NIGER INSURANCE PLC NIGER INSURANCE PLC
MANAGEMENT ACCOUNT
COMPANY COMPOSITE STATEMENTS
OF FINANCIAL POSITIONS AS AT
31ST MARCH, 2021
NIGER INSURANCE PLC
MANAGEMENT ACCOUNT
COMPANY COMPOSITE STATEMENT OF FINANCIAL POSITION AS AT 31ST , MARCH 2021
UNAUDITED | ||||
Mar-21 | 2020 | |||
Note | Composite | Composite | ||
Assets; | N'000 | N'000 | ||
Cash and cash equivalent | 1 | 173,751 | 206,361 | |
Investment securities available for sale | 2.1 | 1,565,825.12 | 1,817,374 | |
Investment securities held to maturity | 2.2 | 441,669.80 | 640,701 | |
Loans and receivables | 2.3 | 381,642.29 | 387,111 | |
Reinsurance assets | 3 | 464,967.23 | 325,017 | |
Deffered acquisition costs | 4 | 30,179.30 | 49,757 | |
Other receivables and prepayments | 5 | 1,039,958.24 | 1,130,193 | |
Investment in subsidiaries | 6 | 73,753.00 | 73,753 | |
Deferred tax asset | 7 | 616,832.00 | 616,832 | |
Investment properties | 8 | 14,522,479.00 | 15,086,620 | |
Intangible assets | 9 | 25,879.00 | 39,041 | |
Property, plant and equipment | 10 | 2,112,935.21 | 2,005,080 | |
Statutory Deposits | 11 | 500,000.00 | 500,000 | |
21,949,871.21 | 22,877,841 | |||
Liabilities; | - | - | ||
Insurance contract Liabilities | 12 | 11,756,127.64 | 7,816,447 | |
Investment contract liabilities | 13 | 1,025,094.00 | 1,045,097 | |
Loans | 14 | 2,240,000.00 | ||
Borrowings | 15 | 236,773.00 | 135,337 | |
Trade payables | 16 | 252,096.48 | 243,763 | |
Provision and other payables | 17 | 2,317,998.79 | 2,360,273 | |
Defined benefit obligation | 18 | 1,000,845.00 | 1,280,890 | |
Income tax liabilities | 19 | 79,355.04 | 271,053 | |
Deffered tax liabilities | 20 | 1,598,435.00 | 1,237,438 | |
20,506,724.94 | 14,390,297 | |||
Equity; | ||||
Issued and paid share capital | 21 | 3,869,747 | 3,869,747 | |
Share premium | 22 | 791,491 | 791,491 | |
Contigency reserve | 23 | 3,272,941 | 2,950,056 | |
Asset revaluation reserve | 24 | 854,808 | 909,169 | |
Fair value reserves | 25 | 355,190 | 386,701 | |
Defined benefit reserve | 26 | 790,660 | 104,669 | |
Retained earnings | 27 | (8,491,690) | (2,522,789) | |
Shareholders fund | 27 | 1,443,146.37 | 8,487,544 | |
Total liabilities and equity | 21,949,871.31 | 22,877,841 | ||
ADEMOLA SALAMI | EDWIN IGBITI | |||
FRC/2013/ICAN/00000003468 | FRC/2013/ICAN/00000005551 | |||
CHIEF FINANCIAL OFFICER | CHIEF EXECUTIVE OFFICER |
MANAGEMENT ACCOUNTS
NIGER INSURANCE PLC
COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR QUARTER ENDED 31ST MARCH, 2021
Q1 2021 | Q1 2020 | YTD 2021 | YTD 2020 | |
JAN-MAR | JAN-MAR | JAN-MARJAN-MAR | ||
N'000 | N'000 | N'000 | N'000 | |
Gross premium written | 209,055 | 416,469 | 209,055 | 416,469 |
unearned premium | (24,599) | (4,165) | (24,599) | (4,165) |
Gross premium income | 184,456 | 412,304 | 184,456 | 412,304 |
Reinsurance/ co-insurance expenses | (15,111) | (26,377) | (15,111) | (26,377) |
Net premium income | 169,345 | 385,927 | 169,345 | 385,927 |
Fee and commission income | (172) | 432 | (172) | 432 |
Net underwriting income | 169,173 | 386,359 | 169,173 | 386,359 |
Claims expenses | (526,313) | 157,661 | (526,313) | 157,661 |
Changes in insurance contract liability | (68,849) | 166,146 | (68,849) | 166,146 |
Claims expenses recovered from reinsurance | 161 | - | 161 | - |
Net claim expenses | (595,001) | 323,807 | (595,001) | 323,807 |
Underwriting expenses | (25,562) | 45,741 | (25,562) | 45,741 |
Total underwriting expenses | (620,563) | 369,548 | (620,563) | 369,548 |
Underwriting profit | (451,391) | 16,811 | (451,391) | 16,811 |
Investment / other operating income | 22,134 | 108,659 | 22,134 | 108,659 |
Net realised gain on available for sale financial assets | - | 620,000 | - | 620,000 |
Management expenses | (239,145) | (354,847) | (239,145) | (354,847) |
Depreciation and amortisation | (18,951) | (4,322) | (18,951) | (4,322) |
Net operating profit before tax | (687,353) | 386,302 | (687,353) | 386,302 |
Information technology levy | (6,874) | (5,937) | (6,874) | (5,937) |
Income tax expense | - | (118,732) | - | (118,732) |
Profit after tax | (694,227) | 261,633 | (694,227) | 261,633 |
Transfer to contigency reserve | - | - | - | - |
Retained profit after tax transferred to reserve | (694,227) | 261,633 | (694,227) | 261,633 |
Other comprehensive income | ||||
Gain on revaluation of propert, plant and equipment | ||||
Appreciation on available for sale financial assets | ||||
Total comprehensive income for the year | (694,227) | 261,633 | (694,227) | 261,633 |
Earnings per share | ||||
Profit for the year attributable to ordinary equity holders | ||||
Basic | 3.38 | 3.38 | ||
Diluted | 3.38 | 3.38 |
ADEMOLA SALAMI | EDWIN IGBITI |
FRC/2013/ICAN/00000003468 | FRC/2013/ICAN/00000005551 |
CHIEF FINANCIAL OFFICER | CHIEF EXECUTIVE OFFICER |
MANAGEMENT ACCOUNT
NIGER INSURANCE PLC
STATEMENT OF CASH FLOWS AS AT 31ST MARCH, 2021
Operating activities Premium Received Reinsurance Premium Paid Deposit Receipt from DA during the year
Withdrawal from DA during the year Fees and Commission Received Claims paid during the year (Including Surrender)
Claims paid recovered from Reinsurers
Other Acquisition Cost paid Cash paid to and on behalf of employees
Other operating expenses Tax paid
Net cash outflow from operating activities
Investing activities
Disposal of Available for sale financial assets
Acquisition of Available for sale financial assets
Held to maturity investment gain / loss on available for sale Acquisition of Property, Plant and Equipment
Interest income/other income Acquisition of intangible assets
Net cash outflow from investing activities
Finance activities
Borrowing
Deposit for shares
Net cash used in servicing of finance
Net cash used in servicing of finance Cash and cash equivalent at the beg Cash and cash equivalent at the end
UNAUDITED | UNAUDITED |
2021 | 2020 |
N'000 | N'000 |
209,055 | 416,469 |
(15,111) | (26,377) |
0
- (51,966)
- 432
(355,115)(591,021)
161(45,741)
(25,562)(158,636)
-
-
(636,388)
(6,8740(15,000)
(426,952) | (1,108,228) |
- | |
- | 328,084 |
- | - |
- | 122,101 |
- | 700,000 |
- | - |
22,134 | 108,659 |
- | |
22,134 | 1,258,844 |
208,628 | (207,452) |
- | |
208,628 | (207,452) |
(380,112) | (56,837) |
206,361 | 263,198 |
(173,751) | 206,361 |
ADEMOLA SALAMI | EDWIN IGBITI | |||||||
FRC/2013/ICAN/00000003468 | FRC/2013/ICAN/00000005551 | |||||||
CHIEF FINANCIAL OFFICER | CHIEF EXECUTIVE OFFICER | |||||||
NIGER INSURANCE PLC | ||||||||
STATEMENT OF CHANGE IN EQUITY | ||||||||
AS AT 31ST MARCH, 2020 | ||||||||
STATUTOR | ||||||||
Y | ||||||||
ASSETS | CONTIGEN | |||||||
ORDINARY SHARE | REVALUATIO | FAIR VALUE | CY | RETAINED | ||||
CAPITAL | SHARE PREMIUM | N RESERVE | RESERVE | RESERVE | OTHERS | EARNINGS | TOTAL | |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | ||
COMPANY | ||||||||
As at 1 January, 2019 | 3,869,747 | 791,491 | 1,202,299 | 294,604 | 1,954,656 | 711,390 | 8,824,187 | |
Reclassification | ||||||||
Fair value/revaluation gain on assets | ||||||||
Transfer from income statement | ||||||||
Transfer to contigency reserve | 17,984 | 16,289 | 34,273 | |||||
As at 31st March, 2019 | 3,869,747 | 791,491 | 1,202,299 | 294,604 | 1,972,640 | 727,679 | 8,858,460 | |
As at 1 January, 2020 | 3,869,747 | 791,491 | 1,237,169 | 386,701 | 2,950,056 | 2,103,169 | (2,784,422) | 8,553,911 |
Reclassification | ||||||||
Dividend paid | ||||||||
Fair value/revaluation gain on assets | (328,000) | (328,000) | ||||||
Transfer from income statement | 261,633 | 261,633 | ||||||
Transfer to contigency reserve | ||||||||
As at 31st March, 2020 | 3,869,747 | 791,491 | 909,169 | 386,701 | 2,950,056 | 2,103,169 | (2,522,789) | 8,487,544 |
ADEMOLA SALAMI | EDWIN IGBITI | |||||||
FRC/2013/ICAN/00000003468 | FRC/2013/ICAN/00000005551 | |||||||
CHIEF FINANCIAL OFFICER | CHIEF EXECUTIVE OFFICER |
1 Cash and Cash equivalents
cash and cash equivalents comprise cash in hand, at the banks and investments in short term liquid instruments
LIFE | NON-LIFE | COMPOSITE | |
This comprise; | N'000 | N'000 | N'000 |
Balance held with banks in Nigeria; | |||
Cash at bank as at Dec 2019 | 166,993 | 41,747 | 208,740 |
Deposits | 51,465 | 2,992 | 54,457 |
As at 31 December,2019 | 218,458 | 44,739 | 263,197 |
Cash at bank | 152,357 | 43,832 | 196,190 |
Deposits | 7,178 | 2,992 | 10,171 |
As at 31st March, 2020 | 159,536 | 46,825 | 206,360 |
2 FINANCIAL INSTRUMENTS | |||
The company's financial assets are summarised by measurement category as follows: | |||
LIFE | NON-LIFE | COMPOSITE | |
N'000 | N'000 | N'000 | |
Available for sale | 338,567 | 1,886,889 | 2,225,456 |
As at 31 December,2019 | 338,567 | 1,886,889 | 2,225,456 |
Available for sale | 338,567 | 1,478,806 | 1,817,373 |
As at 31st March, 2020 | 338,567 | 1,478,806 | 1,817,373 |
2.1 Investment securities available for sale
LIFE | NON-LIFE | COMPOSITE | |
N'000 | N'000 | N'000 | |
Equity securities; | |||
Listed (5.1.1) | 2,444,105 | 1,094,207 | 3,538,312 |
Unlisted (5.1.2) | 244,712 | 1,925,813 | 2,170,525 |
2,688,817 | 3,020,020 | 5,708,837 | |
Less: impairment | |||
At January 2019 | 2,350,250 | 1,133,131 | 3,483,381 |
Addition during the period | - | - | - |
write back charge for the year | - | - | - |
Adjustment/reclasification | - | - | - |
As at 31 December,2019 | 2,350,250 | 1,133,131 | 3,483,381 |
As at 31 December,2019 | 338,567 | 1,886,889 | 2,225,456 |
As at jan 2020 | |||
Listed | 2,444,105 | 1,094,207 | 3,538,312 |
Unlisted | 244,712 | 1,845,813 | 2,090,525 |
2,688,817 | 2,940,020 | 5,628,837 | |
Less: impairment | |||
At January 2019 | 2,350,250 | 1,461,131 | 3,811,381 |
Charge for the period | - | - | - |
reclassification | - | - | - |
write back | - | - | - |
2,350,250 | 1,461,131 | 3,811,381 | |
As at 31st March, 2020 | 338,567 | 1,478,806 | 1,817,456 |
2.1 Movement in the cost of listed securities
At January,2019 | 2,444,135 | 1,084,207 | 3,528,342 |
Addition during the period | 241 | - | 241 |
Disposal | (270) | - | (270) |
Fair value reclassification | - | ||
Reclassification | 10,000 | - | |
As at 31st December, 2019 | 2,444,105 | 1,094,207 | 3,528,312 |
At January,2020 | 2,444,105 | 1,094,207 | 3,538,312 |
Addition during the period | - | - | - |
Disposal | - | - | - |
Fair value reclassification | - | ||
Reclassification | - | ||
As at 31st March, 2020 | 2,444,105 | 1,094,207 | 3,538,312 |
LIFE | NON-LIFE | COMPOSITE | |
N'000 | N'000 | N'000 |
2.2 Movement in the cost of unlisted securities
At January,2019 | 244,712 | 1,935,813 | 2,180,525 |
Addition during the period | - | - | |
write back charge for the year | - | - | |
Adjustment/reclasification | (10,000) | (10,000) | |
Disposal during the year | |||
As at 31st December, 2019 | 244,712 | 1,925,813 | 2,170,525 |
At January,2020 | 244,712 | 1,925,813 | 2,170,525 |
Addition during the period | - | ||
write back charge for the year | - | ||
Adjustment/reclasification | - | ||
Disposal during the year | (80,000) | (80,000) | |
As at 31st March, 2020 | 244,712 | 1,845,813 | 2,090,525 |
2.2 Movement in the impairment of listed securities
LIFE | NON-LIFE | COMP | |
N'000 | N'000 | N'000 | |
At January,2019 | 2,350,250 | 496,924 | 2,847,174 |
Addition during the period | |||
write back charge for the year | |||
Adjustment/reclasification | |||
As at 31st December, 2019 | 2,350,250 | 496,924 | 2,847,174 |
At January,2020 | 2,350,250 | 496,924 | 2,847,174 |
Addition during the period | |||
write back charge for the year | |||
Adjustment/reclasification | |||
As at 31st March, 2020 | 2,350,250 | 496,924 | 2,847,174 |
2.2 Movement in the impairment of Unlisted securities
At January,2019 | - | 636,207 | 636,207 |
Addition during the period | |||
write back charge for the year | |||
Adjustment/reclasification | |||
As at 31st December, 2019 | - | 636,207 | 636,207 |
At January,2020 | - | 636,207 | 636,207 |
Addition during the period | |||
write back charge for the year | 328,000 | ||
Adjustment/reclasification | |||
As at 31st March, 2020 | - | 964,207 | 964,207 |
As at 31 December,2019 | 2,350,362 | 1,133,131 | 3,483,381 |
As at 31st March, 2020 | 2,350,250 | 1,461,131 | 3,811,381 |
The investments are carried at fair values by valuation method. The different levels have been defined as follows: Level 1- fair value measurements are those derived from quoted prices ( unadjusted) in active markets for identical assets or liabilities using the last bid prices.
Level-2- fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly(i.e) or indirectly (i.e. derived from prices; and Level-3- fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
2.3 INVESTMENT SECURITY HELD TO MATURITY - LIFE BUSINESS
Delta state government 14% fixed rate infrastructure development bond 2011/2018;
LIFE | NON-LIFE | COMPOSITE | |
N'000 | N'000 | N'000 | |
At January 2019 | 421,454 | 57,228 | 57,228 |
Addition during the year | 765,321 | - | - |
Matured during the year | (423,972) | (57,228) | (57,228) |
Treasury bill | |||
As at 31 December,2019 | 762,803 | - | 762,803 |
LIFE | NON-LIFE | COMPOSITE | |
N'000 | N'000 | N'000 | |
At January 2020 | 762,803 | - | 762,803 |
Addition during the year | 312,100 | 312,100 | |
Disposal during the year | (434,203) | (434,203) | |
Treasury bill | |||
As at 31st March, 2020 | 640,701 | - | 640,701 |
Held to maturity financial assets comprises of the following:
Delta state government 14% rate infrastructure development bond 2016/2018
2.4 | LOANS AND RECEIVABLES | ||||
LIFE | NON-LIFE | COMPOSITE | |||
N'000 | N'000 | N'000 | |||
staff and agents loan | 8,800 | 89,151 | 97,951 | ||
Loans to policy holders | 289,815 | 289,815 | |||
- | - | ||||
298,615 | 89,151 | 387,766 | |||
Current | - | ||||
No-current | 89,639 | 36,143 | 125,782 | ||
As at 31 December,2019 | 208,976 | 53,008 | 261,984 | ||
298,615 | 89,151 | 387,766 | |||
Staff and agents loan | 8,809 | 88,845 | 97,654 | ||
Loans to policy holders/mortgage | 289,458 | 289,458 | |||
Other receivables | - | - | |||
As at 31st March, 2020 | 298,267 | 88,845 | 387,111 | ||
- | |||||
Current | 89,291 | 35,837 | 125,127 | ||
No-current | 208,976 | 53,008 | 261,984 | ||
As at 31st March, 2020 | 298,267 | 88,845 | 387,111 | ||
2.5 LOANS TO POLICY HOLDERS -LIFE | Mar-19 | Dec-18 | |||
Policy loan | 288,535 | 289,415 | |||
Non- forfeiture regulation | 923 | - | |||
289,458 | 289,415 | ||||
3 | REINSURANCE ASSETS | ||||
LIFE | NON-LIFE | COMPOSITE | |||
N'000 | N'000 | N'000 | |||
As at I January 2019 | |||||
Reinsurance premium reserve(UPR) | 1,068 | - | 1,068 | ||
Reinsurance share of outstanding claim rese | - | 28,920 | 28,920 | ||
Incurred but not reported | - | 283,414 | 283,414 | ||
individual life | - | 11,615 | 11615 | ||
As at 31 December,2019 | 1,068 | 323,949 | 325,017 | ||
LIFE | NON-LIFE | COMPOSITE | |||
As at I January 2020 | 1068 | 323,949 | 325,017 | ||
Reinsurance premium reserve(UPR) | - | - | - | ||
Reinsurance share of outstanding claim reserve | |||||
Incurred but not reported | - | - | - | ||
individual life | |||||
As at 31st March, 2020 | 1,068 | 323,949 | 325,017 | ||
4 DEFERRED ACQUISITION COST- NON- LIFE BUSINESS | |||||
LIFE | NON-LIFE | COMPOSITE | |||
N'000 | N'000 | N'000 | |||
At the beginning of the year | - | 105,371 | 105,371 | ||
Acquisition paid durring the year | - | 500,236 | 500,236 | ||
Charged to non-life revenue | - | (555,848) | (555,848) | ||
As at 31 December,2019 | - | 49,757 | 49,758 | ||
Current | 49,757 | ||||
Non current |
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Niger Insurance plc published this content on 11 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 February 2022 13:47:00 UTC.
