PRESTIGE ASSURANCE : QUARTER 4 - FINANCIAL STATEMENT FOR 2022

UNAUDITED FINANCIAL STATEMENTS FOURTH QUARTER

31ST DECEMBER 2022

PRESTIGE ASSURANCE PLC

REPORT OF THE DIRECTORS AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2022

Contents	Page
Results at a Glance	2
Certificate Pursuant to Section 60(2) of the Investment and Securities Act	3
Management Discuss and Analysis	4-5
Summary of Significant Accounting Policies	6-36
Shareholding Structure/Free Float Status	37
Statement of Profit or Loss	39
Statement of Other Comprehensive Income	40
Statement of Financial Position	41
Statement of Changes in Equity	42
Statement of Cash Flows	43
Notes to the Financial Statements	44-49

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Prestige... Compassionate & Caring

PRESTIGE ASSURANCE PLC

RESULTS AT A GLANCE

FOR THE PERIOD ENDED 31ST DECEMBER 2022

	2022		2021		%
	₦'000		₦'000		Changes
Gross premium written
12,443,817		9,274,005		34.18
Net premium income
5,383,000		4,593,745		17.18
Underwriting expenses	(6,571,606)		(4,781,862)		37.43
Interest Income	770,463		562,153		37.06
Other investment income	324,657		263,135		23.38
Other operating income	99,032		70,655		40.16
Profit Before Tax	491,848		732,226		(32.83)
Profit for the Period Ended	452,500		688,284		(34.26)
Net assets	13,249,447		12,848,581		3.12
Total assets	21,694,909		19,422,880		11.70
Basic earnings per share (Kobo)	3.41		5.19		(34.26)
Diluted earnings per share (Kobo)
3.41		5.19		(34.26)

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Prestige... Compassionate & Caring

PRESTIGE ASSURANCE PLC

CERTIFICATE PURSUANT TO SECTION 60(2) OF INVESTMENT AND SECURITIES ACT FOR THE YEAR ENDED 31ST DECEMBER 2022

We, the undersigned, hereby certify the following with regards to our unaudited financial statements for the Year ended 31st December 2022

that:

1. We have reviewed the financial statements;
2. To the best of our knowledge, the financial statements does not:
3. • 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 financial statements were made;
4. To the best of our knowledge, the financial statements and other financial information included in the report fairly present
5. 
   in all material respects the financial condition and results of operations of the Company as at, and for the period presented in the report;
6. We:
7. • Are responsible for establishing and maintaining internal controls;
   • Have designed such internal controls to ensure that material information relating to the Company is made Known to such officers by others within the entity particularly during the period 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;
8. We have disclosed to the Audit Committee:
9. • All significant deficiency in the design or operations 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 Audit Committee any material weakness in internal controls, and;
   • Any fraud, whether or not material, that involves management or other employees who have significant role 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.

.............................................
Mr. Rajesh Kamble	Mr. Oluwadare Emmanuel
Managing Director/CEO	Chief Financial Officer
	27th January 2023

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Prestige... Compassionate & Caring

PRESTIGE ASSURANCE PLC

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE PERIOD ENDED 31ST DECEMBER 2022

In accordance with the provision of Section 359 (6) of the Companies and Allied Matters Act, CAP C20, Laws of the Federation of Nigeria, 2004, Management has reviewed the unaudited financial statements of the Company for the Year ended 31st December 2022 and report as follows:

The accounting and reporting policies of the Company are consistent within legal requirements and agreed ethical practices.

The scope and planning of the internal audit was adequate.

The Company maintained effective systems of accounting and internal control during the period.

The Nature of the Business

Prestige Assurance Plc is a non-life insurance business with over sixty years' experience in Nigeria. The Company's core areas of business include motor, marine, bond, engineering, fire, aviation, oil and gas and general accident.

The Company is known for providing expertise knowledge especially in high-risk businesses such as aviation, marine, oil and gas.

Our Company is known by populace for prompt settlement of claims and other supports as it may be necessary.

The major bulk of our business comes from broker's market.

Management Objectives

1. To be in the forefront of risk carrying in Nigerian insurance market, with a penchant for quality products and efficient service delivery to our esteemed customers.

1. To position the Company amongst the best insurance companies in Nigeria.

1. To ensure that values are created for the stakeholders.

IV. To be an ethical company among the listed institution in Nigeria and the world at large.

Our Strategies

In order to meet the above objectives, the management of the Company have put the following strategies in place.

1. The Company has instituted sound corporate governance in order to drive both the internal process and the business Environment.

1. Adequate reinsurance has been put in place to absorb the impact of high risk which may likely occur due to the area of Specialization of the Company.

1. Aside from the normal business, the Company also provides add on services such as customer education, policy audit and lease financing.

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Prestige... Compassionate & Caring