CORONATION INSURANCE : AUDITED FINANCIAL STATEMENT FOR 2021

Coronation Insurance Plc

Unaudited Interim Financial Statements

the period ended 31 March 2022

CORONATION INSURANCE PLC

INTRODUCTION

Coronation Insurance Plc's audited Interim Financial Statements complies with the applicable legal requirements of the Nigerian Securities and Exchange Commission regarding interim financial statements. These financial statements contain extract of the audited financial statements prepared in accordance with IAS 34 'Interim Financial Reporting' its interpretation issued by the International Accounting Standards and adopted by the Financial Reporting Council of Nigeria. Due to rounding numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

We confirmed that Coronation Insurance Plc has:

a. adopted a code of conduct regarding securities transactions by its directors on terms no less exacting than the required standard set out in the Financial Reporting Council of Nigeria (FRC), International Financial Reporting Standards (IFRS) and provisions of Rule 17.15(d) of the Listings Rules;

b. made specific enquiry of all directors and hereby confirm that its directors have complied with the required standard set out in the Listings Rules and in the Company's code of conduct regarding securities transactions by directors

In line with the provisions of Rule 2.2 of the Rules Governing Free Float Requirements, the shareholding pattern of the Company is disclosed at page 3 of the unaudited Financial Statements for the period ended 31st March, 2022.

We confirm that the Company's free float is in compliance with the Exchange's free float requirements for the Main Board on which the Company is listed

Analysis of shareholders

The shareholding pattern of the Company as at March 31st 2022 is as stated below:

31 March 2022

Range	Number of Shareholders	No. of shares held	% of number of shareholders	% of number of shares held
1 - 1,000	651,181	127,929,478	79.30	0.53
1,001 - 5,000	123,488	264,319,384	15.04	1.10
5,001 - 10,000	21,237	153,981,427	2.59	0.64
10,001 - 50,000	19,807	405,873,419	2.41	1.69
50,001 - 100,000	2,550	176,136,793	0.31	0.73
100,001 - 500,000	2,145	433,164,178	0.26	1.81
500,001 - 1,000,000	322	232,219,771	0.04	0.97
1,000,001 - 5,000,000	326	631,337,817	0.04	2.63
5,000,001 - 10,000,000	49	340,399,428	0.01	1.42
10,000,001 - 50,000,000	41	825,023,995	0.00	3.44
50,000,001 - 100,000,000	10	771,039,371	0.00	3.21
100,000,001 - 500,000,000	7	1,188,668,158	0.00	4.95
500,000,001 - 1,000,000,000	2	1,373,723,049	0.00	5.73
1,000,000,001 - 5,000,000,000	2	2,261,492,220	0.00	9.43
5,000,000,001 & Above	2	14,806,371,018	0.00	61.71
821,169	23,991,679,506	100.00	100.00

Coronation Insurance Plc

Consolidated and Separate Financial Statements for the year ended 31 December 2020

Consolidated and Seperate Statements of Financial Position

Group	Group	Company	Company
2022	2021	2022	2021
31-Mar	31-Dec	31-Mar	31-Dec
N'000	N'000	N'000	N'000
Notes
ASSETS
Cash and cash equivalents	9	6,522,649	2,409,304	6,248,623	3,427,778
Financial assets at fair value through OCI	10	10,037,352	14,711,696	1,940,242	1,996,967
Trade receivables	11	224,874	70,181	188,394	209,908
Reinsurance assets	12	6,119,315	4,868,100	5,690,297	4,341,349
Deferred acquisition cost	13	281,075	410,093	522,411	153,961
Other receivables & prepayments	14	493,077	692,201	724,780	240,469
Investment property	17	79,430	80,480	79,430	79,430
Investment in associates	15	11,355,718	11,199,306	5,423,440	5,423,440
Investment in subsidiaries	16	-	-	9,259,506	9,259,506
Intangible assets	19	724,228	513,106	263,854	303,044
Property and equipment	18	3,408,649	3,451,949	3,215,804	3,202,120
Right of use asset	14b	132,908	151,758	-	-
Current income tax asset	14	-	31,996	-	-
Deferred tax asset	23a	438,322	438,322	438,322	438,322
Statutory deposit	20	725,064	695,070	300,000	300,000
TOTAL ASSETS	40,542,662	39,723,562	34,295,102	29,376,294
LIABILITIES
Insurance contract liabilities	25	13,676,082	10,904,867	10,285,619	9,253,262
Investment contract liabilities	26	1,059,202	1,120,526	-	-
Trade payables	21	380,145	201,665	242,524	212,156
Other payables	22	2,697,770	2,268,485	5,288,032	2,244,026
Lease liability	22b	84,526	83,163	911,274	911,274
Current income tax	24	131,953	176,000	10,183	10,183
TOTAL LIABILITIES	18,029,678	14,754,706	16,737,632	12,630,902
EQUITY
Equity attributable to owners
Share capital	27	11,995,952	11,995,952	11,995,952	11,995,952
Share premium	28	4,612,938	4,612,938	4,612,938	4,612,938
Contingency reserves	29	3,658,810	3,311,312	3,148,969	2,989,058
Other reserves	30	956,679	2,549,744	774,578	736,329
Retained earnings	31	1,288,604	2,498,910	(2,974,968)	(3,588,886)
TOTAL EQUITY	22,512,984	24,968,856	17,557,470	16,745,391
TOTAL LIABILITIES AND EQUITY	40,542,662	39,723,562	34,295,102	29,376,294

These financial statements were approved by the board of directors (BOD) on 28th April 2022 and signed on behalf of the board of directors by the directors listed below:

Mutiu Sunmonu

FRC/2014/IODN/00000006187

Chairman

Olamide Olajolo FRC/2013/CIIN/00000000877 Managing Director

The statement of significant accounting policies and the accompanying notes form an integral part of these financial statements.

45

Coronation Insurance Plc Consolidated Statements of Profit or Loss

(All amounts in Naira thousands unless otherwise stated)

Net fair value gain/(loss) on AFS financial asset

Gross written premium 1a

Movement in Unearned premium 1b

Gross premium income

Reinsurance expenses 1c

Net premium Income 1

Fees and commission income 3

Net underwriting income

Claims Paid 2a

Movement in Outstanding Claims 2b

Claims expense recoverable 2c

Net claims expenses 2

Underwriting expenses 4

Increase in individual life fund 1b

Total underwriting expenses

Total underwriting profit

Investment income 5a

Net realized gain on financial assets 5b

Net FV Gain/Loss on Financial Asset 5b

HPrFoTfi@t oFnVdTePpLosit administered contracts 5f

Other operating income 6

Total investment and other income

Net income

Impairment on other assets Impairment on financial assets (ECL) Employee benefit expenses

Other operating expenses Total operating expenses

Operating profit

Share of Profit of Associate Profit before tax

Income tax Profit after tax

Other Comprehensive Income, net of tax:

Exch. Diff. on translation of foreign operation

Share of Other Comprehensive Income of Associate

Total Other Comprehensive IncomeTotal comprehensive income/loss

Basic Earning Per Share (Kobo)

GROUP

12 & 14 7 8 7

Note

5d

5e

2022

3 Months Mar

N'000 7,609,812 (2,859,658) 4,750,153 (1,321,901) 3,428,252 276,591 3,704,843

(1,724,511)

(1,356,525)

634,589 2,982,907 - - - (271,138) (1,388,791)

(1,659,930)

2,348,318

1,322,978 (377,891) 945,087 (134,946) 810,141

925,099 211,988 (587,424)

(768,028)

(299,106)

333,794 -

283,995

- 400,201

101,095

911,236

16,838

(1,072)

(39)

3

-

3 Months Mar

N'000 5,228,398 (1,768,410) 3,459,988 (1,142,886) 2,317,103 228,154 2,545,257

(1,638,535)

(1,252,627) (587,424)

(1,789,408)

1,675,060 - - - (282,711) (1,075,781)

(1,358,491)

2021

(535,686) (768,028)

(293,936)

(593,544)

(887,480)

(248,119)

244,607 925,099

141,300 211,988

(1,094) (1,072)

755,849

418,742 - 1 32,408

468,060 283,995

919,211 634,589

2021

YTD MAR

N'000 5,228,398 (1,768,410) 3,459,988 (1,142,886) 2,317,103 228,154 2,545,257

(1,638,535)

244,607 141,300 (1,252,627)

(535,686)

(1,094)

(1,789,408)

755,849

418,742 - 1 32,408 468,060

919,211

1,675,060 - - - (282,711) (1,075,781)

(1,358,491)

316,569 342,545 659,114 (19,753) 639,362

316,569 342,545 659,114 (19,753) 639,362

-

-

-

-

(293,936)

(593,544)

(887,480)

(248,119)

3

3

COMPANY
2022 3 Months Mar N'000 5,136,558 (1,831,378)	2021 3 Months Mar N'000 2,954,690 (843,088)	2022 YTD MAR N'000 5,136,558 (1,831,378)	2021 YTD MAR N'000 2,954,690 (843,088)
3,305,180 (873,053)	2,111,603 (798,272)	3,305,180 (873,053)	2,111,603 (798,272)
2,432,127 171,027	1,313,330 150,625	2,432,127 171,027	1,313,330 150,625
2,603,155	1,463,956	2,603,155	1,463,956
(1,107,347) 949,185 (163,758)	(907,463) 388,273 (80,986)	(1,107,347) 949,185 (163,758)	(907,463) 388,273 (80,986)
(321,920) (561,607) -	(600,175) (384,716) -	(321,920) (561,607) -	(600,175) (384,716) -
(883,528)	(984,891)	(883,528)	(984,891)
1,719,627	479,064	1,719,627	479,064
89,882 - (39) - (361) 89,482	45,461 99,788 1 - 242,989 388,239	89,882 - (39) - (361) 89,482	45,461 99,788 1 - 242,989 388,239
1,809,109	867,303	1,809,109	867,303
- - - (134,332) (875,222)	- - - (149,828) (631,263)	- - - (134,332) (875,222)	- - - (149,828) (631,263)
(1,009,554)	(781,091)	(1,009,554)	(781,091)
799,556	86,212	799,556	86,212
799,556 -	86,212 (5,279)	799,556 -	86,212 (5,279)
799,556	80,933	799,556	80,933
- - 38,249	- - (151,275)	- - 38,249	- - (151,275)
38,249	(151,275)	38,249	(151,275)
837,805	(70,343)	837,805	(70,343)
0	0	0	0