CORONATION INSURANCE : QUARTER 2 - FINANCIAL STATEMENT FOR 2022

Coronation Insurance Plc

Unaudited Interim Financial Statements the period ended 30 June 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 30th June, 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 June 30th 2022 is as stated below:

30 June 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
		30-Jun	31-Dec	30-Jun	31-Dec
		N'000	N'000	N'000	N'000
	Notes
ASSETS
Cash and cash equivalents	9	9,077,715	7,058,446	6,782,304	4,221,508
Financial assets	10	11,060,522	9,727,384	2,709,495	1,879,313
Trade receivables	11	440,937	184,633	394,588	178,560
Reinsurance assets	12	5,849,525	5,548,949	3,925,898	4,110,000
Deferred acquisition cost	13	454,728	276,629	202,524	151,576
Other receivables & prepayments	14	1,667,816	757,920	1,251,131	446,639
Investment property	17	82,976	82,976	82,976	82,976
Investment in associates	15	9,968,091	11,216,496	5,423,440	5,423,440
Investment in subsidiaries	16	-	-	9,259,506	9,259,506
Intangible assets	19	654,932	444,887	269,947	319,818
Property and equipment	18	3,616,080	3,406,549	3,237,897	3,175,602
Right of use asset	14b	79,205	132,908	-	-
Current income tax asset	14	-	-	-	-
Deferred tax asset	23a	239,052	239,052	239,052	239,052
Statutory deposit	20	802,586	725,064	300,000	300,000
TOTAL ASSETS		43,994,165	39,801,890	34,078,757	29,787,989
LIABILITIES
Insurance contract liabilities	25	14,879,651	13,636,718	9,533,107	9,174,769
Investment contract liabilities	26	1,054,812	1,034,638	-	-
Trade payables	21	107,956	330,085	7,730	158,738
Other payables	22	6,927,520	2,928,145	5,875,634	2,962,042
Lease liability	22b	33,584	23,488	911,274	-
Current income tax	24	296,042	260,039	109,008	134,896
TOTAL LIABILITIES		23,299,565	18,213,113	16,436,755	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	3,906,343	3,659,242	3,220,028	2,989,058
Other reserves	30	(1,617,805)	1,752,455	679,624	1,393,020
Retained earnings	31	1,797,171	(431,810)	(2,866,539)	(3,633,423)
TOTAL EQUITY		20,694,600	21,588,777	17,642,003	17,357,544
TOTAL LIABILITIES AND EQUITY		43,994,165	39,801,890	34,078,757	29,787,989

These financial statements were approved by the board of directors (BOD) on 28th July 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 Jun	3 Months Jun	YTD	YTD	3 Months Jun	3 Months Jun	YTD	YTD
		JUN	JUN	JUN	JUN
	Note	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Gross written premium	1a	3,900,094	3,085,667	11,509,906	8,314,065	2,562,427	1,950,711	7,698,985	4,905,401
Movement in Unearned premium	1b	639,802	452,649	(2,219,857)	(1,315,760)	621,622	188,506	(1,209,756)	(654,581)
Gross premium income		4,539,896	3,538,317	9,290,049	6,998,305	3,184,049	2,139,218	6,489,229	4,250,820
Reinsurance expenses	1c	(2,253,240)	(1,243,444)	(3,575,141)	(2,386,330)	(2,001,836)	(797,046)	(2,874,889)	(1,595,318)
Net premium Income	1	2,286,656	2,294,873	5,714,908	4,611,975	1,182,213	1,342,172	3,614,340	2,655,502
Fees and commission income	3	266,852	206,821	543,443	434,976	214,865	120,334	385,892	270,959
Net underwriting income		2,553,508	2,501,694	6,258,351	5,046,951	1,397,077	1,462,506	4,000,232	2,926,461
Claims Paid	2a	(1,451,047)	(1,225,276)	(3,175,558)	(2,863,811)	(819,334)	(544,774)	(1,926,680)	(1,452,237)
Movement in Outstanding Claims	2b	125,716	(2,078,814)	1,050,814	(1,834,207)	94,400	(1,806,464)	1,043,585	(1,418,191)
Claims expense recoverable	2c	482,863	1,658,101	694,851	1,799,401	319,132	1,337,107	155,373	1,256,121
Net claims expenses	2	(842,469)	(1,645,989)	(1,429,893)	(2,898,617)	(405,802)	(1,014,131)	(727,722)	(1,614,306)
Underwriting expenses	4	(534,038)	(719,338)	(1,302,066)	(1,255,024)	(297,785)	(421,087)	(859,392)	(805,803)
Increase in individual life fund	1b	-	(168)	(1,072)	(1,262)	-	-	-	-
Total underwriting expenses		(1,376,507)	(2,365,495)	(2,733,031)	(4,154,903)	(703,586)	(1,435,218)	(1,587,114)	(2,420,110)
Total underwriting profit		1,177,001	136,199	3,525,319	892,048	693,491	27,287	2,413,118	506,352
Investment income	5a	330,162	599,449	663,956	1,018,191	225,058	471,164	314,941	516,625
Net realized gain on financial assets	5b	-	-	-	-	-	329,984	-	429,772
Net FV Gain/Loss on Financial Asset	5b	39	(1)	-	-	39	(1)	-	-
Profit on deposit administered contracts	5f	49,127	23,700	65,966	56,108	-	-	-	-
Other operating income	6	92,455	352,122	376,450	820,182	108,023	830	107,661	243,819
Total investment and other income		471,783	975,270	1,106,371	1,894,481	333,120	801,977	422,603	1,190,216
Net income		1,648,783	1,111,468	4,631,691	2,786,529	1,026,611	829,265	2,835,721	1,696,568
Impairment on other assets	12 & 14	-	(25,589)	-	(25,589)	-	(25,589)	-	(25,589)
Impairment on financial assets (ECL)	7	7,324	-	7,324	-	-	-	-	-
Employee benefit expenses	8	(309,069)	(310,079)	(580,207)	(592,790)	(153,480)	(163,464)	(287,811)	(313,292)
Other operating expenses	7	(1,385,972)	(1,252,180)	(2,774,763)	(2,327,961)	(893,532)	(787,567)	(1,768,754)	(1,418,830)
Total operating expenses		(1,687,716)	(1,587,849)	(3,347,646)	(2,946,340)	(1,047,012)	(976,620)	(2,056,565)	(1,757,711)
Operating profit		(38,933)	(476,380)	1,284,045	(159,811)	(20,400)	(147,356)	779,155	(61,144)
Share of Profit of Associate	5d	(292,346)	222,924	(670,236)	565,470	-	-
Profit before tax		(331,279)	(253,456)	613,808	405,658	(20,400)	(147,356)	779,155	(61,144)
Income tax		11,607	11,937	(123,339)	(7,816)	-	(14,693)	-	(19,972)
Profit after tax		(319,671)	(241,519)	490,470	397,842	(20,400)	(162,048)	779,155	(81,115)
Other Comprehensive Income, net of tax:		-	-	-	-	-	-	-	-
Exch. Diff. on translation of foreign		-	-	-	-	-	-	-	-
operation
Net fair value gain/(loss) on AFS financial asset		(612,302)	141,389	(212,101)	(152,547)	(94,955)	70,306	(56,706)	(80,969)
Share of Other Comprehensive Income of	5e	(122,780)	(336,758)	(421,886)	(930,302)	-	-
Associate
Total Other Comprehensive Income		(735,082)	(195,369)	(633,987)	(1,082,849)	(94,955)	70,306	(56,706)	(80,969)
Total comprehensive income/loss		(1,054,753)	(436,888)	(143,517)	(685,007)	(115,355)	(91,742)	722,450	(162,085)
Basic Earning Per Share (Kobo)		2	2	2	2	0	0	0	(0)