Comprehensive Income


 

NOTES

2020
N'000
2019
N'000
Gross Premium Written 25 3,949,079
========
3,885,447
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Gross Premium Earned 25 4,097,311 3,945,341
Reinsurance Premium Expenses 25 (869,081) (731,623)
Net Premium Income   3,228,230 3,213,718
Fee income-Insurance 26 155,148 119,417
Net underwriting Income   3,383,378 3,333,135
Claims Expense (Net) 27 (1,107,330) (991,926)
Underwriting Expenses 28 (872,957) (842,353)
Total Underwriting Expenses   (1,980,287) (1,834,279)
Underwriting Results   1,403,091 1,498,856
Investment Income 29 183,667 144,833
Net realised gain 30 86,662 111,688
Other Operating Income 31 49,307 42,365
Revaluation gain on investment properties - - 210,000
Employee Benefit Expense 32 (671,572) (628,478)
Management Expenses 33a (691,614) (597,933)
Impairment on Reinsurance Assets 33b (122,952) (209,732)
 
Results of Operating Activities   (1,166,502) (927,257)
Finance Costs 34 (22,113) (21,369)
Profit before Taxation   214,476 550,230
Income Tax Expense 19.1 (16,987) (45,049)
Profit for the year   197,489 505,181
Other Comprehensive Income:      
Items that will not be subsequently reclassified to the profit or loss account:    
Changes in available-for-sale financial assets   (22,923) (63,740)
Actuarial gains (losses) on defined benefit pension plans 23.1 (40,589) (23,152)
Gains on Property revaluation 23.3 - 201,427
Other comprehensive income for the year, net of tax   (63,512) 114,535
Total comprehensive income for the year   133,977 619,716
Basic and adjusted earnings per Share   2.43 6.21