CERTIFICATION
I, OLAMIDE OLAJOLO of Coronation Insurance Plc ("the Company"), 119 Awolowo Road, Ikoyi, Lagos State, Nigeria dohereby certify that:
I have reviewed the attached Q3, 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 statementswere 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, ismade 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 priorto 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 theinternal 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 arereasonably 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 weresignificant 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: 10th October, 2025
CERTIFICATION
I, OJUMORO JOSHUA of Coronation Insurance Plc ("the Company"), 119 Awolowo Road, Ikoyi, Lagos State, Nigeria dohereby certify that:
I have reviewed the attached Q3, 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 statementswere 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, ismade 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 priorto 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 theinternal 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 arereasonably 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: 10th October, 2025
Coronation Insurance Plc Q3 Unaudited Accounts for the Period Ended 30 Sept 2025
Shareholding Structure/Free Float Status | ||||
Description | 30-Sep-25 | 31-Mar-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 @3.03k | ₦ 24,031,916,125.62 | ₦ 16,814,409,962.48 | ||
Declaration: | ||||
(A) Coronation Capital (Mauritius) Limited with a free float percentage of 40.82% as at 30 September 2025, is compliant with The Exchange's free float requirements for | ||||
(B) Coronation Capital (Mauritius) Limited with a free float value of N29,677,522,714.56 as at 30 September 2025, is compliant with The Exchange's free float requirements for | ||||
The shareholding pattern of the Company as at 30th September 2025 is as stated below:
Range | Number of Shareholders | No. of shares held | % of number of shareholder s | % of number of shares | |||
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 30th September 2025
CORONATION GROUP | CORONATION INSURANCE | ||||
30-Sep-25 | 31-Dec-24 | 30-Sep-25 | 31-Dec-24 | ||
ASSETS | NOTE | N'000 | N'000 | N'000 | N'000 |
Cash and cash equivalent | 8 | 20,513,671 | 14,885,569 | 10,433,769 | 7,812,285 |
Financial assets | 9 | 37,374,016 | 29,444,960 | 6,476,484 | 9,851,536 |
Premium receivables | 10 | 998,350 | 27,334 | 802,249 | 17,774 |
Reinsurance contract assets | 11 | 8,632,812 | 5,916,984 | 5,266,362 | 3,742,451 |
Other receivables and prepayments | 12 | 5,110,442 | 1,500,128 | 4,330,311 | 1,106,144 |
Right of Use Asset | 657,900 | 972,110 | - | ||
Investment in associates | 13 | 19,657,642 | 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 | a | 29,416 | 29,416 | - | - |
Property, plant and equipments | 16a | 6,572,372 | 6,590,526 | 5,716,955 | 5,721,944 |
Intangible assets | 17 | 2,593,067 | 2,823,130 | 881,407 | 989,263 |
Statutory deposit | 18 | 951,423 | 951,423 | 300,000 | 300,000 |
TOTAL ASSETS | 103,099,606 | 76,797,656 | 52,820,440 | 46,528,301 | |
LIABILITIES | |||||
Other payables and Provisions | 19 | 7,748,537 | 8,312,650 | 5,291,361 | 6,877,149 |
Current Income tax liabilities | 20 | 1,446,095 | 1,125,556 | 1,297,166 | 872,267 |
Insurance contract liabilities | 21 | 41,411,536 | 22,443,627 | 16,749,312 | 11,338,575 |
Reinsurance contract liabilities | 2,695 | 4,233 | - | - | |
Deferred tax liabilities | 22 | 837,580 | 837,580 | 837,580 | 837,580 |
Investment contract liabilities | 6,835,334 | 4,314,872 | - | - | |
TOTAL LIABILITIES | 58,281,778 | 37,038,518 | 24,175,419 | 19,925,571 | |
EQUITY | |||||
Share capital | 23 | 11,995,952 | 11,995,952 | 11,995,952 | 11,995,952 |
Share premium | 24 | 4,612,938 | 4,612,938 | 4,612,938 | 4,612,938 |
Other reserves | 25 | 9,625,230 | 8,276,842 | 5,003,709 | 4,987,555 |
Contingency reserves | 26 | 5,588,149 | 5,076,388 | 6,090,309 | 5,073,345 |
Retained earnings | 27 | 12,995,559 | 9,797,018 | 942,112 | (67,059) |
TOTAL EQUITY | 44,817,828 | 39,759,138 | 28,645,020 | 26,602,730 | |
TOTAL LIABILITIES AND EQUITY | 103,099,606 | 76,797,656 | 52,820,440 | 46,528,301 | |
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 30th September 2025 | |||||
CORONATION GROUP | CORONATION INSURANCE | ||||
30-Sep-25 | 30-Sep-24 | 30-Sep-25 | 30-Sep-24 | ||
Note | N'000 | N'000 | N'000 | N'000 | |
Insurance revenue | 1 | 51,176,052 | 34,158,663 | 33,898,801 | 25,184,179 |
Insurance service expenses | 2 | (32,541,096) | (21,250,695) | (22,265,683) | (14,296,426) |
Insurance service result before reinsurance contracts held | 18,634,956 | 12,907,969 | 11,633,118 | 10,887,753 | |
Net income (expenses) from reinsurance contracts held | 3 | (9,713,460) | (13,392,920) | (7,645,959) | (11,956,642) |
Insurance service result | 8,921,495 | (484,952) | 3,987,158 | (1,068,889) | |
Investment income | 4a | 3,683,639 | 2,413,868 | 1,013,481 | 621,776 |
Net realized gain on financial assets | - | - | - | ||
Net FV Gain/Loss on Financial Asset HFT@FVTPL | 5 | 1,632,522 | 4,456,666 | 680,455 | 4,281,089 |
Net credit impairment losses | - | - | - | ||
Other operating income | 5 | (959,165) | 5,355,093 | 24,018 | 22,429 |
Total investment and other income | 4,356,996 | 12,225,627 | 1,717,954 | 4,925,295 | |
Net finance expenses from insurance contracts issued | 6a | (3,782,403) | 94,238 | (1,810,403) | (27,845) |
Net finance income from reinsurance contracts held | 6b | 1,234,391 | 155,761 | 850,957 | 86,888 |
Net insurance finance expenses | (2,548,012) | 249,999 | (959,446) | 59,043 | |
Net Insurance and Investment Result | 10,730,479 | 11,990,674 | 4,745,666 | 3,915,449 | |
Impairment on financial assets (ECL) | (149,225) | ||||
Other operating expenses (Non attributable) | 7c | (6,601,653) | (2,441,706) | (1,721,584) | (37,039) |
Total operating expenses | (6,750,878) | (2,441,706) | (1,721,584) | (37,039) | |
Operating profit | 3,979,600 | 9,548,968 | 3,024,082 | 3,878,410 | |
Share of profit from associate | 1,023,451 | 2,437,201 | |||
Profit Before Tax | 5,003,052 | 11,986,169 | 3,024,082 | 3,878,410 | |
Income tax | (1,292,750) | (2,793,918) | (997,947) | (1,279,875) | |
Profit after tax | 3,710,302 | 9,192,251 | 2,026,135 | 2,598,535 | |
Statement of Changes in Equity for the Period ended 30 September 2025
(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 2024 | 11,995,952 | 4,612,938 | 4,987,554 | 5,073,345 | (67,059) | 26,602,730 |
Profit for the period | 2,026,135 | 2,026,135 | ||||
Other comprehensive income | 16,154 | 16,154 | ||||
Total comprehensive income | - | - | 16,154 | - | 2,026,135 | 2,042,289 |
11,995,952 | 4,612,938 | 5,003,708 | 5,073,345 | 1,959,076 | 28,645,019 | |
Transfer contingency reserve | 1,016,964 | (1,016,964) | - | |||
As at period end | 11,995,952 | 4,612,938 | 5,003,708 | 6,090,309 | 942,112 | 28,645,019 |
Group
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 | 3,710,302 | 3,710,302 | ||||
Other comprehensive income | 1,348,388 | 1,348,388 | ||||
Transfer contingency reserve | 511,761 | (511,761) | ||||
Total comprehensive income | - | - | 1,348,388 | 511,761 | 3,198,541 | 5,058,690 |
11,995,952 | 4,612,938 | 9,625,230 | 5,588,149 | 12,995,559 | 44,817,828 | |
As at period end | 11,995,952 | 4,612,938 | 9,625,230 | 5,588,149 | 12,995,559 | 44,817,828 |
Coronation Insurance Plc | ||||
Statement of Cash Flows | GROUP | COMPANY | ||
2025 | 2024 | 2025 | 2024 | |
30-Sep-25 | 30-Sep-24 | 30-Sep-25 | 30-Sep-24 | |
N'000 | N'000 | N'000 | N'000 | |
Cash flows from operating activities | ||||
Premiums received | 65,626,416 | 41,060,880 | 38,919,128 | 28,688,367 |
Fees and commission received | 12,253,966 | 3,425,233 | 11,786,503 | 2,258,896 |
Fees and commission paid | (8,024,439) | (7,791,358) | (6,457,348) | (3,475,848) |
Reinsurance premiums paid | (21,750,475) | (20,495,727) | (20,105,416) | (17,417,423) |
Gross claims paid to policy holders | (11,942,225) | (5,952,016) | (10,904,623) | (3,156,408) |
Reinsurance recoveries on claims | 3,273,266 | 3,862,659 | 3,037,761 | 3,935,232 |
Payments to employees | (9,827,253) | (2,181,257) | (1,266,753) | (801,802) |
Other operating cash payments | (6,465,487) | (5,012,954) | (5,399,280) | (3,635,539) |
Other operating cashflow | 29,739 | (865,487) | 24,018 | 22,429 |
Tax paid | (1,551,847) | (4,112,015) | (997,947) | (1,294,448) |
Net cashflow from operations | 21,621,660 | 1,937,959 | 8,636,043 | 5,123,455 |
Cash flows from investing activities | ||||
Purchases of property and equipment | (634,174) | (851,996) | (342,637) | (630,560) |
Purchases of intangible assets | (72,731) | (82,871) | (109,807) | (1,567) |
Purchases of investment securities | (23,050,893) | (30,069,233) | (15,747,318) | (17,851,314) |
Proceeds from redemption of investment securities | 19,271,598 | 44,910,415 | 16,903,353 | 23,089,270 |
Dividend income received | 80,654 | 24,847 | 80,654 | 24,847 |
Interest income received | 3,297,558 | 1,459,513 | 1,013,481 | 596,929 |
Net cash (used in) / from investing activities | (1,107,989) | 15,390,674 | 1,797,726 | 5,227,605 |
Cash flows from financing activities | ||||
Proceeds from issue of shares | - | - | - | - |
Dividend paid | - | - | - | - |
Net cash from financing activities | - | - | - | - |
Changes in cash and cash equivalents | 20,513,671 | 17,328,633 | 10,433,769 | 10,351,061 |
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 | |
2025 | 2024 | 2025 | 2024 | |
30-Sep-25 | 30-Sep-24 | 30-Sep-25 | 30-Sep-24 | |
N'000 | N'000 | N'000 | N'000 | |
Cash and cash equivalent | 4,088,678 | 5,838,196 | 1,922,622 | 1,709,342 |
Money market placements | 16,424,993 | 11,490,437 | 8,511,147 | 8,641,718 |
Balance, end of year | 20,513,671 | 17,328,633 | 10,433,769 | 10,351,061 |
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 30th September 2025 |
GROUP | COMPANY |
30-Sep-25 | 30-Sep-24 | 30-Sep-25 | 30-Sep-24 |
N'000 | N'000 | N'000 | N'000 |
1 | Insurance Revenue |
Insurance revenue from contracts measured under the PAA |
51,176,052 34,158,663 33,898,801 25,184,179
51,176,052 | 34,158,663 | 33,898,801 | 25,184,179 |
2 | Insurance Service Expenses | ||||
Incurred claims and other directly attributable expenses | 30,794,973 | 24,916,621 | 22,258,675 | 14,192,006 | |
Changes that relate to past service - adjustments to the LIC | (7,002,394) | (10,343,581) | (6,197,051) | (4,689,830) | |
Losses on onerous contracts and reversal of the losses | 306,337 | 672,725 | 39,603 | 762 | |
Insurance acquisition cash flows amortisation | 8,442,181 | 6,004,930 | 6,164,457 | 4,793,488 | |
32,541,096 | 21,250,695 | 22,265,683 | 14,296,426 |
3 | Reinsurance Contracts Held | ||||
Reinsurance income (expenses) - contracts measured under th | (16,407,443) | (14,946,888) | (13,367,922) | (12,443,986) | |
Claims recovered | 3,181,815 | - | 2,449,094 | (1,494,406) | |
Movement in Loss Recovery Component adjustment to Reinsu | 53,440 | - | 43,578 | ||
Changes that relate to past service - adjustments to incurred cl | 3,458,727 | 1,553,967 | 3,229,291 | 1,981,750 | |
(9,713,460) | (13,392,920) | (7,645,959) | (11,956,642) |
4a | Investment income | ||||
Investment income | 2,252,503 | 551,984 | 873,560 | 551,984 | |
Interest on statutory deposit | 98,821 | 44,945 | 59,267 | 44,945 | |
Dividend income from equity investment | 1,332,316 | 24,847 | 80,654 | 24,847 | |
3,683,640 | 621,776 | 1,013,481 | 621,776 | ||
Net realised (loss)/gain on financial assets | - | ||||
3,683,640 | 621,776 | 1,013,481 | 621,776 |
4d | Share of Profit of Associate | ||||
Coronation Merchant Bank | 1,146,420 | 2,315,589 | - | - | |
Coronation Securities Ltd | (122,968) | 121,612 | - | - |
1,023,451 | 2,437,201 | - | - |
4e | Share of Other Comprehensive income of Associate | ||||
Coronation Merchant Bank | 127,391.88 | (94,483) | - | - | |
Coronation Securities Ltd | 22,669.50 | 59,711 | - | - |
127,392 | (94,483) | - | - |
5 | Other Operating Income | ||||
Rental Income from property Investment | 21,358 | 21,358 | 21,358 | 21,358 | |
Foreign exchange gain/(loss) | (996,596) | 4,281,089 | 680,455 | 4,281,089 | |
Other income | 20,763 | 7 | 7 | 7 | |
Sundry income | 16,668 | 1,064 | 2,653 | 1,064 | |
(959,165) | 4,303,519 | 704,473 | 4,303,519 |
6 | Finance income (expenses) from insurance contracts issued | ||||
6a | Interest accreted | (3,132,196) | (1,197,212) | (221,899) | |
6b | Effect of changes in interest rates and other financial assumpti | (650,208) | 94,238 | (613,192) | 194,053 |
Finance income (expenses) from insurance contracts issue | (3,782,403) | 94,238 | (1,810,403) | (27,845) |
Finance income (expenses) from reinsurance contracts hel | d | |||
Interest accreted | 914,710 | 535,440 | 160,344 | |
Effect of changes in interest rates and other financial assumpti | 319,681 | 155,761 | 315,517 | (73,456) |
Finance income (expenses) from reinsurance contracts held | 1,234,391 | 155,761 | 850,957 | 86,888 |
Net insurance finance income (expenses) | (2,548,012) | 249,999 | (959,446) | 59,043 |
Coronation Insurance Plc |
Notes to the Accounts as at 30th September 2025 |
GROUP | COMPANY | ||||
30-Sep-25 | 30-Sep-24 | 30-Sep-25 | 30-Sep-24 | ||
N'000 | N'000 | N'000 | N'000 | ||
7 | |||||
a | Operating Expenses | ||||
Other staff related expenses | 1,742,794 | 1,206,773 | 1,079,378 | 692,460 | |
Professional Fees | 2,107,413 | 1,418,415 | 1,199,368 | 700,192 | |
Donations & Sponsorship | 110,798 | 38,189 | 110,798 | 37,039 | |
Corporate Branding | 437,536 | 540,924 | 184,236 | 220,910 | |
Insurance | 1,206,847 | 522,487 | 54,086 | 32,822 | |
Bank charges | 62,812 | 69,571 | 62,812 | 69,571 | |
Depreciation | 675,957 | 575,579 | 339,585 | 322,502 | |
Amortization of Intangible assets | 286,247 | 131,815 | 128,901 | 64,604 | |
Repairs & Maintenance | 1,274,568 | 676,958 | 347,948 | 271,317 | |
Registrar Maint Expenses | 145,451 | 114,143 | 75,000 | 57,778 | |
Board Expenses | 487,897 | 347,283 | 377,809 | 289,922 | |
Transport and travels expenses | 176,699 | 141,343 | 83,042 | 42,134 | |
Annual dues | 566,275 | 460,648 | 261,960 | 293,885 | |
Other Expenses (Newspaper, business marketing,Sub,AGM | 654,898 | 422,940 | 520,413 | 275,321 | |
Audit expenses | 188,625 | 183,150 | 69,044 | 69,171 | |
Telephone/Rent and rates | 201,641 | 182,777 | 48,310 | 35,346 | |
Electricity and water | 61,753 | 54,467 | 30,438 | 23,934 | |
Priniting and stationery | 64,467 | 46,466 | 17,016 | 13,059 | |
Investment related expenses | 317,254 | 206,352 | 299,490 | 199,116 | |
Annual maintenance cost | 1,335,671 | 555,838 | 1,335,671 | 555,838 | |
Impairment on Other assets | 297,303 | 33,077 | 148,078 | 33,077 | |
Impairment on Reinsurance asset charge/(reversal) | - | - | - | ||
12,411,706 | 7,929,196 | 6,634,105 | 4,266,921 | ||
7b | Employee Benefit Expense | ||||
Staff Cost | 3,073,971 | 1,944,255 | 1,139,459 | 702,053 | |
Directors Emoluments | 339,256 | 237,002 | 127,294 | 99,749 | |
3,413,227 | 2,181,257 | 1,266,753 | 801,802 |
7c | Attributable Expenses | 12,666,097 | 1,525,939 | 6,179,274 | 5,031,685 |
Non Attributable Expenses | 3,158,836 | 1,525,939 | 1,721,584 | 37,039 | |
15,824,933 | 3,051,878 | 7,900,858 | 5,068,723 | ||
8 | Cash and Cash equivalents | ||||
Cash at hand | 1,058,764 | - | - | ||
Cash and call Balance with local banks | 3,029,914 | 3,738,525 | 1,922,622 | 7,700,556 | |
Money Market Placement | 15,883,754 | 11,266,680 | 8,561,947 | 162,529 | |
Impairment (ECL) | 541,240 | (119,636) | (50,800) | (50,800) | |
20,513,671 | 14,885,569 | 10,433,769 | 7,812,285 |
9 | Financial Assets | ||||
Held to Maturity (HTM)/ Amortised cost (Note 10a) | 6,039,348 | 14,928,731 | 644,886 | 73,142 | |
Held for Trading ( HFT) (Note 10b) | 951,151 | - | - | - | |
Available for Sale ( AFS) / FVOCI (Note 10c) | 30,396,057 | 17,886,367 | 5,842,926 | 9,778,394 | |
37,386,557 | 32,815,098 | 6,487,812 | 9,851,536 | ||
Impairment (ECL) | (12,540) | (3,370,138) | (11,328) | - | |
37,374,016 | 29,444,960 | 6,476,484 | 9,851,536 |
a | Analysis of HTM Securities | ||||
- Corporate Bonds | 492,204 | 617,349 | 644,886 | 73,142 | |
- Fixed Deposits with Banks | 2,962,173 | 2,243,119 | - | - | |
- Government Bonds - State | - | - | - | - | |
- Government Bonds - Federal | 2,584,971 | 9,931,557 | - | - | |
Carrying amount at amortised cost | 6,039,348 | 12,792,025 | 644,886 | 73,142 |
b | Analysis of HFT Securities | ||||
- Fair value adjustment | 951,151 | 231,363 | - | - | |
Carrying amount at fair value | 951,151 | 231,363 | - | - |
c | Analysis of AFS Securities | ||||
Unquoted/ Unlisted Equities | 4,908,097 | 2,942,830 | 2,948,616 | 2,554,766 | |
Quoted Equities | 66 | 56 | 66 | 58 | |
- Government bond | 14,070,247 | 3,588,864 | 166,441 | - | |
- Government eurobond | 904,432 | 1,015,005 | 1,000,394 | 4,657,409 | |
- Corporate eurobond | 4,613,098 | 4,392,851 | - | 826,990 | |
- Treasury bills | 5,556,114 | 3,279,068 | 1,727,410 | 1,739,171 | |
Carrying amount at FV | 30,847,480 | 15,993,099 | 5,842,926 | 9,778,394 |
10 | Trade Receivables | ||||
Due from Brokers | 841,743 | 31,616 | 682,584 | 21,757 | |
Due from Insurance companies | 171,942 | - | 123,650 | - | |
1,013,685 | 737,058 | 806,233 | 21,757 | ||
Less: Impairment on Trade Receivables | (15,334) | (4,282) | (3,984) | (3,984) | |
998,350 | 732,776 | 802,249 | 17,774 |
11 | Reinsurance contract Assets | ||||
Asset for Remaining Coverage: | |||||
-Excluding loss component | 4,181,393 | 2,777,692 | 2,497,846 | 510,302 | |
-Loss component | 315,562 | 306,552 | 262,974 | ||
Asset for Incurred Claims | |||||
- Present Value of future cashflows | 4,005,553 | 2,612,818 | 2,444,032 | 2,674,105 | |
- Risk Adjustment | 130,303 | 17,931 | 295,070 | ||
Total reinsurance contract Asset | 8,632,812 | 5,390,510 | 5,266,362 | 3,742,451 |
Reinsurance contract Assets | Asset for Remaining Coverage: | Asset for Incurred Claims | ||
Portfolios | Excluding loss component | Loss component | Present Value of future cashflows | Risk Adjustment |
AVIATION | - | - | - | - |
BOND | - | - | - | - |
ENGINEERING | (569,018) | (9) | (228,752.44) | - |
FIRE | (518,311) | (8,905) | (1,594,250.12) | - |
GENERAL_ACCIDENT | (274,577) | - | (136,133.74) | - |
MARINE | (587,547) | - | (175,897.41) | - |
MOTOR | (84,514) | - | (129,685.90) | - |
OIL_AND_ENERGY | (463,879) | (297,638) | (179,312.68) | (17,931) |
(2,497,846) | (306,552) | (2,444,032) | (17,931) | |
12 | Other Receivables and Prepayments | ||||
Due from Related Parties | |||||
Intercompany receivables(Ghana/Life) | - | - | 105,903 | 200,102 | |
Other Debtors | 1,372,117 | 1,444,077 | 1,255,130 | 1,337,452 | |
Loan & Receivable | 626,459 | 361,070 | - | - | |
Deposit for Shares | 145,804 | 145,804 | 145,804 | ||
Reinsuance recoveries | - | - | - | - | |
Customers Deposit | - | - | |||
Staff Debtors | 484,782 | (2,126) | - | ||
Property Held for Sale | - | - | - | - | |
Prepaid expenses | 1,605,591 | 1,600,213 | 1,553,655 | 997,460 | |
Other receivables - Related: Dividend Rec Subs | 40,879 | 40,879 | 40,879 | ||
Receivables | 2,657,809 | - | 2,657,809 | - | |
6,933,441 | 3,589,917 | 5,759,181 | 2,535,014 | ||
Impairment Allowance | (1,822,999) | (1,851,236) | (1,428,870) | (1,428,870) | |
5,110,442 | 1,738,680 | 4,330,311 | 1,106,144 |
12b | Right of Use Asset | ||||
Right of use asset-Leasehold- 35yrs | 657,900 | 102,681 | - | - | |
Accumulated depreciation of right of use asset | - | - | - | ||
657,900 | 102,681 |
12b | Provision | ||||
At start of period | (1,351,246,263) | (1,351,246,263) | (1,351,246,263) | ||
Movements during the period | (1,428,870) | 1,349,820,234 | 1,349,817,393 | 1,349,820,234 | |
At end of period | (1,428,870) | (1,426,029) | (1,428,870) | (1,428,870) |
13 | Investment in associates | ||||
Coronation Merchant Bank Limited/Coronation Securities Limited/Ghana | |||||
- Opening balance | 13,647,583 | 10,724,161 | 7,718,903 | 7,718,903 | |
- Additions/(disposals) | 4,836,546 | 1,626,000 | - | ||
- Interim audit adjustment: | 114,942 | - | - | ||
Share of profit during the year | 1,023,451 | 2,437,201 | - | - | |
Share of other comprehensive income during the year | 150,061 | (34,772) | |||
19,657,642 | 13,241,532 | 9,344,903 | 7,718,903 | ||
14 | Investment in subsidiaries | ||||
Coronation Insurance Ghana Limited | - | 1,460,915 | 1,460,915 | 1,460,915 | |
Coronation Life Assurance Limited | - | 7,798,591 | 7,798,591 | 7,798,591 | |
- | 9,259,506 | 9,259,506 | 9,259,506 |
15 | Investment Properties | ||||
Investment Property (Note 16a) | 8,493 | 94,559 | 8,493 | 8,493 | |
8,493 | 94,559 | 8,493 | 8,493 |
a | Investment Properties | ||||
- Ocean Garden Lekki Epe | 8,493 | 89,000 | 8,493 | 8,493 | |
- Magboro Estate | 5,559 | - | |||
8,493 | 94,559 | 8,493 | 8,493 |
16a | Property, Plant & Equipment | ||||
Cost | 11,522,140 | 8,441,614 | 9,050,658 | 8,708,010 | |
Accumulated Depreciation | (4,949,768) | (4,135,906) | (3,333,703) | (2,986,067) | |
Net Book Value | 6,572,372 | 4,305,707 | 5,716,955 | 5,721,943 |
17 | Intangible Assets | ||||
Cost | 4,242,723 | 3,509,418 | 1,993,157 | 1,972,112 | |
Accumulated Depreciation | (1,649,656) | (1,170,490) | (1,111,750) | 982,848 | |
Net Book Value | 2,593,067 | 4,679,908 | 881,407 | 989,263 |
18 | Statutory deposit | ||||
At start of period | 951,423 | 1,134,999 | 300,000 | 300,000 | |
Additions during the period | 231,739 | - | - | ||
At end of period | 951,423 | 300,000 | 300,000 | 300,000 |
19 | Provisions & Other Payables | ||||
Reinsurance Commission Received in advance | 13,212 | - | - | ||
Accrued expenses | 4,792,830 | 5,304,304 | 1,814,025 | 5,152,694 | |
Other tax payables | 138,093 | 193,514 | 70,301 | 185,519 | |
Policy deposits and unclaimed bank items | 191 | - | - | ||
Staff loan deduction | 130,977 | - | - | ||
Inter-Company Balances | 168,447 | - | 21,239 | ||
NSITF | 100,138 | - | - | ||
Sundry Creditors | 1,511,242 | 648,555 | 687,890 | 1,517,696.74 | |
Other Liabilities | 893,407 | 1,409,406 | 1,914,661 | - | |
Right of Use Liability | - | 756,871 | 804,484 | - | |
7,748,537 | 8,312,650 | 5,291,361 | 6,877,149 |
20 | Current Income Tax liabilities | ||||
At start of period | 208,981 | 234,073 | 163,822 | 163,822 | |
Charge for the period | (637,101) | (1,883,764) | (997,947) | 857,297 | |
Payments during the period | 1,874,215 | 3,671,010 | 2,131,291 | (148,852) | |
At end of period | 1,446,095 | 2,021,319 | 1,297,166 | 872,267 |
21 | Insurance Contract Liabilities | ||||
Liability for Remaining Coverage: | |||||
-Excluding loss component | 28,682,541 | 14,480,511 | 9,880,308 | 5,152,874 | |
-Loss component | 1,795,292 | 658,021 | 575,279 | 535,677 | |
Liability for Incurred Claims: | |||||
- Present Value of future cashflows | 10,493,930 | 8,831,847 | 6,213,652 | 5,073,515 | |
- Risk Adjustment | 439,775 | 775,326 | 80,073 | 576,509 | |
Total Insurance Contract Liability | 41,411,536 | 24,745,705 | 16,749,312 | 11,338,575 |
Insurance Contract Liabilities | Liability for Remaining Coverage: | Liability for Incurred Claims | ||
Portfolios | Excluding loss component | Loss component | Present Value of future cashflows | Risk Adjustment |
AVIATION | - | - | 3,566.82 | 357 |
BOND | - | - | 0.00 | - |
ENGINEERING | 1,001,280 | 19 | 647,177.82 | - |
FIRE | 1,227,998 | 21,437 | 1,995,462.70 | - |
GENERAL_ACCIDENT | 1,141,786 | - | 511,312.61 | - |
MARINE | 953,301 | - | 1,694,814.70 | - |
MOTOR | 3,545,951 | - | 564,155.23 | - |
OIL_AND_ENERGY | 2,009,991 | 553,824 | 797,161.92 | 79,716 |
9,880,308 | 575,279 | 6,213,652 | 80,073 | |
22 | Reinsurance Contract Liabilities | ||||
Liability for Remaining Coverage: | |||||
-Excluding loss component | (11,152) | 1,127,265 | - | ||
-Loss component | 13,846 | - | - | ||
Liability for Incurred Claims: | |||||
- Present Value of future cashflows | (372,297) | - | |||
- Risk Adjustment | (46,962) | - | |||
Total Reinsurance Contract Liability | 2,695 | 708,005 | - | - |
Deferred tax liabilities | 837,580 | - | 837,580 | (837,580) |
22
22 | Investment Contract Liabilities | ||||
At start of period | 4,314,872 | 2,566,402 | - | - | |
Additions | 3,863,608 | 2,194,520 | - | - | |
Withdrawals | (1,667,688) | (990,440) | - | - | |
Guarantee interest | 324,542 | 56,160 | - | - | |
At end of period | 6,835,334 | 3,826,642 | - | - |
22.1 | Group Deposit Administration - Investmnent Contract | ||||
At start of period | 54,472 | 54,472 | - | - | |
At end of period | 54,472 | 54,472 | - | - |
22.2 | Individual Deposit Administration - Investment Contract | ||||
At start of period | 4,260,400 | 2,511,930 | - | - | |
Additions | 3,863,608 | 2,194,520 | - | - | |
Withdrawals | (1,667,688) | (990,440) | - | - | |
Guarantee interest | 324,542 | 56,160 | - | - | |
Guarantee interest - Interim Audit Adjustment | (990,440) | - | - | ||
At end of period | 6,780,862 | 2,781,730 | - | - |
23 | 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 |
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 Opening Balance | - | - | - | ||
Appropriation from profit and loss accounts | 511,761 | 1,741,534 | 1,016,964 | 1,102,343 | |
At end of year | 5,588,149 | 6,460,597 | 6,090,309 | 5,073,345 |
26 | Other reserves | ||||
At start of period | 8,276,842 | 4,814,789 | 4,987,555 | 2,887,869 | |
Fair value of FVOCI financial instrument reclassified to OCI | - | - | (160,316) | ||
Net fair value gain on financial asset | 110,211 | 16,154 | 33,150 | ||
Net changes in ECL allowance on fixed income securities at | - | (7,187) | |||
Revaluation reserve on property | 1,348,388 | - | - | 2,101,933 | |
Fair value changes in equity securities during the year net of tax | - | 132,105 | |||
At end of year | 9,625,230 | 4,925,000 | 5,003,709 | 4,987,555 |
27 | Retained earnings | ||||
At start of the year | 9,797,018 | (1,756,502) | (67,059) | (3,677,599) | |
Interim & Full Year Appropriation Adjustment | - | - | - | ||
Transfer from profit or loss | 3,710,302 | 9,192,251 | 2,026,135 | 4,712,883 | |
Transfer to contigency reserve | (511,761) | (1,741,534) | (1,016,964) | (1,102,343) | |
Share of Associate profit at start of year | 2,437,201 | - | - | ||
At end of year | 12,995,559 | 8,131,416 | 942,112 | (67,059) |