|
Statement of Financial Position |
|
|||
|
As at 31 December |
2022 |
2021 |
Change |
% |
|
ASSETS |
N000 |
N000 |
N000 |
|
|
Cash and Cash Equivalents |
1,109,907 |
737,626 |
372,281 |
50.5 |
|
Financial Assets |
1,843,660 |
1,661,626 |
182,034 |
11.0 |
|
Trade Receivables |
223,559 |
275,537 |
(51,978) |
(18.9) |
|
Reinsurance Assets |
1,173,088 |
1,368,146 |
(195,058) |
(14.3) |
|
Deferred Acquisition Cost |
200,540 |
443,369 |
(242,829) |
(54.8) |
|
Other Receivables and Prepayments |
271,590 |
235,553 |
36,037 |
15.3 |
|
Investment Properties |
1,430,000 |
1,430,000 |
- |
- |
|
Property, Plant and Equipment |
880,529 |
724,595 |
155,934 |
21.5 |
|
Statutory Deposit |
300,150 |
300,150 |
- |
- |
|
Total Assets |
7,433,024 |
7,176,602 |
256,422 |
|
|
LIABILITIES |
|
|
|
|
|
Insurance Contract Liabilities |
989,529 |
1,135,636 |
(146,107) |
(12.9) |
|
Trade Payables |
98,622 |
31,163 |
67,459 |
216.5 |
|
Provisions and Other Payables |
102,777 |
210,732 |
(107,955) |
(51.2) |
|
Retirement Benefit Obligations |
226,790 |
227,048 |
(258) |
(0.1) |
|
Current Income Tax Liabilities |
89,660 |
79,414 |
10,246 |
12.9 |
|
Deferred Tax Liabilities |
89,784 |
86,738 |
3,046 |
3.5 |
|
Total Liabilities |
1,597,162 |
1,770,731 |
(173,569) |
- |
|
EQUITY |
|
|||
|
Paid - up Share Capital |
4,064,789 |
4,064,351 |
438 |
0.0 |
|
Share Premium |
70,393 |
70,393 |
0 |
0.0 |
|
Statutory Contigency Reserve |
1,598,581 |
1,450,684 |
147,897 |
10.2 |
|
Retained Earnings/ (Accumulated Losses) |
(121,487)
|
(416,068)
|
294,581
|
(70.8)
|
|
Other Reserves |
(59,623) |
(47,093) |
(12,530) |
26.6 |
|
Fair-value Reserves |
25,267 |
25,663 |
(396) |
(1.5) |
|
Revaluation Reserves |
257,941 |
257,941 |
- |
- |
|
Total Equity |
5,835,862 |
5,405,871 |
429,991 |
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
7,433,024 |
7,176,602 |
256,422 |
|
|
Profit or Loss and Other Comprehensive Income For the year ended 31 December,2022 |
||||
|
|
2022 |
2021 |
Change |
% |
|
Gross Premium Written |
4,929,908 |
4,677,009 |
252,899 |
5.4 |
|
Net Premium Income |
3,434,946 |
3,373,639 |
61,306 |
1.8 |
|
Underwriting Results |
2,050,518 |
2,045,963 |
4,555 |
0.2 |
|
Investment Income |
567,130 |
161,312 |
405,818 |
251.6 |
|
Profit before Taxation |
535,165 |
447,542 |
87,622 |
19.6 |
|
Income Tax Expense |
(92,686) |
(70,172) |
(22,514) |
32.1 |
|
Profit for the year |
442,479 |
377,370 |
65,108 |
17.3 |
|
Per share data (kobo) |
|
|
|
|
|
Earnings |
5.44 |
4.64 |
|
|
|
Net Assets |
71.79 |
66.50 |
|
|
