GUINEA INSURANCE : QUARTER 4 - FINANCIAL STATEMENT FOR 2021

Guinea Insurance Plc

Management Accounts

31st December, 2021

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

			JAN - Dec 2021	JAN - DEC
for the period ended 31st December, 2021			2020
		31/Dec/21	31/Dec/20
In thousands of Naira	Notes
Gross premium written	1		1,356,556	1,081,507
Movement in unearned premuim	1		(268)	(29,571)
Gross premium income	1		1,356,288	1,051,936
Reinsurance expenses	2		(457,620)	(317,982)
Net premium income			898,668	733,954
Fees and commission income on reinsurance	3		71,513	80,484
Net underwriting Income			970,181	814,438
Claims expenses	4		(38,574)	(155,214)
Underwriting expenses	5		(350,885)	(285,127)
Underwriting profit			580,722	374,097
Investment Income	6		82,262	104,826
Fair value gains on investment properties	7		-	7,000
Other operating income/(loss)	8		62,608	25,394
Revaluation loss			-	-
		(0)	-
Impairment (charge)/reversal	9 (a)
Finance cost	10		-	-
Other operating expenses	9		(717,379)	(736,287)
Profit/(Loss) before taxation			8,213	(224,970)
Income tax (expense)/credit	11		(1,232)	(2,704)
Profit/(Loss) after taxation			6,981	(227,674)
Other comprehensive income
Items within OCI that may be reclassified to the				-
profit or loss:
Gain/(loss) on available-for-sale financial assets	14		1,002	47,218
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	15		-	23,786
Total other comprehensive income			1,002	71,004
Total comprehensive profit for the year, net of tax			7,984	(156,670)
Contigency Reserve			40,697
		32,445
Earnings/(Loss) per share - Basic and Diluted (kobo)	13		0.11	(4.0)

The statement of significant accounting policies and the accompanying notes form an integral part of these financial statemnts.

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STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	JAN - DEC 2021		JAN - DEC		OCT - DEC		OCT - DEC.
for the period ended 31 December, 2021		2020		2021		2020
In thousands of Naira	31/Dec/21		31/Dec/20		THREE MONTHS		THREE MONTHS
	1,356,556		1,081,507		262,245		285,731
Gross premium written
Movement in unearned premuim	(268)		(29,571)		96,119		(14,479)
Gross premium income	1,356,288		1,051,936		358,364		271,252
Reinsurance expenses	(457,620)		(317,982)		(114,920)		(94,428)
	898,668		733,954		243,444		176,824
Net premium income
Fees and commission income on reinsurance	71,513		80,484		24,703		24,087
	970,181		814,438		268,147		200,911
Net underwriting Income
Claims expenses	(38,574)		(155,214)		(23,830)		21,886
Underwriting expenses	(350,885)		(285,127)		(76,503)		(84,698)
	580,722		374,097		167,814		138,099
Underwriting profit
Investment Income	82,262		104,826		20,703		2,544
Fair value gains on investment properties	-		7,000		-		7,000
Other operating income/(loss)	62,608		25,394		10,618		12,101
Revaluation loss	-		-		-		-
Impairment (charge)/reversal	(0)		-		-		-
Finance cost	-		-		-		-
Other operating expenses	(717,379)		(736,287)		(197,005)		(246,416)
	8,213		(224,970)		2,131		(86,671)
Profit/(Loss) before taxation
Income tax (expense)/credit	(1,232)		(2,704)		(320)		1,867
	6,981		(227,674)		1,811		(84,804)
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	1,002		47,218		1,614		53,808
Related tax							-
Revaluation gains on land and building	-		23,786		-		23,786
Total other comprehensive income	1,002		71,004		1,614		77,594
Total comprehensive profit for the year, net of
tax	7,984		(156,670)		3,425		(7,210)
	40,697		32,445		7,867		11,888
Contigency Reserve
Earnings/(Loss) per share - Basic and Diluted	0.11		(4.00)		0.03		(2.34)
(kobo)

The statement of significant accounting policies and the accompanying notes form an integral part of these financial statemnts.

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STATEMENTS OF FINANCIAL POSITION

As At 31ST DEC, 2021

In thousands of Naira	31/12/2021	31/12/2020
Assets
Cash and cash equivalents	307,353	671,661
Financial assets:
Available-for-sale financial assets	264,236	263,233
Held to maturity	939,446	886,042
Trade receivables	0	-
Reinsurance assets	392,009	300,328
Deferred acquisition costs	66,904	62,932
Other receivables and prepayments	63,891	55,675
Investment properties	85,000	85,000
Intangible Asset	5,942	4,742
Property and equipment	950,744	841,484
Statutory deposit	333,654	333,654
Total assets	3,409,179	3,504,751
Liabilities		-
Insurance contract liabilities	771,420	902,593
Trade payables	53,910	-
Other payables and accruals	159,787	134,073
Employee benefit obligations	11,171	1,743
Current tax payable	24,320	85,756
Deferred tax liabilities	111,311	111,311
Deposit for shares	151,400	151,400
Total liabilities	1,283,319	1,386,876
Equity
Issued share capital	3,070,000	3,070,000
Share premium	337,545	337,545
Contingency reserve	592,020	551,323
Accumulated losses	(2,053,128)	(2,019,412)
Available-for-sale reserve and others	113,734	112,730
Other reserves	65,688	65,688
Total equity	2,125,859	2,117,875
Total liabilities and equity	3,409,179	3,504,751

These financial statements were approved by the Board of Directors on ******* 2021 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

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STATEMENTS OF CHANGES IN EQUITY

for the period ended 31st December, 2021

	Issued share		Accumulated		Share		Contingency		AFS		Asset		Defined
	capital		Losses		premium		reserve		Reserves
In thousands of Naira						revaluation		benefit		Total equity
As at 1 January 2021	3,070,000	(2,019,412)	337,545	551,323	112,731	65,688	-	2,117,876
Loss for the year	-	6,981	-	-							6,981
Other comprehensive income:
Reversal of prior year fair value loss
Fair value changes on AFS	-			-	-	1,002			-	1,002
Revaluation gain on PPE
Employee defined benefit
Income tax impact on OCI
Total comprehensive income for the year	-	6,981	-	-	1,002	-	-	7,984
Transactions with owners, recorded directly in equity
Transfer to contingency reserve	-	(40,697)	-	40,697	-					-
Reclassification				-	-					-	-
	-	(40,697)	-	40,697	-	-	-	-
As at 31st Dec, 2021	3,070,000	(2,053,128)	337,545	592,020	113,734	65,688	-	2,125,859
for the Period ended 31st Dec,2020
In thousands of Naira
As at 1 January 2020	3,070,000	(1,679,406)	337,545	518,878	65,513	-	0	2,312,529
Profit for the year	-	(128,579)	-	-							(128,579)
Transfer to contigency reserve														-
Other comprehensive income:
Reversal of prior year fair value loss														-
Fair value changes on AFS	-			-	-	1,839	-			1,839
Changes in valuation of land and building														-
Reclassification														-
Income tax impact on OCI		-							-	-	-
Total comprehensive income for the year	3,070,000	(1,807,985)	337,545	518,878	67,352	-	0.00	2,185,789
												-	-
Transactions with owners, recorded directly in equity
Transfer to contingency reserve	-	(29,500)	-	29,500	-					-
				-	-			-	-	-
As at 31st Dec, 2020	3,070,000	(1,837,485)	337,545	548,377	67,352	-	0.00	2,185,789

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