GUINEA INSURANCE : QUARTER 2 - FINANCIAL STATEMENT FOR 2022

Guinea Insurance Plc Management Accounts

30th June, 2022

GUINEA INSURANCE PLC

FINANCIAL STATEMENTS, 30TH JUNE 2022

CERTIFICATION PURSUANT TO SECTION 60(2) OF INVESTMENT AND SECURITIES ACT NO. 29

OF 2007

We the undersigned hereby certify the following with regards to our Audited Financial Statements for the year ended 30th June

2022 that:

• We have reviewed the report;
• To the best of our knowledge, the report does not contain:
• • Any untrue statement of a material fact, or
  • Omit to state a material fact, which would make the statements, misleading in the light of circumstances under which such statements were made;
• To the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operations of the Company as of, and for the periods presented in the
• We:
• • Are responsible for establishing and maintaining internal controls.
  • Have designed such internal controls to ensure that material information relating to the Company is made known to such officers by others within the Company particularly during the period in which the periodic reports are being prepared;
  • Have evaluated the effectiveness of the Company's internal controls as of date within 90 days prior to the report;
  • Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;
• We have disclosed to the auditors of the Company and audit committee:
• • All significant deficiency in the design or operation of internal controls which would adversely affect the Company's ability to record, process, summarise and report financial data and have identified for the Company's auditors any material weakness in internal controls, and
  • Any fraud, whether or not material, that involved management or other employees who have significant role in the Company's internal controls;
• We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation,including any corrective actions with regard to significant deficiencies and material weaknesses.

	______________________
Mr. Ademola Abidogun	Mr. Pius Edobor
Managing Director	Executive Director
FRC/2016/CIIN/00000014549	FRC/2013/ICAN/0000000046

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

		JAN - JUNE 2022	JAN - JUNE
		2021
for the period ended 30th June, 2022
In thousands of Naira	Notes	30/Jun/22	30/Jun/21
Gross premium written	1	733,421	807,794
Movement in unearned premuim	1	(93,565)	(156,563)
Gross premium income	1	639,856	651,230
Reinsurance expenses	2	(195,816)	(217,534)
Net premium income		444,040	433,696
Fees and commission income on reinsurance	3	46,041	17,052
Net underwriting Income		490,082	450,747
Claims expenses	4	(127,669)	(70,442)
Underwriting expenses	5	(188,727)	(191,365)
Underwriting profit		173,686	188,940
Investment Income	6	45,856	31,362
Fair value gains on investment properties	7	-	-
Other operating income/(loss)	8	30,782	(81)
Revaluation loss		-	-
Impairment (charge)/reversal	9 (a)	(0)	(0)
Finance cost	10	-	-
Other operating expenses	9	(420,913)	(310,815)
Profit/(Loss) before taxation		(170,589)	(90,594)
Income tax (expense)/credit	11	(3,667)	-
Profit/(Loss) after taxation		(174,256)	(90,594)
Other comprehensive income
Items within OCI that may be reclassified to the profit			-
or loss:
Gain/(loss) on available-for-sale financial assets	14	(17,490)	5,254
Related tax
Remeasurement gains on defined benefit
Items within OCI that will not be reclassified to the			-
profit or loss:
Revaluation gains on land and building	15	-	-
Total other comprehensive income		(17,490)	5,254
Total comprehensive profit for the year, net of tax		(191,746)	(85,340)
Contigency Reserve		22,003	24,234
Earnings/(Loss) per share - Basic and Diluted (kobo	13	(2.84)	(1.48)

STATEMENTS OF FINANCIAL POSITION

AS AT 30TH JUNE, 2022

In thousands of Naira		6/30/2022	6/30/2021
	Note
Assets
Cash and cash equivalents	16	404,539	667,402
Financial assets:
Available-for-sale financial assets	17	271,039	268,488
Held to maturity	18	1,605,364	904,934
Trade receivables	19	0	-
Reinsurance assets	20	290,333	432,519
Deferred acquisition costs	21	84,804	90,322
Other receivables and prepayments	22	46,519	58,113
Investment properties	23	106,300	85,000
Intangible Asset	25	4,294	6,530
Property and equipment	26	902,618	859,481
Statutory deposit	27	333,654	333,654
Total assets		4,049,465	3,706,441
Liabilities
Insurance contract liabilities	28	946,594	1,064,228
Trade payables	29	12,917	67,476
Other payables and accruals	30	119,452	190,828
Employee benefit obligations	32	8,340	5,536
Current tax payable	24.1	22,744	83,127
Deferred tax liabilities	24.2	110,011	111,311
Deposit for shares	33	901,400	151,400
Total liabilities		2,121,458	1,673,906
Equity
Issued share capital	34.2	3,070,000	3,070,000
Share premium	35	337,545	337,545
Contingency reserve	36	614,018	575,557
Accumulated losses	37	(2,279,781)	(2,134,240)
Available-for-sale reserve and others	38	120,536	117,985
Other reserves	40	65,688	65,688
Total equity		1,928,007	2,032,535
Total liabilities and equity		4,049,465	3,706,441

These financial statements were approved by the Board of Directors on 14th April 2022 behalf of the Board of directors by:

Ademola Abidogun

Managing Director/Chief Executive Offi

FRC/2016/CIIN/00000014549

Pius Edobor

Executive Director, Finance

FRC/2013/ICAN/00000004638

	STATEMENTS OF CHANGES IN EQUITY
	for the period ended 30th June, 2022
			Issued share		Accumulated	Share		Contingency		AFS		Asset		Defined
			capital		Losses	premium		reserve		Reserves
	In thousands of Naira						revaluation		benefit		Total equity
	As at 1 January 2022		3,070,000		(2,083,522)	337,545		592,015		138,026		65,688		-		2,119,753
	Loss for the year		-		(174,256)	-		-								(174,256)
	Other comprehensive income:
	Reversal of prior year fair value loss
	Fair value changes on AFS		-			-		-		(17,490)				-		(17,490)
	Revaluation gain on PPE
	Employee defined benefit
	Income tax impact on OCI
	Total comprehensive income for the year		-		(174,256)	-		-		(17,490)		-		-		(191,746)
	Transactions with owners, recorded directly in equity
	Transfer to contingency reserve		-		(22,003)	-		22,003		-						-
	Reclassification					-		-						-		-
			-		(22,003)	-		22,003		-		-		-		-
	As at 31st Jan, 2022		3,070,000		(2,279,781)	337,545		614,018		120,536		65,688		-		1,928,007
	for the Period ended 31st Jan,2021
	In thousands of Naira
	As at 1 January 2021		3,070,000		(2,019,412)	337,545		551,323		112,730		65,688		-		2,117,875
	Profit for the year		-		(90,594)	-		-								(90,594)
	Transfer to contigency reserve															-
	Other comprehensive income:
	Reversal of prior year fair value loss															-
	Fair value changes on AFS		-			-		-		5,254				-		5,254
	Changes in valuation of land and building															-
	Reclassification															-
	Income tax impact on OCI				-							-		-		-
	Total comprehensive income for the year		3,070,000		(2,110,006)	337,545		551,323		117,984		65,688		-		2,032,535
														-		-
	Transactions with owners, recorded directly in equity
	Transfer to contingency reserve		-		(24,234)	-		24,234		-						-
						-		-				-		-		-
	As at 30th June, 2021		3,070,000		(2,134,240)	337,545		575,557		117,984		65,688		-		2,032,535
			-