CERTIFICATION
I, OLAMIDE OLAJOLO of Coronation Insurance Plc ("the Company"), 119 Awolowo Road, Ikoyi, Lagos State, Nigeria do hereby certify that:
I have reviewed the attached Q1, 2026 Management Accounts of Coronation Insurance Plc.
I confirm that based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.
I also confirm that based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report.
I further confirm that the Company's other certifying officer(s) and I:
Are responsible for establishing and maintaining internal controls.
Have designed such internal controls and procedures or caused such internal controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, and its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared.
Have designed such internal control system or caused such internal control system to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
Have evaluated the effectiveness of the company's internal controls and procedures as of a date within 90 days prior to the report and presented in this report our conclusions about the effectiveness of the internal controls and procedures, as of the end of the period covered by this report based on such evaluation.
I confirm that the Company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of the internal control system, to the Company's auditors and the Board Audit & Compliance Committee:
All significant deficiencies and material weaknesses in the design or operation of the internal control system which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and
Any fraud, whether or not material, that involves Management or other employees who have a significant role in the Company's internal control system.
I also confirm that the Company's other certifying officer(s) and I have identified, in the report whether or not there were significant changes in internal controls or other facts that could significantly affect internal controls subsequent to the date of their evaluation including any corrective actions with regard to significant deficiencies and material weaknesses.
Name: OLAMIDE OLAJOLO Designation: MANAGING DIRECTOR
FRC No: FRC/2013/PRO/CIIN/002/00000000877 Signature:
Date: 28th April, 2026CERTIFICATION
I, OJUMORO JOSHUA of Coronation Insurance Plc ("the Company"), 119 Awolowo Road, Ikoyi, Lagos State, Nigeria do hereby certify that:
I have reviewed the attached Q1, 2026 Management Accounts of Coronation Insurance Plc.
I confirm that based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.
I also confirm that based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report.
I further confirm that the Company's other certifying officer(s) and I:
Are responsible for establishing and maintaining internal controls.
Have designed such internal controls and procedures or caused such internal controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, and its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared.
Have designed such internal control system or caused such internal control system to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
Have evaluated the effectiveness of the company's internal controls and procedures as of a date within 90 days prior to the report and presented in this report our conclusions about the effectiveness of the internal controls and procedures, as of the end of the period covered by this report based on such evaluation.
I confirm that the Company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of the internal control system, to the Company's auditors and the Board Audit & Compliance Committee:
All significant deficiencies and material weaknesses in the design or operation of the internal control system which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and
Any fraud, whether or not material, that involves Management or other employees who have a significant role in the Company's internal control system.
I also confirm that the Company's other certifying officer(s) and I have identified, in the report whether or not there were significant changes in internal controls or other facts that could significantly affect internal controls subsequent to the date of their evaluation including any corrective actions with regard to significant deficiencies and material weaknesses.
Name: OJUMORO JOSHUA Designation: CFO (CHIEF FINANCIAL OFFICER)
FRC No: FRC/2021/PRO/ICAN/001/00000024766 Signature: Date: 28th April, 2026
Coronation Insurance Plc Q1 Unaudited Accounts for the Period Ended 31 Mar 2026
Shareholding Structure/Free Float Status | ||||
Description | 31-Mar-26 | 31-Dec-25 | ||
Unit | Percentage | Unit | Percentage | |
Issued Share Capital | 23,991,679,506 | 100.00 | 23,991,679,506 | 100.00 |
Substantial Shareholdings (5% and above) | ||||
CORONATION CAPITAL, (MAURITIUS) LTD | 9,794,561,952 | 40.82 | 9,794,561,952 | 40.82 |
REUNION ENERGY, LIMITED - MAIN | 5,011,809,066 | 20.89 | 5,011,809,066 | 20.89 |
CORONATION ASSET, MANAGEMENT | 1,242,456,657 | 5.18 | 1,242,456,657 | 5.18 |
Total Substantial Shareholdings | 16,048,827,675 | 66.89 | 16,048,827,675 | 66.89 |
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests | ||||
MR. VICTOR ETUOKWU, MON | 8,066,088 | 0.03 | 8,066,088 | 0.03 |
MR. OGBONNEWO SEGUN, (LIEN-ARPS) | 3,360,567 | 0.01 | 3,360,567 | 0.01 |
MR. OLAJOLO OLAMIDE | 32,272 | 0.00 | 32,272 | 0.00 |
MRS. OSUNTOKI TITILAYO | 56,092 | 0.00 | 56,092 | 0.00 |
MRS. STELLA OJEKWE-ONYEJELI | 11,358 | 0.00 | 11,358 | 0.00 |
MR. MUTIU SUNMONU | 0 | - | 0 | - |
MRS. IBIJOKE ADENUGA | 0 | - | 0 | - |
MR. AUGUSTINE ALEGEH | 0 | - | 0 | - |
MR. ADEWALE ADENEYE | 0 | - | 0 | - |
Total Directors' Shareholdings | 11,526,377 | 0.05 | 11,526,377 | 0.05 |
Other Influential Shareholdings | ||||
NIL | 0 | 0 | ||
Total Other Influential Shareholdings | 0 | 0 | ||
TOTAL | 16,060,354,052 | 66.94 | 16,060,354,052 | 66.94 |
Free Float in Units and Percentage | 7,931,325,454 | 33.06 | 7,931,325,454 | 33.06 |
Free Float in Value @3.10k | ₦ 24,587,108,907.40 | ₦ 25,776,807,725.50 | ||
Declaration: |
(A) Coronation Capital (Mauritius) Limited with a free float percentage of 40.82% as at 31 March 2026, is compliant with The Exchange's free float requirements for companies listed on |
(B) Coronation Capital (Mauritius) Limited with a free float value of N30,363,142,051.20 as at 31 March 2026, is compliant with The Exchange's free float requirements for companies |
The shareholding pattern of the Company as at 31st March 2025 is as stated below:
Range | Number of Shareholders | No. of shares held | % of number of shareholder s | % of number of shares held | |
1 - 1,000 | 647,735 | 127,048,745 | 79.43 | 0.53 | |
1,001 - 5,000 | 121,802 | 5,975,777,935 | 14.94 | 24.91 | |
5,001 - 10,000 | 20,789 | 580,355,131 | 2.55 | 2.42 | |
10,001 - 50,000 | 19,456 | 260,738,438 | 2.39 | 1.09 | |
50,001 - 100,000 | 2,584 | 781,915,485 | 0.32 | 3.26 | |
100,001 - 500,000 | 2,349 | 401,728,304 | 0.29 | 1.67 | |
500,001 - 1,000,000 | 320 | 1,215,325,193 | 0.04 | 5.07 | |
1,000,001 - 5,000,000 | 300 | 484,319,409 | 0.04 | 2.02 | |
5,000,001 - 10,000,000 | 44 | 11,092,085,303 | 0.01 | 46.23 | |
10,000,001 - 50,000,000 | 36 | 318,294,863 | 0.00 | 1.33 | |
50,000,001 - 100,000,000 | 9 | 150,956,591 | 0.00 | 0.63 | |
100,000,001 - 500,000,000 | 6 | 693,292,738 | 0.00 | 2.89 | |
500,000,001 - 1,000,000,000 | 2 | 179,539,940 | 0.00 | 0.75 | |
1,000,000,001 - 5,000,000,000 | 3 | 1,497,242,309 | 0.00 | 6.24 | |
5,000,000,001 & Above | 2 | 233,059,122 | 0.00 | 0.97 | |
815,437 | 23,991,679,506 | 100 | 100 |
CORONATION GROUP | CORONATION INSURANCE | ||||
31 March 2026 | 31 December 2025 | 31 March 2026 | 31 December 2025 | ||
ASSETS | NOTE | N'000 | N'000 | N'000 | N'000 |
Cash and cash equivalent | 8 | 22,813,795 | 18,211,449 | 10,807,306 | 8,373,862 |
Financial assets | 9 | 46,424,188 | 40,381,757 | 7,466,933 | 7,075,108 |
Premium receivables | 10 | 1,016,003 | 1,798,383 | 557,466 | 1,793,875 |
Reinsurance contract assets | 11 | 11,461,530 | 7,928,456 | 7,060,130 | 5,122,656 |
Other receivables and prepayments | 12a | 8,651,170 | 7,333,167 | 5,333,709 | 2,359,553 |
Right of Use Asset | 12b | 609,509 | 910,296 | - | - |
Investment in associates | 13 | 10,152,456 | 10,048,118 | 5,804,242 | 5,804,242 |
Investment in subsidiaries | 14 | - | - | 9,259,506 | 9,259,506 |
Investment properties | 15 | 410,000 | 410,000 | 210,000 | 210,000 |
Property, plant and equipments | 16 | 6,429,514 | 6,603,243 | 5,524,463 | 5,618,568 |
Intangible assets | 17 | 2,502,017 | 2,651,660 | 797,629 | 852,918 |
Statutory deposit | 18 | 500,000 | 1,823,322 | 300,000 | 300,000 |
TOTAL ASSETS | 110,970,181 | 98,099,851 | 53,121,384 | 46,770,288 | |
LIABILITIES | |||||
Other payables and Provisions | 19 | 3,996,548 | 3,307,737 | 1,654,935 | 1,901,515 |
Deferred tax liabilities | 20 | 915,966 | 946,453 | 793,517 | 793,517 |
ROU Liability | 21 | 609,509 | 554,740 | - | - |
Current Income tax liabilities | 22 | 2,958,509 | 2,051,948 | 2,355,641 | 1,746,133 |
Insurance contract liabilities | 23 | 40,315,070 | 33,578,656 | 17,031,153 | 12,486,557 |
Investment contract liabilities 24 | 9,936,712 | 9,168,130 | |||
TOTAL LIABILITIES | 58,732,313 | 49,607,664 | 21,835,247 | 16,927,723 | |
EQUITY | |||||
Share capital | 25 | 11,995,952 | 11,995,952 | 11,995,952 | 11,995,952 |
Share premium | 26 | 4,612,938 | 4,612,938 | 4,612,938 | 4,612,938 |
Other reserves | 28 | 11,283,909 | 9,761,722 | 4,460,413 | 4,460,415 |
Contingency reserves | 27 | 7,465,714 | 6,623,608 | 7,292,541 | 6,620,565 |
Retained earnings | 29 | 16,879,356 | 15,497,967 | 2,924,293 | 2,152,695 |
TOTAL EQUITY | 52,237,868 | 48,492,187 | 31,286,138 | 29,842,565 | |
TOTAL LIABILITIES AND EQUITY | 110,970,181 | 98,099,851 | 53,121,384 | 46,770,288 | |
Mutiu Sunmonu FRC/2014/IODN/00000006187
Chairman
Olamide Olajolo FRC/2013/CIIN/0000000877
Joshua Ojumoro FRC/2021/PRO/ICAN/001/00000024766
Chief Financial Officer
The material accounting policies and the accompanying notes form an integral part of these consolidated and separate financial statements.
Coronation Insurance Plc | |||||
Profit or loss and Other Comprehensive Income for the period ended 31st March 2026 | |||||
CORONATION GROUP | CORONATION INSURANCE | ||||
31-Mar-26 | 31-Mar-25 | 31-Mar-26 | 31-Mar-25 | ||
Note | N'000 | N'000 | N'000 | N'000 | |
Insurance revenue | 1 | 20,920,040 | 15,759,146 | 14,626,932 | 11,368,928 |
Insurance service expenses | 2 | (14,164,333) | (12,804,570) | (8,290,863) | (9,148,385) |
Insurance service result before reinsurance contracts held | 6,755,707 | 2,954,576 | 6,336,069 | 2,220,543 | |
Net income (expenses) from reinsurance contracts held | 3 | (4,245,145) | (1,004,118) | (4,196,103) | 53,513 |
Insurance service result | 2,510,563 | 1,950,458 | 2,139,966 | 2,274,056 | |
Investment income | 4 | 2,759,041 | 1,946,374 | 301,709 | 311,036 |
Net realized gain on financial assets | - | - | |||
Net FV Gain/Loss on Financial Asset HFT@FVTPL | (1,080) | 59,890 | 187,040 | 59,890 | |
Other operating income | 5 | 246,803 | 329,278 | 8,297 | 7,560 |
Total investment and other income | 3,004,764 | 2,335,542 | 497,046 | 378,486 | |
Net finance expenses from insurance contracts issued | 6 | (681,485) | (779,428) | (318,195) | (498,198) |
Net finance income from reinsurance contracts held | 238,442 | 426,230 | 150,255 | 251,283 | |
Net insurance finance expenses | (443,042) | (353,198) | (167,940) | (246,915) | |
Net Insurance and Investment Result | 5,072,284 | 3,932,802 | 2,469,072 | 2,405,627 | |
Other operating expenses (Non attributable) | 7c | (2,188,388) | (1,461,882) | (406,824) | (20,114) |
Total operating expenses | (2,188,388) | (1,461,882) | (406,824) | (20,114) | |
Operating profit | 2,883,897 | 2,470,920 | 2,062,248 | 2,385,513 | |
Share of Profit of Associate | 257,965 | 1,231,886 | - | - | |
Profit before tax | 3,141,862 | 3,702,806 | 2,062,248 | 2,385,513 | |
Income tax | (865,169) | (982,547) | (618,675) | (787,219) | |
Profit after tax | 2,276,693 | 2,720,259 | 1,443,574 | 1,598,293 | |
Coronation Insurance Plc
Statement of Changes in Equity for the Period ended 31 March 2026
(All amounts in Naira thousands unless otherwise stated)
Company
Share capital | Share premium | Other reserves | Statutory contingency reserve | Retained earnings | Total | |
As at 1 January 2026 | 11,995,952 | 4,612,938 | 4,460,413 | 6,620,565 | 2,152,695 | 29,842,564 |
Profit for the period | 1,443,574 | 1,443,574 | ||||
Other comprehensive income | - | - | ||||
Total comprehensive income | - | - | - | - | 1,443,574 | 1,443,574 |
11,995,952 | 4,612,938 | 4,460,413 | 6,620,565 | 3,596,269 | 31,286,138 | |
Transfer contingency reserve | 412,450 | (412,450) | - | |||
As at period end | 11,995,952 | 4,612,938 | 4,460,413 | 7,033,015 | 3,183,818 | 31,286,138 |
Group
Share capital | Share premium | Other reserves | Statutory contingency reserve | Retained earnings | Total | |
As at 1 January 2026 | 11,995,952 | 4,612,938 | 9,761,722 | 6,623,608 | 15,497,967 | 48,492,187 |
- | ||||||
Profit for the period | 2,276,693 | 2,276,693 | ||||
Other comprehensive income | 1,468,989 | 1,468,989 | ||||
Total comprehensive income | - | - | 1,468,989 | - | 2,276,693 | 3,745,681 |
11,995,952 | 4,612,938 | 11,230,711 | 6,623,608 | 17,774,660 | 52,237,868 | |
Transfer contingency reserve | 842,106 | (842,106) | - | |||
Share of Associate profit | - | - | ||||
Transfer to Life fund reserve | 53,198 | (53,198) | - | |||
As at period end | 11,995,952 | 4,612,938 | 11,283,909 | 7,465,714 | 16,879,356 | 52,237,868 |
Coronation Insurance Plc | ||||
Statement of Cash Flows | GROUP | COMPANY | ||
2026 | 2025 | 2026 | 2025 | |
31-Mar-26 | 31-Mar-25 | 31-Mar-26 | 31-Mar-25 | |
N'000 | N'000 | N'000 | N'000 | |
Cash flows from operating activities | ||||
Premiums received | 34,551,373 | 27,926,365 | 23,635,589 | 15,607,564 |
Fees and commission received | 3,687,690 | 2,027,613 | 2,258,897 | 1,400,184 |
Fees and commission paid | (5,623,007) | (4,346,066) | (3,711,175) | (2,715,204) |
Reinsurance premiums paid | (8,441,283) | (9,781,583) | (6,082,382) | (6,874,512) |
Gross claims paid to policy holders | (5,414,046) | (5,050,125) | (4,345,976) | (3,664,615) |
Reinsurance recoveries on claims | 4,701,955 | 1,961,476 | 3,161,143 | 1,120,157 |
Payments to employees | (1,423,015) | (984,743) | (526,484) | (367,580) |
Other operating cash payments | (4,933,625) | 465,335 | (3,769,202) | 2,861,726 |
Other operating cashflow | (387) | (80,936) | 8,297 | 7,560 |
Tax paid | (105,758) | (1,081,479) | (8,978) | 872,267 |
Net cashflow from operations | 16,999,896 | 11,055,857 | 10,619,728 | 8,247,547 |
Cash flows from investing activities | ||||
Purchases of property and equipment | (851,996) | (851,996) | (18,990) | (630,560) |
Purchases of intangible assets | (82,871) | (82,871) | - | (1,567) |
Proceeds from sale of property and equipment | - | - | ||
Purchases of investment securities | (40,634,070) | (47,385,612) | (12,619,711) | (22,258,364) |
Proceeds from redemption of investment securities | 28,274,432 | 30,253,148 | 4,123,207 | 21,818,192 |
Proceeds from sale of investment properties | - | (77,382) | - | - 77,382.00 |
Interest income received | 848,048 | 610,523 | 301,709 | 311,036 |
Net cash (used in) / from investing activities | (12,446,458) | (17,534,190) | (8,213,785) | (838,645) |
Cash flows from financing activities | ||||
Proceeds from issue of shares | - | - | - | - |
Dividend paid | - | - | - | - |
Net cash from financing activities | - | - | - | - |
Changes in cash and cash equivalents | 4,553,438 | (6,478,333) | 2,405,943 | 7,408,902 |
Cash and cash equivalent at beginning of year | 18,260,357 | 32,013,516 | 8,401,363 | 4,773,683 |
Net increase/(decrease) in cash and cash equivalent | 4,553,438 | (6,478,333) | 2,405,943 | 7,408,902 |
Cash and cash equivalent at end of year | 22,813,795 | 25,535,183 | 10,807,306 | 12,182,585 |
Summary of Cash and cash equivalents | ||||
For the purposes of the statement of cash flow, cash and cash equivalents is as follows: | ||||
Group | Group | Company | Company | |
2026 | 2025 | 2026 | 2025 | |
31-Mar-26 | 31-Mar-25 | 31-Mar-26 | 31-Mar-25 | |
N'000 | N'000 | N'000 | N'000 | |
Cash and cash equivalent | 9,335,302 | 8,414,179 | 2,013,632 | 2,598,106 |
Money market placements | 13,478,493 | 17,121,004 | 8,793,674 | 9,584,479 |
Balance, end of year | 22,813,795 | 25,535,183 | 10,807,306 | 12,182,585 |
The statement of significant accounting policies and the accompanying notes form an integral part of these financial statements. | ||||
Coronation Insurance Plc |
Notes to the Accounts as at 31 March 2026 |
1 | Insurance Revenue |
Insurance revenue from contracts measured under the PAA |
Group | Company | |
31-Mar-26 | 31-Mar-25 | 31-Mar-26 31-Mar-25 |
N'000 | N'000 | N'000 N'000 |
20,920,040 | 15,759,146 | 14,626,932 11,368,928 |
20,920,040 | 15,759,146 | 14,626,932 | 11,368,928 |
2 | Insurance Service Expenses | ||||
Incurred claims and other directly attributable expenses | 16,430,678 | 14,853,349 | 11,728,854 | 12,715,877 | |
Changes that relate to past service - adjustments to the LIC | (5,909,131) | (5,283,488) | (6,338,229) | (5,769,554) | |
Losses on onerous contracts and reversal of the losses | 46,832 | 33,567 | 24 | 673,251 | |
Insurance acquisition cash flows amortisation | 3,595,954 | 3,201,143 | 2,900,213 | 1,528,811 | |
14,164,333 | 12,804,570 | 8,290,863 | 9,148,385 |
3 | Reinsurance Revenue and Expenses | ||||
Reinsurance income (expenses) - contracts measured under the PAA | (6,780,336) | (3,419,389) | (5,938,475) | (3,577,529) | |
Claims recovered | (424,884) | 2,415,271 | (1,172,729) | 1,458,882.74 | |
Movement in Loss Recovery Component adjustment to Reinsurance CSM/A | (373) | - | 10 | 352,438 | |
Changes that relate to past service - adjustments to incurred claims | 2,960,448 | - | 2,915,091 | 1,819,721 | |
(4,245,145) | (1,004,118) | (4,196,103) | 53,513 |
4 | Investment income | ||||
Investment income | 783,489 | 389,275 | 282,718 | 291,469 | |
Interest on statutory deposit | 31,639 | 19,464 | 18,990 | 19,568 | |
Investment Income annuity | 1,665,083 | 1,174,638 | - | - | |
Profit on deposit adminstered contracts | 278,830 | 362,997 | - | - | |
Net FV Gain /Loss on Financial Asset | - | - | - | ||
2,759,041 | 1,946,374 | 301,709 | 311,036 | ||
Net realised (loss)/gain on financial assets | - | - | |||
2,759,041 | 301,709 | 311,036 | |||
5 | Other Operating Income | ||||
Rental Income from property Investment | - | - | 7,119 | 7,119 | |
Foreign exchange gain/(loss) | (1,080) | 59,890 | 187,040 | 59,890 | |
Other income | 236,916 | 269,388 | 4 | 0 | |
Sundry income | 9,887 | - | 1,173 | 441 | |
245,723 | 329,278 | 195,337 | 67,450 |
6 | Finance income (expenses) from insurance contracts issued | ||||
Interest accreted | (1,080,985) | (1,231,496) | (333,445) | (416,130) | |
Effect of changes in interest rates and other financial assumptions | 399,500 | 452,068 | 15,250 | (82,068) | |
Finance income (expenses) from insurance contracts issued | (681,485) | (779,428) | (318,195) | (498,198) |
Finance income (expenses) from reinsurance contracts held | ||||
Interest accreted | 243,299 | 434,754.60 | 156,238 | 207,336 |
Effect of changes in interest rates and other financial assumptions | (4,857) | (8,524.60) | (5,983) | 43,947 |
Finance income (expenses) from reinsurance contracts held | 238,442 | 426,230 | 150,255 | 251,283 |
Net insurance finance income (expenses) | (443,042) | (353,198) | (167,940) | (246,915) |
Coronation Insurance Plc |
Notes to the Accounts as at 31 March 2026 |
Group | Company | ||
31-Mar-26 | 31-Dec-25 | 31-Mar-26 | 31-Dec-25 |
N'000 | N'000 | N'000 | N'000 |
7a | Operating Expenses | ||||
Other staff related expenses | 728,746 | 677,011 | 437,635 | 340,120 | |
Professional Fees | 921,118 | 840,984 | 565,880 | 258,364 | |
Donations & Sponsorship | 19,305 | 20,529 | 8,056 | 20,114 | |
Corporate Branding | 184,400 | 294,748 | 70,982 | 79,741 | |
Insurance | 33,746 | 366,740 | 17,238 | 15,032 | |
Bank charges | 34,569 | 19,763 | 34,569 | 19,763 | |
Depreciation | 232,861 | 255,707 | 113,096 | 107,882 | |
Amortization of Intangible assets | 159,251 | 87,485 | 55,289 | 48,663 | |
Repairs & Maintenance | 345,648 | 354,936 | 80,397 | 133,787 | |
Registrar Maint Expenses | 33,130 | 60,820 | 33,130 | 25,000 | |
Board Expenses | 107,973 | 151,533 | 73,858 | 112,979 | |
Transport and travels expenses | 58,204 | 76,318 | 20,459 | 8,739 | |
Annual dues | 338,439 | 276,993 | 228,402 | 159,057 | |
Other Expenses (Newspaper, business m | 619,875 | 271,793 | 325,886 | 159,733 | |
Audit expenses | 129,260 | 97,771 | 28,911 | 23,132 | |
Telephone/Rent and rates | 63,203 | 99,015 | 19,132 | 17,398 | |
Electricity and water | 17,284 | 32,361 | 2,595 | 12,325 | |
Priniting and stationery | 45,647 | 28,792 | 4,825 | 4,400 | |
Investment related expenses | 184,285 | 52,773 | 163,625 | 49,982 | |
Annual maintenance cost | 461,643 | 375,555 | 461,643 | 375,555 | |
Impairment on Other assets | 19,639 | - | - | - | |
Impairment on Reinsurance asset charge/(reversal) | - | - | |||
4,738,226 | 4,441,627 | 2,781,463 | 1,971,767 |
7b | Employee Benefit Expense | ||||
Staff Cost | 1,298,460 | 1,122,134 | 466,655 | 314,935 | |
Directors Emoluments | 163,352 | 141,977 | 59,829 | 52,645 | |
1,461,812 | 1,264,111 | 526,484 | 367,580 |
7c | Attributable Expenses | - | - | ||
Non Attributable Expenses | 2,188,388 | 1,461,882 | 406,824 | 20,114 |
8 | Cash and Cash equivalents | ||||
Cash at hand | - | - | - | ||
Cash and call Balance with local banks | 9,335,302 | 5,292,884 | 2,013,632 | 1,498,456 | |
Money Market Placement | 13,527,402 | 12,967,473 | 8,821,174 | 6,902,907 | |
Impairment (ECL) | (48,908) | (48,908) | (27,501) | (27,501) | |
22,813,795 | 18,211,449 | 10,807,306 | 8,373,862 |
9 | Financial Assets | ||||
Held to Maturity (HTM)/ Amortised cost (N | 12,607,755 | 18,596,679 | 3,616,435 | 3,357,365 | |
Held for Trading ( HFT) (Note 10b) | 83,823 | 9,358,482 | 83,823 | 83,823 | |
Available for Sale ( AFS) / FVOCI (Note 1 | 34,961,909 | 12,426,596 | 3,781,008 | 3,648,254 | |
47,653,486 | 40,381,757 | 7,481,266 | 7,089,441 | ||
Impairment (ECL) | (1,229,299) | - | (14,333) | (14,333) | |
46,424,188 | 40,381,757 | 7,466,933 | 7,075,108 |
a | Analysis of HTM Securities | ||||
- Corporate Bonds | 176,707 | 2,561,288 | 176,707 | 346,663 | |
- Treasury bills | 4,235,765 | 9,618,759 | 3,069,107 | 2,633,919 | |
- Government Bonds - State | - | 7,799,041 | - | - | |
- Government Bonds - Federal | 7,064,675 | 370,621 | 376,784 | ||
Impairment on financial assets | (1,382,408) | ||||
Carrying amount at amortised cost | 11,477,147 | 18,596,679 | 3,616,435 | 3,357,365 |
b | Analysis of HFT Securities (quoted equities) | ||||
- Government Bond | - | 9,274,659 | - | ||
- Quoted/ Listed Equities | 83,823 | 83,823 | 83,823 | 83,823 | |
- Fair value adjustment | - | - | - | ||
Carrying amount at fair value | 83,823 | 9,358,482 | 83,823 | 83,823 |
c | Analysis of AFS Securities | ||||
Unquoted/ Unlisted Equities | 2,276,862 | 2,754,378 | 2,276,862 | 2,276,862 | |
Quoted Equities | 1,655,267 | 622,760 | 104 | 100 | |
Fixed Income Securities | - | 9,049,458 | - | - | |
- Government bond | 18,952,691 | - | 414,388 | 413,060 | |
- Government eurobond | 1,364,507 | - | 1,089,654 | 958,232 | |
- Corporate eurobond | 1,652,388 | - | - | - | |
'- Promissory notes | 9,060,195 | - | - | - | |
Carrying amount at FV | 34,961,909 | 12,426,596 | 3,781,008 | 3,648,254 |
-
10 | Trade Receivables | ||||
Due from Brokers | 773,395 | 1,798,383 | 496,476 | 1,793,875 | |
Due from Insurance companies | 242,608 | 60,991 | - | ||
1,016,003 | 1,798,383 | 557,466 | 1,793,875 | ||
Less: Impairment on Trade Receivables | - | - | - | - | |
1,016,003 | 1,798,383 | 557,466 | 1,793,875 |
11 | Reinsurance contract Assets | ||||
Asset for Remaining Coverage: | |||||
-Excluding loss component | 5,281,760 | 4,497,218 | 4,699,891 | 1,984,724 | |
-Loss component | 24 | 17 | 23 | 13 | |
Asset for Incurred Claims | |||||
- Present Value of future cashflows | 4,661,636 | 3,224,663 | 2,099,777 | 2,780,703 | |
- Risk Adjustment | 298,603 | 206,557 | 260,440 | 357,215 | |
Total reinsurance contract Asset | 10,242,024 | 7,928,456 | 7,060,130 | 5,122,656 |
Reinsurance contract Assets | Asset for Remaining Coverage: | Asset for Incurred Claims | ||||
Portfolios | Excluding loss component | Loss component | Present Value of future cashflows | Risk Adjustment | Total | |
AVIATION | - | - | - | - | - | |
BOND | - | - | - | - | - | |
ENGINEERING | (386,666) | - 10.13 | (147,488.59) | (19,792) | (553,957) | |
FIRE | (494,227) | - | (550,783.88) | (67,120) | (1,112,131) | |
GENERAL_ACCIDENT | (268,402) | - | (202,068.13) | (18,379) | (488,849) | |
MARINE | (124,484) | - 12.70 | (916,104.83) | (134,986) | (1,175,587) | |
MOTOR | (97,230) | - | (78,429.33) | (5,058) | (180,717) | |
OIL_AND_ENERGY | (3,328,882) | - | (204,901.87) | (15,105) | (3,548,888) | |
(4,699,891) | - 22.83 | (2,099,777) | (260,440) | (7,060,130) | ||
12a | Other Receivables and Prepayments | ||||
Due from Related Parties | - | 1,305,713 | |||
Intercompany receivables(Ghana/Life) | 16,999 | - | 166,656 | 203,315 | |
Intercompany receivables {General and Ghana | 21,795 | - | - | - | |
Other Debtors | 3,579,893 | 1,658,040 | 2,842,827 | 1,380,216 | |
Subscription for shares (Kenya) | 4,941,564 | 5,083,104 | 1,626,000 | 1,626,000 | |
Staff Debtors | 636 | 30,696 | - | - | |
Prepaid expenses | 1,032,180 | 795,088.18 | 481,915 | 578,892 | |
Other receivables - Related: Dividend Rec | 881,102 | - | 881,102 | - | |
Reinsurance receivables | 764,079 | - | 764,079 | - | |
10,474,169 | 8,872,641 | 6,762,579 | 3,788,423 | ||
Impairment Allowance | (1,822,999) | (1,539,474) | (1,428,870) | (1,428,870) | |
8,651,170 | 7,333,167 | 5,333,709 | 2,359,553 |
12b | Right of Use Asset | ||||
Right of use asset-Leasehold- 35yrs | 609,509 | 910,296 | - | - | |
Accumulated depreciation of right of use | - | - | - | - | |
609,509 | 910,296 |
13 | Investment in associates | ||||
Coronation Merchant Bank Limited/Coronation Securities Limited/Ghana | |||||
- Opening balance | 10,048,118 | 10,048,118 | 5,804,242 | 5,804,242 | |
Share of profit during the year | |||||
- Share of profit during the period | 257,965 | - | - | ||
- Share of other comprehensive incom | (153,627) | - | - | ||
10,152,456 | 10,048,118 | 5,804,242 | 5,804,242 | ||
14 | Investment in subsidiaries | ||||
Coronation Insurance Ghana Limited | - | - | 1,460,915 | 1,460,915 | |
Coronation Life Assurance Limited | - | - | 7,798,591 | 7,798,591 | |
- | - | 9,259,506 | 9,259,506 |
15 | Investment Properties | ||||
Investment Property (Note 16a) | 10,000 | 10,000 | 10,000 | 10,000 | |
Investment Property W.I.P (Note 16b) | 400,000 | 400,000 | 200,000 | 200,000 | |
410,000 | 410,000 | 210,000 | 210,000 |
a | Investment Properties | ||||
- Hexagon Court | - | - | |||
Happy people estate magboro | 10,000 | 10,000 | 10,000 | 10,000 |
10,000 | 10,000 | 10,000 | 10,000 |
b | Investment Properties under Construction | ||||
-IPL BUILDING- ABUJA | 400,000 | 400,000 | 200,000 | 200,000 | |
400,000 | 400,000 | 200,000 | 200,000 |
16 | Property, Plant & Equipment | ||||
Cost | 11,836,399 | 11,870,461 | 9,097,302 | 9,078,311 | |
Accumulated Depreciation | (5,406,884) | (5,267,222) | (3,572,839) | (3,459,743) | |
Net Book Value | 6,429,514 | 6,603,240 | 5,524,463 | 5,618,568 |
17 | Intangible Assets | ||||
Cost | 4,397,082 | 4,469,341 | 2,028,813 | 2,028,813 | |
Accumulated Depreciation | (1,895,065) | (1,817,681) | (1,231,184) | (1,175,895) | |
Net Book Value | 2,502,017 | 2,651,660 | 797,629 | 852,918 |
18 | Statutory deposit | ||||
At start of period | 500,000 | 1,248,465 | 300,000 | 300,000 | |
Additions during the period/interest accru | - | 574,857 | - | - | |
At end of period | 500,000 | 1,823,322 | 300,000 | 300,000 |
19 | Provisions & Other Payables | ||||
Premium Deposit | 23,912 | 23,912 | 41,899 | ||
Commission payables | - | 11,334 | |||
Reinsurance Commission Received in advance | - | - | - | ||
Accrued expenses | 1,450,373 | 651,562 | 336,088 | 504,382 | |
Other tax payables | 161,744 | 119,148 | 104,125 | 113,104 | |
Policy deposits and unclaimed bank items | - | - | - | - | |
Staff loan deduction | 121,212 | - | - | - | |
Inter-Company Balances | - | - | - | - | |
NSITF | 5,715 | - | - | - | |
Provident Fund | 3,522 | - | - | - | |
Sundry Creditors | 1,981,581 | 2,068,297 | 400,565 | 444,767 | |
Impairment of payable on United Steel | 62,483 | - | |||
Other Liabilities | - | 457,396 | - | - | |
Transist/Unclaimed Bank Items | - | - | - | ||
NHIL | 186,005 | - | - | ||
3,996,548 | 3,307,737 | 864,690 | 1,104,151 | ||
20 | Deferred tax liabilities | 915,966 | 946,453 | 793,517 | 837,580 |
21 | Right of Use Liability | ||||
Rent Received in Advance | 609,509 | 554,740 | 854,319,205 | 854,319,205 | |
Accumulated Amortization of right of use | - | - | 853,528,960 | (853,486,244) | |
Right of Use Liability | 609,509 | 554,740 | (790,245) | (832,961) |
22 | Current Income Tax liabilities | ||||
At start of period | 2,026,089 | 1,125,556 | 1,793,041 | 872,267 | |
Exchange difference | - | - | - | - | |
Charge for the period | 1,038,178 | 2,008,167 | 618,675 | (1,670,345) | |
Payments during the period | (105,758) | (1,081,775) | (56,074) | 2,591,119 | |
Acquisition through business integration | - | - | - | ||
At end of period | 2,958,509 | 2,051,948 | 2,355,641 | 1,793,041 |
23 | Insurance Contract Liabilities | ||||
Liability for Remaining Coverage: | |||||
-Excluding loss component | 27,622,065 | 23,006,579 | 11,820,932 | 5,738,081 | |
-Loss component | 64 | 53 | 50 | 26 | |
Liability for Incurred Claims: | - | ||||
- Present Value of future cashflows | 12,024,604 | 10,015,363 | 4,688,557 | 6,046,296 | |
- Risk Adjustment | 668,336 | 556,661 | 521,614 | 702,154 | |
Total Insurance Contract Liability | 40,315,070 | 33,578,656 | 17,031,153 | 12,486,557 |
Insurance Contract Liabilities | Liability for Remaining Coverage: | Liability for Incurred Claims | ||||
Portfolios | Excluding loss component | Loss component | Present Value of future cashflows | Risk Adjustment | Total | |
AVIATION | - | - | - | - | - | |
BOND | - | - | 0.00 | - | 0 | |
ENGINEERING | 622,296 | 18.53 | 349,628.13 | 46,918 | 1,018,861 | |
FIRE | 850,674 | - | 987,991.08 | 120,399 | 1,959,064 | |
GENERAL_ACCIDENT | 540,719 | - | 632,481.92 | 57,528 | 1,230,728 | |
MARINE | 440,037 | 31.84 | 1,406,265.93 | 207,210 | 2,053,545 | |
MOTOR | 2,457,942 | - | 776,962.35 | 50,103 | 3,285,007 | |
OIL_AND_ENERGY | 6,909,265 | - | 535,227.21 | 39,455 | 7,483,948 | |
11,820,932 | 50.37 | 4,688,557 | 521,614 | 17,031,153 | ||
24 | Investment Contract Liabilities | ||||
At start of period | 9,168,130 | 4,314,872 | - | - | |
Additions | 1,319,834 | 7,932,110 | - | - | |
Withdrawals | (694,442) | (3,474,617) | - | - | |
Guarantee interest | 123,022 | 395,765 | - | - | |
Release of surplus reserves | 20,168 | - | - | - | |
Opening fund reconciliation adjustment | - | - | - | - | |
At end of period | 9,936,712 | 9,168,130 | - | - |
24.1 | Group Deposit Administration - Investmnent Contract | ||||
At start of period | 54,472 | 54,472 | - | - | |
At end of period | 54,472 | 54,472 | - | - | |
24.2 | Individual Deposit Administration - Investment Contract | ||||
At start of period | 9,113,658 | 9,113,658 | - | - | |
Additions | 1,319,834 | - | - | - | |
Withdrawals | (694,442) | - | - | - | |
Guarantee interest | 123,022 | - | - | - | |
Release of surplus reserves | 20,168 | - | - | - | |
Opening fund reconciliation adjustment | - | - | - | - | |
At end of period | 9,882,240 | 9,113,658 | - | - | |
25 | Share capital | Number | Number | Number | Number |
Authorised: | 30,000,000,000 | 30,000,000,000 | 30,000,000,000 | 30,000,000,000 | |
Issued: | 23,991,679,506 | 23,991,679,506 | 23,991,679,506 | 23,991,679,506 |
Issued and fully paid: | ||||
At start of the year | 11,995,952 | 11,995,952 | 11,995,952 | 11,995,952 |
Movements | - | - | - | - |
At end of year | 11,995,952 | 11,995,952 | 11,995,952 | 11,995,952 |
26 | Share premium | ||||
At start of the year | 4,612,938 | 4,612,938 | 4,612,938 | 4,612,938 | |
Movements | - | - | - | - | |
At end of year | 4,612,938 | 4,612,938 | 4,612,938 | 4,612,938 |
27 | Contingency reserve | ||||
At start of period | 6,623,608 | 5,076,388 | 6,620,565 | 5,073,345 | |
Exchange Gain/Loss on Cedi Opening Balance | - | - | |||
Appropriation from profit and loss accoun | 842,106 | 1,547,220 | 671,975 | 1,547,220 | |
At end of year | 7,465,714 | 6,623,608 | 7,292,541 | 6,620,565 |
28 | Other reserves | ||||
At start of period | 9,761,722 | 8,276,842 | 4,460,413 | 4,987,554 | |
Net fair value (losses)/gains on fixed inco | - | 77,269 | - | (17,759) | |
Fair value of FVOCI financial instrument r | 1,468,989 | 222,850 | - | - | |
Fair value changes in equity securities du | - | (194,504) | - | (194,504) | |
Net changes in ECL allowance on fixed | 0.00 | 0.00 | (4,999.83) | ||
Fair value of FVOCI financial instrument reclassified to P or L | - | (309,876) | - | (309,877) | |
Life Fund appropriation from profit and lo | 53,198 | 267,099 | |||
comprehensive profit/ loss during the year | (765,055) | - | - | ||
Transfer to retained earnings | - | - | |||
At end of year | 11,283,909 | 9,761,723 | 4,460,413 | 4,460,413 |
29 | Retained earnings | ||||
At start of the year | 15,497,967 | 9,797,018 | 2,152,695 | (67,059) | |
Transfer from profit or loss | 2,276,693 | 7,515,268 | 1,443,574 | 3,766,974 | |
Transfer to contigency reserve | (842,106) | (1,547,220) | (671,975) | (1,547,220) | |
Transfer to life fund | (53,198) | (267,099) | - | - | |
At end of year | 16,879,356 | 15,497,967 | 2,924,293 | 2,152,695 |
30 | Life Reserve Fund | |
Opening balance | 267,099 - - | |
During the year | 53,198 - - | |
At end of period | 320,297 |