NIGER INSURANCE PLC

MANAGEMENT ACCOUNT

COMPANY COMPOSITE STATEMENTS

OF FINANCIAL POSITIONS AS AT

30TH JUNE 2021

NIGER INSURANCE PLC

MANAGEMENT ACCOUNT

COMPANY COMPOSITE STATEMENT OF FINANCIAL POSITION AS AT 30TH , JUNE 2021

ACTUAL 2021

UNAUDITED 2020

Note

Composite

Composite

Assets;

N'000

N'000

Cash and cash equivalent

1

173,751

242,149

Investment securities available for sale

2.1

1,563,644

1,574,709

Investment securities held to maturity

2.2

331,486

596,308

Loans and receivables

2.3

1,786,353

384,199

Reinsurance assets

3

106,860

464,967

Deffered acquisition costs

4

30,179

51,462

Other receivables and prepayments

5

1,261

1,753,400

Investment in subsidiaries

6

73,753

73,753

Deferred tax asset

7

616,832

616,832

Investment properties

8

14,522,479

15,062,479

Intangible assets

9

25,879

29,718

Property, plant and equipment

10

2,155,830

2,133,174

Statutory Deposits

11

500,000

500,000

21,888,307

23,483,148

Liabilities;

Insurance contract Liabilities

12

11,267,279

10,800,055

Investment contract liabilities

13

1,025,094

1,047,534

Loans

2,480,000

Borrowings

14

242,425

334,676

Trade payables

15

252,097

512,643

Provision and other payables

16

2,962,553

2,537,322

Defined benefit obligation

17

1,000,845

1,010,467

Income tax liabilities

18

88,397

220,150

Deffered tax liabilities

19

1,598,435

1,598,435

20,917,125

18,061,282

Equity;

Issued and paid share capital

20

3,869,747

3,869,747

Share premium

21

791,491

791,491

Contigency reserve

22

3,272,941

3,238,333

Asset revaluation reserve

23

854,808

854,808

Fair value reserves

24

355,190

355,190

Defined benefit reserve

25

790,660

790,660

Deposit for shares

26

-

1,998,500

Retained earnings

27

(8,963,655)

(6,476,863)

Shareholders fund

971,182

5,421,866

Total liabilities and equity

21,888,307

23,483,148

ADEMOLA SALAMI

EDWIN IGBITI

FRC/2013/ICAN/00000003468

FRC/2013/CIIN/00000005551

CHIEF FINANCIAL OFFICER

CHIEF EXECUTIVE OFFICER

This Account was approved by the Board on the 30th December, 2021

MANAGEMENT ACCOUNTS

NIGER INSURANCE PLC

COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR QUARTER ENDED 30TH JUNE, 2021

Q1 2021

Q1 2020

YTD 2021

YTD 2020

APR-JUNE

APR-JUNE

JAN-JUNEJAN-JUNE

N'000

N'000

N'000

N'000

Gross premium written

28

unearned premium

Gross premium income

Reinsurance/ co-insurance expenses

29

Net premium income

Fee and commission income

30

Net underwriting income

Claims expenses

31

Changes in insurance contract liability

31

Claims expenses recovered from reinsurance

31

Net claim expenses

Underwriting expenses

32

Total underwriting expenses

Underwriting profit

Investment / other operating income

33

Net realised gain on available for sale financial assets

33

Management expenses

34

Depreciation and amortisation

35

Net operating profit before tax

Information technology levy

Income tax expense

Profit after tax

Transfer to contigency reserve

Retained profit after tax transferred to reserve

Other comprehensive income

Gain on revaluation of propert, plant and equipment Appreciation on available for sale financial assets

Total comprehensive income for the year

87,317

189,408

315,014

605,877

(6,232)

(3,308)

(26,655)

(7,473)

81,085

186,100

288,359

598,404

(7,483)

(11,647)

(14,966)

(38,024)

73,602

174,453

273,393

560,381

1,965

3,439

3,930

3,871

75,567

177,892

277,323

564,252

(148,715)

265,584

(410,637)

423,245

(25,738)

(7,854)

(75,874)

158,293

-

(822)

(822)

(174,453)

256,909

(486,511)

580,716

(12,438)

9,318

(25,213)

55,059

(186,891)

266,227

(511,724)

635,775

(111,325)

(88,334)

(234,402)

(71,523)

101,603.00

72,208

10,421

180,866

-

6,018

620,000

-309,139

(320,984)

(803,761)

(675,831)

(18,951)

(21,076)

(47,833)

(25,398)

(337,812)

(358,187)

(1,069,557)

28,115

(8,636)

2,227

(21,333)

(3,710)

(129,541)

44,535

(74,953)

(74,197)

(475,989)

(311,425)

(1,165,843)

(49,792)

-

-

-

(475,989)

(311,425)

(1,165,843)

(49,792)

(475,989)

(311,425)

(49,792)

Earnings per share

Profit for the year attributable to ordinary equity holders

Basic

(4.36)

(4.63)

0.36

Diluted

(4.36)

(4.63)

0.36

ADEMOLA SALAMI

EDWIN IGBITI

FRC/2013/ICAN/00000003468

FRC/2013/CIIN/00000005551

CHIEF FINANCIAL OFFICER

CHIEF EXECUTIVE OFFICER

NIGER INSURANCE PLC

STATEMENT OF CASH FLOWS AS AT 30TH JUNE, 2021

UNAUDITED

UNAUDITED

2021

2020

N'000

N'000

Operating activities

Premium Received

315,014

605,877

Reinsurance Premium Paid

(15,111)

(38,024)

Withdrawal from DA during the year

-

(61,989)

Fees and Commission Received

2,137

3,871

Claims paid during the year (Including Surrender)

(241,284)

(750,457)

Claims paid recovered from Reinsurers

1,161

822

Other acquisition cost

(27,001)

(439,941)

Cash paid to and on behalf of employees

(77,933)

(2,628)

Other operating expenses

(93,377)

(843,619)

Tax paid

(6,878)

(15,000)

Net cash outflow from operating activities

(143,272)

(1,541,088)

Investing activities

Disposal of Available for sale financial assets

50,000

531,972

Acquisition of Available for sale financial assets

-

Gain on disposal of financial assets

700,000

Held to maturity investment

208,985

Interest/other income

39,200

180,866

Net cash outflow from investing activities

89,200

1,621,823

Finance activities

Borrowing

21,461

(22,041)

Deposit for shares

-

Net cash used in servicing of finance

21,461

(22,041)

Net cash used in servicing of finance

(32,611)

58,695

Cash and cash equivalent at the beginning

206,361

183,454

Cash and cash equivalent at the end

173,750

242,149

ADEMOLA SALAMI

EDWIN IGBITI

FRC/2013/ICAN/00000003468

FRC/2013/CIIN/00000005551

CHIEF FINANCIAL OFFICER

CHIEF EXECUTIVE OFFICER

NIGER INSURANCE PLC

STATEMENT OF CHANGE IN EQUITY

AS AT 30TH JUNE, 2021

ORDINARY

ASSETS

STATUTORY

SHARE

REVALUATION

FAIR VALUE

CONTIGENCY

RETAINED

CAPITAL

SHARE PREMIUM

RESERVE

RESERVE

RESERVE

EARNINGS

TOTAL

N'000

N'000

N'000

N'000

N'000

N'000

N'000

COMPANY

As at 1 January, 2021

3,869,747

791,491

854,808

355,190

3,272,941

(8,491,690)

652,487

Reclassification

Dividend paid

Fair value/revaluation gain on assets

-

Transfer from income statement

(471,965)

(471,965)

Transfer to contigency reserve

As at 30th June, 2021

3,869,747

791,491

854,808

355,190

3,272,941

(8,963,655)

180,522

ADEMOLA SALAMI

EDWIN IGBITI

FRC/2013/ICAN/00000003468

FRC/2013/CIIN/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 Mar 2021

97,824

65,757

163,581

Deposits

7,178

2,992

10170

As at 31 March 2021

105,002

68,749

173751

Cash at bank

100569.5759

54306.68933

154876.2652

Deposits

4432.42411

14442.31067

18874.73478

As at 30th June 2021

105,002

68,749

173,751

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

199116.2069

1366708.918

1565825.125

As at 31 March 2021

199,116

1,366,709

1,565,825

Available for sale

214,500

1,140,685

1,355,185

As at 30th June, 2021

214,500

1,140,685

1,355,185

2.1 Investment securities available for sale

LIFE

NON-LIFE

COMPOSITE

N'000

N'000

N'000

Equity securities;

Listed (5.1.1)

Unlisted (5.1.2)

Less: impairment At January 2021 Addition during the period write back charge for the year

Adjustment/reclasification As at 31st March 2021

As at 31st March 2021

As at June2021

Listed

Unlisted

2,443,985

1,095,274

3,539,259

264,597

1,320,510

1,585,107

2,708,582

2,415,784

5,124,366

2,509,466

1,049,075

3,519,766

-

-

-

46,339

-

(7,647)

2,509,466

1,049,075

3,558,458

199,116

1,366,709

1,565,908

214,500

1,140,685

1,355,185

205,175

3,367

208,542

419,675

1,144,052

1,563,727

Less: impairment

At January 2021

0

0

0

Charge for the period

-

-

reclassification

-

-

write back

-

-

0

-

-

As at 30th June 2021

419,675

1,143,969

1,563,727

2.1 Movement in the cost of listed securities

At March,2020

2,444,135

1,084,206

3,528,341

Addition during the period

120

120

Disposal

-150

(82)

(232)

Fair value reclassification

-

Reclassification

10,000

10,000

As at 31st March, 2021

2,443,985

1,094,244

3538229

At April,2021

2443985

1094244

3538229

Addition during the period

-

-

0

Disposal

-

-

Fair value reclassification/Gain

-

4,254

4,254

Reclassification

-

As at 31 June 2021

2,443,985

1,098,498

3,542,483

LIFE

NON-LIFE

COMPOSITE

N'000

N'000

N'000

2.2 Movement in the cost of unlisted securities

At January,2021

281,097

1,935,813

2,216,910

Addition during the period

-

-

write back charge for the year

0

-

Adjustment/reclasification

(10,000)

(10,000)

Disposal during the year

As at 31st March, 2021

281,097

1,925,813

2206910

At April,2021

205175.4306

3366.66405

208542.0946

Addition during the period

write back charge for the year

Adjustment/reclasification

Disposal during the year

0

As at 31 March 2021

205175.4306

3,367

208,542

0

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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 16:57:07 UTC.