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 Q2, 2025 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/CIIN/0000000877 Signature: Date: 29th July, 2025
CERTIFICATION
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 Q2, 2025 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/2021/00000024766 Signature: Date: 29th July, 2025
Coronation Insurance Plc Q2 Unaudited Accounts for the Period Ended 30 Jun 2025
Hypothetical Case on Free Float Computation | ||||
Shareholding Structure/Free Float Status | ||||
Description | 30-Jun-25 | 30-Jun-24 | ||
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. AIGBOJE AIG-IMOUKHUEDE(Direct) | 5,495,785 | 0.02 | 5,495,785 | 0.02 |
MR. AIGBOJE AIG-IMOUKHUEDE(Indirect Representing CORONATION CAPITA | 0 | - | 0 | - |
MR. AIGBOJE AIG-IMOUKHUEDE(Indirect Representing REUNION ENERGY, LI | 0 | - | 0 | - |
MR. AIGBOJE AIG-IMOUKHUEDE(Indirect) TRUST AND, CAPITAL LIMITED | 1,019,035,563 | 4.25 | 1,019,035,563 | 4.25 |
MR. AIGBOJE AIG-IMOUKHUEDE(Indirect) MARINA SECURITIES, LIMITED (MA | 642,125,079 | 2.68 | 642,125,079 | 2.68 |
MR. AIGBOJE AIG-IMOUKHUEDE(Indirect)UNITED ALLIANCE COMPANY OF N | 281,844,333 | 1.17 | 281,844,333 | 1.17 |
MR. AIGBOJE AIG-IMOUKHUEDE(Indirect) UNITED ALLIANCE COMPANY OF | 71,177,164 | 0.30 | 71,177,164 | 0.30 |
MR. ADAMU ATTA (Direct) | 7,471,883 | 0.03 | 7,471,883 | 0.03 |
OLISE BARNABAS, (Direct) | 10,835,029 | 0.05 | 10,835,029 | 0.05 |
OSIME IFEYINWA (Direct) | 656,693 | 0.00 | 656,693 | 0.00 |
UFOEZE CHIZOBA, | 89,459,500 | 0.37 | 89,459,500 | 0.37 |
OGBONNEWO SEGUN, (LIEN-ARPS) | 3,360,567 | 0.01 | 3,360,567 | 0.01 |
OLAJOLO OLAMIDE | 32,272 | 0.00 | 32,272 | 0.00 |
OSUNTOKI TITILAYO | 56,092 | 0.00 | 56,092 | 0.00 |
MR. PETER EHIMHEN | 0 | - | 0 | - |
MUTIU SUNMONU | 0 | - | 0 | - |
MR. BABABODE OSUNKOYA | 0 | - | 0 | - |
Total Directors' Shareholdings | 2,131,549,960 | 8.88 | 2,131,549,960 | 8.88 |
Other Influential Shareholdings | ||||
NIL | 0 | 0 | ||
Total Other Influential Shareholdings | 0 | 0 | ||
TOTAL | 18,180,377,635 | 75.77 | 18,180,377,635 | 75.77 |
Free Float in Units and Percentage | 5,811,301,871 | 24.23 | 5,811,301,871 | 24.23 |
Free Float in Value @2.27k | ₦ 13,191,655,247.17 | ₦ 4,590,928,478.09 | ||
Analysis of shareholders |
The shareholding pattern of the Company as at 30th June 2025 is as stated below: |
30 June 2025 |
Range | Number of Shareholde rs | No. of shares held | % of number of sharehold er s | % of number of shares held | |||
1 - 1,000 | 651,181 | 127,929,478 | 79.38 | 0.53 | |||
1,001 - 5,000 | 123,488 | 264,319,384 | 15.01 | 1.10 | |||
5,001 - 10,000 | 21,237 | 153,981,427 | 2.57 | 0.64 | |||
10,001 - 50,000 | 19,807 | 405,873,419 | 2.39 | 1.67 | |||
50,001 - 100,000 | 2,550 | 176,136,793 | 0.30 | 0.72 | |||
100,001 - 500,000 | 2,145 | 433,164,178 | 0.26 | 1.77 | |||
500,001 - 1,000,000 | 322 | 232,219,771 | 0.04 | 0.95 | |||
1,000,001 - 5,000,000 | 326 | 631,337,817 | 0.04 | 2.54 | |||
5,000,001 - 10,000,000 | 49 | 340,399,428 | 0.01 | 1.54 | |||
10,000,001 - 50,000,000 | 41 | 825,023,995 | 0.00 | 3.47 | |||
50,000,001 - 100,000,000 | 10 | 771,039,371 | 0.00 | 2.28 | |||
100,000,001 - 500,000,000 | 7 | 1,188,668,158 | 0.00 | 5.89 | |||
500,000,001 - 1,000,000,000 | 2 | 1,373,723,049 | 0.00 | 5.76 | |||
1,000,000,001 - 5,000,000,000 | 2 | 2,261,492,220 | 0.00 | 9.43 | |||
5,000,000,001 & Above | 2 | 14,806,371,018 | 0.00 | 61.71 | |||
821,169 | 23,991,679,506 | 100.00 | 100.00 |
Coronation Insurance Plc
Statement of Financial Position as at 30 June 2025
CORONATION GROUP | CORONATION INSURANCE PLC | |||||
30 June 2025 | 31 December 2024 | 30 June 2025 | 31 December 2024 | |||
ASSETS | NOTE | N'000 | N'000 | N'000 | N'000 | |
Cash and cash equivalent | 8 | 17,444,009 | 14,885,569 | 7,626,969 | 7,812,285 | |
Financial assets | 9 | 38,140,915 | 29,444,960 | 5,880,659 | 9,851,536 | |
Premium receivables | 10 | 1,361,004 | 27,334 | 1,002,249 | 17,774 | |
Reinsurance contract assets | 11 | 12,660,319 | 5,916,984 | 7,545,797 | 3,742,451 | |
Other receivables and prepayments | 12a | 4,564,809 | 1,500,128 | 3,726,112 | 1,106,144 | |
Right of Use Asset | 12b | 811,603 | 972,110 | - | ||
Investment in associates | 13 | 14,942,273 | 13,647,583 | 9,344,903 | 7,718,903 | |
Investment in subsidiaries | 14 | - | - | 9,259,506 | 9,259,506 | |
Investment properties | 15 | 8,493 | 8,493 | 8,493 | 8,493 | |
Deferred tax asset | 22a | 29,416 | 29,416 | - | - | |
Property, plant and equipments | 16a | 6,687,948 | 6,590,526 | 5,697,187 | 5,721,944 | |
Intangible assets | 17b | 2,925,821 | 2,823,130 | 925,006 | 989,263 | |
Statutory deposit | 18 | 500,000 | 951,423 | 300,000 | 300,000 | |
TOTAL ASSETS | 100,076,612 | 76,7G7,656 | 51,31C,881 | 46,528,301 | ||
LIABILITIES | ||||||
Insurance contract liabilities | 20 | 43,389,790 | 22,443,627 | 18,507,188 | 11,338,575 | |
Reinsurance contract liabilities | 21 | 1,724 | 4,233 | - | - | |
Investment contract liabilities | 22 | 6,266,790 | 4,314,872 | - | - | |
ROU Liability | 23b | 875,028 | 756,871 | - | - | |
Current Income tax liabilities | 23a | 1,143,016 | 1,125,556 | 1,142,429 | 872,267 | |
Deferred tax liabilities | 24a | 837,580 | 837,580 | 837,580 | 837,580 | |
Other payables | 24 | 6,114,751 | 3,325,205 | 582,973 | 2,705,981 | |
Other Technical liabilities | 24 | 1,914,661 | 4,230,574 | 1,914,661 | 4,171,168 | |
TOTAL LIABILITIES | 60,543,340 | 37,038,518 | 22,984,831 | 19,925,571 | ||
EQUITY | ||||||
Share capital | 26 | 11,995,952 | 11,995,952 | 11,995,952 | 11,995,952 | |
Share premium | 27 | 4,612,938 | 4,612,938 | 4,612,938 | 4,612,938 | |
Other reserves | 29 | 8,276,842 | 8,276,842 | 5,004,902 | 4,987,555 | |
Contingency reserves | 28 | 5,405,705 | 5,076,388 | 5,753,770 | 5,073,345 | |
Retained earnings | 30 | 9,241,834 | 9,797,018 | 964,488 | (67,059) | |
TOTAL EQUITY | 3G,533,271 | 3G,75G,138 | 28,332,051 | 26,602,730 | ||
TOTAL LIABILITIES AND EǪUITY | 100,076,612 76,7G7,657 | 51,316,881 | 46,528,301 | |||
Mutiu Sunmonu FRC/2014/IODN/00000006187
Chairman
Olamide Olajolo FRC/2013/CIIN/0000000877
Managing Director
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 30 June 2025 |
CORONATION GROUP | CORONATION INSURANCE PLC | ||||
30 June 2025 | 30 June 2024 | 30 June 2025 | June 30, 2024 | ||
Note | N'000 | N'000 | N'000 | N'000 | |
Insurance revenue | 1 | 32,931,679 | 21,399,833 | 22,680,841 | 15,310,392 |
Insurance service expenses | 2 | (22,171,420) | (13,844,424) | (16,244,893) | (7,970,633) |
Insurance service result before reinsurance contracts held | 10,760,259 | 7,555,409 | 6,435,G48 | 7,33G,75G | |
Net income (expenses) from reinsurance contracts held | 3 | (6,077,350) | (7,112,413) | (4,350,441) | (6,7GG,648) |
Insurance service result | 4,682,909 | 442,996 | 2,085,508 | 540,111 | |
Investment income | 4a | 2,308,644 | 1,370,371 | 678,088 | 347,639 |
Profit on investment contracts | 574,800 | 89,956 | |||
Net realized gain on financial assets | 4f | - | 3,523,042 | - | - |
Net FV Gain/Loss on Financial Asset HFT@FVTPL | 4c | 310,044 | - | 310,044 | 3,523,042 |
Net credit impairment losses | 7 | (93,271) | - | - | |
Other operating income | 5 | (1,689,464) | 5,073,997 | 16,345 | 15,169 |
Total investment and other income | 1,410,752 | 10,057,367 | 1,004,477 | 3,885,850 | |
Net finance expenses from insurance contracts | 6 | (1,411,560) | (582,719) | (1,004,377) | (213,995) |
Net finance income from reinsurance contracts | 6 | 678,152 | 101,486 | 518,503 | 84,049 |
Net insurance finance expenses | (733,408) | (481,234) | (485,874) | (12G,G46) | |
Net Insurance and Investment Result | 5,360,253 | 10,019,129 | 2,604,110 | 4,2G6,015 | |
Other operating expenses (Non attributable) | 7 | (3,382,380) | (3,338,966) | (48,931) | (1,648,650) |
Share of profit/(loss) of associate | 850,665 | 983,652 | - | - | |
Total operating expenses | (3,826,400) | (2,355,314) | (48,G31) | (1,648,650) | |
Profit before tax | 1,533,853 | 7,663,815 | 2,555,17G | 2,647,365 | |
Income tax | (1,759,721) | (1,400,320) | (843,209) | (916,512) | |
Profit after tax | (225,868) | 6,263,495 | 1,711,G70 | 1,730,853 | |
Statement of Changes in Equity for the Period ended 30 June 2025
(All amounts in Naira thousands unless otherwise stated)
CORONATION INSURANCE PLCShare capital | Share premium | Other reserves | Statutory contingency reserve | Retained earnings | Total | |
As at 1 January 2024 | 11,995,952 | 4,612,938 | 4,987,555 | 5,073,345 | (67,057) | 26,602,733 |
Profit for the period | 1,711,970 | 1,711,970 | ||||
Other comprehensive income | 17,347 | 17,347 | ||||
Total comprehensive income | - | - | 17,347 | - | 1,711,970 | 1,729,317 |
11,995,952 | 4,612,938 | 5,004,902 | 5,073,345 | 1,644,913 | 28,332,051 | |
Transfer contingency reserve | 680,425 | (680,425) | - | |||
As at period end | 11,995,952 | 4,612,938 | 5,004,902 | 5,753,770 | 964,488 | 28,332,051 |
Share capital | Share premium | Other reserves | Statutory contingency reserve | Retained earnings | Total | |
As at 1 January 2024 | 11,995,952 | 4,612,938 | 8,276,842 | 5,076,388 | 9,797,018 | 39,759,138 |
- | ||||||
Profit for the period | (225,868) | (225,868) | ||||
Other comprehensive income | - | - | ||||
Total comprehensive income | - | - | - | - | (225,868) | (225,868) |
11,995,952 | 4,612,938 | 8,276,842 | 5,076,388 | 9,571,150 | 39,533,270 | |
Transfer contingency reserve | 329,317 | (329,317) | - | |||
As at period end | 11,995,952 | 4,612,938 | 8,276,842 | 5,405,705 | 9,241,833 | 39,533,270 |
Consolidated Statement of Cash Flows | |||
Coronation Insurance Plc | Coronation Insurance Plc | ||
2025 | 2024 | ||
30 June 2025 | 30 June 2024 | ||
N'000 | N'000 | ||
Cash flows from operating activities | |||
Premiums received | 26,073,440 | 18,819,573 | |
Fees and commission received | 2,258,897 | 2,007,404 | |
Fees and commission paid | (3,475,848) | (3,475,848) | |
Reinsurance premiums paid | (14,454,971) | (10,161,757) | |
Gross claims paid to policy holders | (5,406,395) | (2,237,457) | |
Deposit received on investment contracts | - | - | |
Reinsurance recoveries on claims | 2,495,272 | 2,000,798 | |
Payments to employees | (721,043) | (516,133) | |
Other operating cash payments | 5,895,773 | 6,087,322 | |
Other operating cashflow | 16,345 | 15,169 | |
Tax paid | (1,142,429) | (753,119) | |
Net cashflow from operations | 11,539,042 | 11,785,952 | |
Cash flows from investing activities | |||
Purchases of property and equipment | (199,814) | (630,560) | |
Purchases of intangible assets | (109,807) | (1,567) | |
Proceeds from sale of property and equipment | - | - | |
Purchases of investment securities | (24,491,480) | (22,286,542) | |
Proceeds from redemption of investment securities | 21,813,192 | 21,818,192 | |
Improvement to investment properties | - | - | |
Proceeds from sale of investment properties | - | - | |
Rental income received | - | - | |
Dividend income received | 33,593 | 317 | |
Interest income received | 644,495 | 347,322 | |
Net cash (used in) / from investing activities | (2,309,821) | (752,838) | |
Cash flows from financing activities | |||
Proceeds from issue of shares | - | - | |
Dividend paid | - | - | |
Net cash from financing activities | - | - | |
Changes in cash and cash equivalents | 9,229,221 | 11,033,114 | |
Cash and cash equivalent at beginning of year | 2,968,272 | 2,968,272 | |
Net increase/(decrease) in cash and cash equivalent | 8,825,458 | 11,033,114 | |
Cash and cash equivalent at end of year | 7,626,969 | 11,364,210 | |
Summary of Cash and cash equivalents | |||
For the purposes of the statement of cash flow, cash and cash equivalents is as follows: | |||
Coronation Insurance Plc | Coronation Insurance Plc | ||
2025 | 2024 | ||
30 June 2025 | 30 June 2024 | ||
N'000 | N'000 | ||
Cash and cash equivalent | 1,452,344 | 2,206,914 | |
Money market placements | 6,174,625 | 9,157,296 | |
Treasury bills less than 90 days maturity | |||
Balance, end of year | 7,626,969 | 11,364,210 | |
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 30 June 2025 |
1 | Insurance Revenue |
Insurance revenue from contracts measured under the PAA |
2025 | 2024 | 2025 | 2024 |
CORONATION | CORONATION | CORONATION | CORONATION |
GROUP | GROUP | INSURANCE | INSURANCE |
N'000 | N'000 | N'000 | N'000 |
32,931,679 | 21,399,833 | 22,680,841 | 15,310,392 |
32,931,679 | 15,310,392 | 22,680,841 | 15,310,392 |
2 | Insurance Service Expenses | ||||
Incurred claims and other directly attributable expenses | 23,432,551 | 14,064,496 | 18,073,502 | 9,345,636 | |
Changes that relate to past service - adjustments to the LIC | (7,311,887) | (5,460,661) | (6,143,654) | (3,879,633) | |
Losses on onerous contracts and reversal of the losses | 796,533 | 281,545 | 702,098 | 252,323 | |
Insurance acquisition cash flows amortisation | 5,254,223 | 4,959,044 | 3,612,947 | 2,252,307 | |
22,171,420 | 13,844,424 | 16,244,893 | 7,970,633 |
3 | Reinsurance Revenue and Expenses | ||||
Net Income (expenses) from Reinsurance Contracts held | |||||
Expected claims and other expenses recovery | 3,256,820.98 | ||||
Changes in the risk adjustment recognised for the risk expired | 313.77 | ||||
CSM recognised for the services received | 2,479.48 | ||||
Reinsurance income (expenses) - contracts not measured under the PAA | |||||
Reinsurance income (expenses) - contracts measured under t | (8,727,754) | (8,565,623) | (8,543,849) | (7,285,892) | |
Other incurred directly attributable expenses | |||||
Claims recovered | 408,574 | 1,453,210 | 794,058 | 578,791 | |
Movement in Loss Recovery Component adjustment to Reins | 361,223 | - | 364,841 | - | |
Changes that relate to past service - adjustments to incurred | 1,880,606 | - | 3,034,510 | - | |
(6,077,350) | (7,112,413) | (4,350,441) | (6,707,101) | ||
4a | Investment income | ||||
Investment income | 1,509,042 | 849,193 | 605,125 | 94,763 | |
Interest on statutory deposit | 65,640 | 44,468 | 39,370 | - | |
Dividend income from equity investment | 33,593 | 33,593 | |||
Rental income | - | 422,261 | - | 422,261 | |
Investment Income annuity | 700,369 | 54,131 | |||
2,308,644 | 1,370,054 | 678,088 | 517,025 | ||
Net realised (loss)/gain on financial assets | - | - | |||
2,308,644 | 1,370,054 | 678,088 | 347,639 |
4c | Fair Value Gain/ Loss through other comprehensive income | ||||
Equity securities | - | 40,534 | - | 40,534 | |
Property and equipment revaluation gain/(loss) | (310,100) | - | (300,710) | - | |
ECL on FVOCI (reclassification) | 56 | - | 52 | - | |
(310,044) | 40,534 | (300,658) | 40,534 |
4f | Profit on deposit administered contracts | ||||
Income: | |||||
Investment income | (800,819) | (125,646) | - | - | |
Other income | - | - | - | - | |
(800,819) | (125,646) | - | - | ||
Less: expenses | |||||
Guaranteed interest | 226,019 | 35,690 | - | - | |
Policy admin expenses | - | - | - | - | |
Other expenses | - | - | - | - | |
226,019 | 35,690 | ||||
574,800 | 89,956 |
5 | Other Operating Income | ||||
Rental Income from property Investment | 14,239 | - | 14,239 | 14,239 | |
Gain/(loss) on sale of properties and equipments | - | 163 | - | 163 | |
Foreign exchange gain/(loss) | 310,044 | 8,561,820 | 310,044 | 3,506,561 | |
Annuity income | - | 2,341 | - | - | |
Other income | (4) | - | (4) | (3) | |
Sundry income | 2,111 | 32,719 | 2,111 | 934 | |
326,389 | 8,597,043 | 326,389 | 3,521,894 |
6 | Finance income (expenses) from insurance contracts issued | ||||
Interest accreted | (903,783) | - | (903,783) | - | |
Effect of changes in interest rates and other financial assumpt | (100,594) | - | (100,594) | - | |
Finance income (expenses) from insurance contracts iss | (1,004,377) | (213,995) | (1,004,377) | (213,995) |
Finance income (expenses) from reinsurance contracts he | ld | |||
Interest accreted | 462,827 | - | 462,827 | - |
Effect of changes in interest rates and other financial assumpt | 55,676 | - | 55,676 | - |
Finance income (expenses) from reinsurance contracts held | 518,503 | 84,049 | 518,503 | 84,049 |
Net insurance finance income (expenses) | (485,874) | (129,946) | (485,874) | (129,946) |
2025 | 2024 | 2025 | 2024 | ||
CORONATION | CORONATION | CORONATION | CORONATION | ||
GROUP | GROUP | INSURANCE | INSURANCE | ||
N'000 | N'000 | N'000 | N'000 | ||
7 | |||||
a | Operating Expenses | ||||
Other staff related expenses | 701,573 | 793,052 | 701,573 | 61,864 | |
Professional Fees | 1,807,525 | 1,072,751 | 682,479 | 120,434 | |
Donations & Sponsorship | 42,631 | 34,597 | 42,631 | 415 | |
Corporate Branding | 167,341 | 297,573 | 167,341 | 85,067 | |
Insurance | 34,264 | 374,153 | 34,264 | - | |
Bank charges | 40,330 | 45,141 | 40,330 | - | |
Depreciation | 224,569 | 371,776 | 224,569 | 71,203 | |
Amortization of Intangible asset | 85,302 | 70,861 | 85,302 | 32,231 | |
Repairs & Maintenance | 222,515 | 391,697 | 222,515 | 14,205 | |
Registrar Maint Expenses | 50,000 | 75,820 | 50,000 | 35,820 | |
Board Expenses | 242,394 | 205,061 | 242,394 | 14,540 | |
Transport and travels expenses | 54,655 | 101,435 | 54,655 | 47,459 | |
Annual dues | 274,751 | 311,431 | 274,751 | 37,809 | |
Other Expenses (Newspaper, b | 336,936 | 316,982 | 336,936 | 112,060 | |
Audit expenses | 53,434 | 118,451 | 53,434 | 53,714 | |
Telephone/Rent and rates | 33,186 | 106,856 | 33,186 | 81,617 | |
Electricity and water | 24,057 | 33,652 | 24,057 | 20,036 | |
Priniting and stationery | 9,506 | 33,877 | 9,506 | 20,359 | |
Fines and Penalty | 6,300 | - | 6,300 | ||
Impairment on Reinsurance ass | - | - | - | - | |
4,411,272 | 5,265,268 | 4,312,040 | 808,833 | ||
b | Employee Benefit Expense | ||||
Staff Cost | 1,753,858 | 1,262,783 | 634,312 | 492,826 | |
Employee Benefit - Below Mark | - | - | - | - | |
Pension Cost-Define Contributi | - | - | - | - | |
Directors Emoluments | 227,556 | 149,880 | 86,732 | 51,488 | |
1,981,414 | 1,412,664 | 721,043 | 544,314 |
B | Attributable Expenses | 6,392,686 | 3,338,966 | 4,984,153 | 1,648,650 |
Non Attributable Expenses | (3,382,380) | 3,338,966 | 48,931 | 1,648,650 | |
3,010,305 | 6,677,932 | 5,033,084 | 3,297,301 | ||
8 | Cash and Cash equivalents | ||||
Cash at hand | - | - | - | - | |
Cash and call Balance with loc | 2,907,866 | 3,738,525 | 1,452,344 | 755,687 | |
Money Market Placement | 14,659,779 | 11,266,680 | 6,225,424 | 7,107,399 | |
Interest Receivable on Fixed D | - | - | - | - | |
Impairment (ECL) | (123,636) | (119,636) | (50,800) | (50,800) | |
17,444,009 | 14,885,569 | 7,626,969 | 7,812,285 |
9 | Financial Assets | ||||
Held to Maturity (HTM)/ Amortis | 32,956,856 | 11,558,593 | 630,031 | 73,142 | |
Held for Trading ( HFT) (Note 1 | - | - | - | - | |
Available for Sale ( AFS) / FVO | 5,216,599 | 17,886,367 | 5,262,040 | 9,778,394 | |
38,173,455 | 29,444,960 | 5,892,071 | 9,851,536 | ||
Impairment (ECL) | (32,540) | - | (11,412) | - | |
38,140,915 | 29,444,960 | 5,880,659 | 9,851,536 |
10 | Trade Receivables | ||||
Due from Brokers | 1,221,669 | 31,616 | 921,669 | 21,758 | |
Due from Insurance companies | 143,319 | - | 84,564 | - | |
1,364,988 | - | 1,006,233 | - | ||
Less: Impairment on Trade Rec | (3,984) | (4,282) | (3,984) | (3,984) | |
1,361,004 | 27,334 | 1,002,249 | 17,774 |
11 | Reinsurance contract Assets | ||||
Asset for Remaining Coverag | e: | ||||
-Excluding loss component | 5,504,656 | 1,025,738 | 2,504,656 | 860,421 | |
-Loss component | 1,141,641 | 112,587 | 641,641 | 99,781 | |
Asset for Incurred Claims | |||||
- Present Value of future cashf | 4,935,969 | 3,232,932 | 3,935,969 | 2,781,924 | |
- Risk Adjustment | 1,078,054 | 1,545,727 | 463,532 | 326 | |
Total reinsurance contract As | 12,660,319 | 5,916,984 | 7,545,797 | 3,742,452 |
12a | Other Receivables and Prepayments | ||||
Intercompany receivables(Ghana/L | 189,414 | - | 166,043 | 200,102 | |
Premium deposit | - | 1,596,321 | - | 1,337,453 | |
Intercompany receivables | - | - | |||
Other Debtors | 2,208,273 | - | 1,561,729 | - | |
Loan & Receivable | - | - | - | - | |
Deposit for Shares | 145,804 | - | 145,804 | - | |
Staff Debtors | - | 32,925 | - | - | |
Property Held for Sale | - | - | |||
Prepaid expenses | 995,986 | 1,410,355 | 827,203 | 997,460 | |
Current income tax asset | |||||
Other receivables - Related: Di | 40,879 | - | 40,879 | - | |
Reinsurance receivables | 2,412,413 | - | 2,412,413 | - | |
5,992,769 | 3,039,601 | 5,154,072 | 2,535,015 |
Impairment Allowance | (1,427,960) | (1,539,474) | (1,427,960) | (1,428,870) |
4,564,809 | 1,500,128 | 3,726,112 | 1,106,145 |
12b | Right of Use Asset | ||||
Right of use asset-Leasehold- | 996,706 | 1,311,296 | - | - | |
Accumulated depreciation of rig | (185,103) | (339,186) | - | - | |
811,603 | 972,110 | - |
Investment in associates | ||||
Coronation Merchant Bank Limited/Coronation Securities Limited/Ghana | ||||
- Opening balance | 13,647,583 | 13,647,583 | 9,344,903 | 7,718,903 |
- Additions/(disposals) | - | - | - | - |
- Interim audit adjustment: | 453,667 | - | - | - |
Share of profit during the year | - | - | - | - |
Share of other comprehensive income during the year | ||||
- Dividend received during t | - | - | ||
- Withholding Tax receivable | - | - | ||
- Share of profit during the p | 850,665 | - | - | - |
- Share of other comprehens | (9,642) | - | - | - |
14,942,273 | 13,647,583 | 9,344,903 | 7,718,903 | |
13
14 | Investment in subsidiaries | ||||
Coronation Insurance Ghana Li | - | - | 1,460,915 | 1,460,915 | |
Exchange gain/loss | - | - | - | - | |
Coronation Life Assurance Limi | - | - | 7,798,591 | 7,798,591 | |
- | - | 9,259,506 | 9,259,506 |
15 | Investment Properties | ||||
Investment Property (Note 16a) | 8,493 | 7,718,903 | 8,493 | 7,718,903 | |
Investment Property W.I.P (Not | - | - | |||
8,493 | 7,718,903 | 8,493 | 7,718,903 |
a | Investment Properties | ||||
- Hexagon Court | - | - | - | ||
Investment property: HAPPY PEOP | 8,493 | 8,493 | 8,493 | 8,493 | |
16a | Property, Plant & Equipment | 8,493 | 8,493 | 8,493 | 8,493 |
Cost | 11,638,485 | 10,928,524 | 8,907,824 | 8,708,010 | |
Accumulated Depreciation | (4,950,569) | (4,337,997) | (3,210,637) | (2,986,067) | |
Net Book Value | 6,687,915 | 6,590,526 | 5,697,187 | 5,721,944 |
17 | Intangible Assets | ||||
Cost | 4,886,207 | 4,180,297 | 1,993,157 | 1,972,112 | |
Accumulated Depreciation | (1,960,353) | (1,357,167) | (1,068,151) | (982,848) | |
Net Book Value | 2,925,854 | 2,823,130 | 925,006 | 989,263 |
18 | Statutory deposit | ||||
At start of period | 500,000 | 1,058,155 | 300,000 | 300,000 | |
Additions during the period | - | 284,307 | - | - | |
Exchange Difference | - | (391,039) | - | - | |
At end of period | 500,000 | 951,423 | 300,000 | 300,000 |
20 | Insurance Contract Liabilities | ||||
Liability for Remaining Coverage: | |||||
-Excluding loss component | 28,224,483 | 12,753,394 | 8,684,306 | 5,152,874 | |
-Loss component | 2,380,073 | 638,839 | 1,263,500 | 535,677 | |
Liability for Incurred Claims: | |||||
- Present Value of future cashf | 10,864,695 | 8,427,668 | 7,751,768 | 5,073,515 | |
- Risk Adjustment | 1,920,540 | 623,727 | 807,613 | 576,509 | |
Total Insurance Contract Liab | 43,389,790 | 22,443,628 | 18,507,188 | 11,338,575 | |
21 | Reinsurance Contract Liabilities | ||||
Liability for Remaining Coverage: | |||||
-Excluding loss component | (10,479) | (4,233) | - | - | |
-Loss component | 12,203 | - | - | - | |
Total Reinsurance Contract L | 1,724 | (4,233) | - | - |
22 | Investment Contract Liabilities | |||
At start of period | 4,314,872 | 2,566,401 | - | |
Additions | 2,767,261 | 3,074,990 | - | |
Withdrawals | (1,041,361) | (1,404,230) | - | |
Guaranteed interest | 226,019 | 77,710 | - | |
At end of period | 6,266,790 | 4,314,871 | - |
27 | Current Income Tax liabilities | ||||
At start of period | 1,125,556 | 534,318 | 163,822 | 163,822 | |
Exchange difference | - | - | - | - | |
Charge for the period | (843,209) | 949,950 | (843,209) | 857,297 | |
Payments during the period | 860,669 | (358,712) | 1,821,816 | (148,852) | |
Acquisition through business int | - | - | - | - | |
At end of period | 1,143,016 | 1,125,556 | 1,142,429 | 872,267 |
23b | Right of Use Liability | |||
Rent Received in Advance | 1,256,784 | 913,257 | - | |
Accumulated Amortization of rig | (381,756) | (156,386) | - | |
Right of Use Liability | 875,028.00 | 756,870.88 | - |
24 | Provisions & Other Payables | ||||
Premium Deposit | (4,326,408) | - | (4,326,408) | - | |
Commission payables | - | 21,239 | |||
Reinsurance Commission Receive | - | - | - | - | |
Accrued expenses | 5,757,245 | 1,073,730 | 3,328,525 | 981,527 | |
Other tax payables | 63,429 | 193,514 | 63,429 | 185,519 | |
Sundry Creditors | 705,823 | 2,057,961 | 705,823 | 1,517,696 | |
Impairment of payable on Unite | - | - | - | - | |
Other Liabilities | 3,914,661 | - | 1,914,661 | 0 | |
Transist/Unclaimed Bank Items | - | - | - | - | |
Customers Deposits | - | - | - | - | |
6,114,751 | 3,325,205 | 1,686,031 | 2,705,981 | ||
Deferred tax liabilities | 837,580 | 837,580 |
22.1 | Group Deposit Administration - Investmnent Contract | |||
At start of period | 54,472 | 54,472 | - | |
Additions | - | - | ||
Withdrawals | - | - | ||
Guarantee interest | - | - | ||
Opening fund reconciliation adj | - | - | ||
At end of period | 54,472 | 54,472 | - | |
9
22.2 | Individual Deposit Administration - Investment Contract | |||
At start of period | 4,314,872 | 2,566,402 | - | |
Additions | 2,767,261 | 3,074,990 | - | |
Withdrawals | (1,041,361) | (1,404,230) | - | |
Guarantee interest | 226,019 | 77,710 | - | |
At end of period | 6,266,790 | 4,314,872 | - | |
23 | Share capital | 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 |
24 | 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 |
25 | Contingency reserve | ||||
At start of period | 5,076,388 | 4,719,063 | 5,073,345 | 3,971,002 | |
Exchange Gain/Loss on Cedi O | - | - | - | - | |
Appropriation from profit and lo | 329,317 | 357,325 | 680,425 | 1,102,343 | |
At end of year | 5,405,705 | 5,076,388 | 5,753,770 | 5,073,345 |
26 | Other reserves | ||||
At start of period | 8,276,842 | 4,814,789 | 4,987,555 | 2,887,869 | |
Revaluation reserve | - | 2,101,933 | 20,477 | 2,099,685 | |
Net fair value gain on financial | - | 1,360,120 | |||
At end of year | 8,276,842 | 8,276,842 | 5,004,902 | 4,987,554 |
27 | Retained earnings | ||||
At start of the year | 9,797,019 | (1,756,502) | (67,057) | (3,677,599) | |
Interim & Full Year Appropriatio | - | - | - | - | |
Transfer from profit or loss | (225,868) | 11,910,845 | 1,711,970 | 4,712,883 | |
Transfer to contigency reserve | (329,317) | (357,325) | (680,425) | (1,102,343) | |
Share of Associate profit at star | - | - | - | - | |
At end of year | 9,241,834 | 9,797,018 | 964,488 | (67,059) |