CONSOLIDATED HALLMARK INSURANCE PLC

Transcription

1 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT PERIOD ENDED 31 MARCH 2016 Notes MARCH MARCH 31 December MARCH MARCH 31 December N N Assets Cash and cash equivalents 2. 2,846,888,262 2,586,535,086 2,822,735,766 2,679,829,523 2,554,230,807 2,780,220,924 Financial assets: - - -At fair value through profit or loss ,207, ,228, ,200, ,709, ,609, ,671,643 -Loans and receivables ,268,138 81,316,615 61,029, ,912,403 68,039,376 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 ,333, ,281, ,905, ,333, ,281, ,905,166 Deposit for shares ,250, ,250,000 - Finance lease receivables ,772, ,947, ,095, Trade receivables ,390, ,385,773 81,030, ,390, ,385,773 81,030,026 Reinsurance assets ,913, ,767, ,913, ,913, ,767, ,913,416 Deferred acquisition cost ,525, ,235, ,525, ,525, ,235, ,525,298 Other receivables & prepayments ,317, ,181, ,246, ,996, ,426, ,266,048 Investment in subsidiaries ,000, ,000, ,000,000 Inventories 11. 4,212,110-5,146, Intangible Assets ,632,932-16,467,871 14,792,275 15,592,433 Investment properties ,074, ,121, ,020, ,414, ,460, ,359,000 Property and equipment ,248, ,605, ,049, ,401, ,060, ,924,352 Statutory deposits ,000, ,000, ,000, ,000, ,000, ,000,000 Total assets 7,318,734,635 6,742,854,738 7,023,316,035 7,248,168,200 6,647,747,859 6,964,209,568 Liabilities Insurance contract liabilities 14. 2,383,832,829 2,130,439,082 2,218,670,079 2,383,832,829 2,130,439,082 2,218,670,079 Trade payables ,359,565 19,453, ,060,913 24,359,565 19,453, ,060,913 Other payables and provision ,503, ,625, ,568, ,473, ,782, ,540,123 Retirement benefit obligations 17. 4,615,415 2,550, ,444 4,477,600 2,412,346 4,430 Income tax liabilities ,853, ,843, ,730, ,160, ,761,710 93,162,912 Deferred tax liabilities ,693,165 95,460, ,289, ,693,165 95,460, ,693,165 Total liabilities 2,907,857,695 2,615,372,240 2,755,503,168 2,887,997,304 2,552,309,034 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 ,108,432, ,348,001 1,058,782,003 1,108,432, ,348,001 1,058,782,003 Statutory reserve ,826,986 5,826,986 5,826, Retained earnings ,617, ,307, ,203, ,738, ,090, ,295,943 Total equity and reserves 4,410,876,940 4,127,482,498 4,267,812,867 4,360,170,896 4,095,438,825 4,229,077,946 Total liabilities and equity and reserves 7,318,734,635 6,742,854,738 7,023,316,035 7,248,168,200 6,647,747,859 6,964,209,568 - The consolidated financial statements were approved by the Board of Directors on 13th April,

2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME MARCH March 31, December MARCH March 31, December Notes Gross premium written 1,796,725,914 2,127,722,027 6,039,451,539 1,796,725,914 2,127,722,027 6,039,451,539 Gross premium income 23. 1,655,010,964 1,971,722,028 5,875,522,094 1,655,010,964 1,971,722,028 5,875,522,094 Reinsurance premium expenses 24. (566,199,067) (977,752,172) (2,685,733,043) (566,199,067) (977,752,172) (2,685,733,043) Net premium income 1,088,811, ,969,856 3,189,789,051 1,088,811, ,969,856 3,189,789,051 Fee and commission income ,457,433 26,462, ,879,333 34,457,433 26,462, ,879,333 Net underwriting income 1,123,269,330 1,020,432,526 3,335,668,384 1,123,269,330 1,020,432,526 3,335,668,384 Claims expenses 25a (432,811,248) (246,506,814) (1,341,181,328) (432,811,248) (246,506,814) (1,341,181,328) Claims recoveries from reinsurers 25b. 77,161,891 57,474, ,167,702 77,161,891 57,474, ,167,702 Claims incurred (355,649,357) (189,032,684) (958,013,626) (355,649,357) (189,032,684) (958,013,626) Underwriting expenses 26. (251,516,277) (216,896,959) (1,007,902,155) (256,171,204) (216,896,959) (1,016,074,857) Underwriting profit 516,103, ,502,884 1,369,752, ,448, ,502,884 1,361,579,901 Investment income ,870,554 98,315, ,362, ,870,554 91,976, ,048,193 Other operating income ,332, ,053,841 9,257,099 1,245, ,537,974 Impairment (charge)/write back ,693,560 16,935, ,402,910 Net fair value gains on financial assets at fair value through profit or loss 30. (9,462,549) (2,029,218) (138,190,791) (9,462,549) (3,362,680) (138,191,291) Management expenses 31. (399,647,560) (303,643,730) (1,168,001,089) (391,023,116) (291,655,781) (1,126,380,571) Profit before taxation 238,196, ,838, ,911, ,090, ,705, ,997,116 Income tax expense 18.1 (96,166,663) (134,667,747) (159,100,881) (90,997,807) (132,065,857) (152,718,047) Profit after taxation 142,029, ,170, ,811, ,092, ,639, ,279,069 - Total comprehensive income for the year 142,029, ,170, ,092, ,639,947 - Profit attributable to: - Equity holders of the parents' 142,029, ,170, ,811, ,092, ,639,947 Continency reserve (49,650,329) (63,831,661) 545,811,078 (49,650,329) (63,831,661) 534,279,069 92,379, ,339, ,811,078 81,442, ,808, ,279,069 - Basic and diluted earnings per share (Kobo)

3 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AT PERIOD ENDED 31 MARCH 2016 The Issued share Contingency Statutory Retained capital reserves reserve earnings Total equity N At 1 January ,000,000, ,516,340 8,477,548 (48,682,240) 3,842,311,648 Changes in equity for 2015: Profit for the period ,170, ,170,848 Other comprehensive income for the year Total comprehensive income for the year ,170, ,170,848 Transactions with owners: Transfer to contigency reserves - 63,831,661 - (63,831,661) - Transfer to statutory reserves - - (2,650,562) (2,650,562) - Dividends declared during the year Non-controlling interest arising on business - combination Contribution by and to owners of the business - 63,831,661 (2,650,562) (66,482,223) - At 31 March ,000,000, ,348,001 5,826, ,006,385 4,127,482,496 At 1 January ,000,000,000 1,058,782,003 5,826, ,203,878 4,267,812,867 Changes in equity for 2016: Profit for the year ,029, ,029,578 Other comprehensive income for the year Total comprehensive loss for the year ,029, ,029,578 Transactions with owners: Transfer within reserves - 49,650,329 - (48,615,834) 1,034,495 Dividends relating to prior periods paid during the year Non-controlling interest arising on business combination Contribution by and to owners of the business - 49,650,329 - (48,615,834) 1,034,495 At 31 MARCH ,000,000,000 1,108,432,332 5,826, ,617,622 4,410,876,940 22

4 CONSOLIDATED STATEMENT OF CASH FLOWS AT PERIOD ENDED 31 MARCH 2016 MARCH MARCH 31 DECEMBER MARCH MARCH 31 DECEMBER Notes Cash flows from operating activities Premium received from policy holders 1,717,793,010 1,998,502,834 6,039,256,088 1,717,793,010 1,998,502,834 6,039,256,088 Reinsurance receipts in respect of claims 25b. 77,161,891 57,474, ,780,998 77,161,891 57,474, ,780,998 Commission received ,457,433 32,678, ,878,677 34,457,433 26,462, ,878,661 Other operating receipts 93,516,908 (852,447) 161,924,867 9,257,099 1,245, ,399,462 Cash paid to and on behalf of employees 33. (204,291,314) (140,915,189) (553,499,753) (198,894,432) (135,786,190) (532,115,976) Reinsurance premium paid (566,199,067) (966,128,885) (2,553,260,869) (566,199,067) (966,128,885) (2,553,260,869) Claims paid 25a (409,363,447) (246,506,814) (1,260,879,778) (409,363,447) (246,506,814) (1,260,879,778) Underwriting expenses 26. (251,516,277) (216,896,959) (1,007,902,155) (256,171,203) (216,896,959) (1,016,074,857) Other operating cash payments (310,256,461) (183,204,192) (508,768,666) (171,282,505) (162,205,799) (512,036,354) income tax paid (65,883,457) - (63,018,348) Net cash (used in)/ from operating activities 181,302, ,150, ,645, ,758, ,160, ,929,027 Cash flows from investing activities Purchase of property and equipment 12.2 (81,894,700) (25,793,249) (107,445,819) (81,894,700) (22,230,125) (99,646,496) Fair value change and additions to investment properties (9,665,093) - - (9,504,593) Increase in investment in subsidiaries (180,000,000) - - Proceeds from sale of property and equipment ,572,219 7,469,828-12,572,219 7,927,313 Purchase of financial assets 3. (177,126,035) (152,819,845) (581,298,577) (177,126,035) (152,819,845) (460,044,542) Proceeds from sale of financial assets ,874, ,096,480 Dividend received ,963, ,963,163 Interest received ,870, ,476, ,242, ,870,554 91,976, ,928,388 Net cash from investing activities (157,150,181) (47,564,847) (73,859,553) (337,150,181) (70,501,723) (91,280,287) Cash flows from financing activities Dividend paid (120,000,000) - - (120,000,000) Net cash used in financing activities - - (120,000,000) - - (120,000,000) Increase in cash and cash equivalents 24,152, ,585, ,786,399 (100,391,402) 285,658, ,648,740 Cash and cash equivalents at 1 January ,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 31 December ,846,888,261 2,586,535,086 2,822,735,767 2,679,829,523 2,554,230,802 2,780,220,925 The accompanying notes form an integral part of this statement of cash flows. 24

5 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. MARCH 31 December MARCH 31 December 2. Cash and cash equivalents Cash in hand 2,140,008 2,126,570 2,140,008 2,126,570 Balance with banks 130,013, ,888, ,461, ,987,121 Call deposits 14,985,872 7,725,567 14,985,872 7,725,567 Fixed deposits (Note 2.1) 2,699,748,510 2,688,995,084 2,550,242,483 2,667,381,666 2,846,888,262 2,822,735,766 2,679,829,523 2,780,220,924 Impairment charge (Note 2.2) ,846,888,262 2,822,735,766 2,679,829,523 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 31 December Financial assets At fair value through profit or loss (Note 3.1) 173,207, ,200, ,709, ,671,643 Loans and receivables measured at amortised cost (Note 3.2) 313,268,138 61,029, ,912,403 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) 289,333, ,905, ,333, ,905, ,759, ,084, ,905, ,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 (499,779) (20,638,023) (499,779) (14,333,200) Transfers to cash and WHT receivables ,700, ,480, ,171, ,256,659 Fair value gains (Note 30) (9,722,549) (140,280,016) (9,462,549) (140,585,016) At 31 MARCH ,977, ,200, ,709, ,671,643 Current 172,977, ,200, ,709, ,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

6 MARCH DECEMBER MARCH DECEMBER 3.2 Loans and receivables Staff loans 207,719,832 30,321, ,719,832 30,321,897 Loan issued to corporate individuals (Note 3.2.1) 105,548,306 30,707,306 87,192,571 40,529, ,268,138 61,029, ,912,403 70,851,262 Current 215,843,528 29,870, ,496,477 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 137,566,499 52,633, ,332, ,437,335 Repayment (62,725,499) (40,751,669) (79,669,739) (73,320,762) 201,243, ,402, ,071, ,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 105,548,306 30,707,306 87,192,571 40,529, Analysis by performance: Performing (Note 3.2) 313,268,138 61,029, ,912,403 70,851,264 Non-performing (Note 3.2.1) 95,695,221 95,695,221 93,878,905 93,878, ,963, ,724, ,791, ,730, Analysis by maturity: Due within one year 397,868, ,853, ,696, ,751,877 Due within one - five years 8,596,483 29,870,483 8,596,482 27,978,291 Due after five years 2,498,348-2,498, ,963, ,724, ,791, ,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 year 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

7 MARCH December MARCH 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 (150,253,584) - (150,253,584) - Amortised interest (Note 27) 10,012,248 68,330,043 10,012,248 68,330,043 At the end 289,333, ,905, ,333, ,905, a) Held to maturity assets are analysed as follows: Debts securities Listed 289,333, ,905, ,333, ,905,166 Unlisted At the end 289,333, ,905, ,333, ,905,166 Current 75,228,889 68,330,043 75,228,889 68,330,043 Non-current 214,104, ,575, ,104, ,575, ,333, ,905, ,333, ,905,166 b) At the reporting date, no held to maturity assets were past due or impaired 15.25% NAHCO Bond series / ,977,671 20,217,260 20,977,671 20,217,260 FCMB NGN SERIES 2 BOND 2015/ ,000,000 51,130,137 53,000,000 51,130, % Lagos State Government Bond series / ,080,479 45,565,891 47,080,479 45,565, % FGN bond 2014/ ,216,641 67,378,055 65,216,641 67,378, % FGN Bond 103,058,996 99,303, ,058,996 99,303,385 Wema bank commercial paper - 214,310, ,310,438 At the end 289,333, ,905, ,333, ,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 86,001, ,625, Repayment (41,324,765) (134,347,008) - - Gross investment 225,707, ,599, Unearned income - (38,567,989) - - Net investment (Note 5.1) 225,707, ,031, Impairment on finance lease receivables (Note 5.2) (8,935,263) (8,935,263) - - At the end 216,772, ,095, Current 94,936, ,784, Non-current 130,771,221 62,247, Movement in impairment - finance lease receivables: At 1 January 8,935,263 8,897, Charge for the year (Note 29) - 38, At the end 8,935,263 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 26,607,171 10,686,478 26,607,171 10,686,478 Due from insurance brokers and agents 147,782,956 70,343, ,782,956 70,343, ,390,127 81,030, ,390,127 81,030,026 Impairment allowance (Note 6.1) ,390,127 81,030, ,390,127 81,030,026 Current 174,390,127 81,030, ,390,127 81,030,026 Non-current

8 MARCH 31 December MARCH 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 - (0) - - 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. MARCH 31 December MARCH 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. MARCH 31 December MARCH 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) 566,199,067 2,657,491, ,199,067 2,657,491, ,174,557 3,095,708, ,174,557 3,095,708,532 Amortization during the year (Note 24) (566,199,067) (2,685,733,042) (566,199,067) (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 234,173, ,143, ,173, ,143,379 Less: Amortisation during the year (Note 26) (234,173,610) (230,143,379) (234,173,610) (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

9 MARCH 31 December MARCH 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 57,088,985 18,050,009 57,088,985 18,050,009 Account receivables (3,759,743) 34,793, ,374 34,620,844 Witholding tax credit 63,949,549 58,554,822 63,949,549 58,399,440 Prepayments (Note 9.1) 59,038,540 24,195,755 59,038,540 24,195, ,317, ,593, ,996, ,266,048 Impairment allowance (Note 29) - (347,125) ,317, ,246, ,996, ,266,048 Current 176,317, ,246, ,996, ,266,048 Non-current Prepayments Prepaid rent 21,639,337 24,195,755 21,639,337 24,195,755 Other prepayments 37,399,203-37,399,203-59,038,540 24,195,755 59,038,540 24,195,755 Current 59,038,540 24,195,755 59,038,540 24,195,755 Non-current Investment in subsidiaries CHI Capital (Note 10.1) ,000, ,000,000 29

10 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 2,679,829, ,058,739-2,846,888,262 Financial assets 812,905,505 23,854, ,759,835 Deposit for shares Finance lease receivables - 216,772, ,772,385 Trade receivables 174,390, ,390,127 Reinsurance assets 691,913, ,913,416 Deferred acquisition cost 190,525, ,525,298 Other receivables and prepayment 180,996,448 41,195,397 (45,874,514) 176,317,331 Investment in subsidiaries 430,000,000 - (430,000,000) - Investment properties 803,414,000 84,660, ,074,500 Inventories - 4,212,110-4,212,110 Intangible Assets 14,792, ,657 15,632,932 Property and equipment 969,401,608 7,846, ,248,439 Statutory deposits 300,000, ,000,000 Total assets 7,248,168, ,440,949 (475,874,514) 7,318,734,635 Liabilities Insurance contract liabilities 2,383,832, ,383,832,829 Trade payables 24,359, ,359,565 Provision and other payables 151,473,426 36,904,535 (45,874,514) 142,503,448 Staff retirement benefit 4,477, ,815-4,615,415 Tax liabilities 323,853,884 28,692, ,546,439 Share capital 3,000,000, ,000,000 (430,000,000) 3,000,000,000 Statutory reserve 1,108,432,332 5,826,986-1,114,259,318 Retained earnings 251,738,564 44,879, ,617,621 Total liabilities and equity 7,248,168, ,440,949 (475,874,514) 7,318,734,635 29

11 10.2 Condensed result of consolidated entities CHI CHI PLC Capital Elimination Total Condensed profit and loss Underwriting profit 511,448,769-4,654, ,103,696 Investment income 101,870, ,870,554 Other operating income 9,257,099 24,729,928 (4,654,927) 29,332,100 Total operating income 622,576,422 24,729, ,306,350 Impairment charge Net fair value gains/(losses) on financial assets at fair value through profit or loss (9,462,549) - - (9,462,549) Management expenses (391,023,116) (8,624,444) (399,647,560) Profit before taxation 222,090,757 16,105, ,196,241 Taxation (90,997,807) (5,168,856) - (96,166,663) Profit after taxation 131,092,950 10,936, ,029, 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 534,279,069 11,532, ,811,078 30

12 MARCH 31 December MARCH 31 December 11. Inventories At 1 January 5,146,854 2,888,332 Auto track devices 3,720,183 4,882, Used (4,654,927) (2,623,763) Impairment allowance (Note 29) ,212,110 5,146, Intangible assets Cost At 1 January 22,265,000 16,500,000 21,337,500 16,500,000 Addition - 5,765,000-4,837,500 MARCH 22,265,000 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 834,939 2,983, ,158 2,931,026 MARCH 6,632,068 5,797,129 6,545,225 5,745,067 Carrying amount At 31 December 15,632,932 16,467,871 14,792,275 15,592, Investment properties At 1 January 888,020, ,960, ,359, ,460,682 Addition 54,500 9,665,093 55,000 9,504,593 Fair value change 394, ,725 MARCH 888,074, ,020, ,414, ,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. 47,030,000 Consolidated Hallmark Insurance Plc. 42,150,000 Consolidated Hallmark Insurance Plc. 23,275,000 Hallmark Assurance Plc (Legacy ) 3,070,000 Consolidated Hallmark Insurance Plc. 803,414,000 CURRENT TITLE HOLDER 207,680,000 Consolidated Hallmark Insurance Plc. 240,315,000 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 888,074,500 31

13 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 ,700 1,351,500 75,765,000 4,457,500 81,894,700 Disposals in the year (9,805,683) - (9,805,683) MARCH 286,099, ,339,722 84,000, ,224, ,784, ,893,724 1,633,342,801 Accumulated depreciation At 1 January - 96,570,538 66,185,219 93,249, ,919, ,279, ,204,440 Depreciation charge for the year - 2,674,352 1,278,483 1,199,660 13,136,851 2,556,836 20,846,182 Disposals in the year (7,900,078) (1,056,182) (8,956,260) MARCH - 99,244,889 67,463,702 94,449, ,156, ,780, ,094,362 Accummulated impairment losses Carrying value MARCH 286,099, ,094,833 16,536,350 14,774, ,628,674 23,113, ,248,439 At 1 January 286,099, ,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

14 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 40,173, ,148,547 33

15 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 1,549,249,208 Additions 320,700 1,351,500 75,765,000 4,457,500 81,894,700 Disposals (9,271,496) - (9,271,496) MARCH 286,099, ,339,722 83,885, ,224, ,204, ,118,973 1,621,872,412 Accumulated depreciation At 1 January - 96,570,538 66,155,857 93,249, ,402, ,946, ,324,856 Depreciation charge for the year - 2,674,352 1,278,483 1,199,660 13,136,851 2,556,836 20,846,182 Disposals (7,900,078) (800,156) (8,700,234) MARCH - 99,244,890 67,434,340 94,449, ,639, ,702, ,470,804 Carrying value MARCH 286,099, ,094,832 16,450,888 14,774, ,564,797 22,416, ,401,608 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

16 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 16,090,590 91,891,941 39,783, ,899,680 35

17 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) 918,998, ,550, ,998, ,550,802 Unearned premium reserve (Note 14.2) 1,464,834,226 1,323,119,277 1,464,834,226 1,323,119,277 2,383,832,829 2,218,670,079 2,383,832,829 2,218,670, Reserve for outstanding claims Outstanding Provision for Outstanding Provision for Claim IBNR Gross Reserve Claim IBNR Gross Reserve N N Fire 105,004, ,797, ,802, ,004, ,797, ,802,830 General accident 137,038,375 68,837, ,876, ,038,375 68,837, ,876,052 Motor 64,296,577 92,686, ,982,834 64,296,577 92,686, ,982,834 Marine 23,495,000 27,293,489 50,788,489 23,495,000 27,293,489 50,788,489 Bond 706,800 6,374,014 7,080, ,800 6,374,014 7,080,814 Engineering 7,971,606 26,963,770 34,935,376 7,971,606 26,963,770 34,935,376 Aviation 10,970,000 76,131,277 87,101,277 10,970,000 76,131,277 87,101,277 Oil & gas 2,500,000 99,930, ,430,931 2,500,000 99,930, ,430, ,983, ,015, ,998, ,983, ,015, ,998,603 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

18 14.3 Funds representing insurance contract liabilities Balance with banks 129,587, ,987, ,587, ,987,121 Fixed deposits 2,550,242,483 2,667,381,666 2,550,242,483 2,667,381,666 2,679,829,522 2,770,368,787 2,679,829,522 2,770,368, Trade payables Due to insurance companies 15,752, ,060,913 15,752, ,060,913 Due to reinsurance companies - local 8,606,764-8,606,764 - Other trade payables ,359, ,060,913 24,359, ,060,913 Current 24,359, ,060,913 24,359, ,060,913 Non-current Other payables and provision Lease payables Audit fees 6,970,000 12,132,500 6,970,000 6,970,000 VAT payable - 7,543,934-7,543,934 Witholding tax payable 882, , , ,082 Unclaimed dividend payable (Note 16.1) 72,747,541 72,747,541 72,747,541 72,747,541 Due to CHI Capital (Note 16.2) 32,403,855-32,403,855 30,822,980 Accrued expenses 7,271,244 47,201,405 7,271,244 29,512,688 Sundry creditors 22,228,046 23,202,898 31,198,024 23,202, ,503, ,568, ,473, ,540,123 Current 142,503, ,568, ,473, ,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) The amount Due to CHI Capital Limited of N32,403,855 is made up as follows: i N23,592, represents the amount payable for the additional investment of Consolidated Insurance Plc in CHI Capital Limited to increase its investment in CHI Capital Limited to N250,000,000 in 2014 from N226,407, in 2013, ii N8,811, represents the outstanding payment due from Consolidated Hallmark Insurance Plc for autotracking services provided by CHI Support Services Limited ( a wholly owned subsidiary of CHI Capital Limited). 17. Retirement benefit obligation 17.1 Defined contribution pension plan At 1 January 184, ,815 4,430 - Provision during the year (Note 33) 7,717,810 54,019,284 7,667,010 51,916,751 Payment during the year (3,286,840) (53,972,655) (3,193,841) (51,912,321) MARCH 4,615, ,444 4,477,600 4,430 35

19 18. Taxation 18.1 Income tax expense Income tax 96,166, ,477,804 90,997,807 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 ,166, ,272,137 90,997, ,485,406 Deferred tax (Note 18.3) - 44,828,744-44,232,641 96,166, ,100,881 90,997, ,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 year (4,043,492) (65,883,457) - (63,018,348) 116,686,612 6,457,967 93,162,912 (15,322,494) Charge for the year 96,166, ,272,137 90,997, ,485,406 MARCH 212,853, ,730, ,160,719 93,162, Deferred tax liabilities At 1 January 139,693,165 95,460, ,693,165 95,460,524 Charge for the year (Note 18.1) - 44,828,744-44,232,641 MARCH 139,693, ,289, ,693, ,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 142,029, ,811, ,092, ,279,069 Total income tax expense Income 96,166, ,477,804 90,997,807 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) - 44,828,744-44,232,641 96,166, ,100,881 90,997, ,718,047 Profit for the period before excluding income tax 238,196, ,911, ,090, ,997,116 Effective tax rate 40% 23% 41% 22% 36

20 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 MARCH 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) 49,650, ,265,663 49,650, ,265,663 MARCH 1,108,432,332 1,058,782,003 1,108,432,332 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) - (2,650,562) - - MARCH 5,826,986 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 1,034,494 (309,859) - - Transfer to contigency reserve (Note 20.1) (49,650,329) (176,265,663) (49,650,329) (176,265,663) Transfer from income statement 142,029, ,811, ,092, ,279,069 Transfer to statutory reserve (Note 20.2) - 2,650, MARCH 296,617, ,203, ,738, ,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 22,957,953 78,543,747 20,846,186 76,495,992 Auditors' remuneration - 11,300,000-6,800,000 Directors' remuneration: - Fees 12,334,144 4,250,000 12,334,144 4,250,000 Profit on disposal of property and equipment - (2,936,429) - (3,393,914) Foreign exchange (gains)/loss (7,628,464) (166,383,629) (7,628,464) (166,383,629) 37

21 23. Gross premium earned analysed as follows: < > Increase/ Direct premium Inward reinsurance premium decrease in unearned premium Gross premium earned Fire 277,042,703 1,555,017 (43,426,730) 235,170,990 General accident 297,015,834 1,199,183 (45,142,052) 253,072,965 Motor 444,107,319 1,791,923 (35,704,856) 410,194,386 Aviation 443,413,728 6,535,284 (25,016,708) 424,932,304 Oil & Gas 143,025,523 13,010,642 8,346, ,382,547 Marine 111,924, ,168 (291,814) 111,873,585 Engineering 43,816,210 - (66,550) 43,749,660 Bond 12,047,148 - (412,622) 11,634,526 1,772,392,697 24,333,217 (141,714,950) 1,655,010,963 Gross premium earned analysed as follows: < > Increase/ Direct premium Inward reinsurance premium decrease in unearned premium Gross premium earned Fire 653,720,777 24,512,056 (18,923,778) 659,309,055 General accident 667,606,144 4,534,769 (36,467,734) 635,673,179 Motor 1,235,352,608 18,659,396 (47,895,073) 1,206,116,931 Aviation 1,553,766,955 68,706,226 (67,631,072) 1,554,842,109 Oil & Gas 1,289,548,901 17,488,223 55,278,292 1,362,315,416 Marine 333,621,892 10,158,646 (42,251,339) 301,529,199 Engineering 136,629,069 5,505,538 (6,792,621) 135,341,986 Bond 19,640, ,880 20,394,219 5,889,886, ,564,854 (163,929,445) 5,875,522, Reinsurance expense The reinsurance expense is analysed as follows: Reinsurance premium cost 566,199,067 2,657,491, ,199,067 2,657,491,887 (Increase)/decrease in prepaid reinsurance (Note 7.3) - 28,241,156-28,241,156 Reinsurance expense 566,199,067 2,685,733, ,199,067 2,685,733, Fee and commission Fire 14,360,901 67,305,191 14,360,901 67,305,191 General accident 2,931,471 8,034,450 2,931,471 8,034,450 Motor 501,653 1,528, ,653 1,528,160 Aviation 6,659,704 17,423,429 6,659,704 17,423,429 Oil & Gas 711,154 21,543, ,154 21,543,175 Marine 4,361,252 12,878,241 4,361,252 12,878,241 Engineering 4,931,298 18,042,785 4,931,298 18,042,785 Bond - (876,098) - (876,098) 34,457, ,879,333 34,457, ,879,333 38

22 Claims Claims Claims Claims expenses expenses expenses expenses 31 December 31 December 31 December 31 December a Claims expenses Claims paid during the year 409,363,447 1,260,879, ,363,447 1,260,879,778 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) 918,998, ,550, ,998, ,550,802 Gross claims expenses 432,811,248 1,341,181, ,811,248 1,341,181,328 25b. Claims recoverable Opening claims recoverable 281,937,926 (213,551,222) 281,937,926 (213,551,222) Claims recovered 77,161, ,780,998 77,161, ,780,998 Closing claims recoverable (281,937,926) 281,937,926 (281,937,926) 281,937,926 Net recoverable 77,161, ,167,702 77,161, ,167,702 Net claims expenses 355,649, ,013, ,649, ,013, Underwriting expenses Underwriting expenses Acquisition Maintenance Acquisition Maintenance expenses expenses expenses expenses Fire 55,012,710 1,577,540 55,012,710 1,577,540 General accident 57,197,324 2,635,034 57,197,324 2,635,034 Motor 52,277,293 8,779,426 52,277,293 14,726,681 Aviation 14,681,626 1,845,192 14,681,626 1,845,192 Oil & Gas 21,847, ,388 21,847, ,388 Marine 22,240, ,944 22,240, ,944 Engineering 8,664, ,958 8,664, ,958 Bond 2,251,496 55,858 2,251,496 55, ,173,610 16,050, ,173,610 21,997,595 Underwriting expenses Acquisition Maintenance Acquisition Maintenance expenses expenses expenses expenses Fire 132,405,803 29,420, ,405,803 29,420,635 General accident 130,553,606 89,167, ,553,606 73,880,100 Motor 148,256,706 58,527, ,256,706 81,987,669 Aviation 37,357,369 50,619,716 37,357,369 50,619,716 Oil & Gas 119,346,570 90,419, ,346,570 90,419,144 Marine 65,348,908 15,720,657 65,348,908 15,720,657 Engineering 28,454,517 6,697,483 28,454,517 6,697,483 Bond 4,299,985 1,305,989 4,299,985 1,305, ,023, ,878, ,023, ,051,393 39