Axa Mansard Insurance PlcNSENG: MANSARD

Year end - financial statement for 2025

Jan 31, 2026 at 6:52 AM UTC · Issued by Axa Mansard Insurance Plc

AXA Mansard Insurance Plc and Subsidiary Companies Audited Financial Statement 31 December 2024 CERTIFICATION PURSUANT TO SECTION 60(2) OF INVESTMENT AND SECURITIES ACT NO.29 OF 2007

I the undersigned hereby certify the following with regards to our financial statements for the year ended 31 December 2024 that:

Have reviewed the financial statement;
To the best of my knowledge, the financial statement does not contain:
1. Any untrue statement of a material fact, or
2. Omit to state a material fact, which would make the statements, misleading in the light of circumstances under which such statements were made;
To the best of my knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operation of the Company and its consolidated subsidiaries as of, and for the period presented in the report.
I:
1. am responsible for establishing and maintaining internal controls.
2. have designed such internal controls to ensure that material information relating to the Company and its consolidated subsidiaries is made known to such officers by others within those entries particularly during the year in which the periodic reports are being prepared;
3. Have evaluated the effectiveness of the Company's internal controls as of date within 90 days prior to the report;
4. Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;
I have disclosed to the auditors of the Company and Audit Committee:
1. All significant deficiencies in the design or operation of internal controls which would adversely affect the Company's ability to record, process, summarize and report financial data and have identified for the Company's auditors any material weakness in internal controls, and
2. Any fraud, whether or not material, that involves management or other employees who have significant roles in the Company's internal controls;
I have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Mr. Adekunle Ahmed

FRC/2017/CIIN/00000017019

Chief Executive Officer

CERTIFICATION PURSUANT TO SECTION 60(2) OF INVESTMENT AND SECURITIES ACT NO.29 OF 2007

I the undersigned hereby certify the following with regards to our financial statements for the year ended 31 December 2024 that:

Have reviewed the financial statement;
To the best of my knowledge, the financial statement does not contain:
1. Any untrue statement of a material fact, or
2. Omit to state a material fact, which would make the statements, misleading in the light of circumstances under which such statements were made;
To the best of my knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operation of the Company and its consolidated subsidiaries as of, and for the period presented in the report.
I:
1. am responsible for establishing and maintaining internal controls.
2. have designed such internal controls to ensure that material information relating to the Company and its consolidated subsidiaries is made known to such officers by others within those entries particularly during the year in which the periodic reports are being prepared;
3. Have evaluated the effectiveness of the Company's internal controls as of date within 90 days prior to the report;
4. Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;
I have disclosed to the auditors of the Company and Audit Committee:
1. All significant deficiencies in the design or operation of internal controls which would adversely affect the Company's ability to record, process, summarize and report financial data and have identified for the Company's auditors any material weakness in internal controls, and
2. Any fraud, whether or not material, that involves management or other employees who have significant roles in the Company's internal controls;
I have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Mrs. Ngozi Ola-Israel

Type text here

FRC/2017/ANAN/00000017349

Chief Financial Officer

Consolidated and Separate Statement of Financial Position

(All amounts in thousands of Naira) As at 31 December, 2024	Notes	Group 31-Dec-24	Group 31-Dec-23	Parent 31-Dec-24	Parent 31-Dec-23
ASSETS
Cash and cash equivalents	8	14,169,717	26,173,322	11,366,648	19,020,869
Investment securities: - Fair value through profit or loss	9.1	3,002,617	11,056,259	2,189,790	8,489,840
- Fair value through OCI	9.2	93,203,353	39,894,733	71,342,971	35,372,502
-Other Investment Securities at amortised Cost	9.4	1,864,191	2,237,525	1,864,191	2,237,525
-Loans and receivables at amortised costs	13	2,082,138	4,369,661	1,810,436	5,264,846
-'Financial assets designated at fair value	9.3	2,340,748	2,496,669	2,340,748	2,496,669
Reinsurance contract assets	10a (i)	19,044,132	17,512,870	18,717,662	16,770,219
Trade receivable	11	6,908,355	5,528,269	651,046	375,945
Other receivables	12	3,825,579	4,515,984	1,716,422	1,786,882
Investment property	14	31,769,053	20,874,577	-	-
Investment in subsidiaries	15	-	-	1,652,000	1,652,000
Intangible assets	16	985,651	955,750	936,352	898,846
Property and equipment	17	4,192,167	3,827,521	3,564,638	3,232,481
Right-of-use asset	18	1,232,838	1,185,740	1,207,781	1,106,768
Statutory deposit	19	500,000	500,000	500,000	500,000
TOTAL ASSETS		185,120,539	141,128,880	119,860,685	99,205,392
LIABILITIES
Insurance contract liabilities	10a (i)	70,059,243	50,656,633	44,577,648	33,036,927
Other Insurance liabilities	10a (ii)	4,226,318	3,036,929	3,727,933	2,041,197
Investment contract liabilities: - At amortised cost	20	2,718,957	9,713,052	2,718,957	9,713,052
- Liabilities designated at fair value	20	2,340,748	2,496,669	2,340,748	2,496,669
Trade payable	21	4,685,578	10,773,177	4,685,578	10,773,177
Other liabilities	22	6,412,140	4,522,608	4,824,017	3,067,669
Other technical liabilities	23	26,845,477	8,813,122	26,845,477	8,813,122
Current income tax liabilities	24	2,780,105	1,858,041	1,249,125	1,039,866
Borrowings	25	7,854,096	5,257,670	-	-
Deferred tax liability	26	4,553,839	2,581,346	-	-
TOTAL LIABILITIES		132,476,500	99,709,247	90,969,484	70,981,679
EQUITY
Share capital	27.1	18,000,000	18,000,000	18,000,000	18,000,000
Share premium	27.2	78,254	78,255	78,254	78,255
Contingency reserve	27.3	8,757,185	6,516,717	8,757,185	6,516,717
Treasury shares	27.4	(111,476)	(111,476)	(111,475)	(111,476)
Fair value reserves	27.5	(15,966,488)	(2,106,275)	(14,915,758)	(1,989,969)
Insurance finance reserve	27.6	1,955,538	(725)	1,812,415	(11,430)
Retained earnings	27.7	34,141,163	14,372,174	15,270,581	5,741,615
SHAREHOLDERS' FUNDS		46,854,176	36,748,669	28,891,201	28,223,712
Total equity attributable to the owners of the parent		46,854,176	36,748,669	28,891,201	28,223,712
Non-controlling interest in equity	28	5,789,863	4,670,962	-	-
TOTAL EQUITY		52,644,039	41,419,631	28,891,201	28,223,712
TOTAL LIABILITIES AND EQUITY		185,120,539	141,128,880	119,860,685	99,205,392
Signed on behalf of the Board of Directors on 30 January 2025
Mrs. Ngozi Ola-Israel	Mr. Adekunle Ahmed			Mrs. Rashidat Adebisi
FRC/2017/ANAN/00000017349	FRC/2017/CIIN/00000017019				FRC/2012/ICAN/00000000497
Chief Financial Officer	Chief Executive Officer			ED Technical & Client Services
The accompanying notes are an integral part of these financial statements

Consolidated and Separate Statement of Comprehensive Income

for the year ended 31 December, 2024

(All amounts in thousands of Naira unless otherwise stated)

	Notes	Group	Group	Parent	Parent
		31-Dec-24	31-Dec-23	31-Dec-24	31-Dec-23
Continuing operations
Insurance revenue	30	131,337,931	82,753,433	84,109,732	50,304,582
Insurance service expenses	31	(85,433,418)	(52,048,993)	(43,691,433)	(24,203,707)
Net expense from reinsurance contracts held	32	(33,068,179)	(19,434,887)	(32,427,503)	(19,487,557)
Insurance service results		12,836,334	11,269,554	7,990,797	6,613,319
Interest revenue calculated using the effective interest
method	33	9,698,752	4,160,804	7,240,845	3,707,379
Other investment revenue	34	27,093,645	14,298,153	16,959,524	8,171,691
Net (impairment loss)/writeback on financial assets	39	(1,234,086)	(855,453)	(481,617)	(231,535)
(Impairment loss)/writeback of premium receivables	11	-	(345,137)	-	15,325
Investment return		35,558,311	17,258,367	23,718,753	11,662,860
Net finance income/(expense) from reinsurance contracts	40	(358)	21,317	(165)	23,098
Net financial result		35,557,953	17,279,684	23,718,588	11,685,958
Other income	35	3,693,766	2,200,610	158,568	59,083
Expenses for marketing and administration	36	(4,068,142)	(2,642,450)	(3,687,483)	(2,389,623)
Employee benefit expense	37	(6,725,223)	(5,585,029)	(3,899,833)	(3,169,740)
Finance cost	41	(1,227,211)	(1,126,882)	(252,551)	(221,664)
Other operating expenses	38	(9,083,719)	(5,622,807)	(7,955,733)	(4,883,834)
Profit before tax		30,983,758	15,772,680	16,072,353	7,693,499
Income tax expense	42	(4,795,068)	(3,724,015)	(1,242,919)	(1,033,659)
Profit for the year		26,188,690	12,048,665	14,829,433	6,659,840
Profit attributable to: Owners of the parent		25,069,457	11,484,652	14,829,433	6,659,840
Non-controlling interest	28	1,119,233	564,013	-	-
		26,188,690	12,048,665	14,829,433	6,659,840
Other comprehensive income:
Items that may be subsequently reclassified to the profit or loss	account:
Changes in financial assets at FVTOCI (net of taxes)	27.5	(15,094,299)	(1,866,200)	(13,407,406)	(1,686,360)
Impairment reversal/(charges) on FVTOCI	39	1,234,086	855,453	481,617	231,535
Net finance expense from insurance contracts	27.6	1,956,263	(50,797)	1,823,845	(58,860)
Other comprehensive loss for the year		(11,903,950)	(1,061,544)	(11,101,944)	(1,513,685)

Total comprehensive income for the year		14,284,740	10,987,120	3,727,489	5,146,155
Attributable to: Owners of the parent		13,165,507	10,423,107	3,727,489	5,146,155
Non-controlling interests	28	1,119,233	564,013	-	-
Total comprehensive income for the year		14,284,740	10,987,120	3,727,489	5,146,155
Earnings per share:
Basic (kobo)	43	279	128	165	74
Diluted (kobo)	43	279	128	165	74

Basic (kobo)	43	279	128	165	74
Diluted (kobo)	43	279	128	165	74

The accompanying notes are an integral part of these financial statements

Consolidated Statement of Changes in Equity
(All amounts in thousands of Naira unless otherwise stated) for the year ended 31 December, 2024 Group
	Share	Share	Contingency	Treasury	Fair value	Insurance finance	Retained	Total	Non Controlling	Total
	Capital	Premium	reserve	shares	reserves	reserve	earnings		interest	equity
Balance at 1 January 2024	18,000,000	78,255	6,516,717	(111,476)	(2,106,275)	(725)	14,372,174	36,748,671	4,670,629	41,419,300
Total comprehensive income for the year Profit for the year	-	-	-	-	-	-	25,069,457	25,069,457	1,119,233	26,188,690
Transfer to contingency reserves	-	-	2,240,468	-	-		(2,240,468)	-	-	-
Other comprehensive income	-	-	-	-	1,234,086	1,956,263	-	3,190,349	-	3,190,349
Changes in financial assets at FVTOCI	-	-	-	-	(15,094,299)	-	-	(15,094,299)	-	(15,094,299)
Total comprehensive income for the year	-	-	2,240,468	-	(13,860,213)	1,956,263	22,828,989	13,165,507	1,119,233	14,284,740
Transactions with owners, recorded directly in equity Dividends to equity holders	- -	-	-	-	-		(3,060,000)	(3,060,000)	-	(3,060,000)
Total transactions with owners of equity	-	-	-	-	-	-	(3,060,000)	(3,060,000)	-	(3,060,000)

Balance at 31 December 2024	18,000,000	78,255	8,757,185	(111,476)	(15,966,487)	1,955,538	34,141,164	46,854,178	5,789,862	52,644,039

Consolidated Statement of Changes in Equity

(All amounts in thousands of Naira unless otherwise stated)

for the period ended 31 December, 2023

Group

Share Share Contingency Treasury Fair value Insurance finance Retained Total Non Controlling Total

	Capital	Premium	reserve	shares	reserves	reserve	earnings		interest	equity
Balance at 1 January 2023	18,000,000	78,255	5,118,869	(111,476)	(1,095,528)	50,072	6,961,358	29,001,550	4,106,949	33,108,499
Total comprehensive income for the year
Profit for the year	-	-	-	-	-	-	12,048,665	12,048,665	564,013	12,612,678
Transfer to contingency reserves	-	-	1,397,848	-	-		(1,397,848)	-	-	-
Other comprehensive income	-	-	-	-	855,453	(50,797)	-	804,656	-	804,656
Changes in financial assets at FVTOCI	-	-	-	-	(1,866,200)	-	-	(1,866,200)	-	(1,866,200)
Total comprehensive income for the year	-	-	1,397,848	-	(1,010,747)	(50,797)	10,650,817	10,987,120	564,013	11,551,134
Transactions with owners, recorded directly in equity	-
Dividends to equity holders	-						(3,240,000)	(3,240,000)
Total transactions with owners of equity	-	-	-	-	-	-	(3,240,000)	(3,240,000)	-	(3,240,000)

Balance at 31 December 2023 18,000,000 78,255 6,516,717 (111,476) (2,106,275) (725) 14,372,174 36,748,671 4,670,962 41,419,633

Separate Statement of Changes in Equity
(All amounts in thousands of Naira unless otherwise stated)
for the year ended 31 December, 2024
Parent
						Insurance
	Share	Share	Contingency	Treasury	Fair value	finance	Retained	Total
	Capital	Premium	reserve	shares	reserves	reserve	earnings
Balance at 1 January 2024	18,000,000	78,255	6,516,717	(111,476)	(1,989,969)	(11,430)	5,741,614	28,223,711
Total comprehensive income for the year
Profit for the year	-	-	-	-	-	-	14,829,433	14,829,433
Transfer to contingency reserves	-	-	2,240,468	-	-	-	(2,240,468)	-
Other comprehensive income	-	-	-	-	481,617	1,823,845		2,305,462
Changes in fair value of financial assets at FVTOCI	-	-	-	-	(13,407,406)	-	-	(13,407,406)
Total comprehensive income for the year	-	-	2,240,468	-	(12,925,789)	1,823,845	12,588,966	3,727,489
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Dividends to equity holders							(3,060,000)	(3,060,000)
Total transactions with owners	-	-	-	-	-	-	(3,060,000)	(3,060,000)

Balance at 31 December 2024	18,000,000	78,255	8,757,185	(111,476)	(14,915,758)	1,812,415	15,270,580	28,891,201

Consolidated Statement of Changes in Equity

(All amounts in thousands of Naira unless otherwise stated)

for the period ended 31 December, 2023

Parent

	Share Capital	Share Premium	Contingency reserve	Treasury shares	Fair value rance reserves	finance reserve	Retained earnings	Total
Balance at 1 January 2023	18,000,000	78,255	5,118,869	(111,476)	(535,144)	47,430	3,719,622	26,317,556
Total comprehensive income for the year
Profit for the year	-	-	-	-	-	-	6,659,840	6,659,840
Transfer to contingency reserves	-	-	1,397,848	-	-	-	(1,397,848)	-
Other comprehensive income	-	-	-	-	231,535	(58,860)	-	172,675
Changes in fair value of financial assets at FVTOCI	-	-	-	-	(1,686,360)	-	-	(1,686,360)
Total comprehensive income for the year	-	-	1,397,848	-	(1,454,825)	(58,860)	5,261,992	5,146,155
Transactions with owners, recorded directly in equity Dividends to equity holders							(3,240,000)	(3,240,000)
equity settled share based payment
Total transactions with owners	-	-	-	-	-	-	(3,240,000)	(3,240,000)
Balance at 31 December 2023	18,000,000	78,255	6,516,717	(111,476)	(1,989,969)	(11,430)	5,741,614	28,223,711

Consolidated and Separate Statement of Cashflows For the year ended 31 December 2024
(All amounts in thousands of Naira unless otherwise stated)	Notes	Group 31-Dec-2024	Group 31-Dec-2023	Parent 31-Dec-2024	Parent 31-Dec-2023
Cash flows from operating activities
Cash premium received	10(c) iii	127,024,513	102,738,544	74,244,638	66,962,448
Cash paid as reinsurance premium	10(e) iii	(49,753,186)	(27,729,522)	(48,114,354)	(27,215,858)
Fee income received	45a	4,512,714	3,152,316	3,455,006	2,964,671
Cash received on investment contract liabilities	20.3	400,210	459,250	400,210	459,250
Cash paid to investment contract holders	20.3	(8,270,436)	(580,515)	(8,270,436)	(580,515)
Claims paid	10(c) iii	(63,214,522)	(49,854,668)	(27,159,616)	(30,052,550)
Cash received from reinsurers on recoveries for claims paid	10(e) iii	15,237,718	3,786,171	13,823,575	3,786,171
Cash received from coinsurers on recoveries and claims paid	11.2a	163,829	39,992	163,829	39,992
Underwriting expenses paid	10(c) iii	(17,717,682)	(4,218,191)	(14,295,673)	(2,441,504)
Employee benefits paid	45c	(6,146,129)	(5,146,901)	(3,497,063)	(2,905,466)
Rent received	45h	1,627,456	843,901	-	-
Lease payments made	22.1	(270,194)	(474,639)	(160,439)	(426,475)
Other operating expenses paid	45e	(12,038,272)	(7,120,679)	(9,834,877)	(4,993,187)
Additions to Unallocated premiums & refunds	23	16,986,203	906,781	16,986,203	906,781
Premium received in advance	23	9,980,705	5,795,866	9,980,705	5,795,866
Changes in working capital		18,522,927	22,597,706	7,721,706	12,299,624
Income tax paid	24	(1,805,885)	(1,128,016)	(1,033,660)	(668,009)
Net cash generated from/(used in) operating activities		16,717,042	21,469,691	6,688,046	11,631,614
Cash flows from investing activities Purchases of property, plant and equipment	17	(1,553,691)	(1,440,378)	(1,239,669)	(1,192,236)
Dividend received	45f	1,986,344	2,540,683	1,947,769	1,763,911
Investment income received	45g	7,757,870	4,239,155	5,280,827	3,788,683
Purchase of intangible assets	16	(274,563)	(646,939)	(268,145)	(632,015)
Proceeds from the disposal of property and equipment	35	23,883	14,843	23,345	14,831
Purchase of fair value through profit or loss financial assets	9.1(a)	(8,204,754)	(7,918,465)	(1,960,264)	(4,928,736)
Sale of fair value through profit or loss financial assets	9.1(a)	15,391,661	3,547,397	7,338,241	3,176,651
Sale of fair value through other comprehensive income financial assets	9.2(a)	61,726,756	12,363,918	25,122,504	8,459,439
Purchase of fair value through other comprehensive income financial assets	9.2(a)	(104,847,115)	(19,848,051)	(52,093,285)	(12,577,745)
Sales of Other Investment Securities at amortised Costs	9.4(a)	9,215,085	4,420,348	9,215,085	4,420,348
Purchase of Other Investment Securities at amortised Costs	9.4(a)	(8,926,099)	(2,201,079)	(8,926,099)	(2,201,079)
Increase in loans and receivables to related parties	13a	(1,012,671)	(906,702)	-	(1,559,456)
Repayment of loans and receivables to related parties	13a	4,006,802	-	4,006,802	501,803
Increase in staff loans and receivables	13b	(693,011)	(75,720)	(534,393)	(68,314)
Repayment of staff loan and advances	13b	41,240	405,322	32,480	101,030
Net cash generated from/(used in) investing activities		(25,362,263)	(5,505,668)	(12,054,802)	(932,886)
Cash flows from financing activities Final dividend paid	45i	(3,060,000)	(2,700,000)	(3,060,000)	(2,700,000)
Interim dividend paid	45i	-	(540,000)	-	(540,000)
Interest & principal repayment on borrowings	25(b)	(1,116,390)	(501,803)	-	-
Net cash used in financing activities		(4,176,390)	(3,741,803)	(3,060,000)	(3,240,000)
Net increase/(decrease) in cash and cash equivalents		(12,821,611)	12,222,219	(8,426,756)	7,458,729
Cash and cash equivalent at beginning of year	8	26,173,322	13,469,877	19,020,869	11,107,664
Effect of exchange rate changes on cash and cash equivalent		818,006	481,226	772,536	454,476
Cash and cash equivalent at end of year	8	14,169,717	26,173,322	11,366,648	19,020,869

7 (a) The segment information provided by the Management Underwriting & Investment Committee (MUIC) for the reporting segments for the period ended 31 December 2024 is as follows:

December 2024 In thousands of Nigerian Naira	Non life business	Life Business	AXA Mansard Insurance	Investment Management	Property Development	Health Maintenance	Elimination adjustments	Total
Cash and cash equivalents	9,303,421	2,063,227	11,366,648	48,225	260,040	2,494,804	-	14,169,717
Investment securities
-Fair value through profit or loss	1,069,840	1,119,951	2,189,790	207,028	193,615	412,184	-	3,002,617
-Fair value through OCI	49,210,408	22,132,563	71,342,971	2,177,573	-	19,682,810	-	93,203,353
-Other Investment Securities at amortised Cost	1,845,976	18,215	1,864,191	-	-	-	-	1,864,191
-Loans and receivables at amortised costs	3,398,175	3,834,576	1,810,436	605,403	-	7,137,623	(7,471,325)	2,082,139
Financial assets designated at fair value				-	-	-	-
	-	2,340,748	2,340,748					2,340,748
Trade receivables	528,762	122,283	651,046	-	-	6,257,309	-	6,908,355
Reinsurance contract assets	17,377,136	1,340,526	18,717,662	-	-	326,470	-	19,044,132
Other receivables	1,564,089		1,716,422	456,965	341,037	1,311,157	-	3,825,579
Investment properties	-	-	-	-	31,769,053	-	-	31,769,053
Investment in subsidiaries	1,252,000	400,000	1,652,000	-	-	4,400,000	(6,052,000)	-
Intangible assets	936,351	0	936,352	17,274	-	20,026	12,000	985,651
Property, plant and equipment	3,564,234	403	3,564,638	23,554	289,685	314,291	-	4,192,168
Right of Use	1,147,760	60,021	1,207,781	-	-	25,057		1,232,838
Statutory deposit	300,000	200,000	500,000	-	-	-	-	500,000
TOTAL ASSETS	91,498,151	33,784,846	119,860,685	3,536,018	32,853,431	42,381,733	(13,511,325)	185,120,539
Insurance liabilities	29,066,090	15,511,558	44,577,648	-	-	25,481,595	-	70,059,243
Reinsurance contract liabilities	2,840,083	887,850	3,727,933	-	-	498,385		4,226,318
Investment contract liabilities:	-		-					-
- At amortised cost	-	2,718,957	2,718,957	-	-	-	-	2,718,957
- Financial liabilities designated at fair value	-	2,340,748	2,340,748	-	-	-	-	2,340,748
Trade payables	4,551,765	133,813	4,685,578	-	-	-	-	4,685,578
Other technical liabilities	23,524,571	3,320,905	26,845,477					26,845,477
Other Liabilities	4,761,521	5,484,810	4,824,017	595,169	662,422	833,199	(502,667)	6,412,140
Current income tax liabilities	735,751	513,374	1,249,125	396,446	115,923	1,018,610	-	2,780,105
Borrowings	-	-	-	-	16,339,047	-	(8,484,951)	7,854,096
Deferred income tax	-	-	-	110,998	2,666,371	1,776,470	-	4,553,839
TOTAL LIABILITIES	65,479,782	30,912,016	90,969,484	1,102,613	19,783,763	29,608,259	(8,987,618)	132,476,500
Share capital	10,000,000	8,000,000	18,000,000	150,000	5,152	700,000	(855,152)	18,000,000
Share premium	78,254	-	78,254	790,000	1,454,974	-	(2,244,974)	78,254
Contingency reserve	7,347,620	1,409,565	8,757,185	-	-	-	-	8,757,185
Treasury shares	(111,476)	-	(111,475)	-	-	-	-	(111,475)
Retained earnings	18,799,136	(3,528,558)	15,270,581	1,506,661	5,819,677	12,967,828	(1,423,580)	34,141,163
Insurance finance reserve	1,083,748	728,667	1,812,415	-	-	143,123		1,955,538
Fair value reserves	(11,178,914)	(3,736,844)	(14,915,758)	(13,259)	-	(1,037,471)		(15,966,488)
EQUITY	26,018,367	2,872,829	28,891,201	2,433,403	7,279,805	12,773,480	(4,523,707)	46,854,176
Non-controlling interests in equity	-	-	-	-	5,789,862	-	0	5,789,863
TOTAL EQUITY	26,018,367	2,872,829	28,891,201	2,433,403	13,069,667	12,773,480	(4,523,706)	52,644,038

TOTAL LIABILITIES AND EQUITY	91,498,151	33,784,846	119,860,685	3,536,018	32,853,431	42,381,733	(13,511,325)	185,120,539

b (i) The consolidated financial data for the reporting segments for the year ended 31 December 2024 is as follows:

December 2024	Non life Business	Life business	Insurance	Investment management	Property development	Health Maintenance	Elimination Adjustments	Total
Continuing operations
Insurance revenue	61,882,388	22,227,345	84,109,732	-	-	47,934,600	(706,401)	131,337,932
Insurance service expenses	(25,480,173)	(18,211,260)	(43,691,433)	-	-	(41,741,986)	-	(85,433,419)
Net expense from reinsurance contracts held	(31,658,474)	(769,028)	(32,427,503)	-	-	(640,676)	-	(33,068,179)
Insurance service results	4,743,740	3,247,056	7,990,797	-	-	5,551,938	(706,401)	12,836,334
Interest revenue calculated using the effective
interest method	4,762,639	2,478,206	7,240,845	224,239	-	2,533,653	(299,985)	9,698,752
Other investment revenue	16,137,465	822,060	16,959,524	626,957	3,378,224	6,128,939	-	27,093,645
Net impairment/writeback on financial assets	(359,081)	(122,535)	(481,617)	(768,361)	-	15,891	-	(1,234,086)
Impairment of premium receivables	-	-	-	-	-	-		-
Investment return	20,541,023	3,177,730	23,718,753	82,836	3,378,224	8,678,483	(299,985)	35,558,311
Net finance income/(expense) from reinsurance							-
contracts	(364)	199	(165)	-	-	(193)		(358)
Net financial result	20,540,659	3,177,929	23,718,588	82,836	3,378,224	8,678,290	(299,985)	35,557,953
Other income	60,933	97,635	158,568	2,302,830	1,986,419	146,108	(900,160)	3,693,766
Expenses for marketing and administration	(2,235,654)	(1,451,829)	(3,687,483)	-	-	(380,659)	-	(4,068,142)
Employee benefit expense	(727,568)	(3,172,265)	(3,899,833)	(614,958)	-	(2,916,833)	706,401	(6,725,223)
Finance cost	(252,551)	-	(252,551)	-	(1,247,298)	(27,347)	299,985	(1,227,211)
Other operating expenses	(5,057,733)	(2,898,000)	(7,955,733)	(760,800)	(274,584)	(992,762)	900,160	(9,083,719)
Profit before tax	17,071,827	(999,474)	16,072,353	1,009,908	3,842,761	10,058,735	(0)	30,983,757
Income tax expense	(730,429)	(512,490)	(1,242,919)	(457,863)	(1,316,276)	(1,778,010)	-	(4,795,068)
Profit for the year	16,341,397	(1,511,963)	14,829,434	552,045	2,526,485	8,280,725	(0)	26,188,689

8 Cash and cash equivalents	Group	Group	Parent	Parent
	31-Dec-24	31-Dec-23	31-Dec-24	31-Dec-23
Cash at bank and in hand	10,475,611	17,923,579	7,898,949	12,406,669
Tenored deposits (see note (a) below)	3,694,106	8,249,743	3,467,699	6,614,200
	14,169,717	26,173,322	11,366,648	19,020,869

Tenored deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group. The carrying amounts disclosed above reasonably approximate fair value at the reporting date.

Current	14,169,717	26,173,322	11,366,648	19,020,869
Non-current	-	-	-	-
	14,169,717	26,173,322	11,366,648	19,020,869

Investment securities

The Group's investment securities are summarized below by measurement category:

	Group	Group	Parent	Parent
	31-Dec-24	31-Dec-23	31-Dec-24	31-Dec-23
Fair value through profit or loss (see note 9.1)	3,002,617	11,056,259	2,189,790	8,489,840
Fair value through other comprehenisve income (see note 9.2)	93,203,353	39,894,733	71,342,971	35,372,502
Financial assets designated at fair value (see note 9.3)	2,340,748	2,496,669	2,340,748	2,496,669
Other Investment Securities at amortised Costs (see note 9.4)	1,864,191	2,237,525	1,864,191	2,237,525
Loans and receivables at amortised costs (see note 13)	2,082,138	4,369,661	1,810,436	5,264,846
	102,493,047	60,054,847	79,548,136	53,861,382
Current	3,002,617	11,056,259	2,189,790	8,489,840
Non-current	99,490,430	48,998,588	77,358,346	45,371,542
	102,493,047	60,054,847	79,548,136	53,861,382

Fair value through profit or loss

Fair value through profit or loss instruments represent investments in equity instruments and investment funds as at year end.

	Group	Group	Parent	Parent
	31-Dec-24	31-Dec-23	31-Dec-24	31-Dec-23
Equity investments	881,526	524,744	499,617	396,997
Investment funds	2,121,091	10,531,515	1,690,173	8,092,843
	3,002,617	11,056,259	2,189,790	8,489,840

(a) Movement in fair value through profit or loss	Group	Group	Parent	Parent
	31-Dec-24	31-Dec-23	31-Dec-24	31-Dec-23
Balance, beginning of year	11,056,259	8,700,392	8,489,838	7,394,124
Addition during the year	8,204,754	7,918,465	1,960,264	4,928,736
Disposal	(15,391,661)	(3,847,352)	(7,338,241)	(3,542,979)
Fair value (loss)/gain	(866,734)	(1,715,246)	(922,070)	(290,041)
	3,002,617	11,056,259	2,189,790	8,489,840

(b) Movement in fair value through profit or loss assets Equity investments	Group	Group	Parent	Parent
	31-Dec-24	31-Dec-23	31-Dec-24	31-Dec-23
Balance, beginning of year	524,744	355,710	396,996	275,240
Addition during the year	2,856,060	79,293	110,434	22,185
Disposal	(2,426,771)	-	(52,782)	-
Fair value gain/(loss)	(72,507)	89,741	44,970	99,572
	881,526	524,744	499,617	396,997
Investment funds	Group	Group	Parent	Parent
	31-Dec-24	31-Dec-23	31-Dec-24	31-Dec-23
Balance, beginning of year	10,531,515	8,344,682	8,092,842	7,118,884
Addition during the year	5,348,693	7,839,172	1,849,830	4,906,551
Disposal	(12,964,890)	(3,847,352)	(7,285,459)	(3,542,979)
Fair value (loss)/gain	(794,227)	(1,804,987)	(967,040)	(389,613)
	2,121,091	10,531,515	1,690,173	8,092,843

Fair value through other comprehensive income

Financial assests at fair value through other comprehensive income instruments represent interests in quoted securities, treasury bills, listed funds and unlisted entities as at year end.

	Group	Group	Parent	Parent
	31-Dec-24	31-Dec-23	31-Dec-24	31-Dec-23
Governent bonds (see note (((a(i))) below)	78,666,421	33,778,213	59,671,577	29,866,222
Corporate bonds (see note (a(ii)) below)	7,911,774	4,560,839	5,173,554	4,032,630
Treasury bills (see note (a(iii)) below)	6,625,158	1,555,681	6,497,839	1,473,651
	93,203,353	39,894,733	71,342,971	35,372,502

(a) Movement in financial assets at fair vale through other comprehensive income

Group Group Parent Parent

31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23
	Balance, beginning of year	39,894,733	30,333,096	35,372,502	29,500,705
	Addition during the year	104,847,115	19,848,051	52,093,285	12,577,745
	Disposal	(61,726,756)	(12,363,918)	(25,122,504)	(8,459,439)
	Fair value gain/(loss)	8,682,841	1,866,200	7,994,700	1,686,360
	Accrued interest	1,505,419	211,304	1,004,988	67,131
		93,203,352	39,894,733	71,342,971	35,372,502
(a(i))	Government bonds	Group	Group	Parent	Parent
31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23
Balance, beginning of year		33,778,213	25,242,765	29,866,222	24,685,603
Addition during the year		83,613,569	13,716,766	41,488,784	9,152,434
Disposal		(45,489,720)	(6,682,343)	(18,035,043)	(5,242,196)
Fair value gain/(loss)		5,899,441	1,402,576	5,620,199	1,229,252
Accrued interest		864,918	98,450	731,415	41,129
		78,666,421	33,778,213	59,671,577	29,866,222

(a(ii)) Corporate bonds

Group Group Parent Parent

31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23

Balance, beginning of year	4,560,839	3,408,356	4,032,630	3,333,127
Addition during the year	2,364,802	1,852,080	917,566	1,154,527
Disposal	(2,184,269)	(786,848)	(2,184,269)	(707,818)
Fair value gain/(loss)	2,354,403	73,957	1,938,667	247,241
Accrued interest	816,000	13,293	468,961	5,553
	7,911,774	4,560,839	5,173,554	4,032,630

See below Corporate Bonds for 2024

Institution	Maturity Date	Group
Institution	Maturity Date	N' 000
Access Corporate Bonds	21/09/2026	1,147,392
Dangote Corporate Bonds	05/12/2032	166,701
ETI Corporate Bonds	16/02/2026	1,234,077
Fidelity Bank Corporate Bonds	28/10/2026	1,364,732
First Bank Corporate Bond	27/10/2025	2,399,670
Union Bank Corporate Bonds	27/06/2029	77,876
UBA Corporate Bonds	19/11/2026	1,211,264
Bank of Industry Corporate Bonds	16/02/2027	310,062
Total		7,911,774

(a(iii)) Treasury bills

Group Group Parent Parent

31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23

Balance, beginning of year	1,555,681	1,681,975	1,473,651	1,481,975
Addition during the year	18,868,744	4,279,205	9,686,935	2,270,785
Disposal	(14,052,765)	(4,894,727)	(4,903,191)	(2,509,425)
Fair value gain/(loss)	428,997	389,667	435,833	209,867
Interest receivables	(175,498)	99,561	(195,388)	20,449
	6,625,158	1,555,681	6,497,840	1,473,651

Financial assets designated at fair value Group Group Parent Parent

	31-Dec-24	31-Dec-23	31-Dec-24	31-Dec-23
Investment contracts designated at fair value (see note (i))	2,340,748	2,496,669	2,340,748	2,496,669
	2,340,748	2,496,669	2,340,748	2,496,669

(i) Investment contracts designated at fair value

Financial assets designated at fair value represent the assets of the investment contracts managed on behalf of customers and unavailable for day to day use by the Company. The assets match the financial liabilities carried at fair value as at year end.

The category of financial assets held can be analysed as follows:

	Group	Group	Parent	Parent
	31-Dec-24	31-Dec-23	31-Dec-24	31-Dec-23
Bank balances (see (a) below)	1,916	157,784	1,916	157,784
Short term deposit	114,801	46,263	114,801	46,263
Government treasury bills	248,135	85,070	248,135	85,070
Government and corporate bonds	1,975,895	2,207,552	1,975,895	2,207,552
Quoted equity securities	-	-	-	-
	2,340,748	2,496,669	2,340,748	2,496,669
The breakdown of Investment contract designated at fair value is	Group	Group	Parent	Parent
	31-Dec-24	31-Dec-23	31-Dec-24	31-Dec-23
Balance at the beginning of the year	2,496,669	2,505,441	2,496,669	2,505,441
Contributions		468,116		468,116
Withdrawals	(155,921)	(476,889)	(155,921)	(476,889)
Balance at the end of the year	2,340,748	2,496,669	2,340,748	2,496,669
9.4 Other Investment Securities at amortised Costs	Group	Group	Parent	Parent
	31-Dec-24	31-Dec-23	31-Dec-24	31-Dec-23
Tenored deposits with maturity above 90 days (see note 9.4a below)	1,864,191	2,237,525	1,864,191	2,237,525
	1,864,191	2,237,525	1,864,191	2,237,525
9.4(a) Tenored deposits with maturity above 90 days	Group	Group	Parent	Parent
	31-Dec-24	31-Dec-23	31-Dec-24	31-Dec-23
Balance, beginning of year	2,237,525	4,431,890	2,237,525	4,431,890
Addition during the year	8,926,099	2,201,079	8,926,099	2,201,079
Disposal	(9,215,085)	(4,420,348)	(9,215,085)	(4,420,348)
Impairment/(writeback)	(26,091)	(5,408)	(26,091)	(5,408)
Fair value gain/(loss)	(64,147)	1,403	(64,147)	1,403
Interest receivables	5,890	28,909	5,890	28,909
	1,864,191	2,237,525	1,864,191	2,237,525

(All amounts in thousands of Naira unless otherwise stated)

10a (i) Insurance contract liabilities and Reinsurance Contract Assets Group

December 2024	Non-Life business	Life business	Health Maintenance	Total
Insurance contract liabilities
Insurance contract balances	32,544,473	15,565,001	26,221,978	74,331,452
Assets for insurance acquisition cashflows	(720,054)	-	(615,711)	(1,335,765)
Other pre-recognition cash flows	(2,758,329)	(53,442)	(124,672)	(2,936,443)
	29,066,090	15,511,558	25,481,595	70,059,243
Reinsurance contracts
Reinsurance contract assets	17,377,136	1,340,526	326,470	19,044,132
Group
31 December 2023	Non-Life business	Life business	Health Maintenance	Total
Insurance contract liabilities
Insurance contract balances	26,128,185	6,606,010	17,999,400	50,733,595
Assets for insurance acquisition cashflows	(683,163)	-	(410,587)	(1,093,750)
Other pre-recognition cash flows	(38,624)	1,024,519	30,893	1,016,788
	25,406,398	7,630,529	17,619,706	50,656,633
Reinsurance contracts	-	-	-	-
Reinsurance contract assets (see note 10e)	15,300,093	1,470,126	742,650	17,512,870
Company
December 2024		Non-Life business	Life business	Total
Insurance contract liabilities
Insurance contract balances		32,544,473	15,565,001	48,109,474
Insurance acquisition cash flow assets		(720,054)	-	(720,054)
Other pre-recognition cash flows		(2,758,329)	(53,442)	(2,811,771)
		29,066,090	15,511,558	44,577,648

- - -

	Reinsurance contracts
	Reinsurance contract assets		17,377,136	1,340,526	18,717,662
	Company
	31 December 2023		Non-Life business	Life business	Total
	Insurance contract liabilities
	Insurance contract balances		26,128,185	6,606,010	32,734,195
	Assets for insurance acquisition cashflows		(683,163)	-	(683,163)
	Other pre-recognition cash flows		(38,624)	1,024,519	985,895
			25,406,398	7,630,529	33,036,927
	Reinsurance contracts
	Reinsurance contract assets (see note 10e)		15,300,093	1,470,126	16,770,219
				31 December 2023
10a (ii)	Other Insurance Liabilities
		Group	Group	Parent	Parent
	Other Insurance Liabilities	31-Dec-24	31-Dec-23	31-Dec-24	31-Dec-23
	Default risk(B/S)	52,743	52,385	52,511	52,347
	OCI Stock - Reinsurance	511,083	14,415	495,152	14,304
	Payable to reinsurer	3,662,492	2,970,129	3,180,270	1,974,546
		4,226,318	3,036,929	3,727,933	2,041,197

10b (i)	Insurance Contract Liabilities Reconciliation of the measurement components of insurance contract balances for the Group
	Insurance contract liabilities - Group 31 December 2024
		GENERAL MEASUREMENT MODEL (GMM)	PREMIUM ALLOCATION APPROACH (PAA)	GMM + PAA
	Liabilities for remaining coverage (LRC):
	Excluding loss component		(3,994,410)	(27,985,552)	(31,979,963)
	Loss component		(883,150)	-	(883,150)
	LRC		(4,877,560)	(27,985,552)	(32,863,113)
	Liabilities for incurred claims (LIC): Incurred claims/PV of future cash flows		14,512,963	85,355,584	99,868,547
	Risk adjustment		2,000,920	1,052,884	3,053,803
	LIC		16,513,883	86,408,468	102,922,350

	Total Insurance Contract Liabilities		11,636,322	58,422,915	70,059,238
	31 December 2023
	GMM MODEL	GENERAL MEASUREMENT MODEL (GMM)	PREMIUM ALLOCATION APPROACH (PAA)	GMM + PAA
	Liabilities for remaining coverage (LRC):
	Excluding loss component Loss component		(1,141,094) -	(696,649) -	(1,837,743) -
	LRC		(1,141,094)	(696,649)	(1,837,743)
	Liabilities for incurred claims (LIC): Incurred claims		5,287,592	47,016,653	52,304,244
	Risk adjustment		-	190,132	190,132
	LIC		5,287,592	47,206,785	52,494,376

	Total Insurance Contract Liabilities		4,146,498	46,510,135	50,656,633
	Company 31 December 2024
	GMM MODEL	GENERAL MEASUREMENT MODEL (GMM)	PREMIUM ALLOCATION APPROACH (PAA)	GMM + PAA
	Liabilities for remaining coverage (LRC):
	Excluding loss component		(3,994,409)	(25,085,214)	(29,079,623)
	Loss component		(883,150)	-	(883,150)
	LRC		(4,877,559)	(25,085,214)	(29,962,773)
	Liabilities for incurred claims (LIC): Incurred claims/PV of future cash flows		14,512,962	57,168,603	71,681,565
	Risk adjustment		2,000,920	857,934	2,858,854
	LIC		16,513,881	58,026,538	74,540,419

	Total Insurance Contract Liabilities		11,636,322	32,941,324	44,577,646
	31 December 2023
	GMM MODEL	GENERAL MEASUREMENT MODEL (GMM)	PREMIUM ALLOCATION APPROACH (PAA)	GMM + PAA
	Liabilities for remaining coverage (LRC):
	Excluding loss component Loss component		(1,141,093) -	(4,640,329) -	(5,781,422) -
	LRC		(1,141,093)	(4,640,329)	(5,781,422)
	Liabilities for incurred claims (LIC): Incurred claims		5,287,591	33,324,073	38,611,663
	Risk adjustment		-	206,686	206,686
	LIC		5,287,591	33,530,759	38,818,349

	Total Insurance Contract Liabilities		4,146,498	28,890,429	33,036,927

10b (ii) Reinsurance Contract Assets

Reconciliation of the measurement components of reinsurance contract balances for the Group Reinsurance contract assets - Group
31 December 2024
GMM MODEL	GENERAL MEASUREMENT MODEL (GMM)	PREMIUM ALLOCATION APPROACH (PAA)	GMM + PAA
		N'000	N'000	N'000
Assets for Remianing Coverage (ARC)		303,554	(98,904,353)	(98,600,799)
Assets for incurred claims (AIC):
Incurred claims/PV of future cash flows		(822,808)	117,407,906	116,585,098
Risk adjustment		1,128,544	(68,709)	1,059,835
		305,736	117,339,197	117,644,933
Total Reinsurance Contract Assets		609,290	18,434,844	19,044,134
31 December 2023
GMM MODEL	GENERAL MEASUREMENT MODEL (GMM)	PREMIUM ALLOCATION APPROACH (PAA)	GMM + PAA
		N'000	N'000	N'000
Assets for Remianing Coverage (ARC)		(152,043)	(53,918,578)	(54,070,621)
Assets for incurred claims (AIC):
Incurred claims/PV of future cash flows		(914,731)	70,988,673	70,073,942
Risk adjustment		855,946	653,609	1,509,555
		(58,785)	71,642,282	71,583,497
Total Reinsurance Contract Assets		(210,828)	17,723,704	17,512,872

Reinsurance Contract Assets - Company 31 December 2024
GMM MODEL	GENERAL MEASUREMENT MODEL (GMM)	PREMIUM ALLOCATION APPROACH (PAA)	GMM + PAA
Assets for Remianing Coverage (ARC)	N'000 303,554	N'000 (97,083,879)	N'000 (96,780,325)
Assets for incurred claims (AIC): Incurred claims/PV of future cash flows	(822,808)	115,278,958	114,456,150
Risk adjustment	1,128,544	(86,708)	1,041,836
	305,736	115,192,251	115,497,987
Total Reinsurance Contract Assets	609,290	18,108,372	18,717,662
31 December 2023
GMM MODEL	GENERAL MEASUREMENT MODEL (GMM)	PREMIUM ALLOCATION APPROACH (PAA)	GMM + PAA
Assets for Remianing Coverage (ARC)	N'000 (152,044)	N'000 (53,226,930)	N'000 (53,378,974)
Assets for incurred claims (AIC): Incurred claims/PV of future cash flows	(914,731)	69,559,767	68,645,036
Risk adjustment	855,947	648,210	1,504,157
	(58,784)	70,207,977	70,149,193
Total Reinsurance Contract Assets	(210,828)	16,981,047	16,770,219

10c Insurance Contract Liabilities

31 December 2024
Liabilities for remaining coverage		Liabilities for incurred claims		Total
Excluding loss component	Loss component	Estimates of present value of future cash flows	Risk adjustment for non-financial risk

31 December 2023
Liabilities for remaining
coverage		Liabilities for incurred claims
			Risk
Excluding loss	Loss	Estimates of present value of	adjustment for non-financial	Total
component	component	future cash flows	risk

The following table shows the reconciliation from the opening to the closing balances of the net asset or liability for the remaining coverage and the liability for incurred claims for insurance contracts:

Insurance Contracts measured under GMM - Group (Individual Life)

Opening assets Opening liabilities	- (1,141,094)	- -	- 5,287,592	- -	- 4,146,498	- 87,098	- -	- 3,891,278	- -	- 3,978,378
Net opening balance	(1,141,094)	-	5,287,592	-	4,146,498	87,098	-	3,891,278	-	3,978,378
Changes in statement of profit or loss and Insurance revenue	OCI
Contracts under the modified
retrospective transition approach	-	-	-	-	-	-	-	-	-	-
Contract under the fair value transition
approach	-	-	-	-	-	-	-	-	-	-
Other contracts	-	-	13,623,541	-	13,623,541	-	-	10,052,345	-	10,052,345
	-	-	13,623,541	-	13,623,541	-	-	10,052,345	-	10,052,345
Insurance service expenses
Incurred claims and other insurance
service expenses	-	(883,150)	(13,505,551)	-	(14,388,701)	-	-	(9,160,334)	-	(9,160,334)
Adjustments to liabilities for incurred
claims	-	-	679,401	10,524	689,925	-	-	-	-	-
Losses and reversals of losses on onerous
contracts	-	-	-	-	-	-	-	-	-	-
Amortisation of insurance acquisition
cashflows	(417,855)	-	-	-	(417,855)	(384,554)	-		-	(384,554)
	(417,855)	(883,150)	(12,826,149)	10,524	(14,116,630)	(384,554)	-	(9,160,334)	-	(9,544,888)
Insurance service results	(417,855)	(883,150)	797,392	10,524	(493,089)	(384,554)	-	892,011	-	507,457
Net finance expense from insurance
contract			(310,717)		(310,717)
Total changes in statement of profit or
loss and OCI	(417,855)	(883,150)	486,675	10,524	(803,806)	(384,554)	-	892,011	-	507,457
Cash flows
Premium received	-	-	13,622,334	-	13,622,334	-	-	7,514,803	-	7,514,803
Insurance acquisition cash flows	(2,435,462)	-	-	-	(2,435,462)	(843,638)	-	-	-	(843,638)
Claims and other insurance service
expenses paid, including investment
components - -			(12,676,224)	-	(12,676,224)	-	-	(14,963,525)	-	(14,963,525)
Total cash flows (2,435,462) -			946,110	-	(1,489,351)	(843,638)	-	(7,448,722)	-	(8,292,360)
Non-Cash flows
Claims Payable on new contracts	-	-	7,792,586	1,990,396	9,782,981	-	-	7,953,023	-	7,953,023
Total Non-Cashflow	-	-	7,792,586	1,990,396	9,782,981	-	-	7,953,023	-	7,953,023
Closing assets					-					-
Closing liabilities	(3,994,410)	(883,150)	14,512,963	2,000,920	11,636,322	(1,141,094)	-	5,287,592	-	4,146,498
Net closing balance	(3,994,410)	(883,150)	14,512,963	2,000,920	11,636,322	(1,141,094)	-	5,287,592	-	4,146,498

31 December 2024
Liabilities for remaining coverage		Liabilities for incurred claims		Total
Excluding loss component	Loss component	Estimates of present value of future cash flows	Risk adjustment for non-financial risk

31 December 2023
Liabilities for remaining
coverage		Liabilities for incurred claims
			Risk
Excluding loss	Loss	Estimates of present value of	adjustment for non-financial	Total
component	component	future cash flows	risk

PAA - Group (Group Protection, Non-

Opening assets Opening liabilities	- (696,650)	- -	- 47,016,653	- 190,132	- 46,510,135		- 9,570,655	- -	- 25,290,711	- 243,483	- 35,104,849
Net opening balance	(696,650)	-	47,016,653	190,132	46,510,135		9,570,655	-	25,290,711	243,483	35,104,849
Changes in statement of profit or loss and OCI Insurance revenue Contracts under the modified retrospective transition approach Contract under the fair value transition approach	- -	- -	- -	- -	- -		- -	- -	- -	- -	- -
Other contracts	-	-	117,714,390	-	117,714,390		-	-	72,701,089	-	72,701,089
	-	-	117,714,390	-	117,714,390		-	-	72,701,089	-	72,701,089
Insurance service expenses
Incurred claims and other insurance service expenses	-	-	(60,714,178)	-	(60,714,178)		-	-	(34,723,556)	-	(34,723,556)
Adjustments to liabilities for incurred claims	-	-	1,692,875	(288,803)	1,404,072		-	-	(648,664)	(53,351)	(702,015)
Losses and reversals of losses on onerous contracts	-	-	-	-	-		-	-	(185,781)	-	(185,781)
Amortisation of insurance acquisition cashflows	(12,006,682)	-		-	(12,006,682)		(6,892,753)	-		-	(6,892,753)
(12,006,682) -			(59,021,303)	(288,803)	(71,316,788)		(6,892,753)	-	(35,558,001)	(53,351)	(42,504,105)
Insurance service results (12,006,682) -			58,693,087	(288,803)	46,397,602		(6,892,753)	-	37,143,088	(53,351)	30,196,984
Net finance expense from insurance contract - -			(1,645,546)	-	(1,645,546)				50,796	-	50,796
Total changes in statement of profit or loss and OCI (12,006,682) -			57,047,540	(288,803)	44,752,056		(6,892,753)	-	37,193,884	(53,351)	30,247,780
Cash flows Premium received	-	-	113,402,179	-	113,402,179	-		-	95,223,741	-	95,223,741
Insurance acquisition cash flows Claims and other insurance service expenses paid, including investment	(15,282,220)	-	-	-	(15,282,220)	(3,374,552)		-	-	-	(3,374,552)
components - -			(50,538,298)	-	(50,538,298)	- - (34,891,142) - (34,891,142)
Total cash flows (15,282,220) -			62,863,881	-	47,581,660	(3,374,552) - 60,332,599 - 56,958,047
Non-Cash flows Claims Payable on new contracts	-	-	(81,572,490)	1,151,554	(80,420,936)		-	-	(75,800,542)		(75,800,542)
Total Non-Cashflow	-	-	(81,572,490)	1,151,554	(80,420,936)		-	-	(75,800,542)	-	(75,800,542)
Closing assets	-	-	-	-	-		-	-	-	-	-
Closing liabilities	(27,985,552)	-	85,355,584	1,052,884	58,422,915		(696,650)	-	47,016,653	190,132	46,510,135
Net closing balance	(27,985,552)	-	85,355,584	1,052,884	58,422,915		(696,650)	-	47,016,653	190,132	46,510,135

31 December 2024
Liabilities for remaining coverage		Liabilities for incurred claims		Total
Excluding loss component	Loss component	Estimates of present value of future cash flows	Risk adjustment for non-financial risk

31 December 2023
Liabilities for remaining
coverage		Liabilities for incurred claims
			Risk
Excluding loss	Loss	Estimates of present value of	adjustment for non-financial	Total
component	component	future cash flows	risk

10(c) GMM and PAA - Group

Opening assets -		-	-	-	-		-	-	-	-	-
Opening liabilities (1,837,744)		-	52,304,245	190,132	50,656,633		9,657,749	-	29,181,994	243,483	39,083,226
Net opening balance (1,837,744)		-	52,304,245	190,132	50,656,633		9,657,749	-	29,181,994	243,483	39,083,226
Changes in statement of profit or loss and OCI Insurance revenue
Contracts under the modified
retrospective transition approach -		-	-	-	-		-	-	-	-	-
Contract under the fair value transition
approach -		-	-	-	-		-	-	-	-	-
Other contracts -		-	131,337,931	-	131,337,931		-	-	82,753,433	-	82,753,433
-		-	131,337,931	-	131,337,931		-	-	82,753,433	-	82,753,433
Insurance service expenses
Incurred claims and other insurance
service expenses -		(883,150)	(74,219,729)	-	(75,102,879)		-	-	(43,883,890)	-	(43,883,890)
Adjustments to liabilities for incurred
claims -		-	2,372,276	(278,279)	2,093,998		-	-	(648,664)	(53,351)	(702,015)
Losses and reversals of losses on onerous
contracts -		-	-	-	-		-	-	(185,781)	-	(185,781)
Amortisation of insurance acquisition
cashflows (12,424,537) - - -					(12,424,537)	(7,277,306)		- -			-	(7,277,306)
	(12,424,537)	(883,150)	(71,847,452)	(278,279)	(85,433,418)		(7,277,306)	-	(44,718,335)	(53,351)	(52,048,992)
Insurance service results	(12,424,537)	(883,150)	59,490,479	(278,279)	45,904,513		(7,277,306)	-	38,035,098	(53,351)	30,704,441
Net finance expense from insurance
contract	-	-	(1,956,263)	-	(1,956,263)		-	-	50,797	-	50,797
Total changes in statement of profit or
loss and OCI	(12,424,537)	(883,150)	57,534,216	(278,279)	43,948,250		(7,277,306)	-	38,085,894	(53,351)	30,755,237
Cash flows
Premium received	-	-	127,024,513	-	127,024,513		-	-	102,738,544	-	102,738,544
Insurance acquisition cash flows	(17,717,682)	-	-	-	(17,717,682)		(4,218,191)	-	-	-	(4,218,191)
Claims and other insurance service
expenses paid, including investment
components - -			(63,214,522)	-	(63,214,522)	- - (49,854,668) - (49,854,668)
Total cash flows (17,717,682) -			63,809,991	-	46,092,309	(4,218,191) - 52,883,876 - 48,665,685
Non-Cash flows
Claims Payable on new contracts	-	-	(73,779,904)	3,141,950	(70,637,954)		-	-	(67,847,517)		(67,847,517)
Total Non-Cashflow	-	-	(73,779,904)	3,141,950	(70,637,954)		-	-	(67,847,517)	-	(67,847,517)
Closing assets	-	-	-	-	-		-	-	-	-	-
Closing liabilities	(31,979,963)	(883,150)	99,868,547	3,053,803	70,059,238		(1,837,747)	-	52,304,248	190,132	50,656,633
Net closing balance	(31,979,963)	(883,150)	99,868,547	3,053,803	70,059,238		(1,837,747)	-	52,304,248	190,132	50,656,633

31 December 2024
Liabilities for remaining coverage		Liabilities for incurred claims		Total
Excluding loss component	Loss component	Estimates of present value of future cash flows	Risk adjustment for non-financial risk

31 December 2023

Liabilities for remaining

Liabilities for incurred claims

Total

Excluding loss component

Loss component

Estimates of present value of future cash flows

Risk adjustment for non-financial

risk

Opening assets -		-	-	-	-	-	-	-	-	-
Opening liabilities (1,141,093)		-	5,287,591	-	4,146,498	87,099	-	3,891,279	-	3,978,378
Net opening balance (1,141,093)		-	5,287,591	-	4,146,498	87,099	-	3,891,279	-	3,978,378
Changes in statement of profit or loss and OCI Insurance revenue
Contracts under the modified
retrospective transition approach -		-	-	-	-	-	-	-	-	-
Contract under the fair value transition
approach -		-	-	-	-	-	-	-	-	-
Other contracts -		-	13,623,541	-	13,623,541	-	-	10,052,344	-	10,052,344
-		-	13,623,541	-	13,623,541	-	-	10,052,344	-	10,052,344
Insurance service expenses
Incurred claims and other insurance
service expenses -		(883,150)	(13,505,551)	-	(14,388,701)	-	-	(9,160,334)	-	(9,160,334)
Adjustments to liabilities for incurred
claims -		-	679,401	10,524	689,925	-	-	-	-	-
Losses and reversals of losses on onerous
contracts -		-	-	-	-	-	-	-	-	-
Amortisation of insurance acquisition
cashflows (417,855)		-		-	(417,855)	(384,554)	-		-	(384,554)
(417,855)		(883,150)	(12,826,149)	10,524	(14,116,630)	(384,554)	-	(9,160,334)	-	(9,544,888)
Insurance service results (417,855) (883,150) 797,392 10,524					(493,089)	(384,554)	-	892,010	-	507,456
Net finance expense from insurance
contract	-	-	(310,717)	-	(310,717)
Total changes in statement of profit or
loss and OCI	(417,855)	(883,150)	486,675	10,524	(803,806)	(384,554)	-	892,010	-	507,456
Cash flows
Premium received	-	-	13,622,334	-	13,622,334	-	-	7,514,803	-	7,514,803
Insurance acquisition cash flows	(2,435,462)	-	-	-	(2,435,462)	(843,639)	-	-	-	(843,639)
Claims and other insurance service
expenses paid, including investment
components - -			(12,676,224)	-	(12,676,224)	-	-	(14,963,525)	-	(14,963,525)
Total cash flows (2,435,462) -			946,110	-	(1,489,351)	(843,639)	-	(7,448,722)	-	(8,292,360)
Non-Cash flows
Claims Payable on new contracts	-	-	7,792,586	1,990,396	9,782,981	-	-	7,953,023	-	7,953,023
Total Non-Cashflow	-	-	7,792,586	1,990,396	9,782,981	-	-	7,953,023	-	7,953,023

Closing assets					-
Closing liabilities	(3,994,409)	(883,150)	14,512,962	2,000,920	11,636,322	(1,141,093)	-	5,287,591	-	4,146,498
Net closing balance	(3,994,409)	(883,150)	14,512,962	2,000,920	11,636,322	(1,141,093)	-	5,287,591	-	4,146,498

31 December 2024
Liabilities for remaining coverage		Liabilities for incurred claims		Total
Excluding loss component	Loss component	Estimates of present value of future cash flows	Risk adjustment for non-financial risk

31 December 2023

Liabilities for remaining

Liabilities for incurred claims

Total

Excluding loss component

Loss component

Estimates of present value of future cash flows

Risk adjustment for non-financial

risk

PAA - Company (Group Protection, Non-Life)

Opening assets Opening liabilities	- (4,640,329)	- -	- 33,324,070	- 206,686	- 28,890,426	- 2,148,785	- -	- 18,940,084	- 287,648	- 21,376,517
Net opening balance	(4,640,329)	-	33,324,070	206,686	28,890,426	2,148,785	-	18,940,084	287,648	21,376,517
Changes in statement of profit or loss and Insurance revenue	OCI
Contracts under the modified
retrospective transition approach	-	-	-	-	-	-	-	-	-	-
Contract under the fair value transition
approach	-	-	-	-	-	-	-	-	-	-
Other contracts	-	-	70,486,191	-	70,486,191	-	-	40,252,238	-	40,252,238
	-	-	70,486,191	-	70,486,191	-	-	40,252,238	-	40,252,238
Insurance service expenses
Incurred claims and other insurance
service expenses	-	-	(22,386,876)	-	(22,386,876)	-	-	(8,552,163)	-	(8,552,163)
Adjustments to liabilities for incurred
claims	-	-	1,614,605	(217,859)	1,396,746	-	-	(648,664)	(80,961)	(729,625)
Losses and reversals of losses on onerous
contracts	-	-	-	-	-	-	-	(185,781)	-	(185,781)
Amortisation of insurance acquisition
cashflows	(8,584,673)	-		-	(8,584,673)	(5,191,249)	-		-	(5,191,249)
	(8,584,673)	-	(20,772,271)	(217,859)	(29,574,803)	(5,191,249)	-	(9,386,608)	(80,961)	(14,658,818)
Insurance service results	(8,584,673)	-	49,713,921	(217,859)	40,911,388	(5,191,249)	-	30,865,630	(80,961)	25,593,420
Net finance expense from insurance
contract	-	-	(1,513,128)	-	(1,513,128)	-	-	58,860	-	58,860
Total changes in statement of profit or
loss and OCI	(8,584,673)	-	48,200,792	(217,859)	39,398,260	(5,191,249)	-	30,924,490	(80,961)	25,652,280
Cash flows
Premium received	-	-	60,622,304	-	60,622,304	-	-	59,447,645	-	59,447,645
Insurance acquisition cash flows	(11,860,211)	-	-	-	(11,860,211)	(1,597,863)	-	-	-	(1,597,863)
Claims and other insurance service
expenses paid, including investment
components	-	-	(14,483,393)	-	(14,483,393)	-	-	(15,089,025)	-	(15,089,025)
Total cash flows	(11,860,211)	-	46,138,911	-	34,278,700	(1,597,863)	-	44,358,620	-	42,760,757
Non-Cash flows
Claims Payable on new contracts	-	-	(70,495,169)	869,107	(69,626,062)	-	-	(60,899,124)	-	(60,899,124)
Total Non-Cashflow	-	-	(70,495,169)	869,107	(69,626,062)	-	-	(60,899,124)	-	(60,899,124)
Closing assets	-	-	-	-	-	-	-	-	-	-
Closing liabilities	(25,085,214)	-	57,168,603	857,934	32,941,324	(4,640,329)	-	33,324,070	206,686	28,890,426
Net closing balance	(25,085,214)	-	57,168,603	857,934	32,941,324	(4,640,329)	-	33,324,070	206,686	28,890,426

31 December 2024
Liabilities for remaining coverage		Liabilities for incurred claims		Total
Excluding loss component	Loss component	Estimates of present value of future cash flows	Risk adjustment for non-financial risk

31 December 2023

Liabilities for remaining

Liabilities for incurred claims

Total

Excluding loss component

Loss component

Estimates of present value of future cash flows

Risk adjustment for non-financial

risk

Opening assets Opening liabilities	- (5,781,419)	- -	- 38,611,660	- 206,686	- 33,036,927		- 2,235,883	- -	- 22,831,363	- 287,648	- 25,354,894
Net opening balance	(5,781,419)	-	38,611,660	206,686	33,036,927		2,235,883	-	22,831,363	287,648	25,354,894
Changes in statement of profit or loss and Insurance revenue	OCI
Contracts under the modified
retrospective transition approach	-	-	-	-	-		-	-	-	-	-
Contract under the fair value transition
approach	-	-	-	-	-		-	-	-	-	-
Other contracts	-	-	84,109,732	-	84,109,732		-	-	50,304,583	-	50,304,583
	-	-	84,109,732	-	84,109,732		-	-	50,304,583	-	50,304,583
Insurance service expenses
Incurred claims and other insurance
service expenses	-	(883,150)	(35,892,426)	-	(36,775,576)		-	-	(17,712,497)	-	(17,712,497)
Adjustments to liabilities for incurred
claims	-	-	2,294,006	(207,335)	2,086,671		-	-	(648,664)	(80,961)	(729,625)
Losses and reversals of losses on onerous
contracts	-	-	-	-	-		-	-	(185,781)	-	(185,781)
Amortisation of insurance acquisition
cashflows	(9,002,528)	-	-	-	(9,002,528)		(5,575,803)	-	-	-	(5,575,803)
	(9,002,528)	(883,150)	(33,598,420)	(207,335)	(43,691,433)		(5,575,803)	-	(18,546,942)	(80,961)	(24,203,706)
Insurance service results	(9,002,528)	(883,150)	50,511,313	(207,335)	40,418,299		(5,575,803)	-	31,757,641	(80,961)	26,100,877
Net finance expense from insurance
contract	-	-	(1,823,845)	-	(1,823,845)		-	-	58,860	-	58,860
Total changes in statement of profit or
loss and OCI	(9,002,528)	(883,150)	48,687,467	(207,335)	38,594,454		(5,575,803)	-	31,816,500	(80,961)	26,159,736
Cash flows
Premium received	-	-	74,244,638	-	74,244,638		-	-	66,962,448	-	66,962,448
Insurance acquisition cash flows	(14,295,673)	-	-	-	(14,295,673)		(2,441,502)				(2,441,502)
Claims and other insurance service
expenses paid, including investment
components - -			(27,159,616)	-	(27,159,616)	- - (30,052,550) - (30,052,550)
Total cash flows (14,295,673) -			47,085,021	-	32,789,348	(2,441,502) - 36,909,898 - 34,468,396
Non-Cash flows
Claims Payable on new contracts	-	-	(62,702,584)	2,859,503	(59,843,081)				(24,926,209)		(24,926,209)
Total Non-Cashflow	-	-	(62,702,584)	2,859,503	(59,843,081)		-	-	(24,926,209)	-	(24,926,209)
Closing assets	-	-	-	-			-	-	-	-
Closing liabilities	(29,079,620)	(883,150)	71,681,565	2,858,854	44,577,649		(5,781,419)	-	38,611,660	206,686	33,036,927
Net closing balance	(29,079,620)	(883,150)	71,681,565	2,858,854	44,577,649		(5,781,419)	-	38,611,660	206,686	33,036,927

31 December 2024
Estimates of present value of future cash flows	Risk adjustment for non-financial risk	CSM	Total

31 December 2023
Estimates of present value of future cash flows	Risk adjustment for nonfinancial risk	CSM	Total

	-	-	-		-	-	-
Insurance contract assets as at 1 January				-				-
Insurance contract liabilities as at 1
January	2,935,219	73,433	1,137,846	4,146,498	2,697,831	105,059	1,175,488	3,978,378
Net Opening Balance Analysed by
Components - GMM	2,935,219	73,433	1,137,846	4,146,498	2,697,831	105,059	1,175,488	3,978,378
Changes in the statement of profit or loss
CSM recognised for services provided			(800,165)	(800,165)	-	-	37,642	37,642
Change in risk adjustment for non-
financial risk for risk expired		-		-	-	253,609	-	253,609
Experience adjustments	14,423,706			14,423,706	9,761,093	-	-	9,761,093
Total - Changes that relate to current
service	14,423,706	-	(800,165)	13,623,541	9,761,093	253,609	37,642	10,052,344
Changes that relate to future service
Contracts initially recognised in the year	(14,388,701)	-	-	(14,388,701)	(9,160,334)	-	-	(9,160,334)
Changes in estimates that adjust the CSM	-	-	-	-	-	-	-	-
Changes in estimates that result in losses
and reversals of losses on onerous
contracts Changes that relate to past service	-	-	-	-	-	-	-	- -
Adjustments to liabilities for incurred
claims	689,925		(417,855)	272,071			(384,554)	(384,554)
	(13,698,775)	-	(417,855)	(14,116,630)	(9,160,334)	-	(384,554)	(9,544,888)
Insurance service result	724,931	-	(1,218,020)	(493,089)	600,759	253,609	(346,912)	507,456
Finance expenses from insurance
contracts in profit or loss
Total changes in the statement of
profit or loss	724,931	-	(1,218,020)	(493,089)	600,759	253,609	(346,912)	507,456
Cash flows
Premiums received (including investment
components)	13,622,334			13,622,334	7,514,803		-	7,514,803
Insurance acquisition cash flows	(12,676,224)			(12,676,224)	(843,636)	-	-	(843,636)
expenses paid (including investment
components)	4,429,144	1,627,487	(219,827)	5,836,804	(7,034,539)	(285,236)	309,270	(7,010,505)
Total cash flows	5,375,254	1,627,487	(219,827)	6,782,914	(363,371)	(285,236)	309,270	(339,337)
Net Closing Liabilities Analysed by
Component - GMM	9,035,404	1,700,920	(300,000)	10,436,324	2,935,219	73,432	1,137,846	4,146,497
Insurance contract assets as at 31
December - Insurance contract liabilities as at 31
December	9,035,404	1,700,920	(300,000)	10,436,324	2,935,219	73,433	1,137,846	4,146,498
Net Closing Balance Analysed by Com	9,035,404	1,700,920	(300,000)	10,436,324	2,935,219	73,433	1,137,846	4,146,498

(All amounts in thousands of Naira unless otherwise stated)

10d Insurance Contract by Reporting Segments

31 December 2024
Liabilities for remaining
coverage		Liabilities for incurred claims
		Estimates of	Risk	Total
		present value	adjustment
Excluding loss	Loss	of future cash	for non-
component	component	flows	financial risk

31 December 2023
Liabilities for remaining
coverage		Liabilities for incurred claims
		Estimates of	Risk	Total
		present value of	adjustment for
Excluding loss	Loss	future cash	non-financial
component	component	flows	risk

Opening assets	-	-	-	-	-	-		-	-	- -
Opening liabilities	(863,003)	-	1,277,653	- 414,650			(387,811)	- 785,649		- 397,838
Net opening balance	(863,003)	-	1,277,653	- 414,650			(387,811)	- 785,649		- 397,838
Changes in statement of profit or loss and OCI Insurance revenue
Contracts under the modified retrospective transition
approach				-			-	- -		- -
Contract under the fair value transition approach				-			-	- -		- -
Other contracts			714,653		714,653		-	-	1,442,538	-	1,442,538
	- -		714,653	-	714,653		-	-	1,442,538	-	1,442,538
Insurance service expenses
Incurred claims and other insurance service expenses	(855,189)		(2,384,525)		(3,239,714)		-	-	(2,613,685)	-	(2,613,685)
Adjustments to liabilities for incurred claims			280,091	16,400	296,491		-	-	-	-	-
Losses and reversals of losses on onerous contracts					-		-	-	-	-	-
Amortisation of insurance acquisition cashflows	(249,147)				(249,147)		(247,410)	-		- (247,410)
	(249,147)	(855,189)	(2,104,434)	16,400	(3,192,370)		(247,410)	-	(2,613,685)	- (2,861,095)
Insurance service results	(249,147)	(855,189)	(1,389,781)	16,400	(2,477,717)		(247,410)	-	(1,171,147)	- (1,418,556)

Net finance expense from insurance contract			(35,267)		(35,267)
Total changes in statement of profit or loss and
OCI	(249,147)	(855,189)	(1,425,048)	16,400	(2,512,985)		(247,410)	-	(1,171,147)	- (1,418,556)
Cash flows
Premium received			1,546,185		1,546,185			-	2,828,074	- 2,828,074
Insurance acquisition cash flows	(276,434)				(276,434)		(227,782)			(227,782)
Claims and other insurance service expenses paid,
including investment components			(1,214,808)		(1,214,808)			-	(8,199,183)	- (8,199,183)
Total cash flows	(276,434)	-	331,377	-	54,943		(227,782)	-	(5,371,109)	- (5,598,891)
Non-Cash flows
Claims Payable on new contracts			4,147,939	208,750	4,356,689		-	-	7,034,259	- 7,034,259
Total Non-Cashflow	-	-	4,147,939	208,750	4,356,689		-	-	7,034,259	- 7,034,259
Closing assets	-	-	-	-	-		-	-	-	-	-
Closing liabilities	(1,388,584)	(855,189)	4,331,920	225,150	2,313,298		(863,003)	-	1,277,653	-	414,650
Net closing balance	(1,388,584)	(855,189)	4,331,920	225,150	2,313,298		(863,003)	-	1,277,653	-	414,650

(d) i Insurance Contracts - Protection

31 December 2024
Liabilities for remaining		Liabilities for incurred claims
		Estimates of	Risk
Excluding loss	Loss	present value of future cash	adjustment for non-	Total
component	component	flows	financial risk

31 December 2023
Liabilities for remaining		Liabilities for incurred claims
		Estimates of	Risk
Excluding loss	Loss	present value of future cash	adjustment for non-financial	Total
component	component	flows	risk

- - - - -

(d) ii Insurance Contracts - Group Protection

Opening assets Opening liabilities	- (1,009,525)		- -	- 4,493,556	- -	- 3,484,032	- 36,412	- -	- 4,108,661	- -	- 4,145,073
Net opening balance	(1,009,525)	-		4,493,556	-	3,484,032	36,412	-	4,108,661	-	4,145,073
Changes in statement of profit or loss and OCI Insurance revenue
Contracts under the modified retrospective transition
approach						-	-	-	-	-	-
Contract under the fair value transition approach						-	-	-	-	-	-
Other contracts				8,603,804		8,603,804	-	-	7,115,074	-	7,115,074
	-	-		8,603,804	-	8,603,804	-	-	7,115,074	-	7,115,074
Insurance service expenses
Incurred claims and other insurance service expenses				(3,116,696)		(3,116,696)		-	(2,862,092)	-	(2,862,092)
Adjustments to liabilities for incurred claims				107,888	730	108,618		-	(648,664)	-	(648,664)
Losses and reversals of losses on onerous contracts						-	-	-	-	-	-
Amortisation of insurance acquisition cashflows	(1,086,551)					(1,086,551)	(854,193)	-		-	(854,193)
	(1,086,551)	-		(3,008,808)	730	(4,094,630)	(854,193)	-	(3,510,756)	-	(4,364,949)
Insurance service results	(1,086,551)	-		5,594,995	730	4,509,174	(854,193)	-	3,604,318	-	2,750,125

Net finance expense from insurance contract				(193,733)		(193,733)
Total changes in statement of profit or loss and
OCI	(1,086,551)	-		5,401,263	730	4,315,441	(854,193)	-	3,604,318	-	2,750,125
Cash flows
Premium received				8,493,561		8,493,561		-	1,826,746	-	1,826,746
Insurance acquisition cash flows	(1,518,517)					(1,518,517)	(191,744)				(191,744)
Claims and other insurance service expenses paid,
including investment components				(2,922,883)		(2,922,883)	-	-	(8,827,332)	-	(8,827,332)
Total cash flows (1,518,517) -			5,570,677		-	4,052,161	(191,744)	-	(7,000,586)	- (7,192,330)
Non-Cash flows Claims Payable on new contracts - -			(8,037,368)		60,970	(7,976,398)		-	3,781,163	- 3,781,163 #
Total Non-Cashflow - -			(8,037,368)		60,970	(7,976,398)	-	-	3,781,163	- 3,781,163

Closing assets	-	-	-	-	-	-	-	-	-	-
Closing liabilities	(3,614,593)	-	7,428,129	61,699	3,875,235	(1,009,525)	-	4,493,556	-	3,484,032
Net closing balance	(3,614,593)	-	7,428,129	61,699	3,875,235	(1,009,525)	-	4,493,556	-	3,484,032

31 December 2024
Liabilities for remaining		Liabilities for incurred claims
		Estimates of	Risk
		present value	adjustment	Total
Excluding loss	Loss	of future cash	for non-
component	component	flows	financial risk

31 December 2023
Liabilities for remaining		Liabilities for incurred claims
		Estimates of	Risk
		present value of	adjustment for	Total
Excluding loss	Loss	future cash	non-financial
component	component	flows	risk

Opening assets Opening liabilities	- (277,727)	- -	- 1,024,096	- -	- 746,370	- 268,615	- -	- 447,494	- -	- 716,108
Net opening balance	(277,727)	-	1,024,096	-	746,370	268,615	-	447,494	-	716,108
Changes in statement of profit or loss and OCI Insurance revenue
Contracts under the modified retrospective transition
approach					-	-	-	-	-	-
Contract under the fair value transition approach					-	-	-	-	-	-
Other contracts			12,781,478		12,781,478			8,560,784	-	8,560,784
	-	-	12,781,478	-	12,781,478	-	-	8,560,784	-	8,560,784
Insurance service expenses
Incurred claims and other insurance service expenses			(11,170,509)		(11,170,509)	-	-	(6,396,538)	-	(6,396,538)
Adjustments to liabilities for incurred claims			-	-	-	-	-	-	-	-
Losses and reversals of losses on onerous contracts					-	-	-	-	-	-
Amortisation of insurance acquisition cashflows	(152,125)				(152,125)	(125,648)	-		-	(125,648)
	(152,125)	-	(11,170,509)	-	(11,322,634)	(125,648)	-	(6,396,538)	-	(6,522,187)
Insurance service results	(152,125)	-	1,610,969	-	1,458,844	8,397,533	-	(6,358,936)	-	2,038,597
Net finance expense from insurance contract			(275,340)		(275,340)
Total changes in statement of profit or loss and
OCI	(152,125)	-	1,335,629	-	1,183,504	8,397,533	-	(6,358,936)	-	2,038,597
Cash flows
Premium received			12,071,347		12,071,347		-	2,407,203	-	2,407,203
Insurance acquisition cash flows	(2,158,169)				(2,158,169)	(420,693)				(420,693)
Claims and other insurance service expenses paid,
including investment components			(11,170,509)		(11,170,509)	-	-	(5,322,276)	-	(5,322,276)
Total cash flows	(2,158,169)	-	900,838	-	(1,257,332)	(420,693)	-	(2,915,073)	-	(3,335,766)
Non-Cash flows
Claims Payable on new contracts			6,144,798	1,757,785	7,902,583	-	-	1,327,431	-	1,327,431 #
Total Non-Cashflow	-	-	6,144,798	1,757,785	7,902,583	-	-	1,327,431	-	1,327,431

Closing assets

Closing liabilities

(2,588,021)

9,405,361

1,757,785

8,575,125

(277,727)

1,024,096

746,370

Net closing balance

(2,588,021)

9,405,361

1,757,785

8,575,125

(277,727)

1,024,096

746,370

31 December 2024
Liabilities for remaining		Liabilities for incurred claims
		Estimates of	Risk
Excluding loss	Loss	present value of future cash	adjustment for non-	Total
component	component	flows	financial risk

31 December 2023
Liabilities for remaining		Liabilities for incurred claims
		Estimates of	Risk
Excluding loss	Loss	present value of future cash	adjustment for non-financial	Total
component	component	flows	risk

Opening assets Opening liabilities	- (35,940)	- - - 118,869	- -	- 82,930	- (23,740)	- - - 103,307	- - - 79,567
Net opening balance	(35,940)	- 118,869	-	82,930	(23,740)	- 103,307	- 79,567
Changes in statement of profit or loss and OCI Insurance revenue
Contracts under the modified retrospective transition
approach				-	-	- -	- -
Contract under the fair value transition approach				-	-	- -	- -
Other contracts		5,085		5,085	-	- 9,452	- 9,452
	-	- 5,085	-	5,085	-	- 9,452	- 9,452
Insurance service expenses
Incurred claims and other insurance service expenses		(3,710)		(3,710)	-	- (2,950)	- (2,950)
Adjustments to liabilities for incurred claims		-	-	-	-	- -	- -
Losses and reversals of losses on onerous contracts				-	-	- -	- -
Amortisation of insurance acquisition cashflows	(16,583)			(16,583)	(11,496)	-	- (11,496)
	(16,583)	- (3,710)	-	(20,293)	(11,496)	- (2,950)	- (14,446)
Insurance service results	(16,583)	- 1,375	-	(15,209)	(11,496)	- 6,502	- (4,994)
Net finance expense from insurance contract		(110)		(110)
Total changes in statement of profit or loss and
OCI	(16,583)	- 1,265	-	(15,318)	(11,496)	- 6,502	- (4,994)
Cash flows
Premium received		4,802		4,802		- 13,231	- 13,231
Insurance acquisition cash flows	(859)			(859)	(704)		(704)
Claims and other insurance service expenses paid,
including investment components		(3,710)		(3,710)	-	- (863,072)	- (863,072)
Total cash flows	(859)	- 1,092	-	233	(704)	- (849,840)	- (850,545)
Non-Cash flows
Claims Payable on new contracts		(65,133)	699	(64,434)	-	- 858,901	- 858,901
Total Non-Cashflow	-	- (65,133)	699	(64,434)	-	- 858,901	- 858,901
Closing assets	-	- -	-	-	-	- -	- -
Closing liabilities	(53,381)	- 56,094	699	3,411	(35,940)	- 118,869	- 82,930
Net closing balance	(53,381)	- 56,094	699	3,411	(35,940)	- 118,869	- 82,930
	-	- -	-

31 December 2024
Liabilities for remaining		Liabilities for incurred claims
		Estimates of	Risk
		present value	adjustment	Total
Excluding loss	Loss	of future cash	for non-
component	component	flows	financial risk

31 December 2023
Liabilities for remaining		Liabilities for incurred claims
		Estimates of	Risk
		present value of	adjustment for	Total
Excluding loss	Loss	future cash	non-financial
component	component	flows	risk

Opening assets Opening liabilities	- 35,575	- -	- 2,866,974	- -	- 2,902,549		- 230,034	- -	- 2,554,829	- -	- 2,784,864
Net opening balance	35,575	-	2,866,974	-	2,902,549		230,034	-	2,554,829	-	2,784,864
Changes in statement of profit or loss and OCI Insurance revenue
Contracts under the modified retrospective transition
approach					-	- -			-	- -
Contract under the fair value transition approach					-	- -			-	- -
Other contracts			122,326		122,326				39,571	- 39,571
	- -		122,326	-	122,326		-	-	39,571	- 39,571
Insurance service expenses
Incurred claims and other insurance service expenses	(27,961)		53,194		25,233		-	-	(147,161)	- (147,161)
Adjustments to liabilities for incurred claims			399,310	(5,876)	393,434		-	-	-	- -
Losses and reversals of losses on onerous contracts					-		-	-	-	- -
Amortisation of insurance acquisition cashflows	-				-		-	-	-	- -
	- (27,961)		452,504	(5,876)	418,667		-	-	(147,161)	- (147,161)
Insurance service results	- (27,961)		574,830	(5,876)	540,993		-	39,571	(147,161)	- (107,590)
Net finance expense from insurance contract			-		-
Total changes in statement of profit or loss and
OCI	- (27,961)		574,830	(5,876)	540,993		-	39,571	(147,161)	- (107,590)
Cash flows
Premium received			-		-			-	2,266,295	- 2,266,295
Insurance acquisition cash flows	-				-		(194,459)			(194,459)
Claims and other insurance service expenses paid,
including investment components			(287,196)		(287,196)		-	-	(578,994)	- (578,994)
Total cash flows	- -		(287,196)	-	(287,196)		(194,459)	-	1,687,300	- 1,492,841
Non-Cash flows
Claims Payable on new contracts			(2,435,019)	23,161	(2,411,857)			-	(1,267,566)	- (1,267,566) #
Total Non-Cashflow	- -		(2,435,019)	23,161	(2,411,857)			-	(1,267,566)	- (1,267,566)
Closing assets	- -		-	-	-		-	-	-	- -
Closing liabilities	35,575 (27,961)		719,589	17,285	744,488		35,575	-	2,866,974	- 2,902,549
Net closing balance	35,575 (27,961)		719,589	17,285	744,488		35,575	-	2,866,974	- 2,902,549
	- -		-	-	-

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