NIGER INSURANCE : QUARTER 4 - FINANCIAL STATEMENT FOR 2021

NIGER INSURANCE PLC

MANAGEMENT ACCOUNT

COMPANY COMPOSITE STATEMENTS

OF FINANCIAL POSITIONS AS AT

31ST DECEMBER, 2021

NIGER INSURANCE PLC
MANAGEMENT ACCOUNT
COMPANY COMPOSITE STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2021
		ACTUAL 2021	AUDITED 2020
	Note	Composite	Composite
Assets;		N'000	N'000
Cash and cash equivalent	1	137,583	198,095
Investment securities available for sale	2.1	1,563,644	1,488,201
Investment securities held to maturity	2.2	331,486	543,274
Loans and receivables	2.3	1,810,497	381,342
Reinsurance assets	3	106,860	509,096
Deffered acquisition costs	4	30,179	18,912
Other receivables and prepayments	5	1,261	359,401
Investment in subsidiaries	6	73,753	73,753
Deferred tax asset	7	616,832	681,955
Investment properties	8	14,328,979	14,558,119
Intangible assets	9	25,879	25,880
Property, plant and equipment	10	2,135,997	2,122,164
Statutory Deposits	11	500,000	500,000
		21,662,950	21,460,192
Liabilities;
Insurance contract Liabilities	12	11,512,415	10,707,918
Investment contract liabilities	13	1,025,094	921,243
LOANS		2,733,520	2,480,000
Borrowings	14	263,172	236,773
Trade payables	15	279,492	252,096
Provision and other payables	16	4,200,371	2,807,377
Defined benefit obligation	17	1,023,473	803,530
Income tax liabilities	18	88,397	72,877
Deffered tax liabilities	19	1,598,435	1,553,055
	20	22,724,369	19,834,871
Equity;
Issued and paid share capital	21	3,869,747	3,869,747
Share premium	22	791,491	791,491
Contigency reserve	23	3,285,362	3,294,929
Asset revaluation reserve	24	854,808	1,361,096
Fair value reserves	25	355,190	22,150
Defined benefit reserve	26	899,670	1,015,977
Retained earnings	27	(11,117,689)	(8,730,069)
Shareholders fund		(1,061,421)	1,625,321
Total liabilities and equity		21,662,948	21,460,192
ADEMOLA SALAMI			EDWIN IGBITI
FRC/2013/ICAN/00000003468			FRC/2013/CIIN/00000005551
CHIEF FINANCIAL OFFICER			CHIEF EXECUTIVE OFFICER
This Account was approved by the Board on the 29th January, 2022
MANAGEMENT ACCOUNTS
NIGER INSURANCE PLC
COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR QUARTER ENDED 31ST DECEMBER, 2021
		Q4 2021	Q4 2020	YTD 2021	YTD 2020
		OCT-DEC.	OCT-DEC.	JAN-DEC.	JAN-DEC.
		N'000	N'000	N'000	N'000
Gross premium written	28	109,151	257,816		515,899	1,039,657
unearned premium		(3,157)	(1,849)		(56,922)	41,911
Gross premium income		105,994	255,967		458,977	1,081,568
Reinsurance/ co-insurance expenses	29	(41,309)	(38,305)		(69,007)	(91,457)
Net premium income		64,685	217,662		389,970	990,111
Fee and commission income	30	9,381	11,174		16,654	16,489
Net underwriting income		74,066	228,836		406,624	1,006,601
Claims expenses	31	(281,286)	519,218		(1,194,698)	1,050,509
Changes in insurance contract liability	31	(31,287)	113,417		(181,692)	(96,322)
Claims expenses recovered from reinsurance	31	1,038	(1,237)		1,038	(31,465)
Net claim expenses		(311,535)	631,398		(1,375,352)	922,722
Underwriting expenses	32	(17,430)	26,027		(79,921)	101,931
Total underwriting expenses		(328,965)	657,425		(1,455,273)	1,024,653
Underwriting profit		(254,899)	(428,589)		(1,048,649)	-18,052
Investment / other operating income	33	136,006	227,581		311,055	468,458
Net realised gain on available for sale financial assets	33	0	0		6018	35,641
loss realised on disposal of investment property		-	(93,000)		-	3,086
Other operating income						533,016
Management expenses	34	(637,694)	(289,044)		(1,816,944)	-3,061,371
Depreciation and amortisation	35	(15,944)	(12,973)		(63,777)	-57,186
Net operating profit before tax		(756,587)	(594,496)		(2,612,297)	-2,096,409
Information technology levy		(8,680)	936		(26,123)	0
Income tax expense		-	18,720		-	-2,564
Profit after tax		(765,267)	(574,840)		(2,638,420)	-2,098,973
Transfer to contigency reserve		(2,948)	-		(12,422)	0
Retained profit after tax transferred to reserve		(768,215)	(574,840)		(2,650,842)	-2,098,973
Other comprehensive income
Gain on revaluation of propert, plant and equipment						11,290
Appreciation on available for sale financial assets						-333,038
Gain on Retirement benefit						225,318.00
Total comprehensive income for the year		(768,215)	(574,840)		(2,650,842)	(2,195,403)
Earnings per share
Profit for the year attributable to ordinary equity holders
Basic		(9.89)	(7.43)		(34.09)	(27.12)
Diluted		(9.89)	(7.43)		(34.09)	(27.12)
ADEMOLA SALAMI			EDWIN IGBITI
FRC/2013/ICAN/00000003468		FRC/2013/CIIN/00000005551
CHIEF FINANCIAL OFFICER		CHIEF EXECUTIVE OFFICER

NIGER INSURANCE PLC

STATEMENT OF CASH FLOWS AS AT 31ST DECEMBER, 2021

	UNAUDITED	UNAUDITED
	2021	2020
	N'000	N'000
Premium Received	458,977	1,039,657
Reinsurance Premium Paid	(69,007)	(78,953)
Withdrawal from DA during the year	-	(194,406)
Fees and Commission Received	16,654	16,489
Claims paid during the year (Including Surrender)	(290,117)	(1,050,508)
Claims paid recovered from Reinsurers	1,038	1,237
Other acquisition cost paid	(8,552)	(90,664)
Cash paid to and on behalf of employees	(323,250)	(1,150,459)
Other operating expenses	(334,566)	(301,866)
Tax paid	(11,419)	(90,640)
Net cash outflow from operating activities
(560,242)	(1,900,113)

Investing activities

Disposal of Available for sale financial assets

Acquisition of Available for sale financial assets

Gain on disposal of financial assets

Held to maturity investment

Acquisition of Property, Plant and Equipment

RENTAL INCOME

Interest/other income

Net cash outflow from investing activities

Finance activities

Borrowing

LOANS

Net cash used in servicing of finance

Net cash used in servicing of finance

Cash and cash equivalent at the beginning

Cash and cash equivalent at the end

ADEMOLA SALAMI

FRC/2013/ICAN/00000003468

CHIEF FINANCIAL OFFICER

NIGER INSURANCE PLC

OF CHANGE IN EQUITY

AS AT 31ST DECEMBER, 2021

COMPANY

As at 1 January, 2020

Reclassification

Fair value/revaluation gain on assets

Transfer from income statement

Transfer to contigency reserve

As at 31ST DECEMBER, 2020

As at 1 January, 2021

Reclassification

Dividend paid

Fair value/revaluation gain/loss on assets

Transfer from income statement

Transfer to contigency reserve

As at 31ST DECEMBER, 2021

138,924

(339)

• 765,289
• 262,018
• 540,000

197,343197,343

89,37330,387

425,640 1,794,698

33,461120,057

33,461120,057

(101,141)14,643

238,723183,454

137,582198,097

EDWIN IGBITI

FRC/2013/CIIN/00000005551

CHIEF EXECUTIVE OFFICER

		ASSETS
ORDINARY SHARE		REVALUATION		STATUTORY CONTIGENCY		RETAINED
CAPITAL	SHARE PREMIUM	RESERVE	FAIR VALUE RESERVE	RESERVE	OTHERS	EARNINGS	TOTAL
N'000	N'000	N'000	N'000	N'000		N'000	N'000
3,869,747	791,491	1,349,807	355,190	3,272,941	2,789,160	(6,367,607)	6,060,730
		(495,000)					(495,000)
						(1,188,703)	(1,188,703)
3,869,747	791,491	854,807	355,190	3,272,941	2,789,160	(7,556,310)	4,377,027
3,869,747	791,491	854,807	355,190	3,272,941	790,660	(8,491,690)	1,443,147
						(2,638,420)	(2,638,420)
				12,422	109,010	12,422	133,854
3,869,747	791,491	854,808	355,190	3,285,362	1,691,161	(11,117,689)	(1,061,420)

ADEMOLA SALAMI	EDWIN IGBITI
FRC/2013/ICAN/00000003468	FRC/2013/CIIN/00000005551
CHIEF FINANCIAL OFFICER	CHIEF EXECUTIVE OFFICER

NIGER INSURANCE PLC

MANAGEMENT ACCOUNT

COMPANY COMPOSITE STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2021

1 cash and cash equivalents comprise cash in hand, at the banks and investments in short term liquid instruments

		LIFE	NON-LIFE	COMPOSITE
	This comprise;	N'000	N'000	N'000
	Balance held with banks in Nigeria; Group
	Cash at bank As at Dec 2021	97,824	65,757.00	163,581.00
	Deposits	7,178	2,992.00	10,170.00
	As at Dec 2021	105,002	68,749.00	173,751.00
	Cash at bank	54,088	64,620	118,707.50
	Deposits	4,432	14,442.31	18,874.73
	As at Dec 2021	58,520	79,062.31	137,582.23
2	FINANCIAL INSTRUMENTS
	The company's financial assets are summarised by measurement category as follows:
		LIFE	NON-LIFE	COMPOSITE
		N'000	N'000	N'000
	Available for sale	199,116	1,366,708.92	1,565,825.12
	As at January 2021	199,116	1,366,708.92	1,565,825.12
	Available for sale	214,500	1,140,685.01	1,355,184.96
	As at Dec 2021	214,500	1,140,685.01	1,355,184.96
2.1	Investment securities available for sale
		LIFE	NON-LIFE	COMPOSITE
		N'000	N'000	N'000
	Equity securities;
	Listed (5.1.1)	2,443,985	1,095,273.67	3,539,258.67
	Unlisted (5.1.2)	264,597	1,320,510.41	1,585,107.41
		2,708,582	2,415,784.08	5,124,366.08
	Less: impairment
	At January 2021	2,509,466	1,049,075.16	3,558,457.95
	Addition during the period	-	-	-
	write back charge for the year			-
	Adjustment/reclasification		-	-
	As at Dec 2021	2,509,466	1,049,075.16	3,558,457.95
	As at Dec 2021	199,116	1,366,708.92	1,565,908.12
	Listed	214,500	1,140,685.01	1,355,184.96
	Unlisted	205,175	3,366.66	208,542.09
	As at Dec 2021	419,675	1,144,051.67	1,563,727.06
	Less: impairment
	At January 2021	-	-	-
	Charge for the period	-		-
	reclassification	-		-
	write back	-		-
		-	-	-
	As at Dec 2021	419,675	1,143,968.67	1,563,727.06
2.1	Movement in the cost of listed securities
	At January 2021	2,444,135	1,084,206.00	3,528,341.00
	Addition during the period		120.00	120.00
	Disposal	(150)	(82.00)	(232.00)
	Fair value reclassification			-
	Reclassification		10,000.00	10,000.00
	As at January 2021	2,443,985	1,094,244.00	3,538,229.00
	At January 2021	2,443,985	1,094,244.00	3,538,229.00
	Addition during the period	-	-	-
	Disposal		-	-
	Fair value reclassification/Gain	0	4,254.16	4,254.16
	Reclassification			-
	As at Dec 2021	2,443,985	1,098,498.16	3,542,483.16
		LIFE	NON-LIFE	COMPOSITE
		N'000	N'000	N'000
2.2	Movement in the cost of unlisted securities
	At January 2021	281,097	1,935,813.00	2,216,910.00
	Addition during the period		-	-
	write back charge for the year		-	-
	Adjustment/reclasification		(10,000.00)	(10,000.00)
	Disposal during the year
	As at January 2021	281,097	1,925,813.00	2,206,910.00
	As at Dec 2021	205,175	3,366.66	208,542.09
	Addition during the period
	write back charge for the year
	Adjustment/reclasification
	Disposal during the year
	As at Dec 2021	205,175	3,366.66	208,542.09

2.2 Movement in the impairment of listed securities

	LIFE	NON-LIFE	COMP
	N'000	N'000	N'000
At January 2021	2,350,755	589,650.75	2,940,405.54
Addition during the period			-
write back charge for the year
Adjustment/reclasification			-
As at Dec 2021	2,350,755	589,650.75	2,940,405.54
At January 2021
Addition during the period
write back charge for the year
Adjustment/reclasification
As at Dec 2021	2,350,755	589,650.75	2,940,405.54

2.2 Movement in the impairment of Unlisted securities

At January 2021	158,711	459,341.41	618,052.41
Addition during the period			-
write back charge for the year
Adjustment/reclasification
As at January 2021	158,711	459,341.41	618,052.41
At January 2021	158,711	459,341.41	618,052.41
Addition during the period
write back charge for the year
Adjustment/reclasification
As at Dec 2021	158,711	459,341.41	618,052.41
As at January 2021	2,350,867	1,048,992.16	3,558,457.95
As at Dec 2021	2,509,466	1,048,992.16	3,558,457.95

The investments are carried at fair values by valuation method. The different levels have been defined as follows: Level 1- fair value measurements are those derived from quoted prices ( unadjusted) in active markets for identical assets or liabilities using the last bid prices.

Level-2- fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly(i.e) or indirectly (i.e. derived from prices; and Level-3- fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

2.3 INVESTMENT SECURITY HELD TO MATURITY - LIFE BUSINESS

		LIFE	NON-LIFE	COMPOSITE
		N'000	N'000	N'000
At January 2021	231,667		231,667.00
Addition during the year
Disposal during the year
Others held to maturity		170,115	39,887.80	210,002.80
As at January 2021	401,782	39,887.80	441,669.80
		LIFE	NON-LIFE	COMPOSITE
		N'000	N'000	N'000
At January 2021	331,486	-	331,485.96
Addition during the year
Disposal during the year
Others held to maturity
As at Dec 2021		331,486	-	331,485.96
Held to maturity financial assets comprises of the following:
2.4 LOANS AND RECEIVABLES
		LIFE	NON-LIFE	COMPOSITE
		N'000	N'000	N'000
staff and agents loan	27,494	83,630.02	111,123.85
Loans to policy holders	288,535		288,534.75
				-

Current

No-current

As at January 2021

Staff and agents loan

Loans to policy holders/mortgage

Other receivables

As at Dec 2021

Current

Non-current

As at Dec 2021

2.5 LOANS TO POLICY HOLDERS -LIFE

Policy loan

Non- forfeiture regulation

1. REINSURANCE ASSETS
   At January 2021
   prepaid Reinsurance premium reserve(UPR) Reinsurance share of outstanding claim reserve Incurred but not reported
   As at January 2021
   At January 2021
   Reinsurance premium reserve(UPR) Reinsurance share of outstanding claim reserve Incurred but not reported
   individual life
   As at Dec 2021
2. DEFERRED ACQUISITION COST- NON- LIFE BUSINESS

316,029	83,630	399,658.60
89,036	30,622.00	-
208,976	53,008.00	261,984.00
		-
298,012	83,630.00	261,984.00
27,494		27,493.83
288,535		288,535.00
	1,494,468.00	1,494,468.00
316,029	1,494,468	1,810,496.83
		-
316,029	1,494,468	1,810,496.83
Jun-21	44,276.00
	298,513.00
	9.00
297,721	298,522.00
	;
LIFE	NON-LIFE		COMPOSITE
N'000	N'000		N'000
0	464,967.23	464,967.23
-	-	-
-	-	-
-	464,967.23	464,967.23
LIFE	NON-LIFE		COMPOSITE
	-	-
	106,860.04	106,860.04
-	106,860.04	106,860.04

	LIFE		NON-LIFE	COMPOSITE
	N'000		N'000	N'000
At the beginning of the year	-	30,179	30,179
Acquisition paid durring the year	-		-
Charged to non-life revenue		-		-
As at January 2021		-	30,179.00	30,179.00
Current		30,179.00	30,179.00
Non current
			30,179.00	30,179.00

At the beginning of the year 2021

Acquisition paid durring the year

Charged to non-life revenue

Current

Non current

As at Dec 2021

5 OTHER RECEIVABLES AND PREPAYMENTS

Rent prepayment Current Acount receivable from parties

Deposit for shares with NIC Securities Other receivable (6.1)

Prepayment to suppliers/ Vendors

-	30,179.00	30,179.00
-
-
-	30,179.00	30,179.00
	30,179.00	30,179.00
	30,179.00	30,179.00
LIFE	NON-LIFE	COMPOSITE
N'000	N'000	N'000
269,934	13,808.50	283,742.50
	756,215.00	756,215.00
269,934	770,023.50	1,039,957.50

Current	269,934	770,023.50	1,039,957.50
Non-current
As at Dec 2021	269,934	770,023.50	1,039,957.50