NIGER INSURANCE : QUARTER 3 - FINANCIAL STATEMENT FOR 2021

February 11, 2022 at 01:48 pm EST

NIGER INSURANCE PLC

MANAGEMENT ACCOUNT

COMPANY COMPOSITE STATEMENTS

OF FINANCIAL POSITIONS AS AT

30TH SEPTEMBER 2021

NIGER INSURANCE PLC

MANAGEMENT ACCOUNT

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

			Sep-21	UNAUDITED 2020
	Note		Composite	Composite
Assets;			N'000	N'000
Cash and cash equivalent		1	154,787	418,391
Investment securities available for sale		2.1	1,563,644	1,562,796
Investment securities held to maturity		2.2	331,486	359,376
Loans and receivables		2.3	1,795,609	383,091
Reinsurance assets		3	106,860	464,967
Deffered acquisition costs		4	30,179	30,180
Other receivables and prepayments		5	1,261	1,321,684
Investment in subsidiaries		6	73,753	73,753
Deferred tax asset		7	616,832	616,832
Investment properties		8	14,328,979	14,492,479
Intangible assets		9	25,879	28,073
Property, plant and equipment		10	2,135,997	2,122,186
Statutory Deposits		11	500,000	500,000
			21,665,266	22,373,808
Liabilities;			-
Insurance contract Liabilities		12	11,512,415	10,747,864
Investment contract liabilities		13	1,025,094	1,017,534
LOANS			2,480,000	271,844
Borrowings		14	242,425	271,844
Trade payables		15	252,097	236,744
Provision and other payables		16	4,041,183	2,391,117
Defined benefit obligation		17	1,000,845	1,010,329
Income tax liabilities		18	88,397	148,075
Deffered tax liabilities		19	1,598,435	1,598,435
			22,240,891	17,693,786
Equity;
Issued and paid share capital		20	3,869,747	3,869,747
Share premium		21	791,491	791,491
Contigency reserve		22	3,282,415	3,272,941
Asset revaluation reserve		23	854,808	854,808
Fair value reserves		24	355,190	355,190
Defined benefit reserve		25	790,660	790,660
Retained earnings		27	(10,519,936)	(6,981,471)
Shareholders fund			(575,625)	4,951,865
Total liabilities and equity			21,665,266	22,373,807
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 SEPTEMBER, 2021
			Q1 2021	Q1 2020	YTD 2021	YTD 2020
			JULY-SEPT	JULY-SEPT	JAN-SEPT	JAN-SEPT
			N'000	N'000	N'000	N'000
Gross premium written	28		91,734	169,905	406,748	775,782
unearned premium			(27,110)	(3,990)	(53,765)	(11,463)
Gross premium income			64,624	165,915	352,983	764,319
Reinsurance/ co-insurance expenses	29		(12,732)	(29,029)	(27,698)	(67,052)
Net premium income			51,892	136,886	325,285	697,267
Fee and commission income	30		3,343	7,505	7,273	11,376
Net underwriting income			55,235	144,391	332,558	708,643
Claims expenses	31		(502,775)	238,231	(913,412)	661,476
Changes in insurance contract liability	31		(74,531)	122,157	(150,405)	280,450
Claims expenses recovered from reinsurance	31		-	(5,416)	-	(6,237)
Net claim expenses			(577,306)	354,972	(1,063,817)	935,689
Underwriting expenses	32		(37,278)	9,577	(62,491)	64,636
Total underwriting expenses			(614,584)	364,549	(1,126,308)	1,000,325
Underwriting profit			(559,349)	(220,158)	(793,750)	(291,682)
Investment / other operating income	33		164,628	86,900	175,049	267,767
Net realised gain on available for sale financial asse	33		0		6,018	620,000
loss realised on disposal of investment property			-	-123,000	-	-123,000
Management expenses	34		(375,489)	(343,597)	(1,179,250)	(1,019,428)
Depreciation and amortisation	35		(15,944)	(12,973)	(63,777)	(38,371)
Net operating profit before tax			(786,154)	(612,828)	(1,855,710)	(584,714)
Information technology levy			(3,890)	2,322	(17,443)	(1,388)
Income tax expense			-	46,435	-	(27,762)
Profit after tax			(790,044)	(564,071)	(1,873,153)	(613,864)
Transfer to contigency reserve			(9,474)	-	(9,474)	-
Retained profit after tax transferred to reserve			(799,518)	(564,071)	(1,882,627)	(613,864)
Other comprehensive income
Gain on revaluation of propert, plant and equipment
Appreciation on available for sale financial assets
Total comprehensive income for the year			(799,518)	(564,071)	(1,882,627)	(613,864)
Earnings per share
Profit for the year attributable to ordinary equity holders
Basic			(10.21)	(7.29)	(24.20)	(7.93)
Diluted			(10.21)	(7.29)	(24.20)	(7.93)
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 SEPTEMBER, 2021

	UNAUDITED	UNAUDITED
	2021	2020
	N'000	N'000
Premium Received	366,790	775,782
Reinsurance Premium Paid	(4,927)	(67,052)
Withdrawal from DA during the year	-	(91,966)
Fees and Commission Received	7,273	11,376
Claims paid during the year (Including	(146,658)	(1,050,468)
Surrender)

Claims paid recovered from Reinsurers	1,161	6,237
Other acquisition cost paid	(33,406)	(443,752)
Cash paid to and on behalf of employees	(198,040)	(2,766)
Other operating expenses	(567,006)	(789,428)
Tax paid	(12,199)	(40,640)
Net cash outflow from operating activities
(587,012)	(1,692,677)
Investing activities
Disposal of Available for sale financial assets	50,000	598,803
Acquisition of Available for sale financial assets	-	-
Gain on disposal of financial assets	-	700,000
Held to maturity investment	-	445,917
Acquisition of Property, Plant and Equipment	-
Interest/other income	251,947	267,767
Net cash outflow from investing activities	301,947	2,012,487
Finance activities

Borrowing

Deposit for share

Net cash used in servicing of finance

Net cash used in servicing of finance Cash and cash equivalent at the beginning Cash and cash equivalent at the end

21,461(84,873)

(263,604)234,937

418,391183,454

154,787418,391

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 SEPTEMBER, 2021
					STATUTORY
	ORDINARY	ASSETS REVALUATION	FAIR VALUE	CONTIGENCY	RETAINED
	SHARE 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 31st march, 2021	3,869,747.46	791491.44	854808	355,189.87	3272941	(8,491,690.00)	652,487.76
Reclassification
Dividend paid
Fair value/revaluation gain on assets							-
Transfer from income statement						(2,037,720)	(2,037,720)
Transfer to contigency reserve					9,474
As at 30th SEPTEMBER, 2021	3,869,747	791,491	854,808	355,190	3,282,415	(10,529,410)	(1,385,232)
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	65,757.00	163,581.00
Deposits	7,178	2,992.00	10,170.00
As at 31 March 2021	105,002	68,749.00	173,751.00
Cash at bank	95,139	40,774	135,912.21
Deposits	4,432	14,442.31	18,874.73
As at 3oth september, 2021	99,571	55,215.97	154,786.94
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	199,116	1,366,708.92	1,565,825.12
As at 31 March 2021	199,116	1,366,708.92	1,565,825.12
Available for sale	214,500	1,140,685.01	1,355,184.96
As at 3oth september, 2021	214,500	1,140,685.01	1,355,184.96

2.1 Investment securities available for sale

	LIFE	NON-LIFE	COMPOSITE
	N'000	N'000	N'000
Equity securities;
Listed (5.1.1)	2,443,985	1,095,273.67	3,539,258.67
Unlisted (5.1.2)	264,597	1,320,510.41	1,585,107.41
	2,708,582	2,415,784.08	5,124,366.08
Less: impairment
At January 2021	2,509,466	1,049,075.16	3,519,765.95
Addition during the period	-	-	-
write back charge for the year			46,339.00
Adjustment/reclasification		-	(7,647.00)
As at 31st March 2021	2,509,466	1,049,075.16	3,558,457.95

As at 30th september, 2021	199,116	1,366,708.92	1,565,908.12
As at 31 August 2021
Listed	214,500	1,140,685.01	1,355,184.96
Unlisted	205,175	3,366.66	208,542.09
	419,675	1,144,051.67	1,563,727.06
Less: impairment
At January 2021	-	-	-
Charge for the period	-		-
reclassification	-		-
write back	-		-
	-	-	-

As at 30th september, 2021	419,675	1,143,968.67	1,563,727.06

2.1 Movement in the cost of listed securities

At March,2020	2,444,135	1,084,206.00	3,528,341.00
Addition during the period		120.00	120.00
Disposal	(150)	(82.00)	(232.00)
Fair value reclassification			-
Reclassification		10,000.00	10,000.00
As at 31st March, 2021	2,443,985	1,094,244.00	3,538,229.00
At April,2021	2,443,985	1,094,244.00	3,538,229.00
Addition during the period	-	-	-
Disposal		-	-
Fair value reclassification/Gain	0	4,254.16	4,254.16
Reclassification			-
As at 30th september, 2021	2,443,985	1,098,498.16	3,542,483.16
	LIFE	NON-LIFE	COMPOSITE
	N'000	N'000	N'000

2.2 Movement in the cost of unlisted securities

At January,2021	281,097	1,935,813.00	2,216,910.00
Addition during the period		-	-
write back charge for the year		-	-
Adjustment/reclasification		(10,000.00)	(10,000.00)
Disposal during the year
As at 31st March, 2021	281,097	1,925,813.00	2,206,910.00
At April,2021	205,175	3,366.66	208,542.09
Addition during the period
write back charge for the year
Adjustment/reclasification
Disposal during the year
As at 30th september, 2021	205,175	3,366.66	208,542.09

2.2 Movement in the impairment of listed securities

	LIFE	NON-LIFE	COMP
	N'000	N'000	N'000
At March,2021	2,350,250	496,923.75	2,847,173.54
Addition during the period			-
write back charge for the year	505	92,727.00	93,232.00
Adjustment/reclasification			-
As at 31st March, 2021	2,350,755	589,650.75	2,940,405.54
At April,2021
Addition during the period
write back charge for the year
Adjustment/reclasification
As at 3o september, 2021	2,350,755	589,650.75	2,940,405.54

2.2 Movement in the impairment of Unlisted securities

At March,2021	36,385	636,207.41	672,592.41
Addition during the period			-
write back charge for the year	129973	(176,866.00)	(46,893.00)
Adjustment/reclasification	(7,647)		(7,647.00)
As at 31st March, 2021	158,711	459,341.41	618,052.41
At April,2021	158,711	459,341.41	618,052.41
Addition during the period
write back charge for the year
Adjustment/reclasification
As at 30th June 2021	158,711	459,341.41	618,052.41

As at 31st March,2021	2,350,867	1,048,992.16	3,558,457.95

As at 30th september,2021	2,509,466	1,048,992.16	3,558,457.95

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

	LIFE	NON-LIFE	COMPOSITE
	N'000	N'000	N'000
At March 2021	805,292	-	805,292.00
Addition during the year	334,254	-	334,254.00
Disposal during the year	(907,879)	-	(907,879.00)
Others held to maturity	170,115	39,887.80	210,002.80
As at 31st March	401,782	39,887.80	441,669.80
	LIFE	NON-LIFE	COMPOSITE
	N'000	N'000	N'000
At April 2021	331,486	-	331,485.96
Addition during the year
Disposal during the year
Others held to maturity

As at 30th september, 2021	331,486	-	331,485.96
Held to maturity financial assets comprises of the following:
2.4 LOANS AND RECEIVABLES
	LIFE	NON-LIFE	COMPOSITE
	N'000	N'000	N'000
staff and agents loan	9,478	83,630.02	93,108.02
Loans to policy holders	288,535		288,535.00
			-

Current

No-current

As at 31st March 2021

Staff and agents loan

Loans to policy holders/mortgage

Other receivables

As at June 2021

Current

Non-current

As at 30th september, 2021

2.5 LOANS TO POLICY HOLDERS -LIFE

Policy loan

Non- forfeiture regulation

3 REINSURANCE ASSETS

As at March 2021

prepaid Reinsurance premium reserve(UPR) Reinsurance share of outstanding claim reserve Incurred but not reported

As at 31st March 2021

298,013	83,630	381,643.02
89,036	30,622.00	-
208,976	53,008.00	261,984.00
		-
298,012	83,630.00	261,984.00
12,606		12,606.00
288,535		288,535.00
	1,494,468.00	1,494,468.00
301,141	1,494,468	1,795,609.00
		-

301,141	1,494,468	1,795,609.00
Jun-21	44,276.00
	297,712.00
	9.00
297,721	297,721.00
	;
LIFE	NON-LIFE		COMPOSITE
N'000	N'000		N'000
0	464,967.23	464,967.23
-	-	-
-	-	-
-	464,967.23	464,967.23

		LIFE	NON-LIFE	COMPOSITE
As at April 2021
Reinsurance premium reserve(UPR)		-	-
Reinsurance share of outstanding claim reserve
Incurred but not reported		106,860.04	106,860.04
individual life
As at 30th september, 2021		-	106,860.04	106,860.04
4 DEFERRED ACQUISITION COST- NON- LIFE BUSINESS
	LIFE		NON-LIFE	COMPOSITE
	N'000		N'000	N'000
At the beginning of the year	-	30,179.00	30,179.00
Acquisition paid durring the year	-		-
Charged to non-life revenue		-		-
As at 31st March,2021		-	30,179.00	30,179.00
Current		30,179.00	30,179.00
Non current
			30,179.00	30,179.00

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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 18:47:06 UTC.

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NIGER INSURANCE : QUARTER 3 - FINANCIAL STATEMENT FOR 2021

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