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.