Regency Alliance Insurance Plc. Unaudited Financial Statements For the Period Ended 30 September 2016

Transcription

1 UN-AUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2016 Note Sept Sept =N= =N= ASSETS Cash and Cash equivalents 1 2,858,254,080 2,956,194,082 Financial Assets 2 678,146, ,727,208 Trade Receivables 3 13,117,742 12,988,380 Reinsurance assets 4 807,514, ,203,246 Deferred Acquisition Cost 5 118,408, ,007,643 Other Receivables and prepayments 6 19,258,219 11,034,801 Investment in subsidiaries 7 390,384, ,033,362 Investment in Associates 8 379,617,455 - Deposit for shares ,460, ,000,000 Intangible Assets 9 39,604,810 42,346,351 Property, Plant and Equipment 10 1,179,064,025 1,178,676,425 Statutory Deposits ,000, ,000,000 Total Assets 6,798,829,772 7,151,211,498 LIABILITIES Insurance Contract Liabilities 12 1,423,643,680 1,979,831,271 Provision and Other trade payables 13 64,782,109 55,420,460 Retirement benefit obligation 14 8,174,551 7,231,713 Provision for Current Income Tax Liabilities ,952, ,723,026 Deferred income tax liabilities ,483, ,387,736 Total Liabilities 1,855,036,369 2,349,594,206 EQUITY Total equity attributable to owners of the parent: Issued and Paid up share capital 17 3,334,375,000 3,334,375,000 Contingency Reserve 18 1,007,919, ,753,067 Retained Earnings ,652, ,121,645 Fair Value Reserves on Available for sale 20 (1,153,260) (2,632,420) Total 4,943,793,403 4,801,617,292 Equity and Liabilities 6,798,829,772 7,151,211, MR KEHINDE OYADIRAN MR BIYI OTEGBEYE FRC/2013/ICAN/ FRC/2013/NBA/ (Chief Finance Officer) (Managing Director/Chief Executive Officer) 1

2 UN-AUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE QUARTER ENDED 30 SEPTEMBER 2016 COMPANY COMPANY Jan-Sept Jan-Sept Note Gross Premium Written 21 2,135,111,752 2,667,593,333. Gross Premium Income 22 2,355,630,484 2,240,262,305 Reinsurance Expenses 23 (755,763,673) (628,032,752) Net Premium Income 1,599,866,811 1,612,229,553 Fees and Commission Income 24 23,761,092 43,979,903 Net Underwriting Income 1,623,627,903 1,656,209,456 Claims Paid Gross 25 (249,580,774) (377,319,895) Recovery from Reinsurance 17,719,864 63,936,933 Underwriting Expenses 26 (329,702,768) (332,098,921) Underwriting Profit 1,062,064,225 1,010,727,573 Investment Income ,939, ,390,356 Other Operating Income 28 6,443,711 30,182,558 Employee Benefit Expenses 29(a) (289,379,988) (297,345,327) Other Operating Expenses 29(b) (370,641,474) (309,086,404) Unrealised fair value (loss) on equities 2.1(a) (38,191,600) (68,449,442) Profit Before Tax 514,234, ,419,314 Income Tax Expense 15 (43,900,405) (42,551,882) Profit After Taxation 470,334, ,867,432 Other comprehensive income, net of tax items within OCI that will not be reclasified to the profit or loss: Gain on revaluation of properties Change in the value of Unquoted investment (4,933,907) Total other comprehensive income - (4,933,907) Total comprehensive income for the Period 470,334, ,933,525 Earnings per share Basic (in kobo)

3 STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 SEPTEMBER 2016 Share Capital Contingency Reserve Retained Earnings Fair Value Reserves Total =N= =N= =N= =N= =N= At 1 January ,334,375, ,852, ,447, (1,153,260) 4,673,521,441 Changes in equity for Total comprehensive income for the period - Profit after tax for the period 470,334, ,334,462 Transfer to Contingency Reserves 94,066,892 (94,066,892.38) ,066, ,267, ,334,462 Dividend to equity owners - Other comprehensive income Total comprehensive income for the period - 94,066, ,267, (22,690,517) Transaction with owner's of equity, recorded directly in equity distribution to owners Dividend Approved and Paid during the year (200,062,500.00) (200,062,500) Total Transaction with owners - - (200,062,500.00) - (200,062,500) At 30 September ,334,375,000 1,007,919, ,652, (1,153,260) 4,943,793,403 STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 SEPTEMBER 2015 Share Capital Contingency Reserve Retained Earnings Fair Value Reserves Total =N= =N= =N= =N= =N= At 1 January ,334,375, ,979, ,027,699 2,301,487 4,342,683,766 Changes in equity for Total comprehensive income for the period - Profit after tax for the period 463,867, ,867,432 Transfer to Contingency Reserves 92,773,487 (92,773,487) ,773, ,093, ,867,432 Other comprehensive income Change in the value of Unquoted investment (4,933,907) (4,933,907) Total comprehensive income for the quarter - 92,773, ,093,945 (4,933,907) 458,933,525 At 31 January ,334,375, ,753, ,121,645 (2,632,420) 4,447,422,390 3

4 STATEMENT OF CASH FLOWS CASH FLOW FROM OPERATING ACTIVITIES PREMIUM RECEIVED 2,062,672, ,596,566,567 COMMISSION & INTEREST PAID (96,842,908) (94,425,914) REINSURANCE PREMIUM PAID (695,238,410) (866,442,070) LOAN AND ADVANCES 1,450,000 (5,450,000) CASH PAID FOR AND ON BEHALF OF EMPLOYEES (254,546,493) (301,538,846) OTHER OPERATING EXPENSES (371,297,877) (257,764,399) GROSS CLAIMS PAID (219,220,429) (556,482,534) CLAIM RECOVERY 17,719,864 63,936,933 OTHER UNDERWRITING EXPENSES (20,497,256) (40,515,817) TAX PAID (69,909,000) (50,795,745) NET CASHFLOW FROM OPERATING ACTIVITIES 354,289, ,088,175 CASHFLOW FROM INVESTING ACTIVITIES PROCEED ON DISPOSAL OF PROPERTY,PLANT & EQUIPMENT 2,450,450 23,400 INVESTMENT INCOME 143,939, ,584,248 OTHER OPERATING INCOME 1,943,886 32,248,730 PURCHASE OF PROPERTY,PLANT & EQUIPMENT (48,770,735) (9,087,168) PURCHASE OF INVESTMENTS (46,000,000) NET CASHFLOW FROM INVESTING ACTIVITIES 99,563, ,769,210 N N CASHFLOW FROM FINANCING ACTIVITIES DIVIDEND PAID (200,062,500) UNCLAIMED DIVIDEND 17,934,859 (200,062,500) 17,934,859 NET CASHFLOW FROM FINANCING ACTIVITIES 253,790, ,729,177 NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENT CASH AND CASH EQUIVALENTS AT 1ST JANUARY 2,604,463,238 2,269,464,905 CASH AND CASH EQUVALENTS AT 30 SEPT 2,858,254,080 2,956,194,082 4

5 1 Cash and Cash Equivalents SEPT SEPT Cash in Hand 344,943 4,397,136 Bank Balances-Current Account 661,006, ,748,839 Shortterm placements: Fixed Deposit 2,196,902,716 2,461,048,108 Total 2,858,254,080 2,956,194,083 Current 2,858,254,080 2,956,194,083 Non- Current Asset Representing Policy Holders Fund Cash and Cash Equivalents 992,170, ,755,264 Property, Plant and Equipment 1,092,100,939 1,168,445,129 Total 2,084,271,650 1,987,200,393 Policyholders Fund 1,423,643,680 1,979,831,271 GAP 660,627,970 7,369,122 Investment represent shareholder's fund 1,865,738,426 2,133,041,683 2 Financial Assets The financial assets are summarised below by measurement category: Fair Value through Profit or Loss - quoted Investment - (note 2.1) 673,148, ,617,290 Available-for-sale - Unquoted Investment ( note 2.2) 2,781,884 2,781,884 Loans and Receivables ( note 2.3) 2,215,201 6,328, ,146, ,727,208 Current 678,146, ,727,208 Non- Current 2.1 Analysis of quoted financial assets FVTPOL are shown: a. Quoted Investments Market value as at the beginning of the period 711,340, ,066,732 Unrealised fair value gain/loss on equities (38,191,600) (68,449,442) Market value as at the end of the period 673,148, ,617,290 Current 673,148, ,617,290 Non-Current - - Analysis of available for sale instruments is shown: 2.2 Available-for-sale - Financial assets Unquoted Investment- as at the beginning of the period: 2,781,884 7,715,791 2,781,884 7,715,791 Appreciation in value /(Impairment loss) - (4,933,907) Balance at the end of Period 2,781,884 2,781,884 5

6 2.2a Analysis of Appreciation/(Diminution) in value on AFS financials asset is shown: Dominion Trust Limited - (4,933,907) Balance as at the end of the period - (4,933,907) Current 2,781,884 2,781,884 The carrying amount of the unquoted equity is based on the cost model using the latest audited financial statement of the investee companies The fair value of the assets cannot be readily and reliably measured as there is no active market for both types of companies The fair value of the investment has been categorised as Level 3 fair value base on non observable market inputs into the valuation technique The company intends to dispose of the shares at a price above the initial investment purchase price. Dominion Trust Limited offers Investment, Financial and related products and services in the Nigerian Capital Market to a private individuals,corporate entities and Institutional clients. b.) Profund Securities Limited 2,072 2,072 Impairment on Profund Securities Financial asset At beginning of year (2,072) (2,072) Addition during the year - - Reversal during the year - - Balance as at the end of the period (2,072) (2,072) Loans and receivables comprise as shown below: (a)staff loan Balance as at the beginning of the period 5,723,534 5,724,000 Addition during the period - 5,450,000 Repayment during the period (3,508,333) (4,845,966) 2,215,201 6,328,034 Staff Advances are less than 12 months, the estimated fair values of the advances are the undiscounted amount of estimated future cash flow estimated to be received. 3 Trade Receivables a Due from Brokers and Other Intermidaries 13,117,742 12,988,380 13,117,742 12,988,380 Current 13,117,742 12,988,380 Non-Current (3a) Age Analysis - premium debtor 0 to 30 days 13,117,742 12,988,380 Above 30 days ,117,742 12,988,380 4 Reinsurance Assets Prepaid Reinsurance Premium 677,900, ,264,562 Reinsurance Share of Claim Paid 4,429,459 78,238,684 Reinsurance Share of IBNR 125,184, ,700, ,514, ,203,247 6

7 5 Deferred Acquisition Cost Deferred acquisition costs represent commissions on General Accident 38,093,790 42,808,227 Oil & Gas 1,877,343 31,609,076 Fire 19,261,742 19,053,630 Motor 22,177,409 20,851,399 Aviation 300, ,110 Bond 228, ,967 Engineering 15,644,455 22,903,329 Marine 20,493,284 27,840,136 Emp/Liability 330, , ,408, ,007,643 Balance as at the beginning of the period 122,107, ,808,321 Addition during the period 244,967, ,352,286 Amortisation during the period (248,666,677) (282,152,964) Balance as at the end of the period 118,408, ,007,643 Current 118,408, ,007,643 Non-Current 6 Other Receivables and Prepayments a Prepayments 19,258,219 9,635,492 b Sundry Receivable & Prepayment - 1,399,309 19,258,219 11,034,801 Current 19,258,219 11,034,801 Non-Current 7 Investment in Subsidiaries a Regency Alliance Insurance Limited, Ghana - 379,617,455 b RIC Properties & Investment Ltd 217,268, ,350,000 c RIC Microfinance Bank Limited 161,395, ,345,601 d RIC Technologies Limited 11,720,306 11,720, ,384, ,033,362 Current Non-Current 390,384, ,033,362 7

8 8 Investment in Associates a Regency Alliance Insurance Limited, Ghana 379,617,455 - This represent transfer from investment in subsidiary to associate as a result of reduction in the company's holding in Regency Ghana in line with new recapitalisation directive of National Insurance Commision (Ghana) Deposit for shares: 8.1 Opening balance as at the beginning of the period 15,460, ,000,000 Addition during the period Transfer to subsidiary share capital Closing balance as at the end of the period 15,460, ,000,000 The sum of =N=15,460,072 represents Parent's initial payment on right issue towards recapitalisation of subsidiary 'Regency Alliance Insurance Limited 9 Intangible Assets (a) Intangible Assets- Computer Software COST Opening balance as at the beginning of the period 74,168,167 27,404,525 ADDITIONS 390,000 46,000,000 Closing balance as at the end of the period 74,558,167 73,404,525 Accumulated Amortisation Opening balance as at the beginning of the period 32,292,025 21,646,697 Charge for the period 2,661,332 9,411,477 Closing balance as at the end of the period 34,953,357 31,058,174 Carrying Amount as at the end of the period 39,604,810 42,346,351 Current Non-Current 39,604,810 42,346,351 The intangible assets of the company comprised computer software. The computer softwares are accounted for using the cost model of IAS 38 i.e cost less accumulated armortisation and less accumulated impairment. The amortization is charged to the statement of profit or loss and other comprehensive income in with the Company's policy. 8

9 Note 10 PROPERTY, PLANT AND EQUIPMENT LEASEHOLD BUILDING MOTOR OFFICE OFFICE FURNITU PLANT AND LAND VEHICLE EQUIPMENT AND FITTING MACHINERY LIBRARY TOTAL COST/VALUATION =N= =N= =N= =N= =N= =N= =N= =N= Opening Balance as at January ,000, ,606, ,261, ,987,019 42,748,209 21,709, ,020 1,698,553,941 Additions 0 570,595 40,230,000 5,728,740 1,811, ,340,735 Disposal (11,500,000) (11,500,000) Closing Balance as at September 30, ,000, ,177, ,991, ,715,759 44,559,609 21,709, ,020 1,735,394,676 ACCUMULATED DEPRECIATION Opening Balance as at January ,868,687 41,465, ,817, ,235,383 34,981,517 15,687, , ,278,499 Charge for the period 7,117,424 3,999,039 16,313,625 5,250,573 2,220,027 1,638,939 12,525 36,552,152 Disposal (11,500,000) (11,500,000) Closing Balance as at September 30, ,986,111 45,464, ,631, ,485,956 37,201,544 17,326, , ,330,651 Carrying Amount as at September 30, ,013, ,712,243 45,359,854 46,229,803 7,358,065 4,383,382 6,789 1,179,064,025 Carrying Amount as at September 30, ,248, ,852,202 26,912,728 44,808,515 8,172,530 6,666,594 15,119 1,178,676,425 PROPERTY, PLANT AND EQUIPMENT 10 LAND BUILDING MOTOR OFFICE FFICE FURNITURE PLANT AND VEHICLE EQUIPMENT AND FITTINGS MACHINERY LIBRARY TOTAL COST/VALUATION =N= =N= =N= =N= =N= =N= =N= =N= Opening Balance as at January ,188, ,261, ,970,873 41,342,529 19,313, ,020 1,685,317,861 Additions 0 1,090,000-2,757,088 1,158,680 1,967,400-6,973,168 Disposal 555, , ,500 Closing Balance as at September 30, ,000, ,278, ,261, ,282,961 42,501,209 21,430, ,020 1,692,995,529 ACCUMULATED DEPRECIATION Opening Balance as at January ,378,788 36,133, ,066, ,799,120 32,021,481 13,651, , ,256,297 Charge for the period 2,372,475 3,292,683 16,282,251 6,230,326 2,307,198 1,261,479 20,895 31,767,307 Disposal (555,000) - (149,500) - (704,500) Closing Balance as at September 30, ,751,263 39,426, ,348, ,474,446 34,328,679 14,763, , ,319,104 Carrying Amount as at Sptembere 30, ,248, ,852,202 26,912,728 44,808,515 8,172,530 6,666,594 15,119 1,178,676,425 9

10 11 Statutory Deposits These are amounts lodged with the Central Bank of the Company's area of operations as required by the law Openning balance 300,000, ,000,000 Movement during the year - Carrying Amount as at the end of the period 300,000, ,000,000 Current Non-Current 300,000, ,000,000 The Statutory Deposit represents amounts deposited with the Central Bank of Nigeria(CBN) pursuant to Section 10(3) of the Insurance Act,2003. The deposits are not available for use by the Group on a normal course of day to day business. 12 Insurance Contract Liabilities Provision for unearned premium (note 13.a) 999,176,269 1,487,446,028 Provision for outstanding claims (note 13.b) 71,818,411 55,781,243 Incurred But Not Reported (IBNR) (13.c) 352,649, ,604,000 1,423,643,680 1,979,831,271 Current 1,423,643,680 1,979,831,271 Non-Current 12a Provision for unearned premium General Accident 213,266, ,713,931 Oil and Gas 226,195, ,293,974 Fire 98,866, ,857,598 Motor 176,335, ,390,099 Aviation 3,503,745 6,768,042 Bond 1,123,405 1,244,681 Engineering 111,720, ,721,970 Marine 166,416, ,979,658 Emp/Liability 1,748,146 1,476, ,176,269 1,487,446,028 12a (i) Movement in unearned premuim provision: At the beginning of the period 1,219,695,000 1,060,115,000 Movement during the period (220,518,731) 427,331,028 Carrying Amount as at the end of the period 999,176,269 1,487,446,028 The Company does not make provision for premium deficiency. This is because all classes of business in which the Company is involved report a profit i.e. the premium written is in excess of claims incurred. 12b Provision for outstanding claims General Accident 16,780,656 7,592,493 Oil and Gas 11,572,039 11,000,000 Fire 9,020,199 5,722,884 Motor 28,590,873 27,650,260 Aviation 500, ,000 Bond 30,000 30,000 Engineering 3,196,251 1,883,503 Marine 2,084,829 1,361,539 Emp/Liability 43,564 40,564 71,818,411 55,781,243 10

11 b(i) Movement in outstanding claims provision: At the beginning of the period 44,681, ,304,582 Gross Claims incurred in the period 246,356, ,009,593 Claims paid during the period (219,220,429) (443,532,932) Carrying Amount as at the end of the period 71,818,411 55,781,243 c(i) Claims incurred but not reported (IBNR) provision Movement in IBNR provision: At the beginning of the period 352,649, ,604,000 Movement during the period - - Carrying Amount as at the end of the period 352,649, ,604, Provision and Other trade payables Accrued Rental Income 2,061,458 5,773,958 Accrued Expenses 44,785,792 31,711,643 Unclaimed Dividend 17,934,859 17,934,859 64,782,109 55,420,460 Current 64,782,109 55,420,460 Non-Current 14 Retirement Benefits Obligations Balance as at the beginning of the period 2,165,586 5,225,943 Provision during the period 23,073,762 23,258,099 25,239,348 28,484,042 Payment during the period (17,064,797) (21,252,328) Carrying Amount as at the end of the period 8,174,551 7,231,714 Current 8,174,551 7,231,714 Non-Current The Company runs a defined contributory plan in accordance with the Pensions Reform Act where contributions are made to approved pension fund administrator. 15 Income Tax Liabilities a Per Statement of Comprehensive Income Income Tax Expense for the period Income Tax, based on current results 28,377,794 28,689,833 Education Tax 10,380,262 8,797,855 38,758,056 37,487,688 Information Technology Levy 5,142,349 5,064,193 Charged for the period 43,900,405 42,551,881 Deferred Income Tax movement (note 22) ,900,405 42,551,881 b Per Statement of Financial Position The movement on tax payable account during the period is as follows: Balance as at the beginning of the period 265,961, ,171,144 Charge for the period 43,900,405 42,551,882 Tax Paid (69,909,000) (50,000,000) 239,952, ,723,026 Current income tax is the amount of income tax payable on the taxable profit for the period determined in line with the relevant tax legislation applicable in the areas' of operation Current 239,952, ,723,026 Non-Current 16 Deferred Tax Liabilities Balance as at the beginning of the period 118,483, ,387,736 Movement during the period - - Carrying Amount as at the end of the period 118,483, ,387,736 Current 118,483, ,387,736 Deferred tax asset and liabilities are offset when there is legally enforceable right to offset current tax asset against current tax liabilities and when the deferred income taxes asset andliabilities relate to income taxes levied by the same taxation authority on either the taxable entity or diferent taxable entities where there is an intention to settle the balances on net basis 11

12 17 Share Capital Share capital comprises: Authorised Share Capital 12,000,000,000 Ordinary shares of 50k each 6,000,000,000 6,000,000,000 Issued and fully Paid Share Capital 6,668,750,000 Ordinary shares of 50k each 3,334,375,000 3,334,375, Contigency Reserves In compliance with Section 21 (1) of Insurance Act 2003, the contingency reserve for non-life insurance business is credited with the greater of 3% of total preiums, or 20% of the profits. This shall accumulate until it reaches the amount of greater of mininum paid up capital or 50% of net premium. Balance as at the beginning of the period 913,852, ,979,580 Transfer from retained earnings 94,066,892 92,773,487 Carrying Amount as at the end of the period 1,007,919, ,753, Retained Earnings Balance as at the beginning of the period 426,447, ,027,699 The movement in this account was as follows: Transfer from Statement of comprehensive income 470,334, ,867,432 Transfer to contigency reserve (94,066,892) (92,773,487) Dividend Approved and Paid during the year (200,062,500) Carrying Amount as at the end of the period 602,652, ,121, Fair Value Reserves Balance as at the beginning of the period (1,153,260) 2,301,487 Fair value changes in Value of Quoted Shares (net of deferred tax) - (4,933,907) Carrying Amount as at the end of the period (1,153,260) (2,632,420) 21 Gross Premium Written General Accident 450,607, ,591,156 Oil/Gas 640,524, ,072,313 Fire 230,312, ,912,306 Motor 364,161, ,992,634 Aviation 12,706,182 24,575,752 Bond 6,389,063 82,982,184 Engineering 198,568, ,869,476 Marine 228,303, ,237,312 Emp/Liability 3,538,164 2,360,201 Total 2,135,111,752 2,667,593,334 21a Gross Premium Written 2,135,111,752 2,667,593,334 (Increase)/decrease in unearned premium 220,518,731 (427,331,029) Gross premium Income 2,355,630,484 2,240,262,305 12

13 22 Gross Premium Income General Accident 550,033, ,033,225 Oil/Gas 667,188, ,497,339 Fire 186,827, ,943,707 Motor 313,166, ,558,535 Aviation 10,147,437 21,500,710 Bond 6,420,658 85,764,503 Engineering 270,826, ,616,506 Marine 348,004, ,517,654 Emp/Liability 3,016,018 2,830,125 Total 2,355,630,484 2,240,262, Reinsurance Expenses Prepaid reinsurance at the beginning of the year 825,922,400 1,294,358,635 Reinsurance cost during the year 607,742, ,478,163 Total 1,433,664,474 2,027,836,798 Repaid reinsurance at the end of the period carry forward 677,900,802 (438,841,725) Reinsurance expenses (755,763,673) (2,466,678,523) 23aReinsurance Expenses General Accident 158,670,182 66,444,117 Oil/Gas 156,211, ,359,627 Fire 62,311,434 89,713,287 Motor 18,703, ,821 Bond 1,787,181 1,166,460 Engineering 158,694,559 17,958,302 Marine 199,385,361 25,811,137 Emp/Liability - 334,000 Total 755,763, ,032, Fees and Commission Income General Accident 3,293,357 7,567,017 Oil & Gas - - Fire 12,157,523 21,363,582 Motor 255, ,946 Aviation - Bond 173, ,721 Engineering 1,873,534 5,889,624 Marine 6,008,377 8,148,451 Emp/Liability - Total 23,761,092 43,937, Claim Expenses (Gross) Current Year Claim Paid 222,444, ,655,278 (Increase)/decrease in Outstanding Claim 27,136,466 (60,523,340) Outstanding Claim -IBNR - - Total Claim and Loss Adjuster Expenses 249,580, ,131,938 Recovery from Reinsurance 17,719,864 63,936,933 Net Claim and Loss Adjuster 231,860, ,195,005 13

14 25a Net Claims Expenses General Accident 76,292,204 56,714,236 Oil & Gas 50,175, ,073,528 Fire 21,442,970 (40,921,411) Motor 69,317,675 67,855,282 Aviation 6,761,648 10,432,101 Bond 348, ,664 Engineering (7,551) 49,278,388 Marine 2,273,650 52,347,423 Emp/Liability 5,256,849 5,445,751 Total 231,860, ,382, Underwriting Expenses a Acquisition Cost 248,666, ,152,964 b Maintenance Cost 81,036,091 49,945, ,702, ,098,923 a Acquisition General Accident 129,490,461 76,705,780 Oil & Gas 16,688,166 24,578,703 Fire 14,818,490 29,422,254 Motor 33,811,496 37,872,195 Aviation 1,432, ,946 Bond 1,346,291 1,201,474 Engineering 24,054,518 62,989,641 Marine 26,364,517 47,821,898 Emp/Liability 660, ,073 Total 248,666, ,152,964 b Maintenance General Accident 19,032,319 38,392,615 Oil & Gas 23,660,461 70,459 Fire - 452,832 Motor 10,153, ,897 Aviation 22, ,170 Bond 10,563 Engineering 5,257, ,107 Marine 22,041,603 9,927,316 Emp/Liability 18, Stamp duty 4, Total 80,191,469 49,945,959 14

15 27 Investment Income a Investment Income Attributable to Shareholders'Fund Income from statutory Deposit 29,101,869 32,943,603 Income from placement with Financial Institution 28,957,666 27,571,728 58,059,535 60,515,331 b Investment Income Attributable to Policyholders' Fund Income from placement with Financial Institution 80,402,883 78,256,712 Dividend Received 5,477,576 1,618,313 85,880,458 79,875,025 Total (a+b) 143,939, ,390, Other operating Income a Other operating Income Attributable to Policyholders' Fund Rental Income 1,959,375 5,351,042 b Other Income Attributable to Shareholders' Fund Exchange Gains - - Sundry Income 1,943,886 24,808,116 Realised gain on PPE 2,540,450 23,400 4,484,336 24,831,516 (a+b) 6,443,711 30,182,558 29(a) Employee Benefit Expenses 289,379, ,345,327 29(b) Other Operating Expenses Motor Running Expenses 23,353,947 17,173,124 Depreciation & Amortization 39,213,484 40,920,208 Advert/Marketing Expenses 59,831,765 65,766,407 Office Repairs & Maintenance Expenses 13,234,385 3,561,962 Professional fees 30,330,545 27,878,208 Subscription & Fees 19,784,847 16,197,691 Director's Emolument 6,330,000 2,160,000 Auditor's Remuneration 2,777, ,000 Electricity/Generator Maintenance 15,361,315 9,610,128 Tours & Travel 30,645,990 28,932,836 Printing & stationery 20,394,170 17,755,753 Statutory Annual Dues and Levies 21,890,142 22,179,461 Rent 13,649,123 8,775,633 Insurance Expenses 21,229,953 23,604,378 Telephone Expenses 3,319,901 3,084,174 Postages 2,409, ,130 Contract Service Expenses 29,175,467 2,105,000 Bank charges 4,125,649 9,274,786 Newspaper & Periodicals 907, ,393 Board & AGM Expenses 9,873,185 6,052,132 Entertainment Expenses 2,603,293 2,000,000 Donations 200, ,641, ,086, PROFIT BEFORE TAX This is stated after charging: Depreciation & Amortization 39,213,484 40,920,208 Director's Emolument 6,330,000 2,160,000 Auditor's Remuneration 2,777, ,000 15