo State

Tel: +234 805 735 6726

Tel: +234 805 603 3269

+234 809 033 5125

+234 706 603 2065

15. Ibadan

16. Warri

12, Moshood Abiola Way

60, Effurun/Sapele Road

Challenge Area

Warri.

Ibadan, Oyo State

Delta State.

Tel: +234 803 231 8925

Tel: +234 803 971 0794

+234 802 834 4263

+234 818 749 7490

Results at a Glance - The Group

For the period ended 30 June 2023

Profit or Loss and Other Comprehensive Income

Increase/

Increase/ (decrease)

(decrease)

In thousands of naira

30-Jun-23

30-Jun-22

Changes

%

Gross written premium

56,404,421

45,484,485

10,919,936

24

Insurance revenue

27,939,062

22,895,719

5,043,342

22

Insurance service expense

(15,318,893)

(16,737,659)

1,418,766

(8)

Net Expenses from reinsurance contracts

(5,730,139)

(3,660,754)

(2,069,385)

57

Insurance service result

6,890,030

2,497,306

4,392,723

176

Net investment income before fair value changes

15,547,107

7,578,295

7,968,812

105

Net fair value (loss)/income

(6,795,210)

48,301

(6,843,511)

(14169)

Net insurance/reinsurance finance expenses

(3,489,348)

(1,857,572)

(1,631,775)

(88)

Net insurance and investment result

12,152,578

8,266,330

3,886,249

47

Operating expenses

(6,314,933)

(5,586,886)

(728,047)

(13)

Profit after tax from discontinued operations

5,837,646

2,679,444

3,158,202

118

Taxes

(536,358)

(257,791)

(278,567)

(108)

Disconitnued operations

-

2,872,686

(2,872,686)

(100)

Profit for the period

5,301,288

5,294,339

6,949

0

Total other comprehensive income/(loss)

147,897

314,165

(166,268)

(53)

Total comprehensive income for the period

5,449,185

5,608,504

(159,320)

(3)

Basic and diluted earnings per share (kobo)

16

15

Financial Position

In thousands of naira

30-Jun-23

31-Dec-22

Changes

%

Assets

Cash and cash equivalents

23,742,185

15,915,258

7,826,927

49

Financial assets

240,431,720

225,460,028

14,971,692

7

Trade receivables

1,087,062

866,977

220,085

25

Contracts assets

13,347,566

16,139,023

(2,791,456)

(17)

Deferred acquisition costs

1,656,963

928,558

728,405

78

Other receivables and prepayments

3,073,925

4,685,425

(1,611,500)

(34)

Deferred tax assets

-

21,501

(21,501)

(100)

Investment properties

616,000

760,000

(144,000)

(19)

Property and equipment

8,298,246

8,359,520

(61,274)

(1)

Statutory deposits

500,000

500,000

-

-

Right of use assets

47,675

60,055

(12,379)

(21)

Goodwill and other intangible assets

912,720

928,672

(15,952)

(2)

Total assets

293,714,062

274,625,017

19,089,046

7

Liabilities

Insurance contract liabilities

201,682,760

192,579,273

9,103,487

5

Investment contract liabilities

324,495

313,373

11,122

4

Trade payables

9,151,980

6,461,628

2,690,352

42

Other payables and accruals

8,071,012

8,088,876

(17,864)

(0)

Fixed income liabilities

25,394,621

22,781,598

2,613,023

11

Current income tax payable

1,013,016

669,543

343,473

51

Deferred tax liabilities

498

7,666

(7,168)

(93)

Total liabilities

245,638,382

230,901,956

14,736,425

6

Equity

Share capital

18,302,638

18,302,638

0

0.00

Share premium

64,745

64,745

-

-

Revaluation reserve

2,764,016

2,764,016

-

-

Fair value reserve

(2,665,002)

(2,796,624)

131,622

(5)

Contingency reserve

10,660,330

9,710,046

950,284

10

Retained earnings

18,444,711

15,255,838

3,188,873

21

Shareholders' funds

47,571,438

43,300,659

4,270,779

10

Non-controlling interests

504,242

422,402

81,840

19

Total equity

48,075,681

43,723,061

4,352,620

10

Total liabilities and equity

293,714,062

274,625,017

19,089,045

7