INTERNATIONAL ENERGY INSURANCE : QUARTER 3 - FINANCIAL STATEMENT FOR 2022

INTERNATIONAL ENERGY INSURANCE PLC

Management Accounts

for the period ended 30th September, 2022

INTERNATIONAL ENERGY INSURANCE PLC
UNAUDITED/MANAGEMENT ACCOUNTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
Contents	Page(s)
Statement of Financial Position	3
Statement of Comprehensive Income & Other Income	4
Statement of Cash Flows	6
Statement of Changes in Equity	8
Notes to the Financial Statements	9
Supplementary financial information:
Revenue Account

INTERNATIONAL ENERGY INSURANCE PLC
Statement of Financial Position
as at 30th September 2022
	Notes	30-Sep-22	31-Dec-21
Assets:		N'000	N'000
Cash and cash equivalents	1	148,351	121,225
Financial assets	2
- Fair value through profit or loss	2.1	86,554	92,255
- Fair value through other comprehensive income	2.2	240,586	240,586
- Debt instruments at amortised cost	2.3	1,500	240
Other receivables and prepayments	4	44,658	1,692
Reinsurance assets	5	262,377	262,377
Deferred acquisition costs	6	13,984	9,148
Investment in subsidiary	7	1,000,000	1,000,000
Investment properties	8	3,822,250	3,822,250
Property, plant and equipment	10	3,044,274	3,047,490
Statutory deposit	11	322,500	322,500
Total assets		8,987,034	8,919,763
Liabilities:
Insurance contract liabilities	12	4,205,856	4,247,655
Trade payables	13	30,933	27,919
Provision and other payables	14	1,501,261	1,321,887
Current income tax payable	15	390,262	511,081
Deferred tax liabilities	16	206,209	206,209
Borrowings	17.2	14,092,843	14,092,843
Deposit for shares	18	317,235	317,233
Total Liabilities		20,744,599	20,724,827
Net Assets/(liabilities)		(11,757,565)	(11,805,064)
Capital and Reserves:
Share capital	19	642,043	642,043
Share premium	20	963,097	963,097
Statutory contingency reserve	21	1,623,052	1,603,755
Capital reserve	22	7,926,399	7,926,399
Accumulated losses	23	(24,540,660)	(24,568,863)
Property revaluation reserve	24	1,482,917	1,482,917
Fair value reserve	25	145,587	145,588
Shareholders' funds		(11,757,565)	(11,805,064)

These financial statements were signed on behalf of the Board on 26th October, 2022 by:

Mr. Emmanuel Bassey	Mr. Ebun Ayeni
Chief Financial Officer	Managing Director/CEO
FRC/2013/ICAN/00000000635	FRC/2015/CIIN/00000011052

See accompanying summary of significant accounting policies and notes to the financial statements which form an integral part of these financial statements.

INTERNATIONAL ENERGY INSURANCE PLC
Statement of Profit or loss
for the period ended 30th September 2022
	Notes
Gross written premium	27
Gross premium income	27
Reinsurance expenses	28
Net premium income
Commission income	29
Net underwriting income
Underwriting expenses
Claims expenses	30
Acquisition costs	31
Maintenance costs	32
Total underwriting expenses

Underwriting results

3 months to	9 months to	3 months to	9 months to
30-Sep-22	30-Sep-22	30-Sep-21	30-Sep-21
=N='000	=N='000	=N='000	=N='000
228,190	643,231	233,442	535,765
238,194	625,664	199,334	523,012
(45,185)	(58,963)	(44,011)	(79,489)
193,009	566,701	155,324	443,523
3,947	6,731	11,136	14,086
196,956	573,432	166,460	457,608
(44,665)	(78,395)	(20,430)	(117,421)
(9,339)	(24,630)	(27,598)	(40,248)
(46,746)	(132,165)	(50,236)	(124,885)
(100,750)	(235,190)	(98,265)	(282,554)
96,206	338,242	68,195	175,055

Interest Income	33.1	9,254	15,366	(4,705)	11,845
Net fair value gain/(loss)	33.2	288	584	282	282
Net fair value loss	35	(7,218)	(5,701)	(5,077)	(5,077)
Other income	36	7,082	25,144	78,432	81,826
Management expenses	38	(137,892)	(459,902)	(128,140)	(368,992)
Results from operating activities		(32,279)	(86,267)	8,988	(105,062)
Finance costs	39	-	-	-	-
Profit/(Loss) before income tax expense		(32,279)	(86,267)	8,988	(105,062)
Income tax expense/credit	15	-	(4,313)	-	(5,463)
Profit/(Loss) After Taxation		(32,279)	(90,581)	8,988	(110,525)
Loss per share:
Basic and diluted loss for the year attributable to equity
holders of the parent	40		(7.05)		(8.15)

See accompanying summary of significant accounting policies and notes to the financial statements which form an integral part these financial statements.

INTERNATIONAL ENERGY INSURANCE PLC
Statement of Changes in Equity
for the month of 30th September 2022
			Attributable to owners of the parent
			Statutory			Property
	Share	Share	contingency	Capital	Accumulated	revaluation	Fair value
	capital	premium	reserve	reserve	losses	reserve	reserve	Total
Company	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000

As at 1 January 2021

Loss for the year

Other comprehensive income

Total comprehensive loss

Transfer between reserves

At 31 December 2021

Restated opening balance

Loss for the period ended

Other comprehensive income

Total comprehensive loss

Transfer between reserves

Adjustment made to write - off balances

642,043	963,097	1,583,143	7,926,398	(23,825,671)	1,482,917	152,283	(11,075,790)
-	-	-	-	(722,574)	-	-	(722,574)
-	-	-	-	-	-	(6,695)	(6,695)
-	-	-	-	(722,574)	-	(6,695)	(729,269)
-	-	20,612	-	(20,612)	-	-	-
				-		-	-
642,043	963,097	1,603,755	7,926,398	(24,568,858)	1,482,917	145,588	(11,805,060)
-	-	-	-	-	-	-	-
				-
642,043	963,097	1,603,755	7,926,398	(24,568,858)	1,482,917	145,588	(11,805,060)
-	-	-	-	(90,581)	-	-	(90,581)
-	-	-	-	-	-	-	-
-	-	-	-	(90,581)	-	-	(90,581)
				-			-
-	-	19,297	-	(19,297)	-	-	-
				138,076			138,076

At 30th September 2022

642,043

963,097

1,623,052

7,926,398

(24,540,660)

1,482,917

145,588

(11,757,564)

See accompanying summary of significant accounting policies and notes to the financial statements which form an integral part of these financial statements.