UNAUDITED INTERIM FINANCIAL
STATEMENTS AS AT 31ST MARCH, 2023
1
MUTUAL BENEFITS ASSURANCE PLC
CORPORATE INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023
CONTENTS | PAGE |
Summary of Significant Accounting Policies | 2 |
Consolidated and Separate Statements of Profit or Loss | 3 |
Consolidated and Separate Statements of Other Comprehensive Income | 4 |
Consolidated and Separate Statements of Financial Position | 5 |
Consolidated Statement of Changes in Equity - Group | 7 |
Separate Statement of Changes in Equity - Company | 8 |
Consolidated and Separate Statements of Cash Flows | 9 |
Notes to the Consolidated and Separate Financial Statements | 10 |
2
MUTUAL BENEFITS ASSURANCE PLC
FINANCIAL HIGHLIGHTS
FOR THE YEAR ENDED 31 MARCH 2023
FOR THE PERIOD ENDED 31 MARCH 2023 | |||||||
STATEMENTS OF PROFIT OR LOSS | |||||||
GROUP | COMPANY | ||||||
in thousands of Nigerian Naira | MARCH 2023 ACTUAL YTD | MARCH 2022 ACTUAL YTD | % | MARCH 2023 ACTUAL YTD | MARCH 2022 ACTUAL YTD | % | |
Gross premium written | 12,755,831 | 10,987,105 | 16 | 6,106,116 | 5,098,507 | 20 | |
Gross premium income | 7,018,441 | 8,659,272 | - | 19 | 4,143,949 | 3,404,873 | 22 |
Net premium income | 6,119,533 | 7,771,587 | - | 21 | 3,597,859 | 2,729,264 | 32 |
Net underwriting income | 6,416,584 | 8,091,749 | - | 21 | 3,847,347 | 3,019,131 | 27 |
Underwriting profit | 2,300,952 | 2,479,983 | - | 7 | 1,740,745 | 1,259,988 | 38 |
Profit/(loss) before income tax | 1,985,826 | 1,875,056 | 6 | 1,413,009 | 924,560 | 53 | |
Profit/(loss) for the year | 1,663,896 | 1,649,709 | 1 | 1,080,952 | 728,911 | 48 | |
Earnings per share: Basic | 9 | 8 | 5 | 4 | |||
and diluted | |||||||
STATEMENTS OF FINANCIAL POSITION | |||||||
in thousands of Nigerian Naira | MARCH 2023 ACTUAL YTD | DECEMBER 2022 ACTUAL | % | MARCH 2023 ACTUAL YTD | DECEMBER 2022 ACTUAL | % | |
YTD | YTD | ||||||
Total assets | 95,765,567 | 92,952,894 | 3 | 32,094,140 | 29,300,440 | 10 | |
Insurance contract liabilities | 30,002,707 | 26,094,699 | 15 | 12,350,986 | 11,008,862 | 12 | |
Investment contract liabilities | 32,739,278 | 33,505,502 | 2 | - | - | - | |
Shareholders' fund | 22,736,382 | 21,376,114 | 6 | 14,795,244 | 13,714,292 | 8 |
3
MUTUAL BENEFITS ASSURANCE PLC
CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS
GROUP | COMPANY | |||||
in thousands of Nigerian Naira | Notes | MARCH 2023 | MARCH 2022 | MARCH 2023 | MARCH 2022 | |
ACTUAL YTD | ACTUAL YTD | ACTUAL YTD | ACTUAL YTD | |||
Gross premium written | 3.1 | 12,755,831 | 10,987,105 | 6,106,116 | 5,098,507 |
Gross premium income | 3.1 | 7,018,441 | 8,659,272 |
Premiums ceded to reinsurers | 3.2 | (898,908) | (887,685) |
Net premium income | 3.3 | 6,119,533 | 7,771,587 |
Fees and commission income | 4 | 297,051 | 320,162 |
Net underwriting income | 6,416,584 | 8,091,749 |
4,143,949 3,404,873
(546,090) (675,609)
3,597,859 2,729,264
249,488289,867
3,847,347 3,019,131
Net benefits and claims | 5 | 1,389,068 | 3,507,042 |
Changes in life fund | 32.1.2 | 265,899 | - |
Changes in annuity reserve | 32.1.2 | (10,477) | (10,477) |
Underwriting expenses | 6 | 2,471,142 | 2,115,201 |
Net underwriting expenses | 4,115,632 | 5,611,766 | |
Underwriting profit | 2,300,952 | 2,479,983 |
924,604 | 807,537 |
- | - |
- | - |
1,181,998 | 951,606 |
2,106,602 | 1,759,143 |
1,740,745 | 1,259,988 |
Profit/(loss) on investment contracts | 7 | 362,971 | 13,592 | - | - |
Investment income | 8 | 885,202 | 419,309 | 420,093 | 267,000 |
Net fair value gain/(loss) on assets at FVTPL | 9 | (211,620) | 223,302 | (78,031) | 79,808 |
Other income | 10 | 19,789 | 89,846 | 9,770 | 10,765 |
Impairment reversal/(loss) on financial assets | 11 | (13,834) | (4,680) | - | - |
Employee benefit expenses | 12 | (525,350) | (476,594) | (268,820) | (235,409) |
Management expenses | 13 | (872,147) | (941,669) | (431,937) | (490,110) |
Net foreign exchange gains/(losses) | 14 | (22,913) | 56,810 | 21,189 | 48,995 |
Operating profit/(loss) | 1,923,050 | 1,859,899 | 1,413,009 | 941,037 |
Finance costs | 15 | (28,293) | (32,280) |
Finance income | 16 | 91,069 | 47,437 |
Profit/(Loss) before income tax | 1,985,826 | 1,875,056 | |
Income tax (expense)/credit | 17 | (321,930) | (225,347) |
Profit/(Loss) for the year | 1,663,896 | 1,649,709 | |
Profit/(Loss) attributable to: | |||
Owners of the parent | 1,739,447 | 1,632,274 | |
Non-controlling interests | 47 | (75,551) | 17,435 |
1,663,896 | 1,649,709 | ||
Earnings/(Loss) per share: | |||
Earnings/(Loss) per share for profit/(loss) | |||
attributable to equity holders of parent | |||
Basic and diluted (kobo) | 18 | 9 | 8 |
- (16,477)
-
-
1,413,009924,560
(332,057) (195,649)
1,080,952728,911
1,080,952728,911
--
1,080,952728,911
54
The accompanying summary of significant accounting policies and notes to the consolidated and separate financial statements are an integral part of these consolidated and separate financial statements.
3
MUTUAL BENEFITS ASSURANCE PLC
CONSOLIDATED AND SEPARATE STATEMENTS OF OTHER COMPREHENSIVE INCOME
GROUP | COMPANY | |||||
in thousands of Nigerian Naira | Notes | MARCH 2023 | MARCH 2022 | MARCH 2023 | MARCH 2022 | |
ACTUAL YTD | ACTUAL YTD | ACTUAL YTD | ACTUAL YTD | |||
Profit/(loss) for the year | 1,663,896 | 1,649,709 | 1,080,952 | 728,911 | ||
Other comprehensive income (net of tax): |
Items that may be reclassified to the profit or loss account in subsequent periods:
Exchange differences on translation of foreign | (606,335) | (286,807) |
operations | ||
(606,335) | (286,807) | |
Total other comprehensive income for the | ||
year, net of tax | (606,335) | (286,807) |
Total comprehensive Income/(loss) for the | ||
year, net of tax | 1,057,561 | 1,649,709 |
Total comprehensive income/(loss) attributable to:
--
--
--
1,080,952 728,911
Owners of the parent | 1,360,268 | 1,781,674 | 1,080,952 | 728,911 | ||
Non-controlling interests | 47 | (302,707) | (131,966) | - | - | |
1,057,561 | 1,649,709 | 1,080,952 | 728,911 |
The accompanying summary of significant accounting policies and notes to the consolidated and separate financial statements are an integral part of these consolidated and separate financial statements.
4
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Mutual Benefits Assurance plc published this content on 24 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 May 2023 07:35:09 UTC.