Coronation Insurance PlcNSENG: WAPIC

Year end financial statement for 2024

Jan 30, 2025 at 2:26 PM UTC · Issued by Coronation Insurance Plc

Coronation Insurance Plc

Consolidated Management Accounts

for the Period Ended

31 Dec 2024

Shareholding Structure/Free Float Status

	31-Dec-24	31-Dec-23
Description	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

MR. AIGBOJE AIG-IMOUKHUEDE(Direct)	5,495,785	0.02	5,495,785	0.02
MR. AIGBOJE AIG-IMOUKHUEDE(Indirect Representing CORONATION CAPITAL, (MAURITIUS	0	-	0	-
MR. AIGBOJE AIG-IMOUKHUEDE(Indirect Representing REUNION ENERGY, LIMITED - MAIN	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 (MARS III)	642,125,079	2.68	642,125,079	2.68
MR. AIGBOJE AIG-IMOUKHUEDE(Indirect)UNITED ALLIANCE COMPANY OF NIG.LTD.	281,844,333	1.17	281,844,333	1.17
MR. AIGBOJE AIG-IMOUKHUEDE(Indirect) UNITED ALLIANCE COMPANY OF NIG.LTD.	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)	10,835,394	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	2,131,550,325	8.88	2,131,549,960	8.88
Other Influential Shareholdings
NIL	0		0
Total Other Influential Shareholdings	0		0

TOTAL	18,180,378,000	75.77	18,180,377,635	75.77

Free Float in Units and Percentage	5,811,301,506	24.23	5,811,301,871	24.23
Free Float in Value @2.25k	₦ 13,075,428,388.50	₦ 4,649,041,496.80

Declaration:

(A) Coronation Capital (Mauritius) Limited with a free float percentage of 40.82% as at 31 December 2024, is compliant with The Exchange's free float requirements for companies listed on the Main Board.

(B) Coronation Capital (Mauritius) Limited with a free float value of N22,037,764,392.00 as at 31 December 2024, is compliant with The Exchange's free float requirements for companies listed on the Main Board.

Analysis of shareholders

The shareholding pattern of the Company as at 31st December 2024 is as stated below:

31 December 2024

	Number			% of		% of
			number
	of	No. of			number
		of
	Sharehold	shares held			of shares
		sharehold
Range	ers				held
		er s

1 - 1,000	651,181	127,929,47		79.38		0.53
1,001 - 5,000	123,488	264,319,38		15.01		1.10
5,001 - 10,000	21,237	153,981,42		2.57		0.64
10,001 - 50,000	19,807	405,873,41		2.39		1.67
50,001 - 100,000	2,550	176,136,79		0.30		0.72
100,001 - 500,000	2,145	433,164,17		0.26		1.77
500,001 - 1,000,000	322	232,219,77		0.04		0.95
1,000,001 - 5,000,000	326	631,337,81		0.04		2.54
	49	340,399,42		0.01		1.54
10,000,001 - 50,000,000	41	825,023,99		0.00		3.47
50,000,001 - 100,000,000	10	771,039,37		0.00		2.28
100,000,001 - 500,000,000	7	1,188,668,		0.00		5.89
500,000,001 - 1,000,000,000	2	1,373,723,		0.00		5.76
1,000,000,001 - 5,000,000,000	2	2,261,492,		0.00		9.43
5,000,000,001 & Above	2	14,806,371		0.00		61.71
	821,169	23,991,679		100.00		100.00

CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION

AS AT 31st DECEMBER 2024

		Group	Group	Company	Company
	Note 31-Dec-24	31-Dec-23 31-Dec-24	31-Dec-23
		N'000	N'000	N'000	N'000
ASSETS
Cash and cash equivalents	7	16,606,246	8,158,692	8,963,018	3,619,570
Financial assets at fair value through OCI	8	28,783,975	7,618,873	9,083,640	4,650,710
Financial assets at amortised cost	8	737,217	8,429,776	585,018	1,003,657
Trade receivables	9	699,963	318,335	592,588	301,363
Reinsurance contract assets	10	3,445,052	4,145,735	3,199,220	3,717,663
Insurance contract assets	11	1,670,784	1,358,176	-	-
Other receivables & prepayments	14	1,211,493	576,786	1,351,774	347,609
Investment properties	17	7,559	94,559	7,559	94,559
Investment in associates	15	14,408,706	10,724,161	7,718,903	7,718,903
Investment in subsidiaries	16	-	-	9,259,506	9,259,506
Intangible assets	19	2,945,591	1,586,271	1,114,498	360,832
Property, plant and equipments	18	6,527,736	3,944,064	5,668,387	3,132,498
Deferred tax asset	25	123,336	-	74,796	74,796
Statutory deposit	20	1,388,220	1,058,155	300,000	300,000
Total Assets		78,555,878	48,013,583	47,918,907	34,581,666
LIABILITIES
Insurance contract liabilities	12	22,406,925	14,962,571	11,715,961	9,374,342
Reinsurance contract liabilities	13	460,571	708,005	456,239	708,005
Trade payables	21	1,356,901	766,544	714,778	714,777
Investment contract liabilities	27	4,314,872	2,566,402	-	-
Provisions & other payables	22	8,040,601	3,886,897	6,422,810	3,830,557
Deferred tax liability	24	-	202,606	-	-
Income tax payable	25	3,210,953	534,318	2,017,603	163,822
Total Liabilities		39,790,823	23,627,343	21,327,392	14,791,503
EQUITY
Share capital	28	11,995,952	11,995,952	11,995,952	11,995,952
Share premium	29	4,612,938	4,612,938	4,612,938	4,612,938
Contingency reserves	30	7,098,957	4,719,063	5,184,719	3,971,002
Other reserves	31	4,814,789	4,814,789	5,623,269	2,887,869
Accumulated losses	32	10,242,418	(1,756,502)	(825,363)	(3,677,598)
Total Equity		38,765,055	24,386,240	26,591,515	19,790,163
TOTAL EQUITY & LIABILITIES		78,555,878	48,013,583	47,918,908	34,581,666

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.

CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31st DECEMBER 2024
			Restated		Restated
		Group	Group	Company	Company
	Note	31-Dec-24	31-Dec-23	31-Dec-24	31-Dec-23
		₦'000	₦'000	₦'000	₦'000
Insurance revenue	1	48,859,036	24,566,337	35,474,489	17,156,330
Insurance service expenses	2	(28,130,269)	(17,282,346)	(18,150,388)	(11,032,241)
Insurance service result before reinsurance contracts held		20,728,767	7,283,991	17,324,101	6,124,090

Allocation of reinsurance premiums	3
Amounts recoverable from reinsurers for incurred claims	3
Net expenses from reinsurance contracts held

(20,632,676)	(9,342,778)	(18,643,054)	(7,865,435)
2,165,587	2,145,855	2,024,313	739,138
(18,467,089)	(7,196,923)	(16,618,741)	(7,126,297)

Insurance service result

2,261,678

87,068

705,360

(1,002,207)

Investment income	5(a)
Profit on investment contracts	5(f)
Fair value changes on investment properties	37
Net FV Gain/Loss on Financial Asset HFT@FVTPL	36(c)
Net Investment Income
Net finance expenses from insurance contracts issued	4
Net finance income from reinsurance contracts held	4
Net insurance finance expenses

Net Insurance and Investment Result

3,173,683	2,359,633	905,780	1,251,105
312,931	103,386	-	-
-	4,809	-	4,809
4,232,147		4,232,147
7,718,762	2,467,828	5,137,927	1,255,914
236,319	(786,697)	177,988	(595,464)
142,061	282,395	59,150	233,876
378,379	(504,302)	237,138	(361,589)

10,358,819	2,050,594	6,080,425	(107,882)

Other operating Income	6
Net monetary loss on hyperinflation
Other operating expenses (Non attributable)	8
Net impairment charges
Share of profit/(loss) of associate	14(c)
Profit/(loss) before tax
Income tax expense	25
Profit/(loss) for the year

4,957,445	3,004,143	32,520	923,593
	(1,065,178)
(3,557,473)	(1,495,030)	(44,359)	(79,517)
(2,391,308)	(953,404)		(86,025)
3,834,331	675,960	-	-
13,201,816	2,217,086	6,068,585	650,169
(3,298,837)	(398,112)	(2,002,633)	(163,821)

9,902,978	1,818,974	4,065,952	486,348

Coronation Insurance Plc

Statement of Changes in Equity for the Period ended 31 December 2024

(All amounts in Naira thousands unless otherwise stated)

Company

					Statutory contingency
	Share capital	Share premium	Other reserves		reserve	Retained earnings	Total
As at 1 January 2024	11,995,952	4,612,938		2,887,869	3,971,002	(3,677,598)	19,790,163
Profit for the period						4,065,952	4,065,952
Other comprehensive income				399,919			399,919
Total comprehensive income	-	-		399,919	-	4,065,952	4,465,871
	11,995,952	4,612,938		3,287,788	3,971,002	388,354	24,256,034

Revaluation gain				2,335,481			2,335,481
Transfer contingency reserve					1,213,717	(1,213,717)	-
As at period end	11,995,952	4,612,938		5,623,269	5,184,719	(825,363)	26,591,515

Group

					Statutory contingency
	Share capital	Share premium	Other reserves		reserve	Retained earnings	Total


As at 1 January 2024	11,995,952	4,612,938		4,814,789	4,719,063	(1,756,502)	24,386,240
							-
Profit for the period						9,902,978	9,902,978
Other comprehensive income				-			-
Total comprehensive income	-	-		-	-	9,902,978	9,902,978
	11,995,952	4,612,938		4,814,789	4,719,063	8,146,476	34,289,219

Interim appropriation adjustment						-	-
Foreign currency translation				-	641,504		641,504
Transfer contingency reserve					1,738,390	(1,738,390)	-
Share of Associate profit				-		3,834,331	3,834,331
As at period end	11,995,952	4,612,938		4,814,789	7,098,957	10,242,418	38,765,054

Consolidated Statement of Cash Flows
Group	Group	Company	Company
2024	2023	2024	2023
December 31, 2024	December 31, 2023	December 31, 2024	December 31, 2023
N'000	N'000	N'000	N'000

Cash ﬂows from operating activities
Premiums received	44,827,888	25,637,831	36,453,549	18,751,063
Fees and commission received	4,619,484	1,812,532	2,258,897	2,095,820
Fees and commission paid	(8,516,536)	(3,984,982)	(3,475,848)	(3,266,317)
Reinsurance premiums paid	(26,469,357)	(10,849,103)	(23,831,380)	(9,628,675)
Gross claims paid to policy holders	(6,874,550)	(5,360,505)	(4,806,480)	(3,715,279)
Reinsurance recoveries on claims	3,562,867	1,531,184	3,119,792	988,932
Payments to employees	(1,930,055)	(2,119,387)	(1,033,524)	(949,054)
Other operating cash payments	15,243,090	(4,124,112)	4,325,239	(3,126,103)
Other operating cashflow	(585,085)	6,660,962	(989,881)	478,088
Tax paid	(5,169,828)	(235,365)	(2,017,603)	(215,020)
Net cashflow from operations	18,707,919	8,969,055	10,002,759	1,413,455

Cash ﬂows from investing activities
Purchases of property and equipment	(851,996)	(852,131)	(630,560)	(336,109)
Purchases of intangible assets	(82,871)	(975,267)	(1,567)	-
Proceeds from sale of property and equipment	-	12	-	12
Purchases of investment securities	(40,953,382)	(11,894,903)	(26,673,774)	(5,291,522)
Proceeds from redemption of investment securities	30,253,148	6,616,237	21,818,192	4,647,214
Improvement to investment properties	-	-	-	-
Proceeds from sale of investment properties	(77,382)	-	(77,382)	-
Rental income received	-	-	-	-
Dividend income received	33,373	4,423	33,373	4,423
Interest income received	1,418,747	452,417	872,407	202,857
Net cash (used in) / from investing activities	(10,260,365)	(6,649,213)	(4,659,311)	(773,124)

Cash ﬂows from financing activities
Principal payment on lease	-	(20,682)	-	-
Lease payments interest	-	(905)	-	-

Net cash from financing activities	-	(21,587)	-	-

Changes in cash and cash equivalents	8,447,554	2,298,255	5,343,447	640,331

Cash and cash equivalent at beginning of year	8,158,692	5,860,437	3,619,570	2,979,238
Net increase/(decrease) in cash and cash equivalent	8,447,554	2,327,146	5,343,447	652,964

Cash and cash equivalent at end of year	16,606,246	8,158,692	8,963,018	3,619,570

			2,806,455
			6,156,563
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
	2024	2023	2024	2023
	December 31, 2024	December 31, 2023	December 31, 2024	December 31, 2023
	N'000	N'000	N'000	N'000
Cash and cash equivalent	4,866,332	2,422,744	1,844,258	1,074,931
Money market placements	11,739,915	5,735,948	7,118,759	2,544,639

Balance, end of year	16,606,246	8,158,692	8,963,018	3,619,570

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 December 2024

1	Insurance Revenue
		Group	Group	Company	Company
		2024	2023	2024	2023
		31-Dec	31-Dec	31-Dec	31-Dec
		N'000	N'000	N'000	N'000
	Insurance revenue from contracts not measured under the PAA	14,657,711	7,369,901	10,642,347	5,146,899
	Insurance revenue from contracts measured under the PAA	34,201,325	17,196,436	24,832,142	12,009,431
		48,859,036	24,566,337	35,474,489	17,156,330
2	Insurance Service Expenses
		Group	Group	Company	Company
		2024	2023	2024	2023
		31-Dec	31-Dec	31-Dec	31-Dec
		N'000	N'000	N'000	N'000
	Incurred claims and other directly attributable expenses	24,916,621	13,323,933	16,762,682	7,776,970
	Changes that relate to past service - adjustments to the LIC	(10,343,581)	(5,531,135)	(6,958,655)	(3,228,436)
	Losses on onerous contracts and reversal of the losses	672,725	359,734	452,577	209,971
	Insurance acquisition cash flows amortisation	6,004,930	3,211,081	4,039,823	1,874,257
	Total Insurance Service Expenses	28,130,269	17,282,346	18,150,388	11,032,241
3 Reinsurance Revenue and Expenses
		Group	Group	Company	Company
		2024	2023	2024	2023
		31-Dec	31-Dec	31-Dec	31-Dec
		N'000	N'000	N'000	N'000
	Allocation of reinsurance premiums	(20,632,676)	(9,342,778)	(18,643,054)	(7,865,435)
	Amounts recoverable from reinsurers for incurred claims	2,165,587	2,145,855	2,024,313	739,138
		(18,467,089)	(7,196,923)	(16,618,741)	(7,126,297)

4 Net insurance finance expenses

			Group		Group		Company	Company
			2024	2023	2024	2023
			31-Dec		31-Dec		31-Dec	31-Dec
			N'000		N'000		N'000	N'000
	Net finance expenses from insurance contracts issued	236,319	(786,697)	177,988	(595,464)
	Net finance income from reinsurance contracts held	142,061	282,395	59,150	233,876
			378,379	(504,302)	237,138	(361,589)
5a	Investment income
	Investment income	1,957,227	214,920	934,710	807,596
	Interest on statutory deposit	109,876	-	45,064	64,811
	Dividend income from equity investment	33,373	-			33,373
	Dividend income from Associate	-	-	-	-
	Rental income	836,385	836,385	-	-
	Investment Income annuity		236,820		-		236,820
			3,173,680		1,051,306		1,216,595	905,780
	Net realised (loss)/gain on financial assets		-	-	-		-
			3,173,680	1,051,306	1,216,595		905,780
5b	Fair Value Gain/ Loss through other comprehensive income
	Equity securities	-	-	40,534	40,534
	Fixed income securities	-	97,212	-	97,212
	Property and equipment revaluation gain/(loss)	(67,162)	-	-	(67,162)
	Foreign currency translation difference of AFS	-	-	-	-
	ECL on FVOCI (reclassification)		52	-	-		52
			(67,110)		97,212		40,534	70,636
5c Share of Profit of Associate
	Coronation Merchant Bank	-	-	-	1,082,724
	Coronation Securities Ltd	-	-	-	(99,072)
					369,098			-
			-	369,098	-	983,652
5d	Share of Other Comprehensive income of Associate
	Coronation Merchant Bank	-	-	-	198,262
	Coronation Securities Ltd		-		0		-	93,066
			-		-		-	291,328
5e Profit on deposit administered contracts
	Investment income	-		390,641	-	390,641
			-	390,641	-	390,641
	Less: expenses
	Guaranteed interest	-	(77,710)	-	(77,710)
				(77,710)			468,351

					(312,931)
6	Other Operating Income
	Rental Income from property Investment	28,477	-	-	-
	Gain/(loss) on sale of properties and equipments	-	-	163	163
	Foreign exchange gain/(loss)	4,232,147	3,506,561	1,532,216	9,270,925
	Annuity income	-	2,341	-	2,341
	Other income	9	-	-	9
	Sundry income		4,033		31,319		466	35,818
			4,264,667		3,540,222		1,532,845	9,309,256

Coronation Insurance Plc

Notes to the Accounts as at 31st December 2024

Cash and Cash equivalents Cash at hand
Cash and call Balance with local banks Money Market Placement
Interest Receivable on Fixed Deposit Impairment (ECL)
Financial Assets
Held to Maturity (HTM)/ Amortised cost (Note 10a) Held for Trading ( HFT) (Note 10b)
Available for Sale ( AFS) / FVOCI (Note 10c)
Trade Receivables Due from Brokers
Due from Insurance companies
Less: Impairment on Trade Receivables

10 Reinsurance contract Assets

Asset for Remaining Coverage

Asset for Incurred Claims

11 Insurance contract assets

Insurance contract assets

Insurance Contract Liabilties
Liability for Remaining Coverage: -Excluding loss component -Loss component
Liability for Incurred Claims
- Present Value of future cashflows
- Risk Adjustment
Reinsurance Contract Liabilties
Liability for Remaining Coverage: -Excluding loss component -Loss component
Liability for Incurred Claims
- Present Value of future cashflows
- Risk Adjustment
Other Receivables and Prepayments

Group	Group	Company	Company
2024	2023	2024	2023
31-Dec	31-Dec	31-Dec	31-Dec
N'000	N'000	N'000	N'000
621,623		-	-
4,244,709	2,422,744	1,844,258	1,074,931
11,767,904	5,764,839	7,131,393	2,557,273
-	-	-	-
(27,989)	(28,891)	(12,634)	(12,634)
16,606,246	8,158,692	8,963,018	3,619,570
7,209,815	8,429,776	585,018	1,003,657
201,029	-	-	-
22,222,715	7,618,873	9,083,640	4,650,710
29,633,559	16,048,649	9,668,658	5,654,367
597,036	322,617	551,060	305,347
107,208		45,511
704,244		596,572
(4,281)	(4,282)	(3,984)	(3,984)
699,963	318,335	592,588	301,363
Group	Group	Company	Company
2024	2023	2024	2023
31-Dec	31-Dec	31-Dec	31-Dec
N'000	N'000	N'000	N'000
1,629,270	2,136,268	1,513,009	1,758,196
1,815,782	2,009,467	1,686,212	1,959,467
3,445,052	4,145,735	3,199,220	3,717,663
Group	Group	Company	Company
2024	2023	2024	2023
31-Dec	31-Dec	31-Dec	31-Dec
N'000	N'000	N'000	N'000
1,670,784	1,358,176
1,670,784	1,358,176	-	-
Group	Group	Company	Company
2024	2023	2024	2023
31-Dec	31-Dec	31-Dec	31-Dec
N'000	N'000	N'000	N'000
13,111,921	8,755,688	6,855,860	5,485,609
595,830	397,874	311,543	249,276
7,997,126	5,340,205	4,181,476	3,345,742
702,048	468,803	367,082	293,714
22,406,925	14,962,571	11,715,961	9,374,342
Group	Group	Company	Company
2024	2023	2024	2023
31-Dec	31-Dec	31-Dec	31-Dec
N'000	N'000	N'000	N'000
-	1,127,265	-	1,127,265
	-		-
-	(372,297)	-	(372,297)
-	(46,962)	-	(46,962)
460,571	708,005	456,239	708,005

Due from Related Parties	-	-	-
Intercompany receivables(Ghana/Life)	-		222,226	140,395
Premium deposit	-	-	-
Intercompany receivables	-	-	-
Other Debtors	1,613,010	1,821,215	1,613,010	1,166,448
Loan & Receivable	-		-
Deposit for Shares	145,804	-	145,804
Customers Deposit		-	-
Staff Debtors	486,130	70,258	-
Prepaid expenses	658,963	536,546	658,963	369,386
Other receivables - Related: Dividend Rec Subs	40,879	-	40,879
Reinsurance claims recov	97,406	-	97,406	97,406
		3,042,192	2,428,019	2,778,289	1,773,635
Impairment Allowance	(1,830,699)	(1,851,233)	(1,426,515)	(1,426,026)
		1,211,493	576,786	1,351,774	347,609
		-		-
15 Investment in associates		-
Coronation Merchant Bank Limited/Coronation Securities Limited/Ghana
- Opening balance	10,724,161	9,029,592	7,718,903	5,423,440
- Additions/(disposals)	-	2,295,463	-	2,295,463
- Interim audit adjustment:	-	-	-	-
Share of profit during the year	-		-	-
- Share of profit during the period	3,834,331	675,960	-	-
- Share of other comprehensive income during the period	(149,786)	(1,276,854)	-	-
		14,408,706	10,724,161	7,718,903	7,718,903

16	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	-	-
17	Investment Properties
	Investment Property (Note 16a)		7,559	94,559	7,559	94,559
			7,559	-	7,559	94,559
18	Property, Plant & Equipment
	Cost		10,761,470	7,227,374	8,708,010	5,737,075
	Accumulated Depreciation		(4,233,733)	(3,283,310)	(3,039,623)	(2,604,578)
	Net Book Value		6,527,737	3,944,064	5,668,387	3,132,497
				-
19	Intangible Assets
	Cost		4,280,806.53	2,731,470	2,100,407.20	1,234,910
	Accumulated Depreciation	-	1,334,755.20	(1,145,199) -	985,909.20	(874,078)
	Net Book Value		2,946,051	1,586,271	1,114,498	360,832
20	Statutory deposit
	At start of period		1,130,728	813,038	300,000	300,000
	Exchange Difference		257,492	245,117	-
	At end of period		1,388,220	1,058,155	300,000	300,000
21	Trade Payables					-
	Reinsurance		1,356,901	756,581	714,778	714,777
	Brokers/Agents		-	-	-	-
			1,356,901	756,581	714,778	714,777
22	Provisions & Other Payables
	Premium Deposit		2,327,972	512,009	2,316,027	404,102
	Commission payables		120,174	36,206	-	-
	Accrued expenses		1,968,746	1,141,455	629,754	881,883
	Other tax payables		202,858	136,622	181,750	27,107
	Policy deposits and unclaimed bank items		335	-	-
	Staff loan deduction		119,987	-	-
	Inter-Company Balances		94,718	-	-	283,008
	NSITF		1,003	-	-
	Provident Fund		5,481	-	-
	Sundry Creditors		1,393,984		715,092
	Impairment of payable on United Steel		50,998	-	-
	Other Liabilities		1,754,345	2,060,605	1,754,345	2,234,457
			8,040,601	3,886,897	5,596,968	3,830,557
23a	Right of Use Liability
	Rent Received in Advance			-	854,319,205
	Accumulated Amortization of right of use Liability			-	(853,493,363)
	Right of Use Liability			-	825,842	-
24	Deferred Income Tax
	Deferred Tax Assets (Note 22a)		-	202,606
	Total		-	202,606	-	-
25	Current Income Tax liabilities
	At start of period		234,073	385,361	163,822	215,020
	Charge for the period		(640,341)	384,322	(2,002,633)	163,822
	Payments during the period		3,617,222	(235,365)	3,856,415	(215,020)
	At end of period		3,210,953	534,318	2,017,603	163,822
27	Investment Contract Liabilities
	At start of period		2,566,402	1,348,822	-
	Additions		3,074,990	1,924,450	-
	Withdrawals		(1,404,230)	(750,851)	-
	Guarantee interest		77,710	43,980	-
	At end of period		4,314,872	2,566,401	-	-
28	Share capital		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
29	Share premium
	At start of the year		4,612,938	4,612,938	4,612,938	4,612,938
	At end of year		4,612,938	4,612,938	4,612,938	4,612,938
30	Contingency reserve
	At start of period		4,719,063	3,983,719	3,971,002	3,406,510
	Exchange Gain/Loss on Cedi Opening Balance		641,504	-	-
	Appropriation from profit and loss accounts		1,738,390	735,344	1,213,717	564,492
	At end of year		7,098,957	4,719,063	5,184,719	3,971,002
31	Other reserves
	At start of period		4,814,789	4,814,789	2,887,869	4,814,789
	Revaluation reserve				2,335,481	-
	Net fair value gain on financial asset				399,919
	At end of year		4,814,789	4,814,789	5,623,269	4,814,789
32	Retained earnings
	At start of the year		(1,756,502)	(2,840,132)	(3,677,598)	(3,599,455)
	Interim & Full Year Appropriation Adjustment		-	-	-	-
	Transfer from profit or loss		9,902,978	1,818,974	4,065,952	486,349
	Transfer to contigency reserve		(1,738,390)	(735,344)	(1,213,717)	(564,492)
	Share of Associate profit at start of year		3,834,331	-	-
	At end of year		10,242,418	(1,756,502)	(825,363)	(3,677,598)