|
|
2021 |
2020 |
|
NOTES |
N'000 |
N'000 |
Gross Premium Written |
25 |
4,677,009 |
3,949,079 |
Gross Premium Earned |
25 |
4,646,308 |
4,097,311 |
Reinsurance Premium Expenses |
25 |
(1,272.668) |
(869,081) |
Net Premium Income |
|
3,373,639 |
3,228,230 |
Fee income -insurance |
|
153.109 |
155,148 |
Net underwriting Income |
|
3,526,748 |
3,383,378 |
Claims Expense (Net) |
27 |
(924,636) |
(1,107,330) |
Underwriting Expenses |
28 |
(556.149) |
(872,957) |
Total Underwriting Expenses |
|
(1,480,784) |
(1,980,287) |
|
|
|
|
Underwriting Results |
|
2,045,964 |
1,403,091 |
Investment Income |
29 |
89.802 |
183.667 |
Net realised gain |
30 |
71,510 |
86,662 |
Other Operating Income |
31 |
17,981 |
49,307 |
Revaluation gain on investment properties |
|
160.000 |
|
Employee Benefit Expense |
32 |
(781,691) |
(671,572) |
Management Expenses |
33a |
(966,591) |
(691,614) |
Impairment on Reinsurance Assets |
33b |
(122,952) |
(122,952) |
(Loss)/Gain on Investment Securities |
33c |
(45,615) |
|
Results of Operating Activities |
|
(1,577,556) |
(1,166,502) |
Finance Costs |
|
(20,866) |
(22.113) |
Profit/(Loss) before Taxation |
|
447,542 |
214,476 |
Income Tax Expense |
19.1 |
(70,172) |
(16,987) |
Profit/)Loss) for the year |
|
377,370 |
197,489 |
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 |
(19,828) |
(22.923) |
Actuarial gains (losses) on defined benefit pension plans |
23.1 |
10,938 |
(40.589) |
Gains on Property revaluation |
23.3 |
53,522 |
|
Other comprehensive income for the year, net of tax |
|
44,632 |
(63,512) |
|
|
|
|
Total comprehensive income for the year |
|
422,002 |
133,977 |
Basic and adjusted earnings per Share |
|
4.64 |
2.43 |
The accompanying notes form an integral part of these financial statements