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