GUINEA INSURANCE : QUARTER 4 - FINANCIAL STATEMENT FOR 2022

Guinea Insurance Plc Management Accounts

31st December, 2022

GUINEA INSURANCE PLC

FINANCIAL STATEMENTS, 31ST DECEMBER 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 31st December 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 - DEC 2022	JAN - DEC 2021
for the period ended 31st December, 2022
In thousands of Naira	31/Dec/22	31/Dec/21
Gross premium written	1,359,246	2,125,000
Movement in unearned premuim	44,002	(15,576)
Gross premium income	1,403,248	2,109,424
Reinsurance expenses	(452,891)	(461,215)
Net premium income	950,357	1,648,209
Fees and commission income on reinsurance	153,251	71,389
Net underwriting Income	1,103,608	1,719,599
Claims expenses	(124,737)	(48,211)
Underwriting expenses	(374,292)	(352,394)
Underwriting profit	604,579	1,318,994
Investment Income	120,485	87,006
Fair value gains on investment properties	-	21,300
Other operating income/(loss)	115,758	47,618
Revaluation loss	-	-
Impairment (charge)/reversal	-	-
Finance cost	-	-
Other operating expenses	(857,177)	(766,355)
Profit/(Loss) before taxation	(16,355)	708,563
Income tax (expense)/credit	(6,796)	36,540
Profit/(Loss) after taxation	(23,151)	745,103
Other comprehensive income
Items within OCI that may be reclassified to the profit		-
or loss:
Gain/(loss) on available-for-sale financial assets	9,500	25,295
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	-	-
Total other comprehensive income	9,500	25,295
Total comprehensive profit for the year, net of tax	(13,651)	770,398
Contigency Reserve	40,777	40,692
Earnings/(Loss) per share - Basic and Diluted (kobo	(0.38)	(0.38)

STATEMENTS OF FINANCIAL POSITION

AS AT 31ST DECMBER 2022

In thousands of Naira		12/31/2022	12/31/2021
	Note
Assets
Cash and cash equivalents	16	380,527	383,566
Financial assets:
Available-for-sale financial assets	17	588,028	288,529
Held to maturity	18	1,410,954	972,436
Trade receivables	19	-	-
Reinsurance assets	20	343,272	335,412
Deferred acquisition costs	21	60,408	67,557
Other receivables and prepayments	22	65,590	41,739
Investment properties	23	106,300	106,300
Intangible Asset	25	3,514	4,900
Property and equipment	26	863,683	934,001
Statutory deposit	27	333,654	333,654
Total assets		4,155,929	3,468,095
Liabilities
Insurance contract liabilities	28	799,052	789,448
Trade payables	29	36,826	23,410
Other payables and accruals	30	169,090	242,671
Employee benefit obligations	32	7,575	11,034
Current tax payable	24.1	25,873	20,368
Deferred tax liabilities	24.2	110,011	110,011
Deposit for shares	33	901,400	151,400
Total liabilities		2,049,828	1,348,342
Equity
Issued share capital	34.2	3,070,000	3,070,000
Share premium	35	337,545	337,545
Contingency reserve	36	632,793	592,015
Accumulated losses	37	(63,929)	(2,083,522)
Available-for-sale reserve and others	38	147,526	138,026
Other reserves	40	65,688	65,688
Total equity		4,189,623	2,119,753
Total liabilities and equity		6,239,451	3,468,095

These financial statements were approved by the Board of Directors on 15th January 2022 and signed on behalf of the Board of directors by:

Ademola Abidogun

Managing Director/Chief Executive Officer

FRC/2016/CIIN/00000014549

Pius Edobor

Executive Director, Finance

FRC/2013/ICAN/00000004638

	STATEMENTS OF CHANGES IN EQUITY
	for the period ended 31st December, 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		-		337,545		592,015		138,026		65,688		-		4,203,275
	Loss for the year		-		(23,151)		-		-								(23,151)
	Other comprehensive income:
	Reversal of prior year fair value loss
	Fair value changes on AFS		-				-		-		9,500				-		9,500
	Revaluation gain on PPE
	Employee defined benefit
	Income tax impact on OCI
	Total comprehensive income for the year		-		(23,151)		-		-		9,500		-		-		(13,651)
	Transactions with owners, recorded directly in equity
	Transfer to contingency reserve		-		(40,777)		-		40,777		-						-
	Reclassification						-		-						-		-
			-		(40,777)		-		40,777		-		-		-		-
	As at 31st December, 2022		3,070,000		(63,929)		337,545		632,793		147,526		65,688		-		4,189,623
	STATEMENTS OF CHANGES IN EQUITY
	for the period ended December, 2021
			Issued share		Accumulated		Share		Contingency		AFS		Asset		Defined
	In thousands of Naira		capital		Losses		premium		reserve		Reserves		revaluation		benefit		Total equity
	As at 1 January 2021		3,070,000		(2,019,340)		337,545		551,323		112,730		65,688		-		2,117,947
	Loss for the year		-		(23,489)		-		-								(23,489)
	Other comprehensive income:
	Reversal of prior year fair value loss
	Fair value changes on AFS		-				-		-		25,295				-		25,295
	Revaluation gain on PPE
	Employee defined benefit
	Income tax impact on OCI
	Total comprehensive income for the year		3,070,000		(2,042,829)		337,545		551,323		138,025		65,688		-		2,119,752
	Transactions with owners, recorded directly in equity
	Transfer to contingency reserve		-		(40,692)		-		40,692		-						-
	Reclassification						-		-						-		-
			-		(40,692.26)		-		40,692.26		-		-		-		-
	As at 31st December, 2021		3,070,000		(2,083,522)		337,545		592,016		138,025		65,688		-		2,119,752