GUINEA INSURANCE PLC
FINANCIAL STATEMENTS 31 DECEMBER 2021
GUINEA INSURANCE PLC | |
Table of Contents | Pages |
Corporate information | i - ii |
Directors' report | iii - v |
Statement of Directors responsibilities | vi |
Certification Pursuant to Section 60(2) of Investment & | |
Securities Act No. 29 of 2007 | vii |
Managements' discussion and analysis | viii |
Report of the Statutory Audit Committee | ix |
Independent auditor's report | 1 - 3 |
Financial statements: | |
Statements of profit or loss and other comprehensive income | 4 |
Statements of financial position | 5 |
Statements of changes in equity | 6 |
Statements of cash flows | 7 |
Statement of Significant Accounting Policies | 8 - 23 |
Notes to the financial statements: | |
Financial and Insurance Risk Management | 24 - 38 |
Other notes to the financial statements | 39 - 58 |
Other national disclosures: | |
- Value added statement | 59 |
- Financial summary | 60 |
GUINEA INSURANCE PLC
FINANCIAL STATEMENTS, 31 DECEMBER 2021
Corporate Information
Directors
Mr. Ugochukwu Godson Mr. Ademola Abidogun
Mrs Isioma Omoshie Okokuku Mr. Edobor Pius
Mr. Simon Oladayo Bolaji Mr. Anthony Achebe Alhaji Hassan Dantata Mr. Emeka Uzoukwu Mr. Osita Chidoka
Dr. Mohammed Attahir Mr. Samuel OnukwueChairman Managing Director Executive Director Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Directori
Registered officeContact details
Guinea Insurance House 33, Ikorodu Road Jibowu
Lagos, Nigeria 01-2934575/01-2934577info@guineainsurance.comwww.guineainsurance.com
Company Secretary
Mrs. Chinenye NwankwoDCSL Corporate Service Limited (Resigned 31 December 2020)
Company registration number RC1808
Reinsurers
African Reinsurance Corporation WAICA Reinsurance Corporation Continental Reinsurance Plc
(Appointed, April , 2021)
Bankers
Access Bank Plc
First Bank of Nigeria Limited Guaranty Trust Bank Limited Jaiz Bank Plc
Keystone Bank Limited Polaris Bank Limited United Bank for Africa Plc Wema Bank Plc
Zenith Bank Plc
GUINEA INSURANCE PLC
FINANCIAL STATEMENTS, 31 DECEMBER 2021
Corporate information (Cont'd)
Reporting actuaryEstate surveyors and valuers
Ernst & Young
10th Floor, UBA House 57, Marina - Lagos
Ubosi Eleh & Co
27, Obafemi Awolowo Way Ikeja, Lagos
Registrar
Cardinal Stone (Registrars) Limited (Formerly City Securities Limited) 358, Herbert Macaulay Way Yaba, Lagos
ii
Auditors
BDO Professional Services ADOL House,
15 CIPM Avenue,
Central Business District, Alausa, Ikeja,
Lagos, Nigeria.www.bdo-ng.com
GUINEA INSURANCE PLC
iii
FINANCIAL STATEMENTS, 31 DECEMBER 2021
Directors' Report
In compliance with the Companies and Allied Matters Act, 2020 and Insurance Act 2003, the Directors have the pleasure of presenting their report on the affairs of Guinea Insurance Plc ("the Company") together with the audited financial statements and Independent auditors' report for the year ended 31 December 2021
Legal form and principal activities
The Company is a public limited liability company which was initially incorporated as a private limited liability company on 3 December 1958 in accordance with the provisions of the Companies and Allied Matters Act, transacting primarily as a General Insurance business. The Company was formally listed on the Nigerian Stock Exchange On 17 January 1991.
Board of Directors
The Board of Directors of the Company during the year under review and to the date of this report is made up of the following:
DIRECTOR | CAPACITY |
Mr. Ugochukwu Godson | - Chairman |
Mr. Ademola Abidogun | - Managing Director |
Mrs Isioma Omoshie Okokuku | - Executive Director |
Mr. Edobor Pius | - Executive Director |
Mr. Simon Oladayo Bolaji | - Non-Executive Director |
Mr. Anthony Achebe | - Non-Executive Director |
Alhaji Hassan Dantata | - Non-Executive Director |
Mr. Emeka Uzoukwu | - Non-Executive Director |
Mr. Osita Chidoka | - Non-Executive Director |
Dr. Mohammed Attahir | - Non-Executive Director |
Mr. Samuel Onukwue | - Non-Executive Director |
The Directors do not have any interest in the issued share capital of the Company.
Directors' interests in contracts
For the purpose of section 303 of the Companies and Allied Matters Act, 2020, none of the Directors had any direct or indirect interest in contracts or proposed contracts with the Company during the year.
Results of the Year Ended December 31, 2021
The Directors' are pleased to announce the trading results for the year ended 31 December, 2021 together with the comparative figures for the previous year
31 December | 31 December | |
2021 | 2020 | |
N'000 | N'000 | |
Gross premium written | 1,356,409 | 1,081,507 |
Net premium income | 879,618 | 733,954 |
Claims expenses | (48,211) | (155,214) |
Loss before taxation | (60,029) | (224,970) |
Income tax expense | 36,540 | (2,704) |
Loss after taxation | (23,489) | (227,674) |
Transfer to contingency reserve | 40,692 | 32,445 |
Shareholding analysis |
According to the register of members, the Company's shareholdings including shareholders who held more than 5% of the issued share capital of the Company as at 31 December 2021 are shown below:
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Guinea Insurance plc published this content on 30 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2022 15:52:10 UTC.