CORNERSTONE INSURANCE PLC UNAUDITED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 JUNE 2017

Transcription

1 CRERSTE ISURACE PLC UAUDITED FIACIAL STATEMETS FR THE HALF-YEAR EDED 30 JUE

2 Cornerstone RC Consolidted nd Seprte Sttement of Finncil Position As t June 30, ASSETS ote Compny Compny Csh nd csh equivlents 5 2,182,766 3,093,080 1,252, ,153 Finncil ssets 6 10,647,655 9,648,025 7,973,311 7,370,259 Trde receivble , ,783 73,224 ther receivbles nd prepyments 8 118, , , Reinsurnce ssets 9 2,502,576 2,492,226 2,031,380 2,224,826 Deferred cquisition cost , ,630 Investment in subsidiries ,954,748 Investment in Joint venture 12 1,894,885 1,894,885 1,188,609 1,188,609 Investment properties 13 1, , Property, plnt nd equipment 14 2,204,393 2,235, , ,081 Intngible ssets 15 86, ,650 76,620 Deferred tx ssets 20b ,790 Sttutory deposits , , , ,000 Assets clssified s held for sles ,031 Totl Assets 22,190,673 21,436,369 17,973,185 18,368,248 Libilities: Investment contrct libilities 17 3,302,963 2,353,766 3,302,963 2,353,766 Insurnce contrct libilities ,677 6,941,872 6,555, ,846 Trde pybles , , ,648 ther pybles 20 1, , ,631 Income tx libilities , , , ,091 Deferred tx libilities 21b 144, ,335 Employees retirement benefit obligtions ,102 1,549 7,750 Libilities directly ssocited with ssets clssified s held for sle ,497 Totl Libilities 12,752,831 11,131,945 10,531,754 10,058,732 EQUITY & LIABILITIES Shre cpitl & reserves: rdinry shre cpitl 23 7,364,754 7, ,364,754 7,364,754 Shre premium 23 1, ,166 1, Tresury shres 23b (48,175) (48,175) (48,175) (48,175) Contingency reserve 23c 1,759,421 1, , ,735,400 AFS Fir vlue reserve 23d (437,367) (437,367) ( ) (277,545) Retined ernings 23e (1,385,646) (519,062) (3,398,967) (2,412,085) Revlution reserves 66,205 66,205 on Controlling interest(ci) 28c 171, Totl Equity 9,437,842 10,304,424 7,441,431 8,309,515 Totl Equity & Libilities 22,190,673 21,436,369 17,973,185 18,368,248 CR RC: ISURACE PLC ce CR RC S RACE PL (Director Emmnuel titoliye Hod, Finnce & Peformnce Mgt. FRC/2014/ICA/ D,t Gnlyu_Mus Mnging nictor FRC/2013/ICA/ Cornerstone Insurnce Plc. Authorised & Regulted by the tionl Insurnce Commission RIC 008 BARD F DIRECTRS Pul Kokorich - Chirmn REGISTERED ADDRESS 136, Lewis Street, Lgos-Islnd, Lgos, igeri CRPRATE HEAD FFICE 21, Wter Corportion Drive, ff I io ii Avevirtelo

3 CRERSTE ISURACE PLC Consolidted nd Seprte Sttement of Profit or Loss nd ther Comprehensive Income for the Hlf-Yer ended 30 June, ote V00 V00 Compny V00 Compny V00 Gross Premium written 24 5,576,748 5,918,483 4,617,874 5,430,858 Chnge in unerned premium 24 (1,039,722) (1,914,871) (735,509) (1,802,561) Premium Income 4,537,026 4,003,612 3,882,366 3,628,297 Reinsurnce Expenses 24 (1,707,044) (1,437,978) (1,442,208) (1,294,578) et premium Income 24 2,829,982 2,565,634 2,440,158 2,333,718 Fees nd commission income , , , et underwriting income 3,201,396 2,778,143 2,715,363 2, Insurnce clims nd benefits pid- Gross (including loss djustment expenses) 26 (2.806,187) (2.246,135) (2,581,491) (2,188,091) Insurnce clims recoverble from reinsurnce Compnies , , , ,942 et Clims expenses 26 (2.262,814) (1, ) (2.060,306) (1,678,149) Acquisition cost 27() (573,067) (554,422) (465,188) (499,389) Mintennce cost 27(b) (284,859) (232,989) (256,867) (224,326) et Underwriting expenses 27 (857,926) ( ) (722,054) (723,715) Investment income ttributble to Policyholders' funds 28() Underwriting result 80, ,891 (66,998) 128,446 Investment income ttributble to Shreholders' fund 28(b) 289, , ,867 Fir vlue chnges in investment property Fir vlue chnges in finncil ssets-fvtpl 28('c) 280, ,809 - perting income 28(d) 224,295 2,208, ,725 1,842,793 Profit/( Loss) from investment contrct (27,194) (23,826) (27,194) (23.826) Allownce for impirment losses Mngement expenses 30 (1,664,803) (1,687,387) (1,341,418) (1,398,846) Results of operting ctivities (816,388) 1,180,105 (863,935) 801,434 Finnce costs 31 (50,194) (41,128) (4,150) (4,579) (866,583) 1, (868,086) 796,856 Gin on brgin purchse 28(f) - - Profit before tx (866,583) 1,138,978 (868,086) 796,856 Income tx expense 32 - Profit for the yer from continuing opertions (866,583) 1,138,978 (868,086) 796,856 Retined profit for the yer (866,583) 1,138,978 (868,086) 796,856 ther Comprehensive Income net of tx (86,658) 113,898 Items tht my not be reclssified subsequently to profit or loss: ( ) 1,025,080 Items tht my be reclssified subsequently to profit or loss: Chnges in fir vlue of AFS Investments ther Comprehensive Income, net of txes Totl Comprehensive Income for the yer (866,583) 1,138,978 (868,086) 796,856 Profit for the yer, ttributble to: wners' of the compny (866,583) 1,138,978 (868,086) 796,856 * on-controlling interests Totl Comprehensive Income, ttributble to: * wners' of the compny (866,583) 1,138,978 ( ) 796,856 on-controlling interests Ernings per shre Bsic nd diluted

4 Sttement of Csh Flows for the period ended 30 June Compny Compny Csh flows from operting ctivities Insurnce premium received 4,644,772 4,050,593 Deposit libilities -contribution during the yer 922,595 1,335,013 Deposit libilities -Withdrwl during the yer (355,838) (713,413) Reinsurnce premium pid (1,442,208) (1,294,578) Reinsurnce commission received 275, ,593 Insurnce benefits nd clims pid (2,581,491) (2,188,091) Contribution to nnuity fund 43, ,917 Annuity benefits pid (26,216) (20,739) Reinsurnce clims recovered 521, ,942 Commission pid (465,188) (499,389) Mintennce cost pid (256,867) (224,326) Csh pid to intermediries nd other suppliers (184,000) (736,000) Csh pid to employees (688,704) (567,686) 406,813 63,835 Corporte tx pid (198,993) (149,155) et csh used in operting ctivities 207,820 (85,320) Csh flows from investing ctivities: Additions to intngible ssets (72,458) (57,141) Proceeds from sle of property nd equipment 5,593 Purchse of property, plnt nd equipment (83,620) (243,685) Additions to investment In subsidiries (200,000) (372,901) Disposl/(Purchse) of finncil ssets (664,507) Finncil ssets redeemed during the yer Proceeds on redemption of finncil ssets 115,017 Dividends received (27,808) 10,566 Interest received 185, ,301 et csh generted from/ used provided by investing cti (197,937) (964,757) Csh flows from finncing ctivities: Dividend pid Finnce cost (4,150) (4,579) (4,150) (4,579) et Increse/ (decrese) in csh nd csh equivlents 5,733 (1, ) Csh nd csh equivlents t beginning of yer 2,557,153 3,611,808 Csh nd csh equivlents t end of period 2,562,886 2,557,153

5 - CRERSTE ISURACE PLC 0 e Z3 41' 0. 5 U z C C C C u o VI D 01 co 0) o 1-2 t to n- ric ) 7, e rn rfi ol C 00 r C L.9 C0 C'0 C C co 5,4 0 :".4) 1 co E C.) 0) C C T t z C o 0 8 k r I.-I S E cs7-0 u), cn o o E S. o 0).- 0 f.) 't. 'i z u.1 C C) f C Z., to L cri 01 ;4 co )) 2. E, J E o 2 o< 9 cn 2 z A.c 0 L 10 M E 0 E c, n: 2.or o l 2 Z - A.c n e g fo p.0 (f) Z 2 Lu. C Aci E _c 0 o.41 v C 0. Consolidted nd Seprte Sttement of Finncil Position >, >.. C C e ro E E 0 u U Lei t ) co,,.c 5 '''''''..., 0.) E ''' IS E n- '5 T To ) ) ) S,-,1 c.) 0 E E o- co ) 4 ) W E 0 C4 i 5i C C 2 0, < 0 U,.. 0 cr,, < 7, t, e o.t I t.'.c ei td '", ci. = C.0 o -:- >.: 3 8, 0 S :.E. > F.) RI 0 7> E 3 2 c To 3 2..c. -C 13 CU > o c t.,(?,- _.0 ',..T, -,u = ' 't 0.-'0= -6 7S ,..c.6 (...) c co g 0 F Lo) -e- ',. -...g. E?..,,, 0.S c C >, -) " J 0-0, *T 2 f.,'.: i''` -, E o,-,..o. RI o) 0 C0 C,, M tel C C / 4.,.0 = t,..5 % 3 '' gt) C 2 u 2 U) 2 LI < _ o 1-- :.. y, 1-2.E 0 1= Z 0 1- t- C) 1- )f As t 31 Dec.= U ro 1 z C U, ).2.6 C "2

6 CRERSTE ISURACE PLC 0 0 z co oo C C g-i 0 z. C oo ' C 0 C o c, C6 0 co to 0 L6 V) 01,D r... o.1 o r- co 03.- CA 13 yv C6 -I M 0./ 0,0 0 co L g 0 1;,,T, K u., Co t >S Co,t.' C o U) C 0 C C. cn CD ct n U) 0 vt. c 0 0. Ct r- CD CI : As t 1 Jnury `R co.1., 3, 5 to' - C),2. C o 2 E 0 u) o o LL c, ) E o < W "c3 Tv c -0,>,' 0. o. C ct , Co) i g., '.,3 `-, i. :t, if, 13.! L Q. -..E. Q.,s E.S o. 0 o,.- g..9_ = g, 0 = 0 8 0, - I ' >.,:= 0. '.02 Ic\) '5" c_ o..s _c. ' 6 F (' 6: 0 it Totl Comprehensive Income for the yer As t 31 Dec

7 CRERSTE ISURACE PLC Life Business Revenue Account For the period ended June 30, Individul Life Life Totl Totl Income ' 000 ' 000 ' 000 ' 000 Gross premium Income 75, , ,257 Unerned premium (107,646) et Premium 75, , , ,611 Reinsurnce cost (1,094) (233,632) (234,727) (252,011) Premium retined 74, , , ,600 Investment Income - Fee nd Commission received ,408 58,627 61,090 74, , , ,690 Gross clims incurred 17, , ,695 1,175,593 Less: reinsurnce recoveries (88,772) (88,772) (212,972) et clims incurred (17,386) (522,537) (539,923) (962,621) Underwriting expenses (63,093) (91,965) (155,058) (198,921) Underwriting profit (5,839) 98,595 92,757 (493,852)

8 CD 0 To c L Z r-- L 00 C C - CV C "zr C co C co r-- co co cci 0) CD C co ) szr Lr),- CD Tr Tr C CD ) LC) Tr z,-.4- M C CD CD n- - Ln r - ) L CA r-- co cl) CD CD C Tr C Tr CV L co CD ) c-..-o- 0) TY 01 ID L CD TY l''' C cci L CD L 00 L CD M C C"' CC CD 0) Tr 0.1 C (.1D C (3) Y (f) d co of co (.0 C -- - ti tt - CD C 00- C C Tt 00 CD L CD Tt C CD C c-e-, CA M 1- _ C 01 Z C-.- co -o- 0) - C Y C - C C 'Cr -- co co i. 'CY co --- (0 M CD C C C C I"-.- C L 1.6 (-4 (.-... Lc) c) -. C Th LUrn co 03 (.0 - C CV CD rs- 0.) 04 C V- Vr ) 6 C Tr- CD vi 0 0.) ( c) fl cv-) k 6 C CD LD 0). CD CD Tl- C D C 6 - > co co -4- L.6 C3) co co co,.-- C. CV 1-- C-0 in 2 LC) L C co co CD C 0) (0 (0 C 0).---- I"- - TY 0) C 0 Tt Tr CD 0) C cz) c " C CS) cn i Lri C 00 C - C ti CD ti C CD I co L C L C Co 0) - - Co L6 0-) L "Cr 0 I- CV U) co Lo CD C L CYC C") C co -zr vr ci C C - I-- C C '-' LC) L C I"- CV r-- C ) 1.10 CD C LC) 'Cr Cs. 03 Cl C C c, C C) cp C C 00 CC) I- CD C C C r-- CD C C 'Tr - C.71. TY C3) CD LC) CD C CD 0) co (D CD 00 0) LC) r.- - CD LI) C C C C3) C Ttc6(6 0) C co co co I- CD r- C C 'Cr o 0 2 CD Ti L6 co co co r-- co op r--- ) co,o- L co L Y-- 6' ) -- Lzt CV C 1.- rs -- C CD C - C Lr) (- TF CD L0) L (.0 C C C 03 C I- co ) C C CV- M- ) L() C r-- C C CA 0)..C. = o ) (.) (..) C U s E m (J2 ). D 0 0 E (,) c (7) C r f.'.2 cl.,c72.5 > co 2 E (..1 -o -0 CL ) ) C 92 (» ( >, C E.3_ c 'i o E -cw ( ). --) ) c. c E (I) c c.) > (r) o ms 2 z o co ) o_ c 0) "C3 C) C.) o C c 13 c 2? 22 U)..s., L_ ) - ) LE,,_ - C 0 ) = ) I:- U) o ) c = c" 4.) ) ) c 0 C V Lc co, L.. ) -ruet: 3 9 cz -1-7, V) - cn L.- Q) co c -,,, c F, 0 x (,) 2 cu E E Lc:, E,,_ o w E (.) 0 ) ) _ c io ip 0 C 0,,, D u) 7-) c 1--0' CD CD C) 7,) 0 D. n ).-.c (1.).E E "E'. E -6 -o ) E ) - 0 E 0 cp E 0 c c = = c (/) 4-,.----, C ( i ) T - r 0 C C C 0.L' f,.- M W 2 ) -i-c- ) 2 C cu _ CL),2 E 7, 0 1- ct.,- o_ o.. x ). o. ) 5 c(33 7) 2.= o, s 0 0 It C) o " c D = ) k Lii E t r, co s c.- E" ID 7i r- 0,- o - lt C,_ E 73 8 ED ( Z7) c 7) Fi).-L. ru o 0 48 x L- 0 L- ) ) cr (13 - C -'-' C 0 li. o ce co 0 o - 8 ry Z F EYZ < 2 D F-

9 Fo 5 4 tt2 R 5 sis of internl reports bout components of the t E $. ; *5- K 8 F4 TES T THE FIACIAL STATEMETS CRERSTE ISURACE PLC

10 CRERSTE ISURACE PLC 4b The following is n nlysis of the 's revenue nd result by reportble segment In Cornerstone Consolidted Income: Gross written premiums Lessing Elimintions Less: Investment contrcts Gross premium income et chnges in unerned premiums Gross premium income Insurnce premium ceded to reinsurers et Insurnce Premium ceded to reinsurers et insurnce premium revenue Fees nd commission Income et Income Insurnce clims nd benefits pid- Gross (including loss: Insurnce clims recoverble from reinsurnce Compnie et Clims expenses Underwriting expenses-gross Deferred underwriting expenses et Underwriting cost Underwriting results Investment income 30,387 (45.630) Fir vlue chnges in Investment property Fir vlue chnges in finncil ssets-f VTPL Exchnge gin ther operting income 17,952 (47.997) Surplus trnsfer from invetment contrct (93,627) Allownce for impirment on receivbles (416,077) Mngement expenses (34,037) Finnce cost (61,333) 47,997 Employee benefit expenses Totl Expenses (511,447) 107,894 Segment profit or loss before txtion (463,108) 14,267 Txtion 19,001 Segment profit or loss fter tx ,267 Segment result represents the result of ech segment without lloction of certin expenses, finnce costs nd Income tx. This is the mest (946,842)

11 4.0 Revenue from mjor products nd services CRERSTE ISURACE PLC The 's revenue from mjor products nd services is disclosed in the segment revenue tbles. 4.d Geogrphicl informtion The 's revenue nd informtion bout its segment net ssets by geogrphicl loction re s follows: Revenue et ssets W.tnin igeri 5,576,748 5, ,437,842 7,756,413 utside igeri 5, ,483 9,437, ,413 4.e Informtion bout mjor customers The does not derive revenue from n individul policyholder or intermediry tht represents 10% or more of the groups totl revenue. 6 Csh nd csh equivlents Csh 5,862 Short-term deposits (including demnd nd time deposits 2,176,903 Compny 1, ,091,607 1,252, Csh nd csh equivlents (s per sttement of finncils 2,182,766 3,093,080 1,252,969 2,657,153 Csh equivlents re defined s short-term, highly liquid investments tht re redily convertible to known mounts of csh, this includes current ccount with bnks,short term plcement with bnks nd csh t hnd Short-term deposits re mde for vrying periods of between one dy nd three months depending on the immedite csh requirements of the. All deposits re subject to n verge vrible interest rte of 10.81% (2014: 13%). The crrying mounts disclosed bove resonbly pproximte fir vlue t the reporting dte Finncil ssets Clssifiction - crrying mount Avilble-for-sle investments (AFS) Crried t fir vlue(listed security) 1,154, Fir vlue through other comprehensive income (unlisted s 142, ,079 Compny Crried t cost (unlisted securities) (See note 6 (i)) 2,658, ,945 Avilble-for-sle investments (AFS) 3,955,504 3, , ,368,590 Fir vlue through profit or loss (FVPT) Fir vlue through profit or loss (FVPT) 3,816,494 2, ,071,684 2, Lons nd receivbles investments crried t mortised c 1,952, ,444 2, ,560 9,724, /3,862 6(i) Detils of unlisted securities crried t cost include: CAPIC(see note i below) 1,580, ,580, igeri il & Gs Pool (AL) 5,258 30,989 5, igeri Libility Insurnce Pool 6,646 6,646 6,646 6,646 Energy & Allied Insurnce Pool 63,248 39,850 63,248 39,850 AK Pension Limited 50, ,000 50,000 Sterling Assurnce 37,500 37,500 37,500 37,500 CAP PHEIX CRERSTE LTD 915, ,495 2,658, ,945 The bove finncil ssets hve been ssessed for impirment nd there ws no objective evidence tht the sset is impired. 6(II) Detils of unlisted securities Includes Fir vlue through prof( or loss MT igeri Communiction 3,816, ,746 3,071,684 3,510,998 Fir vlue through other comprehensive Income: Consolidte Breweries WAMC igeri Limited 64,000 44, ,000 Food concepts Limited 1,540 1, ARMEthicl Fund-TAKAFUL 22,706 21,848 22,706 21,849 Lotus Hll Equities ETF 6, ,695 6,214 Lotus Hll Fixed Incom Fund 47,138 47,138 Jiz Bnk 9, ,079 83, ,079 73,803 6(iii) Detils of lon nd receivbles includes: Bonds 1,726,382 1,435,675 1,726,382 1,395,910 Lons to policyholder 297, , , ,574 Advnces nd LP finncing 355, ,286-2,379,265 2, ,670 1, Impirment (426,810) (474,598) , Impirment provision At 1 Jnury ,999 Addition dunng the yer(note 30) (47.787) At 30 ovember ,698 i This represent the compny's investment in CAM, rel estte investment fund.

12 6(iii) Movement in finncil ssets CRERSTE ISURACE PLC Crried t cost (unlisted securities) Fir vlue through profit or loss (unlisted securities ) Lons nd receivbles Totl Blnce s t 1 Jnury ,444 6,336,553 Addition during the yer 125, , ,800 Disposl/Repyment during the yer (8,684) (55,904) Accrued interest 11,555 11,555 Fir vlue Gin/(loss) 364 Impirment losses (656,266) (656,266) Impirment losses-ci (257,173) Exchnge gins/(loss) 28, ,806 22, ,752 Arising from Acquisition 25, ,749 39, ,719 Blnce s t 31, December 179,168 3,320, , _....s... 3 = MP L-- "----. Interest Exchnge difference Fir vlue gins/((loss) Closing blnce Avilble-for-sle investments (AFS) At fir vlue- Generl 208,151 Al fir vlue- Life 248,338 At fir vlue- Tkful 11,294 Subsidiry LAS AD RECEIVABLES vuneidi 0,00 01,000 IAA.) 1,, I Life businesss 339,808 Tkful 54,832 Subsidiry Lons to policy holders ,952 Advnces nd LP finncing 85, Fir vlue through profit or loss(fvtpl) Generl business 131,325 69,897 1,772,594 Life businesss 183, ,863,193 Tkful , , Gmed t cost Generl business ,616 Life businesss 7, Tkful 41, Crried t cost(see note 6(ii) Generl business Life business Tkful

13 CRERSTE ISURACE PLC 6.b Crrying mount t - FIACIAL ISTRUMETS CLASSIFICATI BUCKETS Fir Vlue Amortised Cost Debt securities Avilble for sle Fir vlue through profit or loss Lons nd Receivbles - Federl Government 480, ,195 - Stte Government 436, ,272 - Corporte 627, ,715 '-Individul lons 297, ,288 '-Lons nd dvnces (71,216) (71,216) 1.770,254 1,770,254 Equities - Listed 1,154,481 1,154,481 - Unlisted 2, , , ,771,999 Totl finncil ssets 3, ,816,494 1,770, ,253 Totl Within one yer 3,955,505 3,955,505 More thn one yer 3,816,494 1,770,254 5,586,748 3,955,505 3,816, ,254 9,542,253 6.b Crrying mount t 31 December - Debt securities - Federl Government 125, ,946 - Stte Government 574, ,774 - Corporte 734, ,955 - Lons to policyholders ,574 -Advnces nd LP finncing 8,688 8, ,937 1,605,937 Equities - Listed - Unlisted 2, ,836,108 2,836,108 2, Totl finncil ssets 2,836,108 1,605,937 4, Within one yer More thn one yer 2, , ,442, ,108 1,605,937 4, Crrying mount t - Compny FIACIAL ISTRUMETS CLASSIFICATI BUCKETS Fir Vlue Amortised Cost Avllblo for Fir vlue through Lons nd sle profit orloss Receivbles Totl Debt securities - Federl Government 480, ,195 - Stte Government 436, ,272 - Corporte 627, ,715 - Lons to policyholders 297, ,288 -Advnces nd LP finncing ,841,470 Equities - Listed 142, ,079 - Unlisted 3.536,429 3,071,684 6,608,113 3, ,071,684 6,750,192 Totl finncil ssets 3, , , ,591,662 Within one yer More thn one yer 3, , ,841,470 8,591,662 3,678,508 3, , ,591,662

14 CRERSTE ISURACE PLC Crrying mount t 31 December - Compny Debt securities - Federl Government - Stte Government ,050 - Corporte 572, ,968 - Lons to policyholders 161, , Equities - Listed - Unlisted 2.836,108 2,836,108 2,836, ,108 Totl finncil ssets 2,836, ,592 3,689,700 Within one yer More thn one yer 2, ,689,700 2,836, ,592 3,689,700

15 CRERSTE ISURACE PLC 7 Trde Recievble 14'0043 Compny 1600 Due from policyholders 1,600,857 1,441,078 1,408,317 1,248,978 Allownce for impirment (1,417,127) (1,367,347) (1,225,534) (1,175,754) 183,730 73, ,783 73, Impirment provision At 1 Jnury ,175,754 Addition during the yer(note 31) At 31 December ,175,754 1,175,754 1,175,754 All insurnce receivbles re designted s trde receivbles nd their crrying vlue pproximte vlue t the sttement of finncil position dte. 8 Receivbles nd prepyments Compny Due from Subsidiries 82, , ,861 ther receivbles 207,950 88,067 77,046 35,656 Receivbles from Meristem 4,589 4,589 4,589 4,589 Prepid insurnce 18,215 25,120 18,215 25,120 Stock of sttionery 5,496 5,496 5,496 5,496 Investment in MV Exchnge 10,000 10,000 10,000 10,000 Rent prepyment 102, ,046 96,908 83,551 Prepyments 120, ,401 96,453 90, , , Allownce for impirment (note 8.1) (350,168) (202,091) (293,043) (145,820) 118, , , Within one yer 343, ,634 More thn one yer 125,990 12,207 63,154 63, , , , ,788 ther recievble is mde up of receivble from Cornerstone sset mngement of 56M,receivble from Arin cpitl of 42m, ll of which hve been fully provided for. The crrying mount is resonble pproximtion of fir vlue 8.1 Impirment provision At 1 Jnury 430, , , ,975 Addition during the yer(note 31) 125,990 63,154 As At December , , , b ther Assets Receivble from Cpp & D'Alberto (notel3) 290, ,138 Impirment provision (note 30) (290,138) (290,138) 9 Reinsurnce ssets Compny Reinsurer shre of outstnding clims-generl 893, , , ,205 Reinsurer shre of outstnding clims-life (4,436) 335,196 (4,436) 335,196 Reinsurer shre of Incurred but not reported-generl 622, , , ,412 Prepid reinsurnce-generl 789,158 1,263, ,297 1,190,973 Prepid reinsurnce-life 181, , , ,286 Reinsurnce shre of clims pid 603, , , ,891 3,085,713 3,075, ,807,963 Allownce for impirment (reinsurnce receivble) (583,136) (583,136) (583,136) (583,136) 2,502,576 2,492,226 2,031,380 2,224,826 Within one yer 2.502,576 2,492,226 2,031,380 2,224,826 More thn one yer 2,502,576 2,492,226 2,031,380 2,224,826 Reinsurnce ssets re vlued fter n llownce for their recoverbility nd the crrying mount is resonble pproximtion of fir vlue. Prepid reinsurnce represents deferred portion of reinsurnce cost(reinsurnce portion of unerned premium).

16 CRERSTE ISURACE PLC 10 Deferred cquisition Chrges At 1 Jnury Acquisition cost pid during the yer Deferred cquisition costs (DAC) 258, , , ,418 1,185, ,224 Compny 197,082 1,025,133 Totl cquisition cost 989,518 1,404, , ,216 Acquisition cost mortised(chrged to sttement of pr ( ) (1,146,515) (465,188) (1,015,586) Arising from cquisition As At June , , , ,630 Deferred Acquisistion Cost The brekdown of deferred cquisition cost by clss of business re s follows : Compny Deferred cquisition cost-fire ,443 26,758 51,875 Deferred cquisition cost-motor vehicle 104,135 87,345 90,132 74,112 Deferred cquisition cost-generl Accident, Bond & Engineering 120,761 71, ,318 55,518 Deferred cquisition cost-avition & Mrine 77,646 27,595 28,961 22,325 Deferred cquisition cost-il & Gs 58,669 14,632 34,949 2, , , , Investment in sublsidiries Compny Cornerstone Assets Mngement Limited 202, ,232 Cornerstone Lesing & Investment limited 59,879 59,879 HALAL TAKAFUL LTD 200,000 Fin Insurnce compny limited 2,954,748 2,954,748 3,416,860 3, Movement in Impirment At 1 Jnury (262,111) (262,111) Impirment losses As At June 30 (262,111) (262,111) 3,154, Principl subsidiry undertkings The is controlled by Cornerstone Insurnce Plc "the Prent" incorported in igeri. The controlling interests of Cornerstone Insurnce Plc in the enti ture of L;ountry of of equity Compny nme business rigin cpitl Lesing Services Cornerstone Lesing & Investment Limited igeri on-lite Fin Insurnce Compny Limited Insurnce igeri 96 68% The remining interests in the group re held by minority shreholders.

17 CRERSTE ISURACE PLC 11.3 ther Informtion on subsidiries i. Cornerstone Lesing nd Investment Limited commenced opertion on 1 iuly,2004 s prt of the ultimte prent-compny's strtegic pln to provide world clss lesing services. The compny ws formerly subsidiry of Cornerstone Asset Mngement Limited who lter in 2009 trnsferred its shreholding in the Compny to the ultimte prent,cornerstone Insurnce Plc. Cornerstone Lesing nd Investment provides convenent sset cquisition options to both corporte orgnistions nd individuls ii. FI Insurnce Compny Limited is privte limited libility compny incorported in igeri nd its primry ctivity is the provision of generl insurnce business. Cornerstone Insurnce Plc cquired 96.68% equity interest in FI Insurnce Compny Limited. The business cquisition is expected to increse the mrket shre of the on-life Insurnce business of the entity. As t the dte of cquisition, the fir vlue of the totl considertion trnsfered ws 2.94 billion which represents the fir vlue of the 5.9 billion shres of Cornerstone Insurnce Plc tht ws issued to the seller, CAPE III. The tble below summrises the informtion for relting to the 's subsidiry tht hs mteril on-controlling Interest ( CI) before ny intr-group elimintions. FI Insurnce Compny Limited CI Percentge 3.32% Csh nd csh equivlents 2,610,607 Finncil ssets 1,172,694 Held -To Mturity 43,229 Reinsurnce ssets 113,466 Deferred cquisition cost 22,226 ther receivbles nd prepyments 3,956 Investment properties 396,000 Intngible ssets 3,797 Property nd equipment 1,388,090 Deferred tx sset 40,853 Sttutory deposits 300,000 Totl ssets 6,094,918 Totl libilities 1,159,572 Crrying mount of CI ( see note 30c) 156, Significnt restrictions The group does not hve significnt restrictions on its bility to ccess or use its ssets nd settle its libilities other thn those resulting from the regultory frmeworks which the insurnce business opertes. The regultory frmeworks require ll insurnce compnies to mintin certin levels of regultory cpitl nd liquid ssets nd comply with other rtios such s the solvency mrgin Discountinued opertion The mngement hs nnounced pln to discountinue the opertions of Cornerstone Asset Mngement Limited.The decision is consistent with the 's intention to focus its ctivities on redering insurnce business.the is ctively perfecting the process of winding up of the compny nd this is expected to be completed in yer. As discribed bove, the is currently concluding the winding up of Cornerstone Asset Mngement Limited nd the directors of the compny expects tht the fer vlue of ssets less costs to wind up will be higher thn the ggreggte crrying mount of the relted ssets nd libilities. Therefore, no imp irment loss ws recognised on the reclssifiction of ssets nd libilities s held for sles s t 310ecember 2015.The mjor clsses of ssets nd libilities of Cornerstone Asset Mngement Limited t end of the reporting period re s follows: Assets clssified s held for sles 11,706 Csh nd csh equivlents Finncil Assets 29,014 Lons nd receivbles 26,652 Property nd equipment 1 Deferred tx ssets 64, Libilities of Cornerstone Asset Mngement ssocited with ssets clssified s held for sles ther libilities 4531 Income tx pyble There ws no profit nd cshflow for the yer s the ctivities of Cornerstone Asset Mngement Limited hve been Closed since jnury

18 CRERSTE ISURACE PLC 12 Investment in Joint Venture Compny 1,894,885 1,894,885 1,188,609 1,188,609 1,894,885 1,894,885 1,188,609 1,188,609 CAP Phoenix Cornerstone Limited (CPCL) is Specil Purpose Entity (SPE) between CAP Phoenix nd Cornerstone Insurnce Plc. The entity ws creted s joint venture to mnge rel estte project which involves the construction of office spces from which the plns to ern rentl income. Cornerstone Plc lso plns to relocte its Hed ffice to some floors in this building once it is completed. As t 31 Mrch, Cornerstone Insurnce Plc nd CAP Phoenix Limited owned 51% nd 49% respectively of the issued shre cpitl of the Compny. Cornerstone Insurnce sold 23% of her holding to Fin Insurnce Limited, which is pproximtely 98% owned by Cornerstone Insurnce Plc. This rrngement effectively mkes Cornerstone to hve pproximtely 51% ownership of CPCL t the group level with significnt influence over the ctivities of the entity. This trnsction ws ccounted for using the equity method of ccounting in ccordnce with the provision of IFRS 11 (Joint rrngements), prgrph 24 which sttes tht " joint venturer recognises its interest in joint venture s n investment nd shll ccount for tht investment using the equity method in ccordnce with IAS 28 Investments in Assocites nd Joint Ventures unless the entity is exempted from pplying the equity method s specified in tht stndrd".

19 CRERSTE ISURACE PLC Finnce lese receivbles The entered into finnce lese rrngements for certin of its equipments nd motor vehicles. All leses re denominted in Hire. The verge term of finnce leses entered Into is 3 yers. Amounts receivble under finnce leses ot lter thn one yer Minimum Lese Pyments Present Vlue of Minimum lese Pyments Lter thn one yer nd not lter thn Lter thn 5 yers 223, , ,494 Less: unerned finnce income (0) Allownce for uncollectible lese pymen - Specific llownce (223,595) (223695) 229, Impirment Allownce At 1 Jnury ,872 Addition dudng the yertnutu 31) (2.134) Al 31 December 221, Investment Properties Compny * At 1 Jnury ,994 Additions during the yer 526, Trnsfer to unlisted Investment (816,994) (816,994) Fir vlue Ginsi(Losses) 8000 Arising on cqueotion At 30 June 1,020, , ,856 Investment properties re stted t fir vlue, which hs been determined bsed on vlutions performed by lide Tiwo & Co (Estte Surveyors nd Vlurs-f RC/2012/ i In the course of the finncil yer, the construction contrct with Cpp & D'Alberto Plc for the development of the compny's investment property locted In niru, Victori 1st; 14 Property nd equipment 14 Property nd equipment. d Furniture & Property Improve Motor Vehicles Equipment Fittings Totl Cost: 9'000 W000 9' r000 1'4'000 At 1 Jnury 2, , ,889 3,454,482 Additions during the yer 11, , , Disposls during the yer At 30 June 2,035, , ,101 At 1 Jnury , , Chrge for the yer ( Disposls Arising from Acquisition At 30 June 309,188 (1,275) sh, , ,408 1,333,708 Crrying Amount: At 30 June 1,726, , ,204,393 As At December 31 1, (i) The hd no cpitl commitments s t the blnce sheet dte (: il). (iii) o Impirment ssessment ws performed during the yer s there ws no indiction of impirment on ny of the ssets in use by the group. 144) Property nd equipment- Cost: Property Lesehold Motor Vehicles 9000 Equipment Furniture & Fittings At 1 Jnury ,545 Additions during the yer , Disposls during the yer - (70,148) (577) (28) (70,753) Arising from Acquisltion 1439, , ,734 1,673,156 Totl At 31 December 1,933, , At 1 Jnury 85,204 1, , ,731 Chrge for the yer 10,607 86, , Disposls (68.308) (353) (27) (68.888) Arising from Acquisition 161, , ,882 At 31 December Crrying Amount As At December As At December , ,

20 CRERSTE ISURACE PLC 14 b Property nd equipment- Compny Cost: At 1 Jnury Additions during the yer Disposls during the yer At 31 December Accummulted Deprecition: At 1 Jnury Chrge for the yer Disposls At 30 June Crrying Amount: At 30 June As At December 31 Lesehold Motor Furniture & Property Improvement Vehicles Equipment Fittings Totl 494, , , ,888 1,596,576 58,373 10,110 68, , , , ,888 1, , , , ,495 5,601 56,813 27,314 6,939 96, , , , , , , , ,556 30, , , , ,863 37, , b(i) Property nd equipment- Compny Lesehold Motor Furniture & Property Improvement Vehicles Equipment Fittings Totl Cost: At 1 Jnury 488,258 1, , ,922 98,686 1,275,671 Additions during the yer 6, ,470 88,627 26, ,685 Disposls during the yer (70,145) (578) (28) (70,751) At 31 December 494,621 1, , , ,883 1,448,605 Accummulted Deprecition: At 1 Jnury 85,204 1, , ,104 68, ,109 Chrge for the yer 10,607 85,392 37,358 11, ,773 Disposls - (68,308) (353) (27) (68,688) At 31 December 95,811 1, ,109 79, Crrying Amount: As At December , , ,863 45, ,411 As At December , ,436 66,818 30, , Intngible ssets - /compny 201; Cost: At 1 Jnury Additions Arising from cquisition At 30 June GRUP CMPAY GRUP CMPAY 196, ,503 10,277 10, , , , ,362 65,623 57, , ,503 Amortistion: 178,779 At 1 Jnury 90,703 91,883 90,703 75, ,129 Chrge for the yer 29,526 9,245 19,594 16,766 Impirment Arising from cquisition 206,644 At 31 December 120, , ,297 91, ,229 Crrying Amount: At 31 December 750,4 I I /At V, 326, ,458

21 CRERSTE ISURACE PLC 16 Sttutory Deposits Compny 000 Deposits with CB Anlysis on.life Business 600, , , ,000 Life Business 200, , , ,000 Arising from cquisition 300, , , ,000 In line with section 10 (3) of the Insurnce Act of igeri, deposit of 10% of the regultory shre cpitl is kept with the Centrl Bnk of igeri. The mount held will increse or decrese in reltion to the mount of pid up shre cpitl in issue. The csh mount held is considered to be restricted csh blnce. 17 Investment Contrct Libilities 000 Compny 14'000 Finncil gurntee contrcts 3,302,963 2, ,302,963 2,353,766 At 1 Jnury 2,669, ,048 2, ,712,048 Contribution 922,595 1, ,595 1,335,013 Withdrwls (288,964) (713,413) (288,964) (713,413) Gurnteed interest 20,118 20,118 At 31 December ,766 3, ,766 Current ,353, ,353,766 on-current

22 CRERSTE ISURACE PLC 18.b(i) Crrying mount- Gross Reinsurers' sset et Life: Prticipting life - Life Fund 1.023, , , ,901 - Clims utstnding 97, , , (152,605) 422,478 Annuity Fund - - Life Fund Annuity (27,338) (27.338) Totl life 1, , , on-life: utstnding clims 3,783,625 2,500, , IBR (25,070) utstnding clims- Tkful 17,582 17,582 Arising from Aquisition 43,810 (43,810) 3,783,625 2,517, ,454 3,144,171 2,517,642 Unerned premiums 2,758,820 2,572, ,858 1,190,973 2,403,962 1,381,618 Unexpired risks 77,451 41, ,440 Arising from consolidtion 69,656 (69,656) - 2,836,271 2,614, ,514 1, ,376,507 1,423,058 Totl non-life 6.619, , , ,973 5,520, Totl libilities , ,514,861 1,707,455 6,163,566 5, Within one yer 7.713,677 6,941,872 1,514,861 1,707,455 6,163,566 5,234,417 More thn one yer 7.713,677 6, , ,566 5,234,417

23 CRERSTE ISURACE PLC 18.b(ii) Crrying mount-compny Gross Reinsurers' sset Life: Prticipting life - Life Fund , , Clims utstnding 97, ,673 (4,436) 335, ,478 Annuity Fund - - Life Fund Annuity (27,338) 200,338 (27,338) 200,338 - Clims utstnding Totl life 1,093,781 1,810, , , ,932 1,293,717 on-life: utstnding clims 3, , , ,220 1, IBR , ,412 ( ) 205,960 utstnding clims- Tkful 17, ,236,032 2,189,598 1,297, ,617 1,938,346 1,549,399 Unerned premiums 2,148,625 2, ,297 1,190,973 1, ,075,636 Unexpired risks 77,451 41,440 77,451 41,440 2,226,076 2,308, ,297 1,190,973 1,689,779 1,117,076 Totl nonlife 5,462,108 4,497,648 1,833,983 1,813,590 3,628,126 2,666,475 Totl libilities 6,555,890 6,307,846 2,010,832 2,330,072 4,545,058 3,960,192 Within one yer 6,287,769 6,140, , ,871 4, ,588 More thn one yer , , ,721 66,604 6,555,890 6,307,846 2,010,832 2,330,072 4,545,058 3,960,192 et

24 CRERSTE ISURACE PLC 19 Trde pybles Compny Reinsurnce premium pyble 305, , , ,221 Premium deposit received 108, ,299 26, , , , , ,648 Within one yer 181, , , ,870 More thn one yer 152, , , , , , , , ther pybles Accrued expenses 363, , , ,563 Stle cheques 237, , , ,925 Pyble to stff 123, , , ,460 tionl Housing Funds 3,433 2,747 3,576 2,668 PAYE 16,111 21,058 14,428 20,837 Witholding Tx 12,164 28,537 15,373 28,537 ECWAS BRW CARD Honeywell il nd Gs ltd. 37,855 37,855 37,855 37,855 S&U SAACHI 4,967 4,967 4,967 4,967 FRTE ASSET MGT - -. ther libilities 227, ,481 (410,877) 79, , , , ,631

25 CRERSTE ISURACE PLC 21 Income txes Compny ) Per Sttement of Profit or Loss nd ther Col - Recognised in profit or loss: Income tx bsed on the txble profit/loss for 1 152, ,065 Eduction tx Informtion technology development levy(itd Current tx chrge/(income) for the yer 152, ,065 Deferred txtion Income tx expense 152, ,065 b) Current Tx Libilities/(Assets) s per Sttem At 1 Jnury , ,725 Chrge for the yer 238, ,521 Pyment during the yer (263,407) (164,499) (198,993) (149,155) Arising from cquisition At 31 My 150, , , ,091 The chrge for income tx in these finncil sttements is bsed on the provisions of the Compnies Income Tx Act, CAP C21 LF 2004 s mended nd Eduction Tx Act, CAP E4 LF 2004.

26 CRERSTE ISURACE PLC 21 b Deferred Txtion Deferred income tx ssets nd libilities re offset when there is leglly enforceble right to offset current tx ssets ginst current tx libilities nd when the deferred income txes ssets nd libilities relte to income txes levied by the sme txtion uthority on either the txble entity or different txble entities where there is n intention to settle the blnces on net bsis. The offset mounts re s follows: Deferred tx ssets: Deferred tx sset to be recovered fter more thn 12 months Compny Deferred tx sset to be recovered within 12 months (144,335) 242,583 18, ,843 Deferred tx on sset held for sles (386,918) (169,053) Arising from cquisition - - (144,335) (144,335 18,790 18,790 The net movement on the deferred income tx ccount is s follows: Compny At 1 Jnury 264, , , ,804 Chrge to profit or loss 3,786 Tx chrged to equity net of trnsfers to retined ernings 12,039 At 31 December 264, , , ,843 The chrge for income tx in these finncil sttements is bsed on the provision of the Compnies income Tx Act CAP C21 LF 2004 s mended nd EductionTx Act. CAP E4 LF 2004.

27 CRERSTE ISURACE PLC 22 Employees' Retirement bligtions Compny Pensions (outstnding libility) 108 7,523 1,549 7,750 Pension: At 1 Jnury 8,102 64,295 7,750 7,523 Pension Expense for the reporting period Pyment mde during the yer (7,994) (177,334) (89,771) ( ) Arising from cquisition - - et Employees' Retirement bligtions 108 8,102 7,128 7,750 The Compny opertes defined contribution pension pln bsed on the ew Pension Act 2014.All pension contributions re remitted to the relevnt registered PFAs 23 Shre Cpitl ndshre Premium Issued cpitl comprises: 14,729,507,615 fully pid ordinry shres (31 December 2015: 14,729,507, 7,364,754 7,364,754 7,364,754 7,364,754 Movement in shre cpitl At 1 Jnury 7,364,754 7,364,754 7,364,754 7,364,754 Addition during the At 31 December 7,364,754 7,364,754 7,364,754 7,364,754 The totl number of issued nd fully pid ordinry shres s t yer ended 31 December 2015 ws 14,729,507,615 (2014: 8,820,010,000) with pr vlue of 50k per shre. The dditions to the fully pid ordinry shres during the yer represent the nominl vlue of the 5,909,497,615 ordinry shres issued in respect of CAPE III; being the considertion pid for the cquisition of Fin Insurnce Compny Limited. See note 11 nd note 30 for dditionl disclosures on the cquisition of Fin Insurnce Compny Limited. 23 Shre premium At 31 December 1,947,167 1,947,166 1,947, ,166 23b Tresury shres At 31 December 48,175 48,175 48,175 48,175

28 CRERSTE ISURACE PLC 23c Contigency reserves At 1 Jnury Trnsfer from retined ernings At 31 December Compny ,796 '000 1, ,032 1', 5 1 9, ,796 2' ,348, ,638,698 1,519,802 1,638, ,802 In complince with Section 21 (1) of Insurnce Act 2003, the contingency reserve for non-life insurnce business is credited with the greter of 3% of totl premiums, or 20% of the profits. This shll ccumulte until it reches the mount of greter of minimum pid-up cpitl or 50 percent of net premium. While for life business, the contingency reserves is credited with n mount equl to 1% of gross premium or 10% of net profit (whichever is greter) nd ccumulted until it reched the mount of minimum pid up cpitl. 23d Retined ernings At 1 Jnury 98,647 (555,369) (646,290) 499,048 Trnsfer to contigency reserves (118,796) ( ) (118,796) (171,032) Sttement of Comprehensive income (866,584) (868,087) (797,906) Dividend pid - (176,400) At 31 December (886,733) 98,647 (1,633,173) (848,290) 24 et insurnce premium income on-life insurnce premiums 4,509,523 4,827, ,649 4,339,671 Life insurnce premiums 963, , ,257 Hll Tkful Insurnce 103, , , Gross written premiums ,918,483 4,617,874 5, Investment contrct Libilities 5,576,748 5,918,483 5,430,858 Chnge in unerned premiums (1,039,722) (1,914,871) (735,509) (1.802,561) Gross erned premiums 4,537,026 4, ,366 3,628,297 on-life reinsurnce premiums 1.833,365 2,505,132 1,388, Life reinsurnce premiums 234, , , ,011 Tkful reinsurnce premiums ,615 Gross written reinsurnce premiums 2.068,638 2,758, ,632 2,582,063 Chnge in reinsurnce unerned premiums (361,593) (1,320,780) (181,423) (1,287,485) Reinsurers' shre of gross erned premiums 1,707, ,978 1,442,208 1,294,578 et insurnce premium income 2,829,982 2, ,333,718

29 CRERSTE ISURACE PLC 26 Fee nd commission income Compny Reinsurnce commissions nd profit commissi. 371, et Clims expenses Reinsurnce's Totl shre et Gross pid Movement In ou Life business 628, ,695 (88,772.41) 177,194 on-life business 1,217, ,703 2,133,009 (451,501) Tkful 44,483 44,483 (3,101) , ,703 2,806,187 (549,3/4) 2, Compny 26 et Clims expenses Life business on-life business Tkful Gross pid Movement In ou Totl 628,695 Reinsurnce's shre (88,772) 1,169, ,305 1,908,313 (429,312) 1.479,002 44,483 44,483 (3.101) 47,584 1,842, ( ) 2.066,508 et 539,923 Reinsurnce's Totl shre et Gross IBR Life business 1, , ,175,593 ( ) 962,621 on-life business 1,015, , , ,057 (296,970) 660,087 Tkful 55, , ,246,136 2,044, ,419 2,188,091 (609,942) 1,678,149

30 CRERSTE ISURACE PLC 27 Underwriting Expenses (Fees, commissions nd other cquisition expenses) 27() Acquisition cost Compny Aquisition cost- Generl 598, , , ,114 Aquisition cost- Life 133, , , ,527 Aquisition cost- Tkful 23,535 23, , , , ,177 Chnges in deferred underwriting expenses (158,351) (97,750) (85,037) (68,788) 573, , , ,389 27(b) Mintennce cost Mintennce cost- Generl 266, , , ,100 Mintennce cost- Life (5,294) 21,569 (5,294) 21,569 Mintennce cost- Tkful 23, , , , , (c) Investment contrct libility cost Aquisition cost- deposit dministrtion Mintennce- deposit dministrtion 27,194 23,826 27,194 23,826 27,194 23, ,826 27(d) Gurnteed interest Totl 885, , , , Investment income Compny 28() Investment income -Attributble to policyholders fund Interest income 28(b) Investment income -Attributble toshre holders fund Dividend income Interest income thers 27,467 11,190 (27,808) 10, , , , , , , ,867 28(c) Intesest income-investment contrct libilities 28d Fir vlue chnges in finncil ssets-fvtpl 280, ,809 28e perting income Exchnge gin/(loss) 172,875 2,154, ,182 1,798,041 Miscellneous income 45,595 47,833 43,461 42,727 Income from disposl of PPE 5,082 4,401 5, ther operting income ,295 2,206, ,725 1,842,793

31 CRERSTE ISURACE PLC 28f Gin on brgin purchse Business Combintions Acquisition of FI Insurnce Compny Limited n 16 December, 2015 (the cquisition dte), the Compny cquired through shre for shre exchnge, 96.68% of the Voting rights in the Fin Insurnce Compny Limited, compny involve in on- Life Insurnce business. As result, FI Insurnce Compny Limited becme subsidiry of Cornerstone Insurnce Plc s the compny obtined control of FI Insurnce Compny Limited. The Compny intends to expnd the erning power in the insurnce business by gining more customers in the mrkets nd lso to increse its eminence. The following tble summrizes the estimted fir vlues of the considertion pid, the non- controlling interests nd ll the ssets nd libilities ssumed t the dte of cquisition. Fir vlue of considertion pid 2,954,749 Fir vlue on non-controlling interest (CI) 156,682 Totl Fir vlue of ssets cquired nd libilities ssumed Csh nd csh equivlents Finncil ssets Held -To Mturity Trde receivbles Reinsurnce ssets Deferred cquisition cost ther receivbles nd prepyments Investment properties Intngible ssets Property nd equipment Deferred tx sset Sttutory deposits Totl ssets Libilities Insurnce contrct libilities Trde pybles Provision nd other pybles Current income tx libilities Deferred tx libility Retirement benefits obligtion Totl libilities et Assets Gin on brgin purchse The business cquisition resulted in brgin purchse trnsctions becuse the fir vlues of the ssets cquired nd libilities ssumed exceeded the totl fir vlues of the considertion pid nd the fir of other non-controlling interest held by 1.8 billion. The Compny recognized the mount s gin nd recorded the mount seprtely s gin on brgin purchse in the consolidted Sttement ofprofit or loss for the yer ended 31 December Although the entity effectively gined control of Fin Insurnce Compny Limited on 16 December, 2015,the mounts of revenue nd profit or loss since the cquisition dte nd pro forml results of opertions for the bove business combintions re not presented becuse the effects re not mteril to the consolidted finncil sttements. The blnces per the sttement of the finncil position hve been consolidted in this finncil sttements. 28d on-contolling Interest in Equity 2015 Arsing from cquisition during the yer 156,682 on controlling interest represents 3.32% (108,560,000 ordinry shres) of the equity holding of the Compny's Subsidiry, FI Insurnce Compny Limited.

32 CRERSTE ISURACE PLC 29 Allownce for impirment losses Allownce on investment in subsidiry (note 11.1) Allownce on finnce lese (note 12) Impirmet of finncil ssets Allownce on receivble (note 8.1) Allownce on other ssets (note 8b) Compny 30 Mngement expenses Deprecition (note 14) 125, , ,417 88,288 Amortistion of computer softwre (note 15) 8,947 9,595 8,260 9,019 Directors' costs 22,974 42,551 13,720 39,789 Advertising nd corporte promotionl expenses 28, ,836 23,278 98,881 Administrtive expenses 172, , , ,568 Rents nd rtes 45,648 36,095 35,674 29,943 Consultncy fees 96, ,716 63, ,052 Mintennce expenses 155,817 93, ,793 74,974 Stff trining nd development 9,532 36,436 8,704 34,219 Auxiliry stff costs 135, , ,746 90,964 Sttutory due 45,110 43,604 40,373 40,826 Audit fees 17,500 7,335 12,000 AGM Expenses 23,235 4,789 23,235 4,789 Subscription 8,818 9,618 6,124 5,270 thers 25,967 47,007 15,526 32,579 Wges nd Slries*** 706, , , ,966 Defined contribution pension costs 36,226 32,321 31,934 27,719 Trnsction cost 1, ,687,387 1, ,398,846 * *Wges nd slries is mde up of: Slries 706, , , ,966 Allownces 36,226 32,321 31,934 27,719 Totl 742, , , ,686 *Trnsction costs reltes to expenses incurred in connection with the cquisition of Fin Insurnce Compny Limited. These costs include finders fees, legl fees nd dvisory fees. 31 Finnce Costs Interest on Finncil libilities t mortised cost 41,582 35,775-0 Bnk chrges 8,612 5,353 4,150 4,579 50,194 41,128 4,150 4,579

33 CRERSTE ISURACE PLC 32 Income tx expense/income Current tx expense/(income) in respect of the current yer Under provision of tx in prior yers Eduction levy Informtion technology development levy (ITDL) Totl current tx Compny W000 1, ,607 3,450 Deferred tx expense recognised in the current yer Income tx expense 1,807 3, Profit for the yer Profit for the yer hs been rrived t fter chrging/(crediting) et foreign exchnge gin Deprecition of property nd equipment Amortistion of intngible ssets Stff costs nd other expenses Auditors' remunertion Impirment on receivbles AICM Levy 34 Shre-bsed pyments Employee shre option pln of the Compny Detils of the employee shre option pln of the Compny: of the pln, s pproved by shreholders t previous nnul generl meeting, executives nd senior employees with more thn five yers' service with the my be grnted options to purchse ordinry shres. Ech employee shre option converts into one ordinry shre of the Compny on exercise. o mounts re pid or pyble by the recipient on receipt of the option. The options crry neither rights to dividends nor voting rights. ptions my be exercised t ny time from the dte of As t 31st December 2015, no stff of the group hd exercised the options. 35 Ernings per shre The ernings nd weighted verge number of ordinry shres used in the clcultion of bsic ernings per shre re s follows. Compny per kobo per hobo per kobo per kobo Ernings per shre- bsic & diluted Bsic/diluted ernings per shre The ernings nd weighted verge number of ordinry shres used in the clcultion of bsic ernings per shre re s follows. *000 Profit for the yer ttributble to owners of the Compny ( ) 1,138,978 (868,086) Ernings used in the clcultion of bsic ernings per shre (866,583) 1,138,978 (868,086) 796,856 Profit for the yer from discontinued opertions used in the clcultion of bsic ernings per shre from discontinued opertions thers Ernings used in the clcultion of bsic ernings per shre from continuing opertions (866,583) 1,138,978 (868,086) 796,856 Diluted ernings provides mesure of the interest of ech ordinry shre in the performnce of n entity while giving effect to ll dilutive potentil ordinry shres outstnding during period. There exist no potentil ordinry shre of the compny outstnding during the yer ended 31 December, 2015 nd the comprtive yer, consequently diluted nd bsic ernings per shre re the sme. 14,729,508 8,820,010 Weighted verge number of ordinry shres for the purpose of bsic ernings per shre Tresury shres (96,350) ( ,158 8,723,660