|
|
|
2022 |
2021 |
|
|
NOTES |
N'000 |
N'000 |
|
Gross Premium Written |
25 |
4,929,908 |
4,677,009 |
|
Gross Premium Earned |
25 |
4,966,565 |
4,646,308 |
|
Reinsurance Premium Expenses |
25 |
(1,531,620) |
(1,272.668) |
|
Net Premium Income |
|
3,434,948 |
3,373,639 |
|
Fee income -insurance |
26 |
165,354 |
153.109 |
|
Net underwriting Income |
|
3,600,299 |
3,526,748 |
|
Claims Expense (Net) |
27 |
(500,966) |
(924,636) |
|
Underwriting Expenses |
28 |
(1,048,816) |
(556.149) |
|
Total Underwriting Expenses |
|
(1,549,781) |
(1,480,784) |
|
|
|
|
|
|
Underwriting Results |
|
2,050,518 |
2,045,964 |
|
Investment Income |
29 |
90,519 |
89.802 |
|
Net realised gain |
30 |
476,611 |
71,510 |
|
Other Operating Income |
31 |
116,363 |
17,981 |
|
Revaluation gain on investment properties |
|
- |
160.000 |
|
Employee Benefit Expense |
32 |
(802,918) |
(781,691) |
|
Management Expenses |
33a |
(973,967) |
(966,591) |
|
Impairment on Reinsurance Assets |
33b |
(398,489) |
(122,952) |
|
(Loss)/Gain on Investment Securities |
33c |
- |
(45,615) |
|
Results of Operating Activities |
|
(1,491,992) |
(1,577,556) |
|
Finance Costs |
|
(23,472) |
(20,866) |
|
Profit/(Loss) before Taxation |
|
535,165 |
447,542 |
|
Income Tax Expense |
19.1 |
(92,686) |
(70,172) |
|
Profit/)Loss) for the year |
|
422,479 |
377,370 |
|
Other Comprehensive Income: |
|
|
|
|
Items that will not be subsequently reclassified to the profit or loss account: |
|
|
|
|
Changes in available -for-sale financial assets |
23.2 |
(396) |
(19,828) |
|
Actuarial gains (losses) on defined benefit pension plans |
23.1 |
(12,530) |
10,938 |
|
Gains on Property revaluation |
23.3 |
- |
53,522 |
|
Other comprehensive income for the year, net of tax |
|
(12,926) |
44,632 |
|
|
|
|
|
|
Total comprehensive income for the year |
|
429,553 |
422,002 |
|
Basic and adjusted earnings per Share |
|
5.44 |
4.64 |
The accompanying notes form an integral part of these financial statements
