AIICO INSURANCE PLC

UNAUDITED ANNUAL REPORTS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

AIICO INSURANCE PLC

UNAUDITED FINANCIAL STATEMENTS

31 DECEMBER 2022

Table of contents

Page

Corporate Information

2

Consolidated Results at a Glance - The Group

4

Results at a Glance - The Company

5

Shareholding structure and free float status

6

Certification Pursuant to Section 60(2) of Investment & Securities Act No. 29 of 2007 and

Statement of Directors' Responsibilities in Relation to the Financial Statements

7

Statement of Significant Accounting Policies

8

Consolidated and Separate Statements of Financial Position

34

Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income

35

Consolidated Statement of Changes in Equity - the Group

37

Statement of Changes in Equity - the Company

38

Consolidated and Separate Statements of Cash Flows

39

Notes to the Consolidated and Separate Financial Statements

40

1

AIICO INSURANCE PLC UNAUDITED FINANCIAL STATEMENTS 31 DECEMBER 2022

Corporate Information

Directors

Mr. Kundan Sainani (Indian)

Chairman

Mr. Babatunde Fajemirokun

Group MD / CEO

Mr. Adewale Kadri

Executive Director

Mr. Samaila Zubairu

Director/Independent

Mr. Ademola Adebise

Director

Mrs. Oluwafolakemi Edun (nee Fajemirokun)

Director

Mr. Olalekan Akinyanmi

Director

Mr. Raimund Snyders (South African)

Director

Company Secretary

Mr. Donald Kanu

AIICO Insurance Plc AIICO Plaza

Plot PC 12, Churchgate Street

Victoria Island, Lagos

Registered Office

AIICO Plaza

Plot PC 12, Churchgate Street

Lagos

RC No.

7340

TIN

00401332-0001

Corporate Head Office

AIICO Plaza

Plot PC 12, Churchgate Street Victoria Island

Lagos

Tel: +234 01 2792930-59

0700AIIContact (0700 2442 6682 28)

Fax: +234 01 2799800

Website: //www.aiicoplc.com

E-mail: aiicontact@aiicoplc.com

Registrar

Coronation Registrars (formerly, United Securities Limited)

09, Amodu Ojikutu Street Off

Bishop Oluwole Street, Victoria Island

P.M.B. 12753

Lagos

Independent Auditor

Ernst & Young

10th & 13th Floors, UBA House

57, Marina Road

Lagos Island

Lagos

website: www.ey.com/ng

Bankers

Access Bank Plc

Ecobank Plc

First Bank of Nigeria Limited

First City Monument Bank Limited

Guaranty Trust Bank Limited

Stanbic IBTC Bank

Standard Chartered Bank Nigeria Limited

Union Bank of Nigeria Plc

United Bank of Africa Plc

Wema Bank Plc

Actuary

Firm Name:

Zamara Consulting Actuaries Nigeria Limited

Firm FRCN:

FRC/2019/00000012910

Life Valuation

Nikhil Dhodia

FRCN

FRC/2021/004/00000024023

Firm Name:

Zamara Consulting Actuaries Nigeria Limited

Non life Valuation

Jay Kosgei

FRCN

FRC/2021/004/00000023786

2

AIICO INSURANCE PLC UNAUDITED FINANCIAL STATEMENTS 31 DECEMBER 2022

Corporate information (continued)

Reinsurers

Africa Reinsurance Corporation

Continental Reinsurance Plc

Swiss Reinsurance

WAICA Reinsurance

Nigerian Reinsurance

Trust Reinsurance

Zep Reinsurance

Arig Reinsurance

Aveni Reinsurance

NCA Reinsurance

Estate Valuer

Firm Name:

Niyi Fatokun & Co.

Firm FRCN:

FRC/2019/00000012894

Partner

Niyi Fatokun

FRCN

(Chartered Surveyors & Valuer)

FRC/2013/NIESV/70000000/1217

Regulatory Authority

National Insurance Commission (NAICOM)

Branch Networks

1. Port Harcourt

2. Kaduna

11 Ezimgbu Link Road (Mummy B Road)

Yaman Phone House

Off Stadium Road

1, Constitution Road

G.R.A Phase 4, Port Harcourt

Kaduna, Kaduna State

Rivers State

Tel: +234 803 338 6968;

Tel: +234 808 313 4875

+234 805 601 9667

+234 909 448 9393

3. Abuja Area Office

4. Kano

No 44 Durban Street,

8, Post Office Road

Off Adetokunbo Ademola Crescent, Wuse II

Kano

FCT, Abuja.

Kano State

Tel: +234 805 820 0439

Tel: +234 807 810 7938

+234 817 668 4115

+234 806 593 4787

5. Abeokuta

6. Lagos, Ikeja

46, Tinubu Street

AIICO House

Ita Eko, Abeokuta

Plot 2, Oba Akran Avenue

Ogun State

Opp. Dunlop, Ikeja, Lagos

Tel: +234 803 255 7071

Tel: +234 1 460 2097-8; +234 808 313 4376

+234 1 460 2218

7. Aba

8. Lagos, Isolo

7, Factory Road

203/205, Apapa-Oshodi Expressway

Aba, Abia State

Isolo, Lagos

Tel: +234 805 531 4351

Tel: +234 802 305 4803; +234 805 717 6063

9. Enugu

10. Lagos, Ilupeju

55-59, Chime Avenue

AIICO House

Gbuja's Plaza New Haven

36/38, Ilupeju Industrial Avenue

Enugu State

Ilupeju, Lagos

Tel: +234 803 724 6767

Tel: +234 816 046 6239

+234 803 334 3036

11. Benin

12. Onitsha

28, Sakponba Road

Noclink Plaza, 41 New Market Road

Benin City

Opp UBA Bank, Onitsha

Edo State

Anambra State

Tel: +234 805 116 3395

Tel: +234 708 606 4999

+234 813 405 1972

+234 803 375 0361

13. Jos

14. Owerri

4, Beach Road

46, Wetheral Road

Jos, Plateau State.

Owerri, Imo State

Tel: +234 805 735 6726

Tel: +234 805 603 3269

+234 809 033 5125

+234 706 603 2065

15. Ibadan

16. Warri

12, Moshood Abiola Way

60, Effurun/Sapele Road

Challenge Area

Warri.

Ibadan, Oyo State

Delta State.

Tel: +234 803 231 8925

Tel: +234 803 971 0794

+234 802 834 4263

+234 818 749 7490

3

AIICO INSURANCE PLC UNAUDITED FINANCIAL STATEMENTS 31 DECEMBER 2022

Results at a Glance - The Group

Profit or Loss and Other Comprehensive Income

Increase/

Increase/

(decrease)

(decrease)

In thousands of naira

31-Dec-22

31-Dec-21

Changes

%

Gross premium written

88,323,333

71,646,427

16,676,906

23

Gross premium income

86,007,283

70,655,049

15,352,234

22

Net premium income

70,676,535

58,521,828

12,154,707

21

Claim expenses (net)

(44,969,823)

(39,914,664)

5,055,159

(13)

Underwriting profit/(loss)

4,048,478

30,344,855

(26,296,377)

87

Investment and other (loss)/income

12,303,785

(16,577,034)

28,880,819

174

Other expenses

(24,094,892)

(21,504,781)

(2,590,112)

(12)

Profit before income tax expense

4,471,670

2,780,121

1,691,549

61

Profit after tax from discontinued operations

2,872,747

2,366,914

505,833

0

Profit for the year

6,857,816

4,916,009

1,941,806

39

Total other comprehensive loss

(449,022)

(1,332,802)

883,779

66

Total comprehensive income for the period

6,408,792

3,583,207

2,825,585

79

Basic and diluted earnings per share (kobo)

18

9

Financial Position

In thousands of naira

31-Dec-22

31-Dec-21

Changes

%

Cash and cash equivalents

18,103,807

25,490,105

(7,386,298)

(29)

Financial assets

223,582,058

172,501,020

51,081,038

30

Trade receivables

916,186

728,518

187,668

26

Reinsurance assets

12,097,154

10,387,924

1,709,230

16

Deferred acquisition costs

858,307

739,223

119,084

16

Other receivables and prepayments

4,714,013

2,411,790

2,302,223

95

Right of use assets

105,855

105,855

-

Deferred tax assets

1,252

1,252

-

0

Investment in associate

-

705,629

(705,629)

(100)

Investment properties

621,000

806,000

(185,000)

(23)

Goodwill and other intangible assets

928,743

934,748

(6,005)

(1)

Property and equipment

7,591,194

7,068,787

522,407

7

Statutory deposits

500,000

500,000

-

-

Total assets

270,019,570

222,380,850

47,638,719

21

Insurance contract liabilities

166,276,988

119,776,331

46,500,657

(39)

Investment contract liabilities

21,907,727

22,829,871

(922,144)

4

Trade payables

6,461,618

3,779,049

2,682,569

(71)

Other payables and accruals

7,596,160

3,700,219

3,895,941

(105)

Fixed income liabilities

22,929,816

33,506,178

(10,576,362)

32

Current income tax payable

787,625

407,282

380,343

(93)

Deferred tax liabilities

7,666

7,666

-

0

Total liabilities

225,967,600

184,006,596

41,961,004

23

Issued share capital

18,302,638

18,302,638

-

-

Share premium

64,745

64,745

-

-

Revaluation reserve

1,812,707

1,812,707

-

-

Fair value reserve

(2,106,336)

(1,683,037)

(423,299)

(25)

Foreign exchange reserve

175,600

175,600

-

-

Contingency reserve

9,710,045

8,304,604

1,405,441

17

Retained earnings

15,670,165

11,051,695

4,618,471

42

Shareholders' funds

43,629,564

38,028,952

5,600,613

34

Non-controlling interests

422,409

345,303

77,106

22

Total equity

44,051,973

38,374,255

5,677,718

15

Total liabilities and equity

270,019,570

222,380,850

47,638,720

21

4

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AIICO Insurance plc published this content on 30 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2023 20:23:06 UTC.