GUINEA INSURANCE : AUDITED FINANCIAL STATEMENT FOR 2021

GUINEA INSURANCE PLC

FINANCIAL STATEMENTS 31 DECEMBER 2021

GUINEA INSURANCE PLC
Table of Contents	Pages
Corporate information	i - ii
Directors' report	iii - v
Statement of Directors responsibilities	vi
Certification Pursuant to Section 60(2) of Investment &
Securities Act No. 29 of 2007	vii
Managements' discussion and analysis	viii
Report of the Statutory Audit Committee	ix
Independent auditor's report	1 - 3
Financial statements:
Statements of profit or loss and other comprehensive income	4
Statements of financial position	5
Statements of changes in equity	6
Statements of cash flows	7
Statement of Significant Accounting Policies	8 - 23
Notes to the financial statements:
Financial and Insurance Risk Management	24 - 38
Other notes to the financial statements	39 - 58
Other national disclosures:
- Value added statement	59
- Financial summary	60

GUINEA INSURANCE PLC

FINANCIAL STATEMENTS, 31 DECEMBER 2021

Corporate Information

Directors

Mr. Ugochukwu Godson Mr. Ademola Abidogun

Mrs Isioma Omoshie Okokuku Mr. Edobor Pius

Mr. Simon Oladayo Bolaji Mr. Anthony Achebe Alhaji Hassan Dantata Mr. Emeka Uzoukwu Mr. Osita Chidoka

Dr. Mohammed Attahir Mr. Samuel OnukwueChairman Managing Director Executive Director Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Directori

Registered officeContact details

Guinea Insurance House 33, Ikorodu Road Jibowu

Lagos, Nigeria 01-2934575/[e-mail]

Company Secretary

Mrs. Chinenye NwankwoDCSL Corporate Service Limited (Resigned 31 December 2020)

Company registration number RC1808

Reinsurers

African Reinsurance Corporation WAICA Reinsurance Corporation Continental Reinsurance Plc

(Appointed, April , 2021)

Bankers

Access Bank Plc

First Bank of Nigeria Limited Guaranty Trust Bank Limited Jaiz Bank Plc

Keystone Bank Limited Polaris Bank Limited United Bank for Africa Plc Wema Bank Plc

Zenith Bank Plc

GUINEA INSURANCE PLC

FINANCIAL STATEMENTS, 31 DECEMBER 2021

Corporate information (Cont'd)

Reporting actuaryEstate surveyors and valuers

Ernst & Young

10th Floor, UBA House 57, Marina - Lagos

Ubosi Eleh & Co

27, Obafemi Awolowo Way Ikeja, Lagos

Registrar

Cardinal Stone (Registrars) Limited (Formerly City Securities Limited) 358, Herbert Macaulay Way Yaba, Lagos

ii

Auditors

BDO Professional Services ADOL House,

15 CIPM Avenue,

Central Business District, Alausa, Ikeja,

Lagos, Nigeria.www.bdo-ng.com

GUINEA INSURANCE PLC

iii

FINANCIAL STATEMENTS, 31 DECEMBER 2021

Directors' Report

In compliance with the Companies and Allied Matters Act, 2020 and Insurance Act 2003, the Directors have the pleasure of presenting their report on the affairs of Guinea Insurance Plc ("the Company") together with the audited financial statements and Independent auditors' report for the year ended 31 December 2021

Legal form and principal activities

The Company is a public limited liability company which was initially incorporated as a private limited liability company on 3 December 1958 in accordance with the provisions of the Companies and Allied Matters Act, transacting primarily as a General Insurance business. The Company was formally listed on the Nigerian Stock Exchange On 17 January 1991.

Board of Directors

The Board of Directors of the Company during the year under review and to the date of this report is made up of the following:

DIRECTOR	CAPACITY
Mr. Ugochukwu Godson	- Chairman
Mr. Ademola Abidogun	- Managing Director
Mrs Isioma Omoshie Okokuku	- Executive Director
Mr. Edobor Pius	- Executive Director
Mr. Simon Oladayo Bolaji	- Non-Executive Director
Mr. Anthony Achebe	- Non-Executive Director
Alhaji Hassan Dantata	- Non-Executive Director
Mr. Emeka Uzoukwu	- Non-Executive Director
Mr. Osita Chidoka	- Non-Executive Director
Dr. Mohammed Attahir	- Non-Executive Director
Mr. Samuel Onukwue	- Non-Executive Director

The Directors do not have any interest in the issued share capital of the Company.

Directors' interests in contracts

For the purpose of section 303 of the Companies and Allied Matters Act, 2020, none of the Directors had any direct or indirect interest in contracts or proposed contracts with the Company during the year.

Results of the Year Ended December 31, 2021

The Directors' are pleased to announce the trading results for the year ended 31 December, 2021 together with the comparative figures for the previous year

31 December	31 December
2021	2020
N'000	N'000
Gross premium written	1,356,409	1,081,507
Net premium income	879,618	733,954
Claims expenses	(48,211)	(155,214)
Loss before taxation	(60,029)	(224,970)
Income tax expense	36,540	(2,704)
Loss after taxation	(23,489)	(227,674)
Transfer to contingency reserve	40,692	32,445
Shareholding analysis

According to the register of members, the Company's shareholdings including shareholders who held more than 5% of the issued share capital of the Company as at 31 December 2021 are shown below: