UNIVERSAL INSURANCE : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

SECOND QUARTER MANAGEMENT ACCOUNT

For The Period Ended 30 JUNE, 2023

Universal Insurance Plc

RC 2460

Nigeria Stock Exchange Free Float Report

Company Name:	Universal Insurance Plc
Board Listed:	Main Board
Year End:	2nd Quarter 2023
Reporting Period:	Period ended 30th June 2023
Share Price At End of Reporting Period:	N0.20 (2022: N0.20)
Shareholding Structure/Free Float Status

Description

Issued Share Capital

Substantial Shareholdings (5% and above) African Alliance Insurance Plc

Stanbic Nominees Nigeria Limited Total Substantial Shareholding

Directors Shareholdings (direct and indirect) excluding directors with substantial holdings

Mr Reginald Anyanwu

Total Directors Shareholding

Other Shareholdings

Total Other Shareholdings

Free Float in Units and Percentage

30-Jun-23		30-Jun-22
Unit	Percentage	Unit	Percentage
16,000,000,000	100%	16,000,000,000	100%
4,155,106,088	25.97%	4,155,106,088	25.97%
1,763,191,383	11.02%	1,763,191,383	11.02%
5,918,297,471	36.99%	5,918,297,471	36.99%
150,000	0.0009%	50,000	0.0003%
150,000	0.0009%	50,000	0.0003%
-	0.00%	-	0.00%
10,081,552,529	63.01%	10,081,652,529	63.01%

Free Float in Value

₦ 2,016,310,505.80

₦2,016,330,505.80

Declaration:

1. Universal Insurance Plc with a free float percentage of 63.01% as at 30 June 2023, is compliant with the Exchange's free float requirements for companies listed on the Main Board.
2. Universal Insurance Plc with a free float value of N2,016,310,505.80 as at 30 June 2023, is compliant with the Exchange's free float requirements for companies listed on the Main Board.

UNIVERSAL INSURANCE PLC. 2nd QUARTER 2023 MANAGEMENT ACCOUNT

UNIVERSAL INSURANCE PLC

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS AT 30 JUNE 2023

				COMPANY
	NOTES	30-Jun-23	30-Jun-22
Assets				N'000	N'000
Cash and Cash Equivalents	6			941,783	708,306
Financial Assets	7			3,142,732	2,688,391
Trade Receivable	8			693,531	219,121
Reinsurance Assets	9			817,107	437,710
Deferred Acquisition cost	10		619,478	371,547
Deferred tax assets	23.a	403,685	403,685
Other Receivables	11			416,250	621,048
Investment in Subsidiaries	12		2,692,232	2,449,516
Investment Properties	13		1,923,414	1,901,830
Intangible Asset	14		64,939	57,121
Property, Plant and Equipment	15		2,587,741	2,641,040
Statutory Deposits	16		335,000	335,000
Total Assets				14,637,892	12,834,315
Liabilities
Insurance Contract Liabilities	17		3,449,342	1,234,648
Borrowings	18		-	-
Trade payable	19		72,370	73,940
Other payable	20		114,725	94,734
Employee benefit liability	21		-	-
Income Tax liabilities	22		29,764	26,324
Deferred tax liabilities	23		296,875	296,875
Total Liabilities				3,963,075	1,726,520
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		1,039,917	817,229
Fair value reserve	24.	4		6,460	6,460
Non Current assets revaluation reserve	24.	5		768,329	768,329
Retained earnings	24.	6		35,094	690,759
Shareholders funds				10,674,817	11,107,794
Other equtiy instruments				-
Non - controlling interests
TOTAL EQUITY & LIABILITIES				14,637,892	12,834,315
				(0)

Signed on behalf of the Board of Directors on, July 12, 2023

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

The accounting policies and the accompanying notes form an integral part

1

UNIVERSAL INSURANCE PLC. 2nd QUARTER 2023 MANAGEMENT ACCOUNT

Universal Insurance Plc

Statements of Comprehensive Income

For the PERIOD ENDED 30 JUNE 2023
	Notes
					1/04/2022
			1/04/2023 to		to
		30-Jun-23 30/06/2023	30-Jun-22 30/06/2022
		N'000		N'000
Gross Premium written	25	5,201,000	2,962,264	3,444,384	2,083,131
Decrease/(increase) in unearned premium		(2,208,708)	(537,909)	(1,216,327)	(419,534)
Gross Premium Earned		2,992,291	2,424,355	2,228,057	1,663,597
Reinsurance Premium Expense	26	(713,811)	(475,411)	(484,877)	(225,094)
Net Insurance Premium Income		2,278,480	1,948,944	1,743,180	1,438,503
Fees and Commission income	27	71,428	68,463	48,829	44,149
Total Underwriting Income		2,349,908	2,017,407	1,792,009	1,482,652
Insurance benefits
Claims expenses	28	(139,107)	(98,416)	(23,646)	(163,532)
Increase/(Decrease) in claims and IBNR reserves per actuarial valuation	28	-
Claims Expense Recovery from Reinsurance	28	275,795	39,465	7,420	120
Change in contract liabilities	28	-		-	-
Net insurance benefit and claims		136,688	(58,950)	(16,226)	(190,338)
Underwriting Expenses
Acquisition expenses	29	(581,414)	(376,652)	(352,738)	(257,685)
Maintenance expenses	29	(627,391)	(476,922)	(468,364)	(295,375)
Total Underwriting Expenses		(1,208,804)	(853,575)	(821,102)	(553,060)
Underwriting Profit/(Loss)		1,277,792	1,104,882	954,680	971,576
Investment income	30	109,817	101,800	87,432	59,307
Other operating income		-		-	-
Total investment income		109,817	101,800	87,432	59,307
Net Income		1,387,610	1,206,682	1,042,113	1,030,882
Unrealised fair value gain		610,245	51,949	343,206	60,819
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	(1,024,266)	(931,149)	(581,501)	(594,670)
Total Expenses		(414,021)	(879,200)	(238,295)	(655,489)
Result of operating activities		973,588	327,482	803,818	375,393
Interest expense	33	-		-	-
Profit or (Loss) before Taxation		973,588	327,482	803,818	375,393
Income Tax (Expense)/ Credit	22.1a	(25,411)	(11,462)	(8,119)	(7,358)
Profit or Loss after Taxation		948,178	316,020	795,699	368,035
Profit/(Loss) to Equity holder		948,178	316,020	795,699	368,035
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		948,178	316,020	795,699	368,035
Non-controlling interest		-		-	-
Profit/(loss) for the period		948,178	316,020	795,699	368,035
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		948,178	316,020	795,699	368,035
Total comprehensive income attributable to:
Equity holders of the company		948,178	316,020	795,699	368,035
Non-controlling interests		-		-
Total comprehensive income for the period		948,178	316,020	795,699	368,035
Earnings per share-(basic and diluted)(Kobo)	2 34	5.93	1.98	4.97	2.30

		THE UNIVERSAL INSURANCE PLC														UNIVERSAL INSURANCE PLC.
															2nd QUARTER 2023 MANAGEMENT ACCOUNT
		UNDERWRITING REVENUE ACCOUNT
		FOR THE PERIOD ENDED 30 JUNE 2023
															1/04/2023	1/04/2022
															To	To
					MOTOR	FIRE	NERAL ACCID	BOND	ENGINEERING	OIL & GAS	AVIATION	AGRIC INS	MARINE	Jun-23	30/06/2023	30/06/2022	1-Jun-22
					N`000	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			384,066	690,317	411,539	453,632	111,793	1,150,218	-	11,030	395,341	3,607,937	2,282,453	862,702	2,329,313
Reinsurance Accepted			63,895	241,297	47,186	19,420	37,492	1,083,104	-	14,377	86,292	1,593,063	679,811	232,911	1,115,070
Gross Premium Written			447,961	931,614	458,725	473,052	149,285	2,233,322	-	25,407	481,633	5,201,000	2,962,264	1,095,613	3,444,384
Changes in Reserve for Unexpired Risk (*)			(183,802)	(300,089)	(101,463)	(154,818)	68,361	(1,470,002)	(22,426)	967	(45,435)	(2,208,708)	(537,909)	(608,164)	-
Gross Premium Earned			264,159	631,525	357,262	318,234	217,646	763,320	(22,426)	26,374	436,198	2,992,291	2,424,355	487,449	3,444,384
Net Reinsurance Recovery (UPR) per actuarial valuation												-	-		-
Reinsurance cost			(155,337)	(46,214)	(24,018)	(3,609)	(5,309)	(473,513)	-	-	(5,812)	(713,811)	(475,411)	(190,671)	(484,877)
Net Premium Written			108,823	585,311	333,244	314,625	212,337	289,807	(22,426)	26,374	430,386	2,278,480	1,948,944	296,778	2,959,507
Commission Receiveed			53,920	8,681	6,907	722	53	-	-	-	1,145	71,428	68,463	8,130	48,829
Net Income			162,743	593,993	340,151	315,347	212,390	289,807	(22,426)	26,374	431,530	2,349,908	2,017,407	304,908	3,008,336
Claims Incurred:
Direct Claims Paid			101,673	585,979	113,955	-	51,026	177	167,555	675	1,682	1,022,722	499,487	163,532	347,507
Provision for Outstanding claims (IBNR)			(491)	(84,541)	(49,000)	(74,702)	(50,688)	(78,907)	(136,582)	(9,094)	(48,950)	(532,955)	(296,718)	-	(249,321)
Additional charge to claims reserve per actuarial valuation (IBNR)			-	-	-	-	-	-	-		-	-	-	-	-
Changes in Provision for Outstanding Claims (**)		(3,909)	(186,843)	(20,062)	-	(21,666)	(2,485)	(113,737)	-	(1,960)	(350,661)	(104,354)	-	(74,540)
Gross Claims Incurred			97,274	314,595	44,893	(74,702)	(21,327)	(81,215)	(82,764)	(8,419)	(49,229)	139,106	98,416	163,532	23,646
Reinsurance Claims Recovery per actuarial valuation												-			-
Reinsurance Recovery (IBNR) per actuarial valuation			-	-	-	-	-	-	-	-	-	-			-
Reinsurance Claims Recovery			(15,344)	(260,451)	-	-	-	-		-	-	(275,795)	(39,465)	(7,410)	(7,420)
Net Claims Incured			81,929	54,145	44,893	(74,702)	(21,327)	(81,215)	(82,764)	(8,419)	(49,229)	(136,689)	58,950	156,122	16,226
Underwriting Expenses:	-
Commission Paid			55,902	180,419	91,543	93,659	24,655	471,081	-	5,980	78,628	1,001,866	482,648	150,828	571,192
Changes in deferred commission			(36,730)	(38,435)	(19,870)	(30,166)	19,745	(309,192)	(4,592)	(8)	(1,205)	(420,452)	(105,995)	-	(218,453)
Additional (DCA) per actuarial valuation report												-		-	-
Maintenance expenses			70,355	69,090	69,095	69,090	69,090	69,090	69,090	-	142,488	627,391	476,922	323,998	468,364
Total Underwriting Expenses			89,527	211,075	140,768	132,583	113,490	230,979	64,498	5,973	219,911	1,208,804	853,575	474,826	821,102
Total Expenses			171,457	265,219	185,661	57,881	92,163	149,764	(18,266)	(2,447)	170,683	1,072,115	912,525	630,948	837,328
Underwriting Result			(8,714)	328,773	154,489	257,466	120,227	140,042	(4,161)	28,821	260,848	1,277,793	-	(326,040)	2,171,008
Provision for Unexpired Risk- 1 JANUARY 2022		120,556	252,730	179,936	152,063	143,267	5,107	19,565	13,802	151,134	1,038,161	687,341	974,080	974,080
Provision for Unexpired Risk- 31,March 2023			304,357	552,820	281,399	306,881	74,906	1,475,109	41,992	12,836	196,569	3,246,869	1,225,250	974,080	974,080
Additional charge (UPR) per actuarial valuation			-	-	-	-	-	-	-		-	-	-	-	-
Provision for Unexpired Risk- 30 June 2022		304,357	552,820	281,399	306,881	74,906	1,475,109	41,992	12,836	196,569	3,246,869	1,225,250	974,080	974,080
* Changes in reserve for unexpired Risk			(183,802)	(300,089)	(101,463)	(154,818)	68,361	(1,470,002)	(22,426)	967	(45,435)	(2,208,708)	(537,909)	-	-
Gross Claims Outstanding
Provision for Outsanding Claims- 1 JANUARY 2022		49,578	207,377	89,507	251	22,537	18,340	140,609	-	1,362	529,560	404,704	311,420	311,420
Provision for Outsanding Claims- 31,March 2023			45,669	20,534	69,445	251	871	15,855	26,872	-	(598)	178,899	300,351	311,420	236,880
** Changes in provision for outstanding claims			(3,909)	(186,843)	(20,062)	-	(21,666)	(2,485)	(113,737)	-	(1,960)	(350,661)	(104,354)	-	(74,540)

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