GUINEA INSURANCE : QUARTER 1 - FINANCIAL STATEMENT FOR 2022

Guinea Insurance Plc Management Accounts

31st March, 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
for the period ended 31st March, 2022 In thousands of Naira Gross premium written Movement in unearned premuim Gross premium income Reinsurance expenses Net premium income Fees and commission income on reinsurance Net underwriting Income Claims expenses Underwriting expenses Underwriting profit Investment Income Fair value gains on investment properties Other operating income/(loss) Revaluation loss Impairment (charge)/reversal Finance cost Other operating expenses Profit/(Loss) before taxation Income tax (expense)/credit Profit/(Loss) after taxation Other comprehensive income Items within OCI that may be reclassified to the profit or loss: Gain/(loss) on available-for-sale financial assets 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 Total comprehensive profit for the year, net of tax Contigency Reserve Earnings/(Loss) per share - Basic and Diluted (kobo	Notes	JAN - MAR 2022 31/Mar/22	JAN - MAR 2021 31/Mar/21
1 1 1 2 3 4 5 6 7 8 9 (a) 10 9 11 14 15 ) 13	400,478 (56,695)	345,494 (50,876)
343,782 (116,663)	294,617 (96,501)
227,120 26,605	198,117 22,482
253,725 (52,222) (95,276)	220,598 (40,222) (80,957)
106,227 26,154 - 24,562 - (0) - (212,306)	99,419 5,799 - 192 - (0) - (166,623)
(55,364) (8,305)	(61,213) -
(63,669)	(61,213)
1,244 -	- 7,353 - 23,786
1,244	31,139
(62,425)	(30,074)
12,014	10,365
(1.04)	(1.00)

-

-

1

STATEMENTS OF FINANCIAL POSITION AS AT 31ST MARCH, 2022
In thousands of Naira	31/03/2022	31/12/2021
Assets Cash and cash equivalents Financial assets: Available-for-sale financial assets Held to maturity Trade receivables Reinsurance assets Deferred acquisition costs Other receivables and prepayments Investment properties Intangible Asset Property and equipment Statutory deposit Total assets Liabilities Insurance contract liabilities Trade payables Other payables and accruals Employee benefit obligations Current tax payable Deferred tax liabilities Deposit for shares Total liabilities Equity Issued share capital Share premium Contingency reserve Accumulated losses Available-for-sale reserve and others Other reserves Total equity Total liabilities and equity	Note
16 17 18 19 20 21 22 23 25 26 27 28 29 30 32 24.1 24.2 33 34.2 35 36 37 38 40	348,606 289,773 945,086 12,454 352,669 73,682 51,117 106,300 4,644 918,251 333,654	383,566 288,529 972,436 - 335,412 67,557 41,738 106,300 4,900 934,001 333,654
3,436,235	3,468,094
899,618 25,748 159,752 3,706 28,672 110,011 151,400	789,448 23,410 242,671 11,034 20,368 110,011 151,400
1,378,907	1,348,342
3,070,000 337,545 604,030 (2,159,205) 139,270 65,688	3,070,000 337,545 592,015 (2,083,522) 138,026 65,688
2,057,328	2,119,753
3,436,235	3,468,095
These financial statements were approved by the Board of Directors on 14th April 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

2

STATEMENTS OF CHANGES IN EQUITY for the period ended 31st March, 2022

In thousands of Naira

As at 1 January 2022

Loss for the year

Other comprehensive income: Reversal of prior year fair value loss Fair value changes on AFS Revaluation gain on PPE Employee defined benefit Income tax impact on OCI

Total comprehensive income for the year

Transactions with owners, recorded directly in equity Transfer to contingency reserve

Reclassification

As at 31st Jan, 2022

for the Period ended 31st Jan,2021 In thousands of Naira

As at 1 January 2021

Profit for the year

Transfer to contigency reserve Other comprehensive income: Reversal of prior year fair value loss Fair value changes on AFS

Changes in valuation of land and building Reclassification

Income tax impact on OCI

Total comprehensive income for the year

Transactions with owners, recorded directly in equity Transfer to contingency reserve

As at 31st Mar., 2021

Issued share capitalAccumulated

LossesShare premium

Contingency reserve

AFS ReservesAsset revaluation

Defined benefit

Total equity

3,070,000 -(2,083,522)

(63,669)

337,545 -592,015 -138,026

65,688

-

2,119,753 (63,669)

-

-

-

1,244

-

1,244

-

(63,669)

-

-

1,244

-

-

(62,425)

-

(12,014)

- -

12,014 -

-

-- --

(12,014)

-

12,014

-

-

-

-

3,070,000

(2,159,205)

337,545

604,030

139,270

65,688

-

2,057,328

3,070,000 -

(2,019,340)

(23,489)

337,545 -551,323 -112,731

65,688

-

2,117,947 (23,489)

-

-

--

-

25,295

--

-

- 25,295 - - -

3,070,000

(2,042,830)

337,545

551,323

138,026

65,688

- -2,119,753 -

-

(40,692)

- -

40,692 -

-

-

-

- -

3,070,000

(2,083,522)

337,545

592,016

138,026

65,688

-

2,119,753

-

3

STATEMENT OF CASH FLOWS for the period ended 31st March, 2022

In thousands of Naira

Operating activities: Premium received Commission received Commission paid

Jan - Mar 2022

31/Dec/21

Note 45.1 45.2 21

388,023 30,043

1,356,409 79,884

(55,635) (220,892)Maintenance cost (136,127)

Reinsurance premium paid Gross claim paid Reinsurance recoveries Payments to employees

Other operating cash payments Other income received

Tax paid

Net cash flow from operating activities

Investing activities:

Investment income received Purchase of property and equipment Proceed from sale of property and equipment Purchase/sales of financial assets Proceed/(purchase) of investment properties Net cash flows from investing activities

Financing activities:

Deposit for shares

Interest repayment on finance lease principal repayment on finance lease

Net cash flows from financing activities

45.3

(131,581) (465,493)

45.4

(42,955) (257,635)

45.4

44,206

66,801

45.5

(94,866) (333,615)

45.6

(266,496) (204,871)

45.8

-

16,652

24.1

43,300 (30,150)

(85,960) (129,037)

45.7 26

26,154

34,614

(2,505) (2,199)

0 (164,226)

27,350

12,592

- (39,839)

50,999 (159,058)

33

- - - -- - - -

Net increase in cash and cash equivalents Effect of exchange rate changes on cash and cash equivalent

Cash and cash equivalents at 1 January

(34,960)

(288,094)

-

-383,566 671,661

Cash and cash equivalents at 31st Jan 2022

348,606 383,566

4