CONSOLIDATED HALLMARK INSURANCE PLC

Transcription

1 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT PERIOD ENDED 30 JUNE 2016 Notes JUNE JUNE 31 December JUNE JUNE 31 December N N Assets Cash and cash equivalents 2. 3,321,073,120 2,931,517,809 2,822,735,766 3,081,719,904 2,887,900,486 2,780,220,924 Financial assets: - - -At fair value through profit or loss ,721, ,261, ,200, ,822, ,388, ,671,643 -Loans and receivables ,538,139 67,113,770 61,029, ,362,411 56,666,226 70,851,262 -Available for sale assets ,950,000 2,000,000 60,950,000 60,950,000 2,000,000 60,950,000 -Held to maturity ,124, ,369, ,905, ,124, ,369, ,905,166 Deposit for shares ,250, ,250,000 - Finance lease receivables ,873, ,771, ,095, Trade receivables ,397,204 98,228,955 81,030, ,397,204 98,228,955 81,030,026 Reinsurance assets ,913, ,767, ,913, ,913, ,767, ,913,416 Deferred acquisition cost ,525, ,135, ,525, ,525, ,135, ,525,298 Other receivables & prepayments ,247, ,497, ,246, ,727, ,988, ,266,048 Investment in subsidiaries ,000, ,000, ,000,000 Inventories 11. 3,360,467 2,017,552 5,146, Intangible Assets ,311,505 16,467,871 13,996,505 15,592,433 Investment properties ,123, ,121, ,020, ,462, ,460, ,359,000 Property and equipment ,805, ,955, ,049, ,926, ,697, ,924,352 Statutory deposits ,000, ,000, ,000, ,000, ,000, ,000,000 Total assets 7,739,964,579 7,001,008,617 7,023,316,035 7,675,928,492 6,897,853,589 6,964,209,568 Liabilities Insurance contract liabilities 14. 2,409,319,707 2,271,797,500 2,218,670,079 2,409,319,707 2,271,797,500 2,218,670,079 Trade payables ,568,098 76,363, ,060, ,568,098 76,363, ,060,913 Other payables and provision ,315, ,745, ,568, ,297, ,965, ,540,123 Retirement benefit obligations 17. 5,473, , ,444 5,335,922-4,430 Income tax liabilities ,546, ,747, ,730, ,123, ,565,688 93,162,912 Deferred tax liabilities ,789,768 95,460, ,289, ,193,665 95,460, ,693,165 Total liabilities 3,273,012,981 2,835,253,194 2,755,503,168 3,260,838,520 2,754,152,294 2,735,131,622 Equity and reserves Issued and paid up share capital ,000,000,000 3,000,000,000 3,000,000,000 3,000,000,000 3,000,000,000 3,000,000,000 Contingency reserve ,158,004, ,686,050 1,058,782,003 1,158,004, ,686,050 1,058,782,003 Statutory reserve ,950,303 5,826,986 5,826, Retained earnings ,996, ,242, ,203, ,085, ,015, ,295,943 Total equity and reserves 4,466,951,598 4,165,755,423 4,267,812,867 4,415,089,972 4,143,701,295 4,229,077,946 Total liabilities and equity and reserves 7,739,964,579 7,001,008,617 7,023,316,035 7,675,928,492 6,897,853,589 6,964,209,568 - The consolidated financial statements were approved by the Board of Directors on 22nd July,

2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME JUNE June 30, December JUNE June 30, December Notes Gross premium written 3,436,658,604 3,772,323,662 6,039,451,539 3,436,658,604 3,772,323,662 6,039,451,539 Gross premium income 23. 3,294,943,654 3,490,323,661 5,875,522,094 3,294,943,654 3,490,323,661 5,875,522,094 Reinsurance premium expenses 24. (1,362,145,665) (1,643,276,947) (2,685,733,043) (1,362,145,665) (1,643,276,947) (2,685,733,043) - - Net premium income 1,932,797,989 1,847,046,714 3,189,789,051 1,932,797,989 1,847,046,714 3,189,789,051 Fee and commission income ,370,920 84,584, ,879, ,370,920 84,584, ,879, Net underwriting income 2,078,168,909 1,931,631,590 3,335,668,384 2,078,168,909 1,931,631,590 3,335,668, Claims expenses 25a (768,129,812) (609,730,698) (1,341,181,328) (768,129,812) (609,730,698) (1,341,181,328) Claims recoveries from reinsurers 25b. 161,283,263 85,400, ,167, ,283,263 85,400, ,167,702 Claims incurred (606,846,549) (524,329,854) (958,013,626) (606,846,549) (524,329,854) (958,013,626) - - Underwriting expenses 26. (657,281,801) (437,497,720) (1,007,902,155) (664,480,365) (437,497,720) (1,016,074,857) - - Underwriting profit 814,040, ,804,016 1,369,752, ,841, ,804,016 1,361,579,901 Investment income ,156, ,131, ,362, ,156, ,131, ,048,193 Other operating income ,378,931 64,810, ,053,841 65,404,832 24,144, ,537,974 Impairment (charge)/write back ,935, ,402,910 Net fair value gains on financial assets at fair value through profit or loss 30. (16,160,071) (64,110,545) (138,190,791) (16,160,071) (64,110,545) (138,191,291) Management expenses 31. (671,073,695) (669,417,393) (1,168,001,089) (645,664,724) (642,109,026) (1,126,380,571) Profit before taxation 422,342, ,218, ,911, ,578, ,860, ,997,116 Income tax expense 18.1 (163,203,286) (149,491,161) (159,100,881) (156,566,299) (140,958,180) (152,718,047) - - Profit after taxation 259,138, ,727, ,811, ,012, ,902, ,279, Total comprehensive income for the year 259,138, ,727, ,012, ,902, Profit attributable to: Equity holders of the parents' 259,138, ,727, ,811, ,012, ,902, Continency reserve (99,222,743) (113,169,710) 545,811,078 (99,222,743) (113,169,710) 534,279, ,915, ,557, ,811, ,789, ,732, ,279,069 Basic and diluted earnings per share (Kobo)

3 CONSOLIDATED STATEMENT OF CASH FLOWS AT PERIOD ENDED 30 JUNE 2016 JUNE JUNE 31 DECEMBER JUNE JUNE 31 DECEMBER Notes Cash flows from operating activities Premium received from policy holders 3,288,377,879 3,733,172,590 6,039,256,088 3,288,377,879 1,998,502,834 6,039,256,088 Reinsurance receipts in respect of claims 25b. 161,283,263 85,400, ,780, ,283,263 57,474, ,780,998 Commission received ,370,920 84,584, ,878, ,370,920 26,462, ,878,661 Other operating receipts 188,678,090 81,692, ,924,867 65,404,832 1,245, ,399,462 Cash paid to and on behalf of employees 33. (246,820,584) (364,974,156) (553,499,753) (236,026,958) (135,786,190) (532,115,976) Reinsurance premium paid (1,362,145,665) (1,643,276,947) (2,553,260,869) (1,362,145,665) (966,128,885) (2,553,260,869) Claims paid 25a (719,195,133) (594,372,281) (1,260,879,778) (719,195,133) (246,506,814) (1,260,879,778) Underwriting expenses 26. (659,825,440) (482,077,760) (1,007,902,155) (664,480,366) (216,896,959) (1,016,074,857) Other operating cash payments (517,697,319) (279,067,255) (508,768,666) (367,401,135) (162,205,799) (512,036,354) income tax paid 18.2 (41,104,790) (27,088,348) (65,883,457) (41,104,790) (63,018,348) Net cash (used in)/ from operating activities 236,921, ,994, ,645, ,082, ,160, ,929,027 Cash flows from investing activities Purchase of property and equipment 12.2 (110,610,324) (55,707,028) (107,445,819) (110,610,324) (22,230,125) (99,646,496) Fair value change and additions to investment properties 12. (4,103,677) - (9,665,093) (4,103,677) - (9,504,593) Increase in investment in subsidiaries (230,000,000) - - Proceeds from sale of property and equipment ,158,662 7,469,828-12,572,219 7,927,313 Purchase of financial assets 3. (176,363,629) (100,000,000) (581,298,577) (176,363,629) (152,819,845) (460,044,542) Proceeds from sale of financial assets 420,337,469 5,990, ,874, ,337,469-83,096,480 Dividend received 27. 2,194, ,958 5,963,163 2,194,203-5,963,163 Interest received ,962, ,798, ,242, ,962,090 91,976, ,928,388 Net cash from investing activities 321,416,131 37,574,104 (73,859,553) 91,416,132 (70,501,723) (91,280,287) Cash flows from financing activities Dividend paid 21. (60,000,000) - (120,000,000) (60,000,000) - (120,000,000) Net cash used in financing activities (60,000,000) - (120,000,000) (60,000,000) - (120,000,000) Increase in cash and cash equivalents 498,337, ,568, ,786, ,498, ,658, ,648,740 Cash and cash equivalents at Beginning 2,822,735,767 2,299,949,368 2,299,949,368 2,780,220,925 2,268,572,185 2,268,572,185 Cash and cash equivalent at End 2 3,321,073,120 2,931,517,808 2,822,735,767 3,081,719,904 2,554,230,802 2,780,220,925 The accompanying notes form an integral part of this statement of cash flows. 24

4 1. Corporate information 1.1 The The group comprises of Consolidated Hallmark Insurance Plc and its subsidiary - CHI Capital Limited. CHI Capital Limited also has two wholly owned subsidiaries, Grand Treasurers Limited and CHI Support Services. 1.2 The Consolidated Hallmark Insurance Plc (formerly Consolidated Risk Insurers Plc) was incorporated on 2 August The changed its name from Consolidated Risk Insurers Plc to Consolidated Hallmark Insurance Plc following its merger with Hallmark Assurance Plc and The Nigerian General Insurance Limited in line with the consolidation reform of NAICOM announced in Consolidated Hallmark Insurance Plc came into effect from 1 March Principal activities During the year under review, the engaged in general insurance business and maintained offices in major cities with Corporate headquarters at 266 Moshood Abiola way, Lagos. The principal activities of the subsidiaries are portfolio management, short term lending, equipment leasing and auto tracking services. JUNE 31 December JUNE 31 December 2. Cash and cash equivalents Cash in hand 3,001,462 2,126,570 3,001,462 2,126,570 Balance with banks 209,251, ,888, ,228, ,987,121 Call deposits 15,337,025 7,725,567 15,337,025 7,725,567 Fixed deposits (Note 2.1) 3,093,483,369 2,688,995,084 2,926,152,742 2,667,381,666 3,321,073,120 2,822,735,766 3,081,719,904 2,780,220,924 Impairment charge (Note 2.2) ,321,073,120 2,822,735,766 3,081,719,904 2,780,220, The Fixed deposits have a short term maturity of days and the effect of discounting immaterial. 2.2 Impairment charge At 1 January Written off in the year Provision no longer required (Note 29) At 30 June Financial assets At fair value through profit or loss (Note 3.1) 160,721, ,200, ,822, ,671,643 Loans and receivables measured at amortised cost (Note 3.2) 254,538,139 61,029, ,362,411 70,851,262 Available for sale (Note 3.3) 60,950,000 60,950,000 60,950,000 60,950,000 Held to maturity (Note 3.4) 275,124, ,905, ,124, ,905, ,334, ,084, ,259, ,378, At fair value through profit or loss At 1 January 183,200, ,086, ,671, ,557,775 Additions - 1,032,084-1,032,084 Disposals (6,318,979) (20,638,023) (5,688,979) (14,333,200) Transfers to cash and WHT receivables ,881, ,480, ,982, ,256,659 Fair value gains (Note 30) (16,160,071) (140,280,016) (16,160,071) (140,585,016) At 30 JUNE ,721, ,200, ,822, ,671,643 Current 160,721, ,200, ,822, ,671,643 Non Current Financial assets at fair value through profit or loss of the group represents investment where there is a ready and liquid quoted market, which are acquired for the purpose of short-term trade, and where mark-to-market valuations are possible on every trading day. Assets under this category have been acquired by management with the intent of short term trading. 25

5 JUNE DECEMBER JUNE DECEMBER 3.2 Loans and receivables Staff loans 208,343,821 30,321, ,343,821 30,321,897 Loan issued to corporate individuals (Note 3.2.1) 46,194,320 30,707,306 27,018,590 40,529, ,538,141 61,029, ,362,411 70,851,262 Current 157,113,531 29,870, ,946,485 27,978,291 Non Current 97,424,610 31,158,720 67,415,926 42,872, Loan issued to corporate / individuals At 1 January 126,402, ,520, ,408,271 98,291,698 Addition 166,616,521 52,633, ,332, ,437,335 Repayment (151,129,507) (40,751,669) (144,843,721) (73,320,762) 141,889, ,402, ,897, ,408,271 Impairment on loans issued to corporate and individuals (Note 3.2.4) (95,695,221) (95,695,221) (93,878,905) (93,878,905) At the end 46,194,320 30,707,306 27,018,590 40,529, Analysis by performance: Performing (Note 3.2) 254,538,141 61,029, ,362,411 70,851,264 Non-performing (Note 3.2.1) 95,695,221 95,695,221 93,878,905 93,878, ,233, ,724, ,241, ,730, Analysis by maturity: Due within one year 339,138, ,853, ,146, ,751,877 Due within one - five years 8,596,483 29,870,483 8,596,483 27,978,291 Due after five years 2,498,348-2,498, ,233, ,724, ,241, ,730, Movement in impairment - loans and receivables : At 1 January 95,695,221 95,765,592 93,878,905 94,378,905 Addition (Note 29) - 429, Provision no longer required - (500,000) - (500,000) At the end 95,695,221 95,695,221 93,878,905 93,878, Available for sale assets At 1 January 60,950,000 2,000,000 60,950,000 2,000,000 Addition - 50,250,000-50,250,000 Exchange gains - 8,700,000-8,700,000 Impairment on available for sale At the end 60,950,000 60,950,000 60,950,000 60,950,000 Current Non Current 60,950,000 60,950,000 60,950,000 60,950,000 Available for sale assets are the unquoted equity securities of the group and are measured at cost because their fair value could not be reliably measured. At period end there is no indication of impairment. Available for sale equities is analysed as follows: No. of shares Cost per unit Total Cost Planet Capital Limited (Formerly Strategy and Arbitrage Limited) 2,000,000 N1 2,000,000 Energy & Allied Insurance Pool Nigeria limited - 58,950,000 26

6 JUNE December JUNE December 3.4 Held to maturity assets At 1 January 429,575, ,000, ,575, ,000,000 At initial recognition - additions - 299,575, ,575,123 Value at maturity 429,575, ,575, ,575, ,575,123 Disposal (174,979,805) - (174,979,805) - Amortised interest (Note 27) 20,529,521 68,330,043 20,529,521 68,330,043 At the end 275,124, ,905, ,124, ,905, a) Held to maturity assets are analysed as follows: Debts securities Listed 275,124, ,905, ,124, ,905,166 Unlisted At the end 275,124, ,905, ,124, ,905,166 Current 87,857,936 68,330,043 87,857,936 68,330,043 Non-current 187,266, ,575, ,266, ,575, ,124, ,905, ,124, ,905,166 b) At the reporting date, no held to maturity assets were past due or impaired 15.25% NAHCO Bond series / ,200,542 20,217,260 15,200,542 20,217,260 FCMB NGN SERIES 2 BOND 2015/ ,068,493 51,130,137 51,068,493 51,130, % Lagos State Government Bond series / ,270,243 45,565,891 42,270,243 45,565, % FGN bond 2014/ ,328,415 67,378,055 67,328,415 67,378,055 LAGOS STATE PROGRAMME 2 SERIES 2 FIXED RATE BOND ISSUANCE (2013/2020) 99,257,146 99,303,385 99,257,146 99,303,385 Wema bank commercial paper - 214,310, ,310,438 At the end 275,124, ,905, ,124, ,905, Deposit for shares This represents fund deposited by the company for the shares of the Energy & Allied Insurance Pool Nigeria limited through the Nigerian Insurers Association. 5. Finance lease receivables At 1 January 181,031, ,320, Addition 124,563, ,625, Repayment (109,580,772) (134,347,008) - - Gross investment 196,013, ,599, Unearned income - (38,567,989) - - Net investment (Note 5.1) 196,013, ,031, Impairment on finance lease receivables (Note 5.2) (7,140,467) (8,935,263) - - At the end 188,873, ,095, Current 133,498, ,784, Non-current 62,515,214 62,247, Movement in impairment - finance lease receivables: At 1 January 8,935,263 8,897, Charge for the year (Note 29) (1,794,796) 38, At the end 7,140,467 8,935, Finance Lease receivebale reported for the in the published 2013 Financial Statement was N85,000,120. However a restrospective adjustment of =N=2,906,507 was made due to a CBN prescribed imparment in the Finance Lease Receivable in the audited financial statements of Grand Treasurers Limited, a subsidiary within the. Thus, the 2013 compaarative figure is N82,093,614.and this has been retrospectively restated in these financial statements. 6. Trade receivables Due from insurance companies 1,789,427 10,686,478 1,789,427 10,686,478 Due from insurance brokers and agents 204,607,777 70,343, ,607,777 70,343, ,397,204 81,030, ,397,204 81,030,026 Impairment allowance (Note 6.1) ,397,204 81,030, ,397,204 81,030,026 Current 206,397,204 81,030, ,397,204 81,030,026 Non-current

7 JUNE 31 December JUNE 31 December 6.1 Impairment allowance At 1 January - 17,402,910-17,402,910 Written off in the year Charge for the year (Note 29) - (17,402,910) - (17,402,910) At the end Basis of impairment An impairment rate is derived based on the likelihood that a premium debt will not be paid and will fall into default. The first assesses whether objective evidence of impairment exists individually for receivables that are individually significant and are impaired accordingly. If the company determines that no objective evidence of impairment exists for an individually assessed receivable, whether significant or not, it includes the receivable in a group of receivables with similar credit risk characteristics and collectively assesses them for impairment. The impairment rate is derived based on the historical collection rate of outstanding premium over three different periods and the average rate derived is applied to the carrying amounts at the reporting dates to determine impaired receivables. JUNE 31 December JUNE 31 December 7. Reinsurance assets Prepaid reinsurance (Note 7.1) 409,975, ,975, ,975, ,975,490 Reinsurers share of outstanding claims (Note 7.2) 281,937, ,937, ,937, ,937,926 At the end 691,913, ,913, ,913, ,913,416 Current 691,913, ,913, ,913, ,913,416 Non-current The assesses its reinsurance assets for impairment. If there is objective evidence that the reinsurance assets are impaired, the reduces the carrying amount of the reinsurance assets to its recoverable amount and recognizes that impairment loss in the income statement. The has a reinsurance agreement with African Reinsurance Corporation, and Continental Reinsurance Plc. Based on the financial position and performance during the period under review, they are solvent and had never defaulted on their obligations. Consequently, there are no indications of impairment as at the reporting date. JUNE 31 December JUNE 31 December 7.1 Prepaid reinsurance Fire 137,100, ,100, ,100, ,100,731 General accident 23,912,990 23,912,990 23,912,990 23,912,990 Motor 4,565,263 4,565,263 4,565,263 4,565,263 Marine 30,900,057 30,900,057 30,900,057 30,900,057 Bond 3,177,107 3,177,107 3,177,107 3,177,107 Engineering 4,652,158 4,652,158 4,652,158 4,652,158 Aviation 67,103,737 67,103,737 67,103,737 67,103,737 Oil & gas 138,563, ,563, ,563, ,563, ,975, ,975, ,975, ,975, Reinsurers share of outstanding claims Fire 143,252, ,252, ,252, ,252,064 General accident 55,888,491 55,888,491 55,888,491 55,888,491 Motor 5,929,828 5,929,828 5,929,828 5,929,828 Marine 17,345,649 17,345,649 17,345,649 17,345,649 Bond 750, , , ,020 Engineering 9,438,056 9,438,056 9,438,056 9,438,056 Aviation 31,175,169 31,175,169 31,175,169 31,175,169 Oil & gas 18,158,649 18,158,649 18,158,649 18,158, ,937, ,937, ,937, ,937, Reinsurance assets: Movement in prepaid reinsurance: At 1 January 409,975, ,216, ,975, ,216,646 Additions during the year (Note 24) 1,362,145,665 2,657,491,886 1,362,145,665 2,657,491,886 1,772,121,155 3,095,708,532 1,772,121,155 3,095,708,532 Amortization during the year (Note 24) (1,362,145,665) (2,685,733,042) (1,362,145,665) (2,685,733,042) At the end 409,975, ,975, ,975, ,975, Deferred acquisition cost At 1 January 190,525, ,525, ,525, ,525,298 Acquistion cost during the year 461,855, ,143, ,855, ,143,379 Less: Amortisation during the year (Note 26) (461,855,756) (230,143,379) (461,855,756) (230,143,379) At the end 190,525, ,525, ,525, ,525,298 Current 190,525, ,525, ,525, ,525,298 Non-current Deferred acquisition cost represent commissions on unearned premium relating to the unexpired risk. The movement in the deferred acquisition cost during the year is as shown above. 28

8 JUNE 31 December JUNE 31 December 8.1 Deferred acquisition cost analysis Fire 36,914,648 36,914,648 36,914,648 36,914,648 General accident 34,494,094 34,494,094 34,494,094 34,494,094 Motor 55,535,274 55,535,274 55,535,274 55,535,274 Marine 19,947,150 19,947,150 19,947,150 19,947,150 Bond 1,146,299 1,146,299 1,146,299 1,146,299 Engineering 9,797,034 9,797,034 9,797,034 9,797,034 Aviation 9,695,867 9,695,867 9,695,867 9,695,867 Oil & gas 22,994,932 22,994,932 22,994,932 22,994, ,525, ,525, ,525, ,525, Other receivables and prepayments Staff advances & prepayment 78,883,075 18,050,009 78,883,075 18,050,009 Account receivables 1,203,758 34,793,406 1,203,758 34,620,844 Witholding tax credit 52,233,142 58,554,822 52,233,142 58,399,440 Prepayments (Note 9.1) 63,927,586 24,195,755 68,407,207 24,195, ,247, ,593, ,727, ,266,048 Impairment allowance (Note 29) - (347,125) ,247, ,246, ,727, ,266,048 Current 196,247, ,246, ,727, ,266,048 Non-current Prepayments Prepaid rent 34,434,587 24,195,755 34,434,587 24,195,755 Other prepayments 29,492,999-33,972,620-63,927,586 24,195,755 68,407,207 24,195,755 Current 63,927,586 24,195,755 68,407,207 24,195,755 Non-current Investment in subsidiaries CHI Capital (Note 10.1) ,000, ,000,000 29

9 10.1 CHI Capital Limited is a fully owned subsidiary of Consolidated Hallmark Insurance Plc. It carries on the business of consumer leasing. CHI Capital Limited acquired 100% interest in Grand Treasurers Limited, a CBN licensed finance company, in December 2010 with the purpose of carrying on financing activities. CHI Capital Limited also owns 100% interest in CHI Support Services Limited which is into the business of vehicle tracking. Condensed result of consolidated entities CHI PLC CHI Elimination Capital Limited Total 10.2 Condensed financial position Assets Cash and cash equivalents 3,081,719, ,353,216 50,000,000 3,321,073,120 Financial assets 727,259,844 24,074, ,334,167 Deposit for shares Finance lease receivables - 188,873, ,873,023 Trade receivables 206,397, ,397,204 Reinsurance assets 691,913, ,913,416 Deferred acquisition cost 190,525, ,525,298 Other receivables and prepayment 200,727,182 46,456,560 (50,936,181) 196,247,561 Investment in subsidiaries 480,000,000 - (480,000,000) - Investment properties 807,462,677 84,661, ,123,677 Inventories - 3,360,467-3,360,467 Intangible Assets 13,996, ,000 14,311,505 Property and equipment 975,926,462 7,878, ,805,142 Statutory deposits 300,000, ,000,000 Total assets 7,675,928, ,972,269 (480,936,181) 7,739,964,579 Liabilities Insurance contract liabilities 2,409,319, ,409,319,707 Trade payables 339,568, ,568,098 Provision and other payables 158,297,207 34,954,590 (50,936,181) 142,315,615 Staff retirement benefit 5,335, ,815-5,473,737 Tax liabilities 191,123,922 27,422, ,546,056 Deffered tax 157,193, , ,789,768 Share capital 3,000,000, ,000,000 (430,000,000) 3,000,000,000 Statutory reserve 1,158,004,746 7,950,303-1,165,955,049 Retained earnings 257,085,226 43,911, ,996,549 Total liabilities and equity 7,675,928, ,972,269 (480,936,181) 7,739,964,579 29

10 10.2 Condensed result of consolidated entities CHI CHI PLC Capital Elimination Total Condensed profit and loss Underwriting profit 806,841,995-7,198, ,040,560 Investment income 192,156, ,156,293 Other operating income 65,404,832 45,172,664 (7,198,565) 103,378,931 Total operating income 1,064,403,120 45,172,664-1,109,575,784 Impairment charge Net fair value gains/(losses) on financial assets at fair value through profit or loss (16,160,071) - - (16,160,071) Management expenses (645,664,724) (25,408,969) (671,073,693) Profit before taxation 402,578,325 19,763, ,342,020 Taxation (156,566,299) (6,636,987) - (163,203,286) Profit after taxation 246,012,026 13,126, ,138, Condensed result of consolidated entities Condensed financial position Cash and cash equivalents 2,780,220,924 42,514,842-2,822,735,766 Financial assets 807,378,071 34,799,377 (39,092,841) 803,084,607 Deposit for shares - 172,095, ,095,986 Finance lease receivables 81,030,026 5,420,000 (5,420,000) 81,030,026 Trade receivables 691,913, ,913,416 Reinsurance assets 190,525, ,525,298 Deferred acquisition costs 135,266,048 34,056,665 (34,075,846) 135,246,867 Other receivables and prepayment 250,000,000 - (250,000,000) - Investment in subsidiaries - 5,146,854-5,146,854 Investment properties 15,592, ,438-16,467,871 Property and equipment 803,359,000 84,661, ,020,000 Inventories 908,924,352 8,124, ,049,344 Statutory deposits 300,000, ,000,000 Total assets 6,964,209, ,695,154 (328,588,687) 7,023,316,035 Liabilities Insurance contract liabilities 2,218,670, ,218,670,079 Trade payables 112,060, ,060,913 Other payables and provision 171,540,123 70,616,924 (78,588,687) 163,568,360 Retirement benefit obligation 4, , ,444 Income tax liabilities 232,856,077 28,163, ,019,372 Deferred tax liabilities 3,000,000, ,000,000 (250,000,000) 3,000,000,000 Share capital 1,058,782,003 5,826,986-1,064,608,989 Reserves 170,295,943 32,907, ,203,878 Total liabilities and equity 6,964,209, ,695,154 (328,588,687) 7,023,316, Condensed result of consolidated entities Condensed profit and loss Underwriting profit 1,361,579,901 (15,287,298) 23,460,000 1,369,752,603 Investment income 402,048,193 45,314, ,362,355 Other operating income 170,537,974 29,975,867 (23,460,000) 177,053,841 Total operating income 1,934,166,068 60,002,731-1,994,168,799 Impairment charge 17,402,910 (467,872) - 16,935,038 Net fair value gains on financial assets at fair value through profit or loss (138,191,291) (138,190,791) Management expenses (1,126,380,571) (41,620,516) - (1,168,001,087) Profit before taxation 686,997,116 17,914, ,911,959 Taxation (152,718,047) (6,382,834) - (159,100,881) Profit after taxation ,279,069 11,532, ,811,078

11 JUNE 31 December JUNE 31 December 11. Inventories At 1 January 5,146,854 2,888,332 Auto track devices 3,720,183 4,882, Used (5,506,570) (2,623,763) Impairment allowance (Note 29) ,360,467 5,146, Intangible assets Cost At 1 January 22,265,000 16,500,000 21,337,500 16,500,000 Addition 319,375 5,765,000-4,837,500 JUNE 22,584,375 22,265,000 21,337,500 21,337,500 Accumulated amortization At 1 January 5,797,129 2,814,041 5,745,067 2,814,041 Addition 2,475,741 2,983,088 1,595,928 2,931,026 JUNE 8,272,870 5,797,129 7,340,995 5,745,067 Carrying amount At End 14,311,505 16,467,871 13,996,505 15,592, Investment properties At 1 January 888,020, ,960, ,359, ,460,682 Addition 4,103,677 9,665,093 4,103,677 9,504,593 Fair value change - 394, ,725 JUNE 892,123, ,020, ,462, ,359,000 Investment properties Investment properties are made up of buildings and properties held by the company to earn rentals or for capital appreciation or both and are accounted for in line with International Accounting Standard (IAS) 40. Some of these properties retained the title of one of the legacy companies making up Consolidated Hallmark Insurance Plc. There is no dispute as to the title of Consolidated Hallmark Insurance Plc to these properties. However, in line with NAICOM requirement, provided below is the list of these properties and status of efforts to change their name to Consolidated Hallmark Insurance Plc. S/N TYPE OF ADDRESS ASSET 1 Building Plot A/5 Pocket Layout (Clerk Quarters) Owerri, Imo State. 2 Building 219, 220 and 221, Akukwe Street, Works Layout, Owerri, Imo State 3 Building No. 30, East Street, Rivers Layout Aba, Abia State. 4 Building Plot 33, Chief Ogbonda Layout, Rumuogba, Port Harcourt. 5 Land Plot 3, Sea Gate Estate, Phase 1, Lekki Peninsula, Eti-Osa. 6 Building Rivers State Housing Estate, Abuloma PH 7 Land Plot 14, 1(W) Road, First Avenue, Lugbe Estate, Abuja. 8 Shops Trade Fair Shopping Complex CHI Capital Limited Thomas Estate,Orile Ibama, Ajah, Lagos AMOUNT N 109,580,000 Consolidated Hallmark Insurance Plc. 130,314,000 Consolidated Hallmark Insurance Plc. 47,020,000 Consolidated Hallmark Insurance Plc. 46,253,677 Consolidated Hallmark Insurance Plc. 23,275,000 Hallmark Assurance Plc (Legacy ) 3,070,000 Consolidated Hallmark Insurance Plc. 807,462,677 CURRENT TITLE HOLDER 207,680,000 Consolidated Hallmark Insurance Plc. 240,270,000 Consolidated Hallmark Insurance Plc. 84,661,000 CHI Capital Limited STATUS ON CHANGE OF TITLE Title over this property has been transferred to Consolidated Hallmark Insurance Plc. Title now changed from Hallmark Assurance Plc to the name of Consolidated Hallmark Insurance Plc. Title over this property has been transferred to Consolidated Hallmark Insurance Plc. Title over this property has been transferred to Consolidated Hallmark Insurance Plc. The purchase documents now regularized in the name of Consolidated Hallmark Insurance Plc. Title over this property has been transferred to Consolidated Hallmark Insurance Plc. The made payments to the Federal Housing Authority during the year and is awaiting final approval from them. Already exist in the name of Consolidated Hallmark Insurance Plc. Already exist in the name of CHI Capital Limited Total 892,123,677 31

12 12.2 Property and equipment a The group Office Furniture & Motor Computer Land Building Equipment Fittings Vehicles Equipment Total N N N Costs At 1 January 286,099, ,339,722 83,679, ,872, ,825, ,436,224 1,561,253,784 Additions in the year ,228,200 8,329,624 84,595,000 4,457, ,610,324 Disposals in the year (23,805,684) (556,000) (24,361,684) JUNE 286,099, ,339,722 96,907, ,202, ,614, ,337,724 1,647,502,424 Accumulated depreciation At 1 January ,570,538 66,185,219 93,249, ,919, ,279, ,204,440 Depreciation charge for the period - 5,348,703 2,812,800 2,532,648 28,261,040 3,493,915 42,449,106 Disposals in the period (21,900,078) (1,056,184) (22,956,262) JUNE - 101,919,240 68,998,019 95,782, ,280, ,717, ,697,284 Accummulated impairment losses Carrying value JUNE 286,099, ,420,482 27,909,533 20,420, ,334,485 21,620, ,805,142 At 1 January ,099, ,769,184 17,494,133 14,623, ,906,131 20,156, ,049,344 Some fixed assets were professionally re-valued as at 31 December 2006, by Messrs Adegboyega Sanusi & Co. on the basis of open market values. These values were incorporated in the books at that date. The surplus arising on the revaluation over the written down values was treated in the NGAAP financial statements as fixed assets revaluation reserve. However, in compliance with IFRS (i.e. IAS 16) the revalued amount was taken as deemed cost at transition date and the revaluation reserve was transferred to revenue reserve. During the year ended 31 December 2011, the landed property of CHI Capital Limited were professionally re-valued at N84 million by Messrs Adegboyega Sanusi & Co. Estate Surveyors & Valuers on the basis of open market value between a willing seller and buyer. The sum of N65,495,775 was then recognised as revaluation reserve in the financial statements. 32

13 Property and equipment 12.2a The group 2015 Office Furniture & Motor Computer Land Building Equipment Fittings Vehicles Equipment Total N N N Costs At 1 January 286,099, ,339,722 78,041, ,157, ,518, ,533,277 1,488,690,439 Additions in the year - - 6,328,448 3,540,697 89,448,174 2,363, ,680,819 Disposals in the year - - (691,039) (825,000) (25,140,882) (2,460,553) (29,117,474) At 31 December ,099, ,339,722 83,679, ,872, ,825, ,436,224 1,561,253,784 Accumulated depreciation At 1 January - 80,162,865 62,144,799 89,066, ,808, ,045, ,227,851 Depreciation charge for the year - 16,407,673 4,727,459 5,008,144 41,152,831 8,264,557 75,560,664 Disposals in the year - - (687,039) (825,000) (21,041,394) (2,030,642) (24,584,075) At 31 December ,570,538 66,185,219 93,249, ,919, ,279, ,204,440 Accummulated impairment losses Carrying value At 31 December ,099, ,769,184 17,494,133 14,623, ,906,131 20,156, ,049,344 At 31 December ,099, ,176,857 15,897,144 16,090,590 94,710,276 26,487, ,462,588 33

14 12.2b Property and equipment 2016 The company Office Furniture & Motor Computer Land Building Equipment Fittings Vehicles Equipment Total N N N Costs At 1 January 286,099, ,339,722 83,564, ,872, ,710, ,661,473 1,549,249,207 Additions 13,228,200 8,329,624 84,595,000 4,457, ,610,324 Disposals (23,271,497) (556,000) (23,827,497) JUNE 286,099, ,339,722 96,792, ,202, ,034, ,562,973 1,636,032,034 Accumulated depreciation At 1 January - 96,570,538 66,155,857 93,249, ,402, ,946, ,324,856 Depreciation charge for the period - 5,348,703 2,812,800 2,532,648 28,048,566 3,493,915 42,236,632 Disposals (21,900,078) (555,833) (22,455,911) JUNE - 101,919,241 68,968,657 95,782, ,551, ,884, ,105,577 Carrying value JUNE 286,099, ,420,481 27,824,072 20,420, ,483,081 20,678, ,926,463 At 31 December ,099, ,769,184 17,408,672 14,623, ,308,067 19,715, ,924,352 Some items of property and equipment were professionally re-valued as at 31 December 2006, by Messrs Adegboyega Sanusi & Co. on the basis of open market values. These values were incorporated in the books at that date. The surplus arising on the revaluation over the written down values was treated in the NGAAP financial statements as revaluation surplus. However, in compliance with IFRS (i.e IAS 16) the revalued amount was taken as deemed cost at transition date and the surplus on revaluation was transferred to retained earnings. 34

15 Property and equipment (Cont'd) 2015 The company Office Furniture & Motor Computer Land Building Equipment Fittings Vehicles Equipment Total N N N Costs At 1 January 286,099, ,339,722 77,986, ,157, ,068, ,905,526 1,483,557,686 Additions - - 6,268,625 3,540,697 82,783,174 2,216,500 94,808,996 Disposals - - (691,039) (825,000) (25,140,882) (2,460,553) (29,117,474) At 31 December ,099, ,339,722 83,564, ,872, ,710, ,661,473 1,549,249,208 Accumulated depreciation At 1 January - 80,162,865 62,129,675 89,066, ,176, ,808, ,343,965 Depreciation charge for the year - 16,407,673 4,713,221 5,008,144 39,267,561 8,168,367 73,564,966 Disposals - - (687,039) (825,000) (21,041,394) (2,030,642) (24,584,075) At 31 December ,570,538 66,155,857 93,249, ,402, ,946, ,324,856 Carrying value At 31 December ,099, ,769,184 17,408,671 14,623, ,308,067 19,715, ,924,352 At 31 December ,099, ,176,857 15,857,267 16,090,589 91,891,942 26,097, ,213,721 35

16 13. Statutory deposits 300,000, ,000, ,000, ,000,000 This represents the amount deposited with the Central Bank 14. Insurance contract liabilities Reserve for outstanding claims (Note 14.1) 944,485, ,550, ,485, ,550,802 Unearned premium reserve (Note 14.2) 1,464,834,226 1,323,119,277 1,464,834,226 1,323,119,277 2,409,319,707 2,218,670,079 2,409,319,707 2,218,670, Reserve for outstanding claims Outstanding Provision for Outstanding Provision for Claim IBNR Gross Reserve Claim IBNR Gross Reserve N N Fire 95,640, ,797, ,437,931 95,640, ,797, ,437,931 General accident 133,467,480 68,837, ,305, ,467,480 68,837, ,305,157 Motor 107,603,977 92,686, ,290, ,603,977 92,686, ,290,234 Marine 5,230,042 27,293,489 32,523,531 5,230,042 27,293,489 32,523,531 Bond 706,800 6,374,014 7,080, ,800 6,374,014 7,080,814 Engineering 7,951,836 26,963,770 34,915,606 7,951,836 26,963,770 34,915,606 Aviation 10,170,000 76,131,277 86,301,277 10,170,000 76,131,277 86,301,277 Oil & gas 16,700,000 99,930, ,630,931 16,700,000 99,930, ,630, ,470, ,015, ,485, ,470, ,015, ,485,481 Reserve for outstanding claims Outstanding Provision for Outstanding Provision for Claim IBNR Gross Reserve Claim IBNR Gross Reserve N N Fire 81,379, ,797, ,176,998 81,379, ,797, ,176,998 General accident 141,109,259 68,837, ,946, ,109,259 68,837, ,946,936 Motor 71,889,477 92,686, ,575,734 71,889,477 92,686, ,575,734 Marine 7,531,131 27,293,489 34,824,620 7,531,131 27,293,489 34,824,620 Bond 706,800 6,374,014 7,080, ,800 6,374,014 7,080,814 Engineering 6,804,722 26,963,770 33,768,492 6,804,722 26,963,770 33,768,492 Aviation 6,770,000 76,131,277 82,901,277 6,770,000 76,131,277 82,901,277 Oil & gas 12,345,000 99,930, ,275,931 12,345,000 99,930, ,275, ,535, ,015, ,550, ,535, ,015, ,550, Unearned premium reserve Fire 225,107, ,680, ,107, ,680,772 General accident 219,111, ,968, ,111, ,968,966 Motor 498,637, ,932, ,637, ,932,271 Marine 98,810,692 98,518,877 98,810,692 98,518,877 Oil & Gas 242,554, ,900, ,554, ,900,679 Engineering 46,985,276 46,918,726 46,985,276 46,918,726 Aviation 126,446, ,429, ,446, ,429,847 Bond 7,181,762 6,769,139 7,181,762 6,769,139 1,464,834,226 1,323,119,277 1,464,834,226 1,323,119,277 34

17 14.3 Funds representing insurance contract liabilities Balance with banks 155,567, ,987, ,567, ,987,121 Fixed deposits 2,926,152,742 2,667,381,666 2,926,152,742 2,667,381,666 3,081,719,904 2,770,368,787 3,081,719,904 2,770,368, Trade payables Due to insurance companies (6,225,857) 112,060,913 (6,225,857) 112,060,913 Due to reinsurance companies - local 345,793, ,793,955 - Other trade payables ,568, ,060, ,568, ,060,913 Current 339,568, ,060, ,568, ,060,913 Non-current Other payables and provision Lease payables Audit fees 4,000,000 12,132,500 4,000,000 6,970,000 VAT payable - 7,543,934-7,543,934 Witholding tax payable 284, , , ,082 Unclaimed dividend payable (Note 16.1) 72,747,541 72,747,541 72,747,541 72,747,541 Accrued expenses 7,387,911 47,201,405 7,387,911 29,512,688 Sundry creditors 57,895,339 23,202,898 73,876,930 54,025, ,315, ,568, ,297, ,540,123 Current 142,315, ,568, ,297, ,540,123 Non-current Unclaimed dividend payable represents amount of dividend which shareholders are yet to collect from the company's registrars and which, in line with the relevant rules of the Securities and Exchange Commission, have been returned to the to be held in a separate investment trust account. The balance in the fund is N72,747, (made up of principal of N72,354, and accrued interest of N393,410). 17. Retirement benefit obligation 17.1 Defined contribution pension plan At 1 January 184, ,815 4,430 - Provision during the period (Note 33) 16,852,489 54,019,284 16,750,889 51,916,751 Payment during the period (11,563,196) (53,972,655) (11,419,397) (51,912,321) JUNE 5,473, ,444 5,335,922 4,430 35

18 18. Taxation 18.1 Income tax expense Income tax 145,702, ,477, ,065,799 95,264,465 Education tax - 6,698,520-6,350,964 Information technology development - 7,095,813-6,869,977 Under/(over)provision in previous year ,702, ,272, ,065, ,485,406 Deferred tax (Note 18.3) 17,500,500 44,828,744 17,500,500 44,232, ,203, ,100, ,566, ,718, The Nigerian Information Technology Development Agency (NITDA) Act was signed into law on 24 April Section 12(2a) of the Act demands that, 1% of profit before tax should be paid to the Nigerian Information Technology Development Agency. In line with the Act, the has provided for NITDA levy at the specified rate Current income tax liabilities At 1 January 120,730,104 72,341,424 93,162,912 47,695,854 Transfer from VAT and WHT payable Payments during the period (47,886,834) (65,883,457) (41,104,789) (63,018,348) 72,843,270 6,457,967 52,058,123 (15,322,494) Charge for the period 145,702, ,272, ,065, ,485,406 JUNE 218,546, ,730, ,123,922 93,162, Deferred tax liabilities At 1 January 140,289,268 95,460, ,693,165 95,460,524 Charge for the period (Note 18.1) 17,500,500 44,828,744 17,500,500 44,232,641 JUNE 157,789, ,289, ,193, ,693,165 The has adopted the International Accounting Standards (IAS 12) on accounting for taxation, which is now computed using liability method Reconciliation of effective tax rate Profit after tax 259,138, ,811, ,012, ,279,069 Total income tax expense Income 145,702, ,477, ,065,799 95,264,465 Education - 6,698,520-6,350,964 Information technology tax - 7,095,813-6,869,977 (Over)/under-provision Deferred tax (Note 18.3) 17,500,500 44,828,744 17,500,500 44,232, ,203, ,100, ,566, ,718,047 Profit for the period before excluding income tax 422,342, ,911, ,578, ,997,116 Effective tax rate 39% 23% 39% 22% 36

19 19. Share capital Authorised: 10 billion ordinary shares of 50k each 5,000,000,000 5,000,000,000 5,000,000,000 5,000,000, Issued and fully paid: 6 billion ordinary shares of 50k each JUNE 3,000,000,000 3,000,000,000 3,000,000,000 3,000,000,000 The holder of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to vote at meetings of the. 20. Other reserves Contingency reserve At 1 January 1,058,782, ,516,340 1,058,782, ,516,340 Transfer from income statement (Note 21) 99,222, ,265,663 99,222, ,265,663 JUNE 1,158,004,746 1,058,782,003 1,158,004,746 1,058,782,003 In line with sections 21(1) and (2) and 22(16) of the Insurance Act 2003, Insurance companies in Nigeria are required to transfer to the statutory contingency reserve, the higher of 20% of net profits and 3% of total premium Statutory reserve At 1 January 5,826,986 8,477, Transfer from income statement (Note 21) 2,123,317 (2,650,562) - - JUNE 7,950,303 5,826, In line with Central Bank of Nigeria guideline, Finance companies in Nigeria are required to transfer a minimum of 15% of its profit before tax to statutory reserve until the reserve fund equals the Paid-up Capital and a minimum of 10% thereafter. This applies to Grand Treasurers Limited a sub-subsidiary within the group. 21. Retained earnings At 1 January 203,203,878 (48,682,240) 170,295,943 (67,717,463) Dividend declared and paid in the year based on - (120,000,000) - (120,000,000) the previous year published accounts (60,000,000) (309,859) (60,000,000) - Transfer to contigency reserve (Note 20.1) (99,222,743) (176,265,663) (99,222,743) (176,265,663) Transfer from income statement 259,138, ,811, ,012, ,279,069 Transfer to statutory reserve (Note 20.2) (2,123,317) 2,650, JUNE 300,996, ,203, ,085, ,295,943 Retained earnings are the carried forward recogni sed income net of expenses plus current period pr ofit attributable to shareholders. 22. Profit before taxation Profit before taxation is stated after Depreciation of property and equipment 44,348,399 78,543,747 42,236,632 76,495,992 Auditors' remuneration 4,002,500 11,300,000 4,002,500 6,800,000 Directors' remuneration: - Fees 15,989,801 4,250,000 15,989,801 4,250,000 Profit on disposal of property and equipment - (2,936,429) - (3,393,914) Foreign exchange (gains)/loss (56,762,267) (166,383,629) (56,762,267) (166,383,629) 37

20 23. Gross premium earned analysed as follows: < > Increase/ Direct premium Inward reinsurance premium decrease in unearned premium Gross premium earned Fire 467,281,496 9,995,358 (43,426,730) 433,850,124 General accident 408,261,913 3,477,544 (45,142,052) 366,597,406 Motor 814,803,790 4,900,440 (35,704,856) 783,999,375 Aviation 823,173,190 6,535,284 (25,016,708) 804,691,766 Oil & Gas 592,500,035 13,147,832 8,346, ,994,249 Marine 193,360,467 1,394,260 (291,814) 194,462,912 Engineering 78,858,620 1,327,762 (66,550) 80,119,831 Bond 17,640,613 - (412,622) 17,227,991 3,395,880,124 40,778,480 (141,714,950) 3,294,943,654 Gross premium earned analysed as follows: < > Increase/ Direct premium Inward reinsurance premium decrease in unearned premium Gross premium earned Fire 419,429,127 15,649,915 (37,759,005) 397,320,037 General accident 416,046,044 3,761,600 (35,285,822) 384,521,822 Motor 713,609,396 6,051,737 (100,967,492) 618,693,641 Aviation 760,463,662 67,966,468 (8,222,341) 820,207,789 Oil & Gas 1,102,782,945 15,160,525 (74,485,186) 1,043,458,284 Marine 159,391,206 3,774,412 (13,688,393) 149,477,226 Engineering 76,664,089 3,466,965 (9,761,612) 70,369,442 Bond 8,105,570 - (1,830,150) 6,275,420 3,656,492, ,831,622 (282,000,000) 3,490,323, Reinsurance expense The reinsurance expense is analysed as follows: Reinsurance premium cost 1,362,145,665 1,643,276,947 1,362,145,665 1,643,276,947 (Increase)/decrease in prepaid reinsurance (Note 7.3) Reinsurance expense 1,362,145,665 1,643,276,947 1,362,145,665 1,643,276, Fee and commission Fire 44,694,202 30,913,825 44,694,202 30,913,825 General accident 3,270,681 7,530,983 3,270,681 7,530,983 Motor 538,225 1,624, ,225 1,624,446 Aviation 24,349,681 9,195,571 24,349,681 9,195,571 Oil & Gas 52,404,348 20,440,221 52,404,348 20,440,221 Marine 9,521,086 5,298,146 9,521,086 5,298,146 Engineering 10,592,697 9,581,685 10,592,697 9,581,685 Bond ,370,920 84,584, ,370,920 84,584,876 38

21 Claims Claims Claims Claims expenses expenses expenses expenses 30 JUNE June JUNE June a Claims expenses Claims paid during the year 719,195, ,372, ,195, ,372,281 Opening IBNR and outstanding claims (895,550,802) (815,249,252) (895,550,802) (815,249,252) Closing IBNR and outstanding claims (Note 14.1) 944,485, ,607, ,485, ,607,669 Gross claims expenses 768,129, ,730, ,129, ,730,698 25b. Claims recoverable Opening claims recoverable 281,937, ,551, ,937, ,551,222 Claims recovered 161,283,263 85,400, ,283,263 85,400,844 Closing claims recoverable (281,937,926) (213,551,222) (281,937,926) (213,551,222) Net recoverable 161,283,263 85,400, ,283,263 85,400,844 Net claims expenses 606,846, ,329, ,846, ,329, Underwriting expenses Underwriting expenses Acquisition Maintenance Acquisition Maintenance expenses expenses expenses expenses Fire 94,917,032 27,440,474 94,917,032 27,440,474 General accident 80,456,581 24,171,289 80,456,581 24,171,289 Motor 94,853,318 55,700,805 94,853,318 61,920,165 Aviation 39,219,792 42,742,875 39,219,792 42,742,875 Oil & Gas 94,135,880 29,888,661 94,135,880 29,888,661 Marine 39,011,394 10,823,293 39,011,394 10,823,293 Engineering 15,988,140 4,748,335 15,988,140 4,748,335 Bond 3,273, ,519 3,273, , ,855, ,405, ,855, ,624,611 Underwriting expenses Acquisition Maintenance Acquisition Maintenance expenses expenses expenses expenses Fire 83,382, ,460 83,382, ,460 General accident 78,933,708 4,407,613 78,933,708 4,407,613 Motor 80,669,221 18,360,344 80,669,221 18,360,344 Aviation 30,234,131 1,824,599 30,234,131 1,824,599 Oil & Gas 33,716,928 51,829,287 33,716,928 51,829,287 Marine 34,086,639 2,814,179 34,086,639 2,814,179 Engineering 16,003, ,427 16,003, ,427 Bond 1,376, ,934 1,376, , ,403,877 81,373, ,403,877 81,373,843 39

22 JUNE JUNE JUNE JUNE 27. Investment income Interest received 169,432, ,113, ,432, ,113,735 Amortised gain(loss) on held to maturity (Note 3.4) 20,529,521 2,684,303 20,529,521 2,684,303 Dividend received 2,194, ,958 2,194, , ,156, ,131, ,156, ,131, Investment income Investment income attributable to policyholders' fund 148,763, ,832, ,763, ,832,550 Investment income attributable to shareholders' fund 43,393,170 26,299,446 43,393,170 26,299, ,156, ,131, ,156, ,131, Other operating income Profit on disposal of property and equipment 2,613,915 3,091,104 2,613,915 3,091,104 Interest on staff receivables 5,614,050 70,859 5,614,050 70,859 Rent income on investment properties 390, , , ,000 Recoveries in the year 24, ,109 24, ,109 Exchange gain 56,762,267 20,337,380 56,762,267 20,337,380 Other income 37,974,099 27,456,650 - (48,296) 103,378,931 51,649,103 65,404,832 24,144, Impairment on charge Cash and cash equivalent (Note 2.2) Loans and receivables (Note 3.2) - 500, ,000 Finance Lease receivable (Note 5.1) - (3,496,041) - - Trade receivables (Note 6.1) Other receivables (Note 9) Inventories (Note 11) (2,996,041) - 500,000 40