AXA Mansard Insurance Plc and Subsidiary Companies
Unaudited Financial Statements
31 December, 2022
CERTIFICATION PURSUANT TO SECTION 60(2) OF INVESTMENT AND SECURITIES ACT NO.29 OF 2007
We the undersigned hereby certify the following with regards to our financial statements for the year ended 31 December 2022 that:
- We have reviewed the financial statement;
- To the best of our knowledge, the financial statement does not contain:
- Any untrue statement of a material fact, or
- Omit to state a material fact, which would make the statements, misleading in the light of circumstances under which such statements were made;
(c ) To the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operation of the Company and its
- We:
- Are responsible for establishing and maintaining internal controls.
- Have designed such internal controls to ensure that material information relating to the Company and its consolidated subsidiaries is made known to such officers by others within those entries particularly during the year in which the periodic reports are being prepared;
- Have evaluated the effectiveness of the Company's internal controls as of date within 90 days prior to the report;
- Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;
- We have disclosed to the auditors of the Company and Audit Committee:
- All significant deficiencies in the design or operation of internal controls which would adversely affect the Company's ability to record, process, summarize and report financial data and have identified for the Company's auditors any material weakness in internal controls, and
- Any fraud, whether or not material, that involves management or other employees who have significant roles in the Company's internal controls;
- We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Mrs. Ngozi Ola-Israel | Mr. Adekunle Ahmed |
FRC/2017/ANAN/00000017349 | FRC/2017/CIIN/00000017019 |
Chief Financial Officer | Chief Executive Officer |
2
Consolidated Statement of Financial Position
as at 31 December, 2022
(All amounts in thousands of Naira)
Group | Group | Parent | Parent | ||
Notes | 31-Dec-22 | 31-Dec-21 | 31-Dec-22 | 31-Dec-21 | |
ASSETS | |||||
Cash and cash equivalents | 5 | 17,786,836 | 17,343,344 | 15,424,625 | 14,227,012 |
Investment securities: | |||||
- Fair value through profit or loss | 6.1 | 3,386,475 | 3,653,526 | 3,386,475 | 3,653,526 |
- Available-for-sale assets | 6.2 | 35,655,391 | 35,107,536 | 33,510,501 | 30,864,575 |
Financial assets designated at fair value | 6.3 | 2,619,689 | 4,374,805 | 2,619,689 | 4,374,805 |
Trade receivables | 7 | 8,916,147 | 7,013,359 | 1,578,446 | 1,196,453 |
Reinsurance assets | 8 | 12,082,804 | 11,172,348 | 11,879,859 | 10,870,972 |
Deferred acquisition cost | 9 | 862,218 | 752,954 | 514,011 | 620,749 |
Other receivables | 10 | 3,507,500 | 3,929,886 | 2,945,116 | 2,981,536 |
Loans and receivables | 11 | 3,773,987 | 1,655,085 | 4,229,582 | 2,666,458 |
Investment properties | 12 | 14,009,208 | 14,560,934 | - | - |
Investment in subsidiaries | 13 | - | - | 1,652,000 | 1,652,000 |
Intangible assets | 14 | 445,594 | 400,647 | 391,201 | 354,896 |
Property and equipment | 15 | 3,099,315 | 2,802,458 | 2,717,460 | 2,404,365 |
Right of use | 15c | 783,504 | 797,757 | 672,176 | 654,074 |
Statutory deposit | 16 | 500,000 | 500,000 | 500,000 | 500,000 |
TOTAL ASSETS | 107,428,668 | 104,064,639 | 82,021,141 | 77,021,421 | |
LIABILITIES | |||||
Insurance liabilities | 17 | 44,745,794 | 36,928,441 | 30,735,827 | 25,594,713 |
Investment contract liabilities: | |||||
- At amortised cost | 18.1 | 4,211,202 | 6,868,168 | 4,211,202 | 6,868,168 |
- Liabilities designated at fair value | 18.1 | 2,619,689 | 4,374,805 | 2,619,689 | 4,374,805 |
Trade payables | 19 | 14,667,779 | 11,638,229 | 14,592,595 | 11,286,130 |
Other liabilities | 20 | 3,651,796 | 4,513,072 | 2,787,254 | 3,141,233 |
Current income tax liabilities | 21 | 1,526,519 | 1,962,020 | 633,760 | 645,958 |
Borrowings | 22 | 2,237,944 | 2,454,143 | - | - |
Deferred tax liability | 23 | 864,463 | 932,573 | - | - |
TOTAL LIABILITIES | 74,525,186 | 69,671,451 | 55,580,327 | 51,911,007 | |
EQUITY | |||||
Share capital | 24.1 | 18,000,000 | 18,000,000 | 18,000,000 | 18,000,000 |
Share premium | 24.2 | 78,255 | 78,255 | 78,255 | 78,255 |
Contingency reserve | 24.3 | 5,120,169 | 4,816,716 | 5,120,169 | 4,816,716 |
Treasury shares | 24.5 | (111,476) | (111,476) | (111,476) | (111,476) |
Fair value reserves | 24.6 | (996,830) | (62,329) | (743,168) | (8,764) |
Retained earnings | 24.7 | 6,717,836 | 7,351,131 | 4,097,033 | 2,335,683 |
SHAREHOLDERS' FUNDS | 28,807,954 | 30,072,297 | 26,440,814 | 25,110,414 | |
Total equity attributable to the owners of the parent | 28,807,954 | 30,072,297 | 26,440,814 | 25,110,414 | |
Non-controlling interest in equity | 25 | 4,095,528 | 4,320,891 | - | - |
TOTAL EQUITY | 32,903,482 | 34,393,188 | 26,440,814 | 25,110,414 | |
TOTAL LIABILITIES AND EQUITY | 107,428,668 | 104,064,639 | 82,021,141 | 77,021,421 | |
Signed on behalf of the Board of Directors on January 30, 2023 | |||||
Mrs. Ngozi Ola-Israel | Mr. Adekunle Ahmed | Mr. Olusola Adeeyo | |||
FRC/2017/ANAN/00000017349 | FRC/2017/CIIN/00000017019 | FRC/2013/NIM/00000001919 | |||
Chief Financial Officer | Chief Executive Officer | Chairman |
3
Consolidated Statement of Comprehensive Income
for the year ended 31 December, 2022
Notes | |||||
Group | Group | Parent | Parent | ||
31-Dec-22 | 31-Dec-21 | 31-Dec-22 | 31-Dec-21 | ||
Continuing operations | |||||
Gross written premium | 27 | 68,980,044 | 60,197,851 | 41,232,118 | 37,546,391 |
Gross premium income | 27 | 69,445,474 | 55,722,892 | 43,555,440 | 34,054,988 |
Re-insurance expenses | 27 | (23,238,239) | (18,580,710) | (22,995,550) | (18,318,198) |
Net premium income | 27 | 46,207,235 | 37,142,182 | 20,559,890 | 15,736,790 |
Fee and commission on insurance contracts | 28 | 2,397,298 | 1,860,567 | 2,397,298 | 1,860,567 |
Net underwriting income | 48,604,533 | 39,002,749 | 22,957,188 | 17,597,357 | |
Claims: | |||||
Claims expenses (gross) | 29 | (37,878,695) | (28,927,967) | (14,384,001) | (11,930,407) |
Claims expenses recovered from reinsurers | 29 | 4,784,363 | 4,610,999 | 4,625,399 | 4,436,812 |
Underwriting expenses | 30 | (5,549,431) | (4,774,332) | (4,496,586) | (4,002,736) |
Changes in individual life reserves | 17.3 | (1,735,536) | (1,580,635) | (1,735,536) | (1,580,635) |
Changes in annuity reserves | 17.4 | 147,643 | 899,102 | 147,643 | 899,102 |
Net underwriting expenses | (40,231,656) | (29,772,833) | (15,843,081) | (12,177,864) | |
Total underwriting profit | 8,372,877 | 9,229,916 | 7,114,107 | 5,419,493 | |
Investment income | 31 | 6,274,261 | 5,080,874 | 6,473,625 | 5,439,214 |
Net gains/(losses) on financial instruments | 32 | (731,792) | (48,271) | (16,696) | (905,070) |
Net gains on investment property | 12 | - | 39,981 | - | - |
Profit on investment contracts | 33 | 409,048 | 230,156 | 409,048 | 230,156 |
Other income | 34 | 229,796 | 948,511 | 26,574 | 343,087 |
Total investment income | 6,181,313 | 6,251,251 | 6,892,551 | 5,107,387 | |
Expenses for marketing and administration | 35 | (1,668,663) | (1,527,477) | (1,895,899) | (1,722,175) |
Employee benefit expense | 36 | (4,509,327) | (3,730,129) | (3,556,022) | (2,839,330) |
Other operating expenses | 37 | (4,314,781) | (4,067,203) | (3,004,537) | (2,790,917) |
(Impairment)/writeback of other assets | 10 | - | 2,370 | - | 2,370 |
(Impairment)/writeback of premium receivables | 7.1 | (100,000) | (86,050) | - | 11,950 |
Results of operating activities | 3,961,419 | 6,072,679 | 5,550,200 | 3,188,778 | |
Finance cost | 38 | (332,374) | (287,707) | (132,117) | (74,227) |
Profit before tax | 3,629,045 | 5,784,972 | 5,418,083 | 3,114,551 | |
Income tax expense | 39 | (1,394,250) | (2,049,807) | (563,279) | (623,858) |
Profit from discontinued operations (net of tax) | - | - | |||
Profit for the year | 2,234,795 | 3,735,165 | 4,854,804 | 2,490,693 | |
Profit attributable to: | |||||
Owners of the parent | 2,460,158 | 3,490,816 | 4,854,804 | 2,490,693 | |
Non-controlling interest | 25 | (225,363) | 244,349 | - | - |
2,234,795 | 3,735,165 | 4,854,804 | 2,490,693 | ||
Other comprehensive income: | |||||
Items that may be subsequently reclassified to the profit or loss account: | |||||
Changes in available-for-sale financial assets (net of taxes) | 24.6 | (934,501) | (5,327,135) | (734,404) | (5,041,306) |
Items that will not be subsequently reclassified to profit or loss account | - | - | - | - | |
Other comprehensive income for the year | (934,501) | (5,327,135) | (734,404) | (5,041,306) | |
Total comprehensive income for the year | 1,300,294 | (1,591,970) | 4,120,400 | (2,550,613) | |
Attributable to: | |||||
Owners of the parent | 1,525,657 | (1,836,319) | 4,120,400 | (2,550,613) | |
Non-controlling interests | 25 | (225,363) | 244,349 | - | - |
Total comprehensive income for the year | 1,300,294 | (1,591,970) | 4,120,400 | (2,550,613) | |
Earnings per share: | |||||
Basic (kobo) | 27 | 35 | 54 | 28 | |
Diluted (kobo) | 28 | 35 | 55 | 28 |
4
Consolidated Statements of Changes in Equity
(All amounts in thousands of Naira unless otherwise stated) for the year ended 31 December, 2022
Capital and | Non | ||||||||||
Share | Share | Contingency | other statutory | Share scheme | Treasury | Fair value | Retained | Total | Controlling | Total | |
Capital | premium | reserve | reserves | reserves | shares | reserves | earnings | interest | equity | ||
Balance at 1 January 2022 | 18,000,000 | 78,255 | 4,816,716 | - | - | (111,476) | (62,329) | 7,351,131 | 30,072,297 | 4,320,891 | 34,393,189 |
Total comprehensive income for the year | |||||||||||
Profit for the year | - | - | - | - | - | - | - | 2,460,158 | 2,460,158 | (225,363) | 2,234,795 |
Transfer to contingency reserves | - | - | 303,453 | - | - | - | - | (303,453) | - | - | - |
Other comprehensive income | |||||||||||
Changes in fair value of available-for-sale | - | - | - | - | - | - | (934,501) | ||||
financial assets | (934,501) | - | (934,501) | ||||||||
Total comprehensive income for the year | - | - | 303,453 | - | - | - | (934,501) | 2,156,705 | 1,525,657 | (225,363) | 1,300,294 |
Transactions with owners, recorded directly in equity | |||||||||||
Dividends to equity holders | - | - | - | - | - | - | - | (2,790,000) | (2,790,000) | - | (2,790,000) |
Impact of vesting of shares in the equity settled | |||||||||||
share based payment | - | - | - | - | - | - | - | - | - | - | - |
Bonus issue expenses | - | - | - | - | - | - | - | - | - | ||
Recapitalization | - | - | - | - | - | - | - | - | - | - | |
Additional subsidiary investment with NCI | - | - | - | - | - | - | - | - | - | - | - |
Total transactions with owners of equity | - | - | - | - | - | - | - | (2,790,000) | (2,790,000) | - | (2,790,000) |
Balance at 31 December, 2022 | 18,000,000 | 78,255 | 5,120,169 | - | - | (111,476) | (996,830) | 6,717,836 | 28,807,954 | 4,095,528 | 32,903,482 |
Year ended 31 December, 2021 | |||||||||||
Group | |||||||||||
Capital and | Non | ||||||||||
Share | Share | Contingency | other statutory | Share scheme | Treasury | Fair value | Retained | Total | Controlling | Total | |
Capital | premium | reserve | reserves | reserves | shares | reserves | earnings | interest | equity | ||
Balance at 1 January 2021 | 18,000,000 | - | 4,345,125 | - | 167,381 | (304,924) | 5,264,806 | 6,470,482 | 33,942,870 | 3,750,585 | 37,693,455 |
Total comprehensive income for the year | |||||||||||
Profit for the year | - | - | - | - | - | - | - | 3,164,859 | 3,164,859 | 570,306 | 3,735,165 |
Transfer to contingency reserves | - | - | 471,591 | - | - | - | - | (471,591) | - | - | - |
Other comprehensive income | - | - | - | - | |||||||
Changes in fair value of available-for-sale | |||||||||||
financial assets | - | - | - | - | - | - | (5,327,135) | - | (5,327,135) | - | (5,327,135) |
Total comprehensive income for the year | - | - | 471,591 | - | - | - | (5,327,135) | 2,693,268 | (2,162,276) | 570,306 | (1,591,970) |
Transactions with owners, recorded directly in equity | |||||||||||
Dividends to equity holders | - | - | - | - | - | - | - | (1,980,000) | (1,980,000) | - | (1,980,000) |
Impact of vesting of shares in the equity settled | |||||||||||
share based payment | |||||||||||
Bonus issue expenses | |||||||||||
Recapitalization | - | 78,255 | - | - | (167,381) | 193,448 | - | 167,381 | 271,703 | - | 271,703 |
Additional subsidiary investment with NCI | - | - | - | - | - | - | - | - | - | - | - |
Total transactions with owners of equity | - | 78,255 | - | - | (167,381) | 193,448 | - | (1,812,619) | (1,708,297) | - | (1,708,297) |
- | - | - | - | - | - | - | - | - | - | - | |
Balance at 31 December, 2021 | 18,000,000 | 78,255 | 4,816,716 | - | 167,381 | (111,476) | (62,329) | 7,351,131 | 30,072,297 | 4,320,891 | 34,393,188 |
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
AXA Mansard Insurance plc published this content on 31 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2023 11:37:06 UTC.