NIGER INSURANCE PLC 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 | AUDITED 2020 | |||
Note | Composite | Composite | ||
Assets; | N'000 | N'000 | ||
Cash and cash equivalent | 1 | 154,787 | 198,095 | |
Investment securities available for sale | 2.1 | 1,563,644 | 1,488,201 | |
Investment securities held to maturity | 2.2 | 331,486 | 543,274 | |
Loans and receivables | 2.3 | 1,795,609 | 381,342 | |
Reinsurance assets | 3 | 106,860 | 509,096 | |
Deffered acquisition costs | 4 | 30,179 | 18,912 | |
Other receivables and prepayments | 5 | 1,261 | 359,401 | |
Investment in subsidiaries | 6 | 73,753 | 73,753 | |
Deferred tax asset | 7 | 616,832 | 681,955 | |
Investment properties | 8 | 14,328,979 | 14,558,119 | |
Intangible assets | 9 | 25,879 | 25,880 | |
Property, plant and equipment | 10 | 2,135,997 | 2,122,164 | |
Statutory Deposits | 11 | 500,000 | 500,000 | |
21,665,266 | 21,460,192 | |||
Liabilities; | ||||
Insurance contract Liabilities | 12 | 11,512,415 | 10,707,918 | |
Investment contract liabilities | 13 | 1,025,094 | 921,243 | |
LOANS | 2,480,000 | 2,480,000 | ||
Borrowings | 14 | 242,425 | 236,773 | |
Trade payables | 15 | 252,097 | 252,096 | |
Provision and other payables | 16 | 4,041,183 | 2,807,377 | |
Defined benefit obligation | 17 | 1,000,845 | 803,530 | |
Income tax liabilities | 18 | 88,397 | 72,877 | |
Deffered tax liabilities | 19 | 1,598,435 | 1,553,055 | |
22,240,891 | 19,834,871 | |||
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 | 3,294,929 | |
Asset revaluation reserve | 23 | 854,808 | 1,361,096 | |
Fair value reserves | 24 | 355,190 | 22,150 | |
Defined benefit reserve | 25 | 790,660 | 1,015,977 | |
Retained earnings | 27 | (10,519,936) | (8,730,069) | |
Shareholders fund | (575,625) | 1,625,321 | ||
Total liabilities and equity | 21,665,266 | 21,460,192 | ||
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 27th October, 2021
SECURITY TRADING POLICY CLAUSE
In compliance with Rule 17.5 Disclosure in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule) Niger Insurance Plc (the Company)
maintains effective Security Trading Policy which guides Directors, Audit Committee, Members, Employees and all Individuals categorized as insiders as to their dealing in the Company's shares. The Policy is regularly reviewed and updated by the Board The Company has made specific inquires
of all the Directors and other insiders and is not aware of any infringement of the policy during the period
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-DEC | ||
N'000 | N'000 | N'000 | N'000 | ||
Gross premium written | 28 | 91,734 | 169,905 | 406,748 | 1,039,657 |
unearned premium | (27,110) | (3,990) | (53,765) | 41,911 | |
Gross premium income | 64,624 | 165,915 | 352,983 | 1,081,568 | |
Reinsurance/ co-insurance expenses | 29 | (12,732) | (29,029) | (27,698) | (91,457) |
Net premium income | 51,892 | 136,886 | 325,285 | 990,111 | |
Fee and commission income | 30 | 3,343 | 7,505 | 7,273 | 16,489 |
Net underwriting income | 55,235 | 144,391 | 332,558 | 1,006,601 | |
Claims expenses | 31 | (502,775) | 238,231 | (913,412) | 1,050,509 |
Changes in insurance contract liability | 31 | (74,531) | 122,157 | (150,405) | (96,322) |
Claims expenses recovered from reinsurance | 31 | - | (5,416) | - | (31,465) |
Net claim expenses | (577,306) | 354,972 | (1,063,817) | 922,722 | |
Underwriting expenses | 32 | (37,278) | 9,577 | (62,491) | 101,931 |
Total underwriting expenses | (614,584) | 364,549 | (1,126,308) | 1,024,653 | |
Underwriting profit | (559,349) | (220,158) | (793,750) | -18,052 | |
Investment / other operating income | 33 | 164,628 | 86,900 | 175,049 | 468,458 |
Net realised gain on available for sale financial asse | 33 | 0 | 6,018 | 35,641 | |
loss realised on disposal of investment property | - | -123,000 | - | 3,086 | |
Other operating income | 533,016 | ||||
Management expenses | 34 | (375,489) | (343,597) | (1,179,250) | -3,061,371 |
Depreciation and amortisation | 35 | (15,944) | (12,973) | (63,777) | -57,186 |
Net operating profit before tax | (786,154) | (612,828) | (1,855,710) | -2,096,409 | |
Information technology levy | (3,890) | 2,322 | (17,443) | 0 | |
Income tax expense | - | 46,435 | - | -2,564 | |
Profit after tax | (790,044) | (564,071) | (1,873,153) | -2,098,973 | |
Transfer to contigency reserve | (9,474) | - | (9,474) | 0 | |
Retained profit after tax transferred to reserve | (799,518) | (564,071) | (1,882,627) | -2,098,973 | |
Other comprehensive income | |||||
Gain on revaluation of propert, plant and equipment | 11,290 | ||||
Appreciation on available for sale financial assets | -333,038 | ||||
Gain on Retirement benefit | 225,318.00 | ||||
Total comprehensive income for the year | (799,518) | (564,071) | (1,882,627) | (2,195,403) | |
Earnings per share | |||||
Profit for the year attributable to ordinary equity holders | |||||
Basic | (10.21) | (7.29) | (24.20) | (27.12) | |
Diluted | (10.21) | (7.29) | (24.20) | (27.12) |
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 | AUDITED | ||||||
2021 | 2020 | ||||||
N'000 | N'000 | ||||||
Premium Received | 366,790 | 1,039,657 | |||||
Reinsurance Premium Paid | (4,927) | (78,953) | |||||
Net Withdrawal from DA during the year | - | (194,406) | |||||
Fees and Commission Received | 7,273 | 16,489 | |||||
Claims paid during the year (Including | (146,658) | (1,050,508) | |||||
Surrender) | |||||||
Claims paid recovered from Reinsurers | 1,161 | 1,237 | |||||
Other acquisition cost paid | (33,406) | (90,664) | |||||
Cash paid to and on behalf of employees | (198,040) | (1,150,459) | |||||
Other operating expenses | (567,006) | (301,866) | |||||
Tax paid | (12,199) | (90,640) | |||||
Net cash outflow from operating activities | |||||||
(587,012) | (1,900,113) | ||||||
Investing activities | |||||||
Disposal of Available for sale financial assets | 50,000 | - | |||||
Acquisition of Available for sale financial assets | - | (339) | |||||
Gain on disposal of financial assets | - | 765,289 | |||||
Held to maturity investment | - | 262,018 | |||||
Acquisition of Property, Plant and Equipment | - | 540,000 | |||||
Interest/other income | 251,947 | 227,730 | |||||
Net cash outflow from investing activities | 301,947 | 1,794,698 | 1,794,695 | 4 | |||
Finance activities | |||||||
Borrowing | 21,461 | 120,057 | |||||
Deposit for share | - | ||||||
Net cash used in servicing of finance | 21,461 | 120,057 | |||||
Net cash used in servicing of finance | (263,604) | 14,642 | |||||
Cash and cash equivalent at the beginning | 418,391 | 183,452 | |||||
Cash and cash equivalent at the end | 154,787 | 198,094 | |||||
198094.7093 | |||||||
(0) | |||||||
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 | |||||||
ASSETS | STATUTORY | ||||||
ORDINARY | 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 17 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 February 2022 14:17:08 UTC.
