CORONATION INSURANCE : QUARTER 1 - FINANCIAL STATEMENT FOR 2022

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:

1. 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;
2. 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
			% of number	% of
	Number of		of	number of
Range	Shareholders	No. of shares held	shareholders	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	7,058,446	6,248,623	4,221,508
Financial assets at fair value through OCI and amortised cost	10	10,037,352	9,727,384	1,940,242	1,879,313
Trade receivables	11	224,874	184,633	188,394	178,560
Reinsurance assets	12	6,119,315	5,548,949	5,690,297	4,110,000
Deferred acquisition cost	13	281,075	276,629	522,411	151,576
Other receivables & prepayments	14	493,077	757,920	724,780	446,639
Investment property	17	79,430	82,976	79,430	82,976
Investment in associates	15	11,355,718	11,216,496	5,423,440	5,423,440
Investment in subsidiaries	16	-	-	9,259,506	9,259,506
Intangible assets	19	724,228	444,887	263,854	319,818
Property and equipment	18	3,408,649	3,406,549	3,215,804	3,175,602
Right of use asset	14b	132,908	132,908	-	-
Current income tax asset	14	-	-	-	-
Deferred tax asset	23a	438,322	239,052	438,322	239,052
Statutory deposit	20	725,064	725,064	300,000	300,000
TOTAL ASSETS		40,542,662	39,801,890	34,295,102	29,787,989
LIABILITIES
Insurance contract liabilities	25	13,676,082	13,636,718	10,285,619	9,174,769
Investment contract liabilities	26	1,059,202	1,034,638	-	-
Trade payables	21	380,145	330,085	242,524	158,738
Other payables	22	2,697,770	2,928,145	5,288,032	2,962,042
Lease liability	22b	84,526	23,488	911,274	-
Current income tax	24	131,953	260,039	10,183	134,896
TOTAL LIABILITIES		18,029,678	18,213,113	16,737,632	12,430,445
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	3,659,242	3,148,969	2,989,058
Other reserves	30	956,679	1,752,455	774,578	1,393,020
Retained earnings	31	1,288,604	(431,810)	(2,974,968)	(3,633,423)
TOTAL EQUITY		22,512,984	21,588,777	17,557,470	17,357,544
TOTAL LIABILITIES AND EQUITY		40,542,662	39,801,890	34,295,102	29,787,989

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)

			GROUP			COMPANY
		2022	2021	2022	2021	2022	2021	2022	2021
		3 Months Mar	3 Months Mar	YTD	YTD	3 Months Mar	3 Months Mar	YTD	YTD
		MAR	MAR	MAR	MAR
	Note	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Gross written premium	1a	7,609,812	5,228,398	7,609,812	5,228,398	5,136,558	2,954,690	5,136,558	2,954,690
Movement in Unearned premium	1b	(2,859,658)	(1,768,410)	(2,859,658)	(1,768,410)	(1,831,378)	(843,088)	(1,831,378)	(843,088)
Gross premium income		4,750,153	3,459,988	4,750,153	3,459,988	3,305,180	2,111,603	3,305,180	2,111,603
Reinsurance expenses	1c	(1,321,901)	(1,142,886)	(1,321,901)	(1,142,886)	(873,053)	(798,272)	(873,053)	(798,272)
Net premium Income	1	3,428,252	2,317,103	3,428,252	2,317,103	2,432,127	1,313,330	2,432,127	1,313,330
Fees and commission income	3	276,591	228,154	276,591	228,154	171,027	150,625	171,027	150,625
Net underwriting income		3,704,843	2,545,257	3,704,843	2,545,257	2,603,155	1,463,956	2,603,155	1,463,956
Claims Paid	2a	(1,724,511)	(1,638,535)	(1,724,511)	(1,638,535)	(1,107,347)	(907,463)	(1,107,347)	(907,463)
Movement in Outstanding Claims	2b	925,099	244,607	925,099	244,607	949,185	388,273	949,185	388,273
Claims expense recoverable	2c	211,988	141,300	211,988	141,300	(163,758)	(80,986)	(163,758)	(80,986)
Net claims expenses	2	(587,424)	(1,252,627)	(587,424)	(1,252,627)	(321,920)	(600,175)	(321,920)	(600,175)
Underwriting expenses	4	(768,028)	(535,686)	(768,028)	(535,686)	(561,607)	(384,716)	(561,607)	(384,716)
Increase in individual life fund	1b	(1,072)	(1,094)	(1,072)	(1,094)	-	-	-	-
Total underwriting expenses		(1,356,525)	(1,789,408)	(1,356,525)	(1,789,408)	(883,528)	(984,891)	(883,528)	(984,891)
Total underwriting profit		2,348,318	755,849	2,348,318	755,849	1,719,627	479,064	1,719,627	479,064
Investment income	5a	333,794	418,742	333,794	418,742	89,882	45,461	89,882	45,461
Net realized gain on financial assets	5b	-	-	-	-	-	99,788	-	99,788
Net FV Gain/Loss on Financial Asset	5b	(39)	1	(39)	1	(39)	1	(39)	1
Profit on deposit administered contracts	5f	16,838	32,408	16,838	32,408	-	-	-	-
Other operating income	6	283,995	468,060	283,995	468,060	(361)	242,989	(361)	242,989
Total investment and other income		634,589	919,211	634,589	919,211	89,482	388,239	89,482	388,239
Net income		2,982,907	1,675,060	2,982,907	1,675,060	1,809,109	867,303	1,809,109	867,303
		-	-	-	-	-	-	-	-
Impairment on other assets	12 & 14	-	-	-	-	-	-	-	-
Impairment on financial assets (ECL)	7	-	-	-	-	-	-	-	-
Employee benefit expenses	8	(271,138)	(282,711)	(271,138)	(282,711)	(134,332)	(149,828)	(134,332)	(149,828)
Other operating expenses	7	(1,388,791)	(1,075,781)	(1,388,791)	(1,075,781)	(875,222)	(631,263)	(875,222)	(631,263)
Total operating expenses		(1,659,930)	(1,358,491)	(1,659,930)	(1,358,491)	(1,009,554)	(781,091)	(1,009,554)	(781,091)
Operating profit		1,322,978	316,569	1,322,978	316,569	799,556	86,212	799,556	86,212
Share of Profit of Associate	5d	(377,891)	342,545	(377,891)	342,545
Profit before tax		945,087	659,114	945,087	659,114	799,556	86,212	799,556	86,212
Income tax		(134,946)	(19,753)	(134,946)	(19,753)	-	(5,279)	-	(5,279)
Profit after tax		810,141	639,362	810,141	639,362	799,556	80,933	799,556	80,933
Other Comprehensive Income, net of tax:		-	-	-	-	-	-	-	-
Exch. Diff. on translation of foreign		-	-	-	-	-	-	-	-
operation
Net fair value gain/(loss) on AFS financial asset		400,201	(293,936)	400,201	(293,936)	38,249	(151,275)	38,249	(151,275)
Share of Other Comprehensive Income of	5e	(299,106)	(593,544)	(299,106)	(593,544)
Associate
Total Other Comprehensive Income		101,095	(887,480)	101,095	(887,480)	38,249	(151,275)	38,249	(151,275)
Total comprehensive income/loss		911,236	(248,119)	911,236	(248,119)	837,805	(70,343)	837,805	(70,343)
Basic Earning Per Share (Kobo)		3	3	3	3	0	0	0	0