GUINEA INSURANCE : EARNINGFORCAST

			TOTAL
FORECAST INCOME STATEMENT FOR THE 4TH QUARTER
ENDING DECEMBER 31ST 2023	=N=' 000
Gross premium written	2,652,125
Changes in unearned premuim	(344,776)
Gross premium income	2,307,349
Reinsurance expenses	(477,383)
Net premium income	1,829,966
Fees and commission income on reinsurance		150,375
Net underwriting Income	1,980,342
Claims expenses	(445,557)
Underwriting expenses	(411,542)
Underwriting profit	1,123,243
Investment Income	394,007
Fair value gains on investment properties	-
Other operating income/(loss)	-
Impairment (charge)/reversal	-
Finance cost	-
Other operating expenses	(983,615)
Profit/(Loss) before taxation	533,635
Income tax (expense)/credit	(13,261)
Profit/(Loss) after taxation	520,374

GUINEA INSURANCE PLC
FORECAST STATEMENT OF CASH FLOWS FOR THE 4TH
QUARTER ENDING DECEMBER 31ST 2023
	TOTAL
Operating activities:	N'000
Premium received	2,652,125
Commission received	131,280
Commission paid	(351,937)
Maintenance cost	(134,859)
Reinsurance premium paid	(477,383)
Gross claim paid	(636,510)
Reinsurance recoveries	210,048
Payments to employees	(455,108)
Other operating expenses	(752,684)
Other income received	-
Tax paid	(20,000)
Net cash flow from operating activities	164,974
Investing activities:
Investment income received	394,007
Purchase of property and equipment	(80,445)
Proceed from sale of property and equipment	-
Purchase of financial assets	(461,470)
Purchase of investment properties	-
Net cash flows from investing activities	(147,908)
Financing activities:
Deposit for shares
Interest repayment on finance lease	-
principal repayment on finance lease	-
Net cash flows from financing activities	-
Net increase in cash and cash equivalents
17,066
Effect of exchange rate changes on cash and cash equivalent
Cash and cash equivalents at 1 January	515,176
Cash and cash equivalents at 31 December, 2023	532,241

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ED, FINANCE & ADMIN

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MANAGING DIRECTOR/CEO