NIGER INSURANCE PLC
MANAGEMENT ACCOUNT
COMPANY COMPOSITE STATEMENTS
OF FINANCIAL POSITIONS AS AT
31ST DECEMBER, 2021
NIGER INSURANCE PLC | ||||||
MANAGEMENT ACCOUNT | ||||||
COMPANY COMPOSITE STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2021 | ||||||
ACTUAL 2021 | AUDITED 2020 | |||||
Note | Composite | Composite | ||||
Assets; | N'000 | N'000 | ||||
Cash and cash equivalent | 1 | 137,583 | 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 | 1,810,497 | 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 | |||
21,662,950 | 21,460,192 | |||||
Liabilities; | ||||||
Insurance contract Liabilities | 12 | 11,512,415 | 10,707,918 | |||
Investment contract liabilities | 13 | 1,025,094 | 921,243 | |||
LOANS | 2,733,520 | 2,480,000 | ||||
Borrowings | 14 | 263,172 | 236,773 | |||
Trade payables | 15 | 279,492 | 252,096 | |||
Provision and other payables | 16 | 4,200,371 | 2,807,377 | |||
Defined benefit obligation | 17 | 1,023,473 | 803,530 | |||
Income tax liabilities | 18 | 88,397 | 72,877 | |||
Deffered tax liabilities | 19 | 1,598,435 | 1,553,055 | |||
20 | 22,724,369 | 19,834,871 | ||||
Equity; | ||||||
Issued and paid share capital | 21 | 3,869,747 | 3,869,747 | |||
Share premium | 22 | 791,491 | 791,491 | |||
Contigency reserve | 23 | 3,285,362 | 3,294,929 | |||
Asset revaluation reserve | 24 | 854,808 | 1,361,096 | |||
Fair value reserves | 25 | 355,190 | 22,150 | |||
Defined benefit reserve | 26 | 899,670 | 1,015,977 | |||
Retained earnings | 27 | (11,117,689) | (8,730,069) | |||
Shareholders fund | (1,061,421) | 1,625,321 | ||||
Total liabilities and equity | 21,662,948 | 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 29th January, 2022 | ||||||
MANAGEMENT ACCOUNTS | ||||||
NIGER INSURANCE PLC | ||||||
COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR QUARTER ENDED 31ST DECEMBER, 2021 | ||||||
Q4 2021 | Q4 2020 | YTD 2021 | YTD 2020 | |||
OCT-DEC. | OCT-DEC. | JAN-DEC. | JAN-DEC. | |||
N'000 | N'000 | N'000 | N'000 | |||
Gross premium written | 28 | 109,151 | 257,816 | 515,899 | 1,039,657 | |
unearned premium | (3,157) | (1,849) | (56,922) | 41,911 | ||
Gross premium income | 105,994 | 255,967 | 458,977 | 1,081,568 | ||
Reinsurance/ co-insurance expenses | 29 | (41,309) | (38,305) | (69,007) | (91,457) | |
Net premium income | 64,685 | 217,662 | 389,970 | 990,111 | ||
Fee and commission income | 30 | 9,381 | 11,174 | 16,654 | 16,489 | |
Net underwriting income | 74,066 | 228,836 | 406,624 | 1,006,601 | ||
Claims expenses | 31 | (281,286) | 519,218 | (1,194,698) | 1,050,509 | |
Changes in insurance contract liability | 31 | (31,287) | 113,417 | (181,692) | (96,322) | |
Claims expenses recovered from reinsurance | 31 | 1,038 | (1,237) | 1,038 | (31,465) | |
Net claim expenses | (311,535) | 631,398 | (1,375,352) | 922,722 | ||
Underwriting expenses | 32 | (17,430) | 26,027 | (79,921) | 101,931 | |
Total underwriting expenses | (328,965) | 657,425 | (1,455,273) | 1,024,653 | ||
Underwriting profit | (254,899) | (428,589) | (1,048,649) | -18,052 | ||
Investment / other operating income | 33 | 136,006 | 227,581 | 311,055 | 468,458 | |
Net realised gain on available for sale financial assets | 33 | 0 | 0 | 6018 | 35,641 | |
loss realised on disposal of investment property | - | (93,000) | - | 3,086 | ||
Other operating income | 533,016 | |||||
Management expenses | 34 | (637,694) | (289,044) | (1,816,944) | -3,061,371 | |
Depreciation and amortisation | 35 | (15,944) | (12,973) | (63,777) | -57,186 | |
Net operating profit before tax | (756,587) | (594,496) | (2,612,297) | -2,096,409 | ||
Information technology levy | (8,680) | 936 | (26,123) | 0 | ||
Income tax expense | - | 18,720 | - | -2,564 | ||
Profit after tax | (765,267) | (574,840) | (2,638,420) | -2,098,973 | ||
Transfer to contigency reserve | (2,948) | - | (12,422) | 0 | ||
Retained profit after tax transferred to reserve | (768,215) | (574,840) | (2,650,842) | -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 | (768,215) | (574,840) | (2,650,842) | (2,195,403) | ||
Earnings per share | ||||||
Profit for the year attributable to ordinary equity holders | ||||||
Basic | (9.89) | (7.43) | (34.09) | (27.12) | ||
Diluted | (9.89) | (7.43) | (34.09) | (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 31ST DECEMBER, 2021
UNAUDITED | UNAUDITED | |
2021 | 2020 | |
N'000 | N'000 | |
Premium Received | 458,977 | 1,039,657 |
Reinsurance Premium Paid | (69,007) | (78,953) |
Withdrawal from DA during the year | - | (194,406) |
Fees and Commission Received | 16,654 | 16,489 |
Claims paid during the year (Including Surrender) | (290,117) | (1,050,508) |
Claims paid recovered from Reinsurers | 1,038 | 1,237 |
Other acquisition cost paid | (8,552) | (90,664) |
Cash paid to and on behalf of employees | (323,250) | (1,150,459) |
Other operating expenses | (334,566) | (301,866) |
Tax paid | (11,419) | (90,640) |
Net cash outflow from operating activities | ||
(560,242) | (1,900,113) |
Investing activities
Disposal of Available for sale financial assets
Acquisition of Available for sale financial assets
Gain on disposal of financial assets
Held to maturity investment
Acquisition of Property, Plant and Equipment
RENTAL INCOME
Interest/other income
Net cash outflow from investing activities
Finance activities
Borrowing
LOANS
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
ADEMOLA SALAMI
FRC/2013/ICAN/00000003468
CHIEF FINANCIAL OFFICER
NIGER INSURANCE PLC
OF CHANGE IN EQUITY
AS AT 31ST DECEMBER, 2021
COMPANY
As at 1 January, 2020
Reclassification
Fair value/revaluation gain on assets
Transfer from income statement
Transfer to contigency reserve
As at 31ST DECEMBER, 2020
As at 1 January, 2021
Reclassification
Dividend paid
Fair value/revaluation gain/loss on assets
Transfer from income statement
Transfer to contigency reserve
As at 31ST DECEMBER, 2021
138,924
(339)
- 765,289
- 262,018
- 540,000
197,343197,343
89,37330,387
425,640 1,794,698
33,461120,057
33,461120,057
(101,141)14,643
238,723183,454
137,582198,097
EDWIN IGBITI
FRC/2013/CIIN/00000005551
CHIEF EXECUTIVE OFFICER
ASSETS | |||||||
ORDINARY SHARE | REVALUATION | STATUTORY CONTIGENCY | RETAINED | ||||
CAPITAL | SHARE PREMIUM | RESERVE | FAIR VALUE RESERVE | RESERVE | OTHERS | EARNINGS | TOTAL |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
3,869,747 | 791,491 | 1,349,807 | 355,190 | 3,272,941 | 2,789,160 | (6,367,607) | 6,060,730 |
(495,000) | (495,000) | ||||||
(1,188,703) | (1,188,703) | ||||||
3,869,747 | 791,491 | 854,807 | 355,190 | 3,272,941 | 2,789,160 | (7,556,310) | 4,377,027 |
3,869,747 | 791,491 | 854,807 | 355,190 | 3,272,941 | 790,660 | (8,491,690) | 1,443,147 |
(2,638,420) | (2,638,420) | ||||||
12,422 | 109,010 | 12,422 | 133,854 | ||||
3,869,747 | 791,491 | 854,808 | 355,190 | 3,285,362 | 1,691,161 | (11,117,689) | (1,061,420) |
ADEMOLA SALAMI | EDWIN IGBITI |
FRC/2013/ICAN/00000003468 | FRC/2013/CIIN/00000005551 |
CHIEF FINANCIAL OFFICER | CHIEF EXECUTIVE OFFICER |
NIGER INSURANCE PLC
MANAGEMENT ACCOUNT
COMPANY COMPOSITE STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2021
1 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; Group | ||||
Cash at bank As at Dec 2021 | 97,824 | 65,757.00 | 163,581.00 | |
Deposits | 7,178 | 2,992.00 | 10,170.00 | |
As at Dec 2021 | 105,002 | 68,749.00 | 173,751.00 | |
Cash at bank | 54,088 | 64,620 | 118,707.50 | |
Deposits | 4,432 | 14,442.31 | 18,874.73 | |
As at Dec 2021 | 58,520 | 79,062.31 | 137,582.23 | |
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 January 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 Dec 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 | 3,558,457.95 | |
Addition during the period | - | - | - | |
write back charge for the year | - | |||
Adjustment/reclasification | - | - | ||
As at Dec 2021 | 2,509,466 | 1,049,075.16 | 3,558,457.95 | |
As at Dec 2021 | 199,116 | 1,366,708.92 | 1,565,908.12 | |
Listed | 214,500 | 1,140,685.01 | 1,355,184.96 | |
Unlisted | 205,175 | 3,366.66 | 208,542.09 | |
As at Dec 2021 | 419,675 | 1,144,051.67 | 1,563,727.06 | |
Less: impairment | ||||
At January 2021 | - | - | - | |
Charge for the period | - | - | ||
reclassification | - | - | ||
write back | - | - | ||
- | - | - | ||
As at Dec 2021 | 419,675 | 1,143,968.67 | 1,563,727.06 | |
2.1 | Movement in the cost of listed securities | |||
At January 2021 | 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 January 2021 | 2,443,985 | 1,094,244.00 | 3,538,229.00 | |
At January 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 Dec 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 January 2021 | 281,097 | 1,925,813.00 | 2,206,910.00 | |
As at Dec 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 Dec 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 January 2021 | 2,350,755 | 589,650.75 | 2,940,405.54 |
Addition during the period | - | ||
write back charge for the year | |||
Adjustment/reclasification | - | ||
As at Dec 2021 | 2,350,755 | 589,650.75 | 2,940,405.54 |
At January 2021 | |||
Addition during the period | |||
write back charge for the year | |||
Adjustment/reclasification | |||
As at Dec 2021 | 2,350,755 | 589,650.75 | 2,940,405.54 |
2.2 Movement in the impairment of Unlisted securities
At January 2021 | 158,711 | 459,341.41 | 618,052.41 |
Addition during the period | - | ||
write back charge for the year | |||
Adjustment/reclasification | |||
As at January 2021 | 158,711 | 459,341.41 | 618,052.41 |
At January 2021 | 158,711 | 459,341.41 | 618,052.41 |
Addition during the period | |||
write back charge for the year | |||
Adjustment/reclasification | |||
As at Dec 2021 | 158,711 | 459,341.41 | 618,052.41 |
As at January 2021 | 2,350,867 | 1,048,992.16 | 3,558,457.95 |
As at Dec 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 January 2021 | 231,667 | 231,667.00 | ||
Addition during the year | ||||
Disposal during the year | ||||
Others held to maturity | 170,115 | 39,887.80 | 210,002.80 | |
As at January 2021 | 401,782 | 39,887.80 | 441,669.80 | |
LIFE | NON-LIFE | COMPOSITE | ||
N'000 | N'000 | N'000 | ||
At January 2021 | 331,486 | - | 331,485.96 | |
Addition during the year | ||||
Disposal during the year | ||||
Others held to maturity | ||||
As at Dec 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 | 27,494 | 83,630.02 | 111,123.85 | |
Loans to policy holders | 288,535 | 288,534.75 | ||
- |
Current
No-current
As at January 2021
Staff and agents loan
Loans to policy holders/mortgage
Other receivables
As at Dec 2021
Current
Non-current
As at Dec 2021
2.5 LOANS TO POLICY HOLDERS -LIFE
Policy loan
Non- forfeiture regulation
-
REINSURANCE ASSETS
At January 2021
prepaid Reinsurance premium reserve(UPR) Reinsurance share of outstanding claim reserve Incurred but not reported
As at January 2021
At January 2021
Reinsurance premium reserve(UPR) Reinsurance share of outstanding claim reserve Incurred but not reported
individual life
As at Dec 2021 - DEFERRED ACQUISITION COST- NON- LIFE BUSINESS
316,029 | 83,630 | 399,658.60 | |
89,036 | 30,622.00 | - | |
208,976 | 53,008.00 | 261,984.00 | |
- | |||
298,012 | 83,630.00 | 261,984.00 | |
27,494 | 27,493.83 | ||
288,535 | 288,535.00 | ||
1,494,468.00 | 1,494,468.00 | ||
316,029 | 1,494,468 | 1,810,496.83 | |
- | |||
316,029 | 1,494,468 | 1,810,496.83 | |
Jun-21 | 44,276.00 | ||
298,513.00 | |||
9.00 | |||
297,721 | 298,522.00 | ||
; | |||
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 | |
- | - | ||
106,860.04 | 106,860.04 | ||
- | 106,860.04 | 106,860.04 |
LIFE | NON-LIFE | COMPOSITE | ||
N'000 | N'000 | N'000 | ||
At the beginning of the year | - | 30,179 | 30,179 | |
Acquisition paid durring the year | - | - | ||
Charged to non-life revenue | - | - | ||
As at January 2021 | - | 30,179.00 | 30,179.00 | |
Current | 30,179.00 | 30,179.00 | ||
Non current | ||||
30,179.00 | 30,179.00 |
At the beginning of the year 2021
Acquisition paid durring the year
Charged to non-life revenue
Current
Non current
As at Dec 2021
5 OTHER RECEIVABLES AND PREPAYMENTS
Rent prepayment Current Acount receivable from parties
Deposit for shares with NIC Securities Other receivable (6.1)
Prepayment to suppliers/ Vendors
- | 30,179.00 | 30,179.00 |
- | ||
- | ||
- | 30,179.00 | 30,179.00 |
30,179.00 | 30,179.00 | |
30,179.00 | 30,179.00 | |
LIFE | NON-LIFE | COMPOSITE |
N'000 | N'000 | N'000 |
269,934 | 13,808.50 | 283,742.50 |
756,215.00 | 756,215.00 | |
269,934 | 770,023.50 | 1,039,957.50 |
Current | 269,934 | 770,023.50 | 1,039,957.50 |
Non-current | |||
As at Dec 2021 | 269,934 | 770,023.50 | 1,039,957.50 |
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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 14:47:01 UTC.