CORONATION INSURANCE PLC Coronation Insurance Plc
Audited Financial Statements the year ended 31 December 2021
CORONATION INSURANCE PLC
INTRODUCTION
Coronation Insurance Plc's audited Financial Statements complies with the applicable legal requirements of the Nigerian Securities and Exchange Commission regarding interim financial statements. These financial statements contain extract of the audited financial statements prepared in accordance with IAS 34 'Interim Financial Reporting' its interpretation issued by the International Accounting Standards and adopted by the Financial Reporting Council of Nigeria. Due to rounding numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
We confirmed that Coronation Insurance Plc has:
- adopted a code of conduct regarding securities transactions by its directors on terms no less exacting than the required standard set out in the Financial Reporting Council of Nigeria (FRC), International Financial Reporting Standards (IFRS) and provisions of Rule 17.15(d) of the Listings Rules;
- made specific enquiry of all directors and hereby confirm that its directors have complied with the required standard set out in the Listings Rules and in the Company's code of conduct regarding securities transactions by directors
In line with the provisions of Rule 2.2 of the Rules Governing Free Float Requirements, the shareholding pattern of the Company is disclosed at page 3 of the audited Financial Statements for the year ended 31st December, 2021.
We confirm that the Company's free float is in compliance with the Exchange's free float requirements for the Main Board on which the Company is listed
Analysis of shareholders
The shareholding pattern of the Company as at December 31st 2021 is as stated below:
30 June 2022 | ||||
% of number | % of | |||
Number of | of | number of | ||
Range | Shareholders | No. of shares held | shareholders | shares held |
1 - 1,000 | 651,181 | 127,929,478 | 79.30 | 0.53 |
1,001 - 5,000 | 123,488 | 264,319,384 | 15.04 | 1.10 |
5,001 - 10,000 | 21,237 | 153,981,427 | 2.59 | 0.64 |
10,001 - 50,000 | 19,807 | 405,873,419 | 2.41 | 1.69 |
50,001 - 100,000 | 2,550 | 176,136,793 | 0.31 | 0.73 |
100,001 - 500,000 | 2,145 | 433,164,178 | 0.26 | 1.81 |
500,001 - 1,000,000 | 322 | 232,219,771 | 0.04 | 0.97 |
1,000,001 - 5,000,000 | 326 | 631,337,817 | 0.04 | 2.63 |
5,000,001 - 10,000,000 | 49 | 340,399,428 | 0.01 | 1.42 |
10,000,001 - 50,000,000 | 41 | 825,023,995 | 0.00 | 3.44 |
50,000,001 - 100,000,000 | 10 | 771,039,371 | 0.00 | 3.21 |
100,000,001 - 500,000,000 | 7 | 1,188,668,158 | 0.00 | 4.95 |
500,000,001 - 1,000,000,000 | 2 | 1,373,723,049 | 0.00 | 5.73 |
1,000,000,001 - 5,000,000,000 | 2 | 2,261,492,220 | 0.00 | 9.43 |
5,000,000,001 & Above | 2 | 14,806,371,018 | 0.00 | 61.71 |
821,169 | 23,991,679,506 | 100.00 | 100.00 |
Coronation Insurance Plc
Consolidated and Separate Financial Statements
for the year ended 31 December 2020
Consolidated and Seperate Statements of Financial Position | |||||
Group | Group | Company | Company | ||
2021 | 2020 | 2021 | 2020 | ||
31-Dec | 31-Dec | 31-Dec | 31-Dec | ||
N'000 | N'000 | N'000 | N'000 | ||
Notes | |||||
ASSETS | |||||
Cash and cash equivalents | 9 | 7,058,446 | 2,409,304 | 4,221,508 | 837,091 |
Financial assets | 10 | 9,727,383 | 14,711,696 | 1,879,313 | 3,718,298 |
Trade receivables | 11 | 184,633 | 70,181 | 178,560 | 57,518 |
Reinsurance assets | 12 | 5,548,949 | 4,868,100 | 4,110,000 | 3,615,541 |
Deferred acquisition cost | 13 | 276,629 | 410,093 | 151,576 | 273,245 |
Other receivables & prepayments | 14 | 757,920 | 692,201 | 446,639 | 586,765 |
Investment property | 17 | 82,976 | 80,480 | 82,976 | 80,480 |
Investment in associates | 15 | 11,216,496 | 11,199,306 | 5,423,440 | 5,423,440 |
Investment in subsidiaries | 16 | - | - | 9,259,506 | 9,259,506 |
Intangible assets | 19 | 444,887 | 513,106 | 319,818 | 364,227 |
Property and equipment | 18 | 3,406,549 | 3,451,950 | 3,175,602 | 3,199,229 |
Right of use asset | 14b | 132,908 | 151,758 | - | - |
Current income tax asset | 14 | - | 31,996 | - | - |
Deferred tax asset | 23a | 239,052 | 438,322 | 239,052 | 438,322 |
Statutory deposit | 20 | 725,064 | 695,070 | 300,000 | 300,000 |
TOTAL ASSETS | 39,801,890 | 39,723,562 | 29,787,989 | 28,153,661 | |
LIABILITIES | |||||
Insurance contract liabilities | 25 | 13,636,718 | 10,904,867 | 9,174,769 | 7,066,561 |
Investment contract liabilities | 26 | 1,034,638 | 1,120,526 | - | - |
Trade payables | 21 | 330,085 | 201,665 | 158,738 | 136,939 |
Other payables | 22 | 2,928,145 | 2,268,485 | 2,962,042 | 1,937,867 |
Lease liability | 22b | 23,488 | 83,163 | - | - |
Current income tax | 24 | 260,039 | 176,000 | 134,896 | 43,359 |
TOTAL LIABILITIES | 18,213,113 | 14,754,706 | 12,430,445 | 9,184,726 | |
EQUITY | |||||
Equity attributable to owners | |||||
Share capital | 27 | 11,995,952 | 11,995,952 | 11,995,952 | 11,995,952 |
Share premium | 28 | 4,612,938 | 4,612,938 | 4,612,938 | 4,612,938 |
Contingency reserves | 29 | 3,659,242 | 3,311,312 | 2,989,058 | 2,723,639 |
Other reserves | 30 | 1,752,455 | 2,549,744 | 1,393,020 | 1,074,593 |
Retained earnings | 31 | (431,810) | 2,498,910 | (3,633,423) | (1,438,187) |
TOTAL EQUITY | 21,588,777 | 24,968,856 | 17,357,544 | 18,968,935 | |
TOTAL LIABILITIES AND EQUITY | 39,801,890 | 39,723,562 | 29,787,989 | 28,153,661 |
These financial statements were approved by the board of directors (BOD) on 18th July 2022 and signed on behalf of the board of directors by the directors listed below:
Mutiu Sunmonu
FRC/2014/IODN/00000006187
Chairman
Olamide Olajolo
FRC/2013/CIIN/00000000877
Managing Director
The statement of significant accounting policies and the accompanying notes form an integral part of these financial statements.
45
Coronation Insurance Plc Consolidated Statements of Profit or Loss
(All amounts in Naira thousands unless otherwise stated)
-1
GROUP | COMPANY | ||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 |
3 Months Dec | 3 Months Dec | YTD | YTD | 3 Months Dec | 3 Months Dec | YTD | YTD |
DEC | DEC | DEC | DEC | ||||
Note | |
Gross written premium | 1a |
Movement in Unearned premium | 1b |
Gross premium income | |
Reinsurance expenses | 1c |
Net premium Income | 1 |
Fees and commission income | 3 |
Net underwriting income | |
Claims Paid | 2a |
Movement in Outstanding Claims | 2b |
Claims expense recoverable | 2c |
Net claims expenses | 2 |
Underwriting expenses | 4 |
Increase in individual life fund | 1b |
Total underwriting expenses | |
Total underwriting profit | |
Investment income | 5a |
Profit on investment contracts | |
Net realized gain on financial assets | 5b |
Net FV Gain/Loss on Financial Asset | 5b |
Net fair value gain on investment property | 5f |
Other operating income | 6 |
Total investment and other income | |
Net income | |
Management expenses | 12 & 14 |
Finance cost on lease | 7 |
Net expected credit loss write back/(charge) | 8 |
on financial assets at amortised cost | |
Net expected credit loss on financial assets | 7 |
at fair value through OCI | |
Total operating expenses | |
Operating profit | |
Share of Profit of Associate | 5d |
Profit before tax |
Income tax
Profit after tax
Other Comprehensive Income, net of tax:
Foreign currency translation difference of foreign operations
- Net (losses)/gains in fair value during the period
- Exchange loss on net investment in a foreign operation
- Net changes in ECL allowance on FVOCI during the year
Share of other comprehensive income of
- Fair value gain on equity securities during the period
- Exchange gain on FVOCI equity securities
during the period
- Net realised loss on sales of equity 5e instrument at FVTOIC
Total Other Comprehensive Income
Total comprehensive income/loss
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 |
3,064,062 | 2,922,067 | 14,130,020 | 16,185,896 | 1,952,832 | 2,430,836 | 8,847,306 | 11,636,903 |
676,056 | 1,537,044 | (15,954) | 1,124,525 | 264,413 | 769,414 | (229,550) | 700,305 |
3,765,828 | 4,442,505 | 14,139,777 | 17,293,815 | 2,247,983 | 3,200,251 | 8,648,494 | 12,337,208 |
(1,648,696) | (2,632,397) | (5,388,278) | (9,934,193) | (1,161,482) | (2,204,585) | (3,840,047) | (8,463,606) |
2,117,132 | 1,810,108 | 8,751,499 | 7,359,622 | 1,086,500 | 995,666 | 4,808,447 | 3,873,602 |
255,231 | 401,664 | 915,490 | 2,109,390 | 201,947 | 390,612 | 642,012 | 1,750,144 |
2,372,363 | 2,211,772 | 9,666,988 | 9,469,013 | 1,288,447 | 1,386,278 | 5,450,459 | 5,623,746 |
- | - | - | - | ||||
(1,081,133) | (997,964) | (5,247,601) | (3,743,924) | (403,943) | (420,951) | (2,517,190) | (1,862,827) |
62,047 | (378,113) | (2,063,677) | (3,165,875) | (403,573) | (631,352) | (1,909,397) | (3,091,861) |
234,617 | 656,837 | 2,198,028 | 3,703,624 | 222,611 | 716,045 | 1,486,901 | 3,088,755 |
(784,470) | (719,240) | 5,113,251 | (3,206,175) | (584,904) | (336,258) | (2,939,685) | (1,865,932) |
(763,347) | (874,971) | (2,710,186) | (2,983,105) | (550,448) | (619,567) | (1,851,099) | (2,036,327) |
(593,855) | 58,599 | (595,117) | 11,529 | - | - | - | - |
(2,141,672) | 487,237 | (8,418,554) | (4,154,903) | (1,135,352) | (955,825) | (4,790,784) | (3,902,258) |
- | - | - | - | ||||
230,691 | 676,161 | 1,248,434 | 3,291,262 | 153,094 | 430,453 | 659,675 | 1,721,488 |
- | - | - | - | ||||
(288,197) | 157,114 | 1,506,011 | 922,174 | 105,662 | 79,059 | 728,197 | 801,951 |
86,948 | 193,223 | 86,948 | 193,223 | - | - | - | - |
213,377 | 67,218 | 183,305 | 67,218 | (320,941) | 48,073 | 108,713 | 65,647 |
(5) | - | - | - | (5) | - | - | - |
(56,922) | (190,944) | 2,496 | - | 2,496 | - | 2,496 | - |
525,415 | 133,540 | 782,802 | 782,355 | 382,728 | 254,832 | 628,338 | 668,377 |
480,615 | 360,152 | 2,561,561 | 1,964,970 | 169,939 | 381,963 | 1,467,744 | 1,535,975 |
711,306 | 1,036,313 | 3,809,995 | 5,256,232 | 323,034 | 812,416 | 2,127,419 | 3,257,463 |
- | - | - | - | ||||
(6,116,259) | (4,903,613) | (5,977,752) | (5,185,565) | (3,335,285) | (2,897,482) | (3,437,641) | (2,954,435) |
(14,843) | 56,106 | (3,791) | (9,162) | - | 32,757 | - | - |
704,131 | 582,607 | (440,113) | (182,236) | 311,699 | 280,783 | (244,669) | (180,860) |
3,354,010 | 2,873,962 | (2,162) | (51,681) | 2,038,695 | 1,781,396 | (439) | (6,852) |
(2,072,961) | (1,390,937) | (6,423,818) | (5,428,644) | (984,890) | (802,547) | (3,682,750) | (3,142,147) |
- | - | - | - | ||||
(1,361,655) | (354,625) | (2,613,823) | (172,412) | (661,857) | 9,869 | (1,555,331) | 115,316 |
(65,451) | 304,956 | 501,425 | 1,317,621 | - | - | ||
(1,427,106) | (49,669) | (2,112,398) | 1,145,209 | (661,857) | 9,869 | (1,555,331) | 115,316 |
(444,559) | 259,090 | (470,392) | 56,951 | (336,799) | 187,890 | (374,485) | 100,176 |
(1,871,665) | 209,421 | (2,582,790) | 1,202,159 | (998,656) | 197,759 | (1,929,816) | 215,492 |
- | - | - | - | - | - | - | - |
197,239 | 259,968 | 197,239 | 259,968 | - | - | - | - |
(958,912) | 586,711 | (958,912) | 586,711 | (306,756) | 271,357 | (306,756) | 271,357 |
(619,382) | - | (619,382) | - | - | - | - | - |
440,150 | 61,118 | 1,301 | 61,118 | 85,149 | 16,288 | 439 | 16,288 |
(59,232) | 552,998 | (59,232) | 552,998 | - | - | - | - |
644,299 | 66,716 | 644,299 | 66,716 | 625,622 | 78,384 | 625,622 | 78,384 |
- | 34,532 | - | 34,532 | - | 34,532 | - | 34,532 |
912,427 | (15,326) | - | (15,326) | - | (15,326) | - | (15,326) |
581,095 | 1,546,718 | (770,181) | 1,546,718 | 404,015 | 385,235 | 319,305 | 385,235 |
- | - | - | - | ||||
(1,290,570) | 2,748,877 | (3,352,971) | 2,748,877 | (594,641) | 600,727 | (1,610,511) | 600,727 |
Basic Earning Per Share (Kobo) | 2 | 2 | (11) | 7 | 0 | 0 | (8) | 1 |
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Wapic Insurance plc published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 10:27:03 UTC.
