UNIVERSAL INSURANCE : QUARTER 4 - FINANCIAL STATEMENT FOR 2022

4TH QUARTER MANAGEMENT ACCOUNT

For The Period Ended 31, DECEMBER. 2022

Universal Insurance Plc

RC 2460

UNIVERSAL INSURANCE PLC.

4TH QUARTER 2022 MANAGEMENT ACCOUNT

UNIVERSAL INSURANCE PLC

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As at 31,DECEMBER 2022

				COMPANY
	NOTES	31-Dec-22	31-Dec-21
Assets				N'000	N'000
Cash and Cash Equivalents	6			521,053	409,669
Financial Assets	7			2,532,487	2,097,403
Trade Receivable	8			321,147	67,509
Reinsurance Assets	9			422,584	410,536
Deferred Acquisition cost	10		37,573	143,692
Deferred tax assets	23.a	403,685	403,685
Other Receivables	11			581,686	431,402
Investment in Subsidiaries	12		2,457,516	2,449,516
Investment Properties	13		1,901,830	1,891,000
Intangible Asset	14		69,561	68,684
Property, Plant and Equipment	15		2,588,898	2,595,634
Statutory Deposits	16		335,000	335,000
Total Assets				12,173,020	11,303,730
Liabilities
Insurance Contract Liabilities	17		2,104,570	1,423,991
Borrowings	18		-	-
Trade payable	19		23,797	152,712
Other payable	20		103,124	64,295
Employee benefit liability	21		-	-
Income Tax liabilities	22		11,280	11,644
Deferred tax liabilities	23		296,875	296,875
Total Liabilities				2,539,647	1,949,517
Equity
Issued and paid Share capital	24.	1		8,000,000	8,000,000
Share Premium	24.	2		825,018	825,018
Contingency Reserves	24.	3		883,887	685,098
Fair value reserve	24.	4		6,460	6,460
Non Current assets revaluation reserve	24.	5		768,329	768,329
Retained earnings	24.	6		(850,320)	(930,692)
Shareholders funds				9,633,374	9,354,213
Other equtiy instruments				-
Non - controlling interests
TOTAL EQUITY & LIABILITIES				12,173,020	11,303,730

Signed on behalf of the Board of Directors on 13th Jan, 2023

BENEDICT UJOATUONU	SAMUEL U. NDUBUISI
CHIEF EXECUTIVE OFFICER	CHIEF FINANCE OFFICER
FRC/2013/CIIN/0000003282	FRC/2013/ICAN/0000003290

1

UNIVERSAL INSURANCE PLC.

3RD QUARTER 2022 MANAGEMENT ACCOUNT

Universal Insurance Plc

Statements of Comprehensive Income

For the PERIOD ENDED 30, DECEMBER 2022

	Notes
			1/10/2022 to	1/10/2021 to
		31-Dec-22 31/12/2022	31/12/2021	31-Dec-21
		N'000			N'000
Gross Premium written	25	5,666,321	1,616,095	1,095,613	3,701,938
Decrease/(increase) in unearned premium		(551,625)	(551,625)	(608,164)	(295,134)
Gross Premium Earned		5,114,697	1,064,471	487,449	3,406,804
Reinsurance Premium Expense	26	(929,289)	(213,208)	(190,671)	(653,545)
Net Insurance Premium Income		4,185,408	851,262	296,778	2,753,259
Fees and Commission income	27	137,511	45,172	8,130	92,352
Total Underwriting Income		4,322,919	896,434	304,908	2,845,611
Insurance benefits
Claims expenses	28	(677,027)	(133,766)	(163,532)	(351,959)
Increase/(Decrease) in claims and IBNR reserves per actuarial valuation	28	-	-	-
Claims Expense Recovery from Reinsurance	28	73,530	14,857	7,410	45,831
Change in contract liabilities	28	-	-	-	-
Net insurance benefit and claims		(603,497)	(118,898)	(156,122)	(306,128)
Underwriting Expenses
Acquisition expenses	29	(1,045,187)	(273,324)	(150,828)	(553,081)
Maintenance expenses	29	(939,345)	(201,074)	(323,998)	(574,326)
Total Underwriting Expenses		(1,984,532)	(474,398)	(474,826)	(1,127,407)
Underwriting Profit/(Loss)		1,734,890	303,138	(326,040)	1,412,076
Investment income	30	152,100	2,191	842	102,642
Other operating income		-	-	-	-
Total investment income		152,100	2,191	842	102,642
Net Income		1,886,990	305,329	(325,198)	1,514,718
Unrealised fair value gain		187,302	187,302	-	51,949
Net realised gains/(loss) on financial assets	31 (i)	-	-		-
Deferred tax derecognised on reclassification of financial
assets	23	-	-	-	-
Net fair value gain/(loss) on investment properties		-	-	-	-
Other operating and administrative expenses	32	(1,543,611)	(471,019)	(355,882)	(1,175,623)
Total Expenses		(1,356,310)	(283,717)	(355,882)	(1,123,674)
Result of operating activities		530,680	21,612	(72,916)	391,043
Interest expense	33	-	-	-	-
Profit or (Loss) before Taxation		530,680	21,612	(72,916)	391,043
Income Tax Expense/ (Credit)	22.1a	(5,360)	(218)	(736)	(14,078)
Profit or Loss after Taxation		525,320	21,394	(73,652)	376,965
Profit/(Loss) to Equity holder		525,320	21,394	(73,652)	376,965
Other comprehensive income /(loss)		-	-	-	-
Revaluation surplus on PPE		-	-	-	-
Total other comprehensive income
Total comprehensive income / (loss) for the year
Profit attributable to:
Equity holders of the Company		525,320	21,394	(73,652)	376,965
Non-controlling interest		-	-	-
Profit/(loss) for the period		525,320	(21,394)	(73,652)	376,965
Other Comprehensive income
Items within OCI that may be reclassified to the profit or loss;
Fair value changes in AFS financial assets		-	-	-	-
Deferred tax impact of changes in AFS financial assets		-	-	-	-
Items within OCI that will not be reclassified to the profit or
loss;

2020 impairment gain/loss on Financial Assets PPE revaluation gains

Deferred tax impact of revaluation gains Other comprehensive income for the period

Total comprehensive income

Total comprehensive income attributable to: Equity holders of the company Non-controlling interests

Total comprehensive income for the period

-	-	-	-
-	-	-	-
-	-	-	-
-			-
525,320	21,394	(73,652)	376,965
525,320	21,394	(73,652)	376,965
-			-
525,320	21,394	(73,652)	376,965

Earnings per share-(basic and diluted)(Kobo)

34

3.28

2.36

2.36

2.36

61

UNIVERSAL INSURANCE PLC. 3RD QUARTER 2022 MANAGEMENT ACCOUNT

THE UNIVERSAL INSURANCE PLC

UNDERWRITING REVENUE ACCOUNT

FOR THE PERIOD ENDED 30 DEC. 2022

							GENERAL								1/10/2022 to	1/10/2021 to
					MOTOR	FIRE	ACCIDENT	BOND	ENGINEERING	OIL & GAS	AVIATION	AGRIC INS	MARINE	Dec-22	31/12/2022	31/12/2021	Dec-21
					N`000	N`000	N`000	N`000	N`000	N`000	N`000	N`000	N`000	N`000	N`000		N`000
Direct Premium Written			611,988	703,355	651,233	308,447	209,192	1,108,091	173,973	24,395	505,429	4,296,104	1,517,161	862,702	2,946,322
Reinsurance Accepted			93,027	255,319	47,627	19,311	28,667	778,383	-	25,951	121,933	1,370,217	98,934	232,911	755,617
Gross Premium Written			705,015	958,674	698,860	327,758	237,860	1,886,474	173,973	50,345	627,362	5,666,321	1,616,095	1,095,613	3,701,938
Changes in Reserve for Unexpired Risk (*)			(147,535)	(83,504)	(83,023)	47,560	(20,545)	(324,946)	26,856	(10,620)	44,132	(551,625)	(551,625)	(608,164)	(295,134)
Gross Premium Earned			557,479	875,170	615,836	375,318	217,315	1,561,529	200,828	39,725	671,495	5,114,697	1,064,471	487,449	3,406,804
Net Reinsurance Recovery (UPR) per actuarial valuation												-			-
Reinsurance cost			(289,633)	(73,044)	(50,235)	-	(556)	(479,171)	-	-	(36,649)	(929,289)	(213,208)	(190,671)	(653,545)
Net Premium Written			267,847	802,126	565,602	375,318	216,759	1,082,357	200,828	39,725	634,845	4,185,408	851,262	296,778	2,753,259
Commission Receiveed			98,454	18,132	11,637	1,563	149	-	-	-	7,577	137,511	45,172	8,130	92,352
Net Income			366,301	820,258	577,238	376,881	216,908	1,082,357	200,828	39,725	642,422	4,322,919	896,434	304,908	2,845,611
Claims Incurred:
Direct Claims Paid			162,947	107,241	105,525	39,235	91,563	62,190	96,896	4,118	12,874	682,589	139,317	163,532	641,634
Provision for Outstanding claims (IBNR)			(20,423)	(87,293)	(16,534)	(1,800)	(9,863)	(32,780)	(22,592)	(1,473)	(27,626)	(220,384)	(2,020,384)	-	(286,615)
Additional charge to claims reserve per actuarial valuation (IBNR)			-	-	-	-	-	-	-		-	-	-	-	-
Changes in Provision for Outstanding Claims (**)		(6,013)	171,275	121,958	(35,000)	(36)	(21,807)	1,430	-	(16,986)	214,822	214,822	-	(3,327)
Gross Claims Incurred			136,511	191,223	210,949	2,435	81,665	7,603	75,735	2,645	(31,738)	677,027	133,755	163,532	351,692
Reinsurance Claims Recovery per actuarial valuation												-			-
Reinsurance Recovery (IBNR) per actuarial valuation			-	-	-	-	-	-	-	-	-	-			-
Reinsurance Claims Recovery			(15,271)	-	(877)	(8,450)	(48,621)	-		-	(312)	(73,530)	(14,857)	(7,410)	(45,831)
Net Claims Incured			121,240	191,223	210,073	(6,015)	33,044	7,603	75,735	2,645	(32,051)	603,497	118,898	156,122	305,861
Underwriting Expenses:	-
Commission Paid			73,756	194,195	141,120	65,462	51,217	280,014	-	9,551	122,349	937,665	165,802	150,828	587,712
Changes in deferred commission			19,033	16,866	17,122	(9,217)	12,240	59,563	(4,858)	2,385	(5,612)	107,522	107,522	-	(34,631)
Additional (DCA) per actuarial valuation report												-	-	-	-
Maintenance expenses			117,320	115,808	115,808	115,808	115,808	115,808	115,808	-	127,180	939,345	201,074	323,998	574,326
Total Underwriting Expenses			210,109	326,868	274,049	172,053	179,265	455,385	110,949	11,936	243,916	1,984,532	474,398	474,826	1,127,407
Total Expenses			331,349	518,091	484,122	166,038	212,310	462,987	186,685	14,581	211,866	2,588,029	593,296	630,948	1,433,268
Underwriting Result			34,951	302,167	93,116	210,843	4,598	619,370	14,144	25,144	430,556	1,734,890	303,138	(326,040)	-
Provision for Unexpired Risk- 1 JANUARY 2022		207,967	172,850	95,490	47,690	122,601	199,221	41,337	3,179	83,746	974,080	974,080	974,080	687,341
Provision for Unexpired Risk- 30 June 2022			355,502	256,353	178,513	130	143,146	524,167	14,481	13,799	39,613	1,525,704	1,525,704	974,080	982,476
Additional charge (UPR) per actuarial valuation			-	-	-	-	-	-	-		-	-	-	-	-
Provision for Unexpired Risk- 30 June 2022		355,502	256,353	178,513	130	143,146	524,167	14,481	13,799	39,613	1,525,704	1,525,704	974,080	982,476
* Changes in reserve for unexpired Risk			(147,535)	(83,504)	(83,023)	47,560	(20,545)	(324,946)	26,856	(10,620)	44,132	(551,625)	(551,625)	-	(295,134)
Gross Claims Outstanding
Provision for Outsanding Claims- 1 JANUARY 2022		55,590	36,102	101,005	35,251	22,573	40,147	2,404	-	18,348	311,420	311,420	311,420	404,704
Provision for Outsanding Claims- 30 June 2022			49,578	207,377	222,963	251	22,537	18,340	3,834	-	1,362	526,242	526,242	311,420	401,378
** Changes in provision for outstanding claims			(6,013)	171,275	121,958	(35,000)	(36)	(21,807)	1,430	-	(16,986)	214,822	214,822	-	(3,326)

88

UNIVERSAL INSURANCE PLC.

4TH QUARTER 2022 MANAGEMENT ACCOUNT

Universal Insurance Plc

Statements of Changes in Equity (COMPANY)

for the period ended 31, DECEMBER 2022

In thousands of Nigerian naira	Share	Share	Revaluation	Contingency	Fair	Retained	Total
	Capital	Premium	reserve	reserve	value	earnings
					reserves
	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Balance at 1 January 2022	8,000,000	825,018	768,329	713,897	6,460	(1,205,650)	9,108,053
							-
	8,000,000	825,018	768,329	713,897	6,460	(1,205,650)	9,108,053
Total comprehensive income
Profit and loss	-	-	-	-	-	525,320	525,320
Other comprehensive income							-
Gain on the revaluation of land and buildings			-				-
Foreign currency translation diferrence							-
Fair value reserve (available-for-sale) financial assets							-
Net change in fair value							-
Net amount transferred to profit or loss						-	-
Gain on the revaluation of land and buildings							-
Net Fair value changes in AFS financial assets							-
Net gain/loss on previous AFS reclassified to FVTPL						-	-
Fair value reserve derecognised on disposal							-
Transfer to contingency reserve				-		-	-
Other comprehensive income	-	-	-	-	-	-	-
Total comprehesive income for the period	-	-	-	-	-	525,320	525,320
Transfer during the year	-	-	-	-	-	-	-
Dividends to equity holders	-	-	-	-	-	-	-
Total contribution and distributions to owners	-	-	-	-	-	-	-
Balance at 31 DEC. 2022	8,000,000	825,018	768,329	713,897	6,460	(680,330)	9,633,374
Balance at 1 January 2022	8,000,000	825,018	768,329	609,704	6,460	(1,232,264)	8,977,247
							-
	8,000,000	825,018	768,329	609,704	6,460	(1,232,264)	8,977,247
Total comprehensive income
Profit and loss	-	-	-	-	-	316,020	316,020
Net gain/loss on previous AFS reclassified to FVTPL						-	-
Fair value reserve derecognised on disposal							-
Transfer to contingency reserve				63,204		(63,204)	-
Other comprehensive income	-	-	-	63,204	-	(63,204)	-
Total comprehesive income for the period	-	-	-	63,204	-	252,816	316,020
Transfer during the year	-	-	-	-	-	-	-
Dividends to equity holders	-	-	-	-	-	-	-
Total contribution and distributions to owners	-	-	-	-	-	-	-
Balance at 31, DECEMBER 2022	8,000,000	825,018	768,329	672,909	6,460	(979,448)	9,293,267

4