Quarter 1 - financial statement for 2025

STATEMENT OF FINANCIAL POSITION

ASSETS

NOTES

2025

N'000

2024

N'000

Cash and cash equivalents

5

12,692,323

680,886

Financial Assets:

- At fair value through profit or loss

6.1

68,263

68,263

- At amortised cost

6.2

462,276

462,276

- At fair value through other comprehensive income

6.3

159,356

159,356

Reinsurance assets

7

368,242

368,242

Trade receivables

8

2,275

2,275

Other receivables and prepayments

9

706,729

706,729

Deferred acquisition costs

10

16,782

16,782

Investment properties

11

4,030,067

4,030,067

Intangible assets

12

-

-

Property, plant and equipment

13

33,097

30,757

Statutory deposit

14

535,000

535,000

TOTAL ASSETS

19,074,410

7,060,633

LIABILITIES AND SHAREHOLDERS' EQUITY

Insurance contract liabilities

15

4,828,825

4,813,678

Investment contract liabilities

16

1,137,674

1,137,674

Trade payables

17

51,300

51,300

Other payables and accruals

18

840,409

773,688

Borrowings

19

3,843,321

3,843,321

Finance lease obligations

20

-

-

Income tax liabilities

21

316,820

316,820

Deferred tax liabilities

22

61,909

61,909

TOTAL LIABILITIES

11,080,259

10,998,391

SHAREHOLDERS' EQUITY

-

Share capital

23

6,455,515

6,455,515

Treasury shares

24

(1,145)

(1,145)

Share premium

25

7,484,955

7,484,955

Irredeemable convertible debt

23b

12,000,000

Contingency reserves

26

1,793,879

1,793,873

Accumulated loss

27

(19,792,653)

(19,724,557)

Revaluation reserves

28

48,291

48,291

Fair value reserves

29

5,310

5,310

Total equity

7,994,152

(3,937,758)

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

19,074,410

7,060,633

Gross premium written

NOTES

30

2025

N'000 210

2024

N'000

-

Unearned premium

30

-

-

Movement in individual life

15.4

-

-

Movement in annuity Gross premium income Reinsurance expenses

15.5

15.6

-

210

-

-

-

-

Net premium income

Commission income

31

210

-

-

-

Net underwriting income

210

-

Claims expenses (net)

32

(238)

(76,4-92)

Underwriting expenses

33

(42)

-

Total underwriting expenses

(280)

(76,492)

-

Underwriting (loss)/profit

(70)

(76,492)

Investment income 34(a)

-

74,581

Other income 34(b)

-

11,071

Gain/(loss) on investment contract liabilities 35

-

-

Management expenses 36

(68,033)

-

Expected credit loss expense 36(a) Impairment-Due to insurance Companies &

-

-

brokers 36(b)

-

-

Impairment- Other debtors 36(c) Impairment loss allowance on property, plant

-

-

and equipment 36(d)

Finance charges 37

Fair value loss on financial assets 6.1(a)

-

-

-(112,624)

-

Impairment of claims recoverable 7.1

-

-

Fair value loss on investment properties 11

-

-

Foreign exchange gain/(loss)

-

-

Gain/(loss) before taxation 41

(68,102)

(103,465)

Income tax 21

(0)

-

Deferred tax credit 21

-

-

Information technology development levy 38

-

-

Profit (Loss) for the period

(68,103)

(103,465)

-

Other comprehensive income

-

Item that may be reclassified to profit or loss:

Fair value loss on financial assets at FVOCI 29

-

-

-

Items that will not be classified to profit or loss:

Revaluation loss on building 28

-

-

-

Revaluation surplus reversed during the period 28

-

-

Other comprehensive loss

-

-

-

Total comprehensive loss for the period

(68,103)

(103,465)

-

Earnings per share : Basic (Naira)

41

(0.53)

(0.80)

STATEMENT OF CHANGES IN EQUITY

Share

Treasury

Share

Contingency

Accumulated

Revaluation

Fair value

Capital

shares

Premium

Reserves

Loss

Reserves

Reserve

Total

N'000

N'000

N'000

N'000

N'000

N'000

N'000

N'000

At 1 January 2025

6,455,515

(1,145)

7,484,955

1,795,385

(19,724,557)

48,292

5,310

(3,936,246)

Total comprehensive income for the period

Loss for the period

- - - -

(68,103)

- -

(68,103)

Transfer to contingency reserve (Note 26)

- - -

6

(6)

- -

-

Fair value loss on treasury shares (Note 24)

-

-

-

-

-

-

-

-

Other comprehensive income:

-

-

-

-

-

-

-

Revaluation on building (Note 28)

-

-

-

-

-

-

-

-

Revaluation surplus reversed during the period (Note 28)

Fair value loss on financial assets at fair value through other comprehensive income (Note 30)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

At 31 March 2025

6,455,515

(1,145)

7,484,955

1,795,391

(19,792,666)

48,292

5,310

(4,004,348)

At 1 January 2024

6,455,515

(1,145)

7,484,955

1,793,872

(19,621,092)

48,292

5,310

(3,834,294)

Loss for the period

Transfer to contingency reserve (Note 26)

- - - -

- - - 1,513

(103,465)

(103,465)

Fair value loss on treasury shares (Note 24)

- - - -

-

- - -

Fair value loss on available for sale financial assets

- - -

- - -

Other comprehensive income:

- - - -

-

- - -

Revaluation surplus reversed during the period (Note 28)

- - -

-

- - -

Fair value loss on financial assets at fair value through other comprehensive income (N

- - - -

-

- - -

- - -

-

- - -

At 31 March 2024

6,455,515

(1,145)

7,484,955

1,795,385

(19,724,557)

48,292

5,310

(3,937,759)

STATEMENT OF CASH FLOWS

NOTES

2025

2024

Cash flows from operating activities

N'000

N'000

Premium received from policy holders

40

210

5,044

Cash received on investment contract

16

-

-

Cash withdrawals on investment contract

16

-

-

Fees and commission

31

-

-

Other income

34(b)

-

11,071

Claims recovered

32a

-

Claims paid

32

(237.85)

(76,492)

Cash payments for reinsurance

15.7

-

-

Commissions paid

33a

(42)

-

Other acquisition costs paid

33

(3)

-

Loans against policy

6.2.1(b)

-

-

Repayment of policy loan

6.2.1(b)

-

-

Cash payments to employees, suppliers and others

(68,033)

-

(68,105)

(60,378)

Taxes paid: Income tax

21

(0)

-

Net cash used from operating activities

(68,105)

19,939

Cash flows from investing activities

-

Purchase of Property, plant and equipment

13

(2,340)

-

Rental income

18.2

-

-

Dividends received

34(a)

9,945.00

37,019

Interest on treasury bills

34(a)

-

Interest received on fixed deposits/statutory deposit

34(a)

37,562

Gain from sale of property, plant & equipment

34b

-

-

Proceeds from sale of property, plant and equipment

-

-

Proceeds from sale of investment property

-

-

Liquidation of financial assets at amortised cost

6.2.2a

-

-

Addition to financial assets at amortised cost

6.2.2(a)

-

-

Net cash generated from investing activities

7,605

74,581

Cash flows from financing activities

-

Finance charges

37

-

(112,624)

Repayment of lease finance

20

-

-

Loan borrowing

19.2

23,177

-

Irredeemable convertible debt 12,000,000

Loan repayment

19.2

-

-

Net cash (used)/flows from financing activities

12,023,177

(112,624)

-

Net decrease in cash and cash equivalents during the period

11,962,677

(55,830)

Cash and cash equivalents at the beginning of the period

731,711

787,541

Cash and cash equivalents at the end of the period

12,694,388

731,711

Cash and cash equivalent comprise:

-

Cash in hand

27

27

Current Bank accounts balances

12,025,731.46

17,483

Short term deposits - Local banks

666,565

663,375

12,692,323

787,541

STANDARD ALLIANCE INSURANCE PLC

FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31ST MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (continued)

5 Cash and cash equivalents

2025

N'000

2024

N'000

Cash in hand

27

27

Bank balances

12,028,921.20

17,483.32

Short term deposits

666,565

666,565

12,695,513

684,075

Allowance for credit losses (Note 6a)

(3,190)

(3,190)

12,692,323

680,886

5(a)

Impairment allowance for cash and cash equivalents

At 1 January

Movements during the period (Note 36a)

3,190

-

3,190

-

At 31 March

3,190

3,190

6

Financial assets

At fair value through profit or loss (FVPL) - Note 6.1

68,263

68,263

At amortised cost (Note 6.2)

462,276

462,276

At fair value through other comprehensive income (FVOCI) - Note 6.3.1

159,356

159,356

689,895

689,895

6.1

Financial assets at fair value through profit or loss (FVPL)

At 1 January

68,263

68,263

Addition during the period

Fair value gain/(loss) during the period [Note 6.1(a)] Disposal during the period

-

-

-

-

-

-

At 31 March

68,263

68,263

6.1(a)

Fair value (gain)/loss disclosed in the income statement is as analysed below:

Fair value gain/(loss) on equity instrument carried at FVPL (Note 6.1)

-

-

-

-

STANDARD ALLIANCE INSURANCE PLC

FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31ST MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (continued)

2025

2024

N'000

N'000

6.1.2 Analysis of the fair value of the Company's investments in listed entities is shown below:

ABC Transport Plc

3,987

3,987

Africa Prudential Registrar Plc

-

-

Lafarge Cement

563

563

Cornerstone Insurance Plc

207

207

Dangote Sugar Refineries Plc

5,280

5,280

Diamond Bank Plc (Now Access Bank Plc)

207

207

Ecobank Transnational Plc (ETI)

79

79

First City Monument Bank Limited

6,324

6,324

Fidelity Bank Plc

6,022

6,022

First Bank of Nigeria Limited

6,977

6,977

Guaranty Trust Bank Plc

1,415

1,415

Nigerian Aviation Handling Company

1,195

1,195

Oando Plc

142

142

Polaris Bank Plc

849

849

UBA Capital

167

167

United Bank for Africa Plc

3,970

3,970

Halal lotus capital

163

163

WAPIC Insurance Plc

22

22

Zenith Bank International Plc

3,633

3,633

WAICA

27,061

27,061

68,263

68,263

6.2 Financial assets at amortised costs

Loans and receivables (Note 6.2.1)

71,118

71,118

Treasury bills (Note 6.2.2)

393,693

393,693

464,811

464,811

Allowance for credit losses

(2,535)

(2,535)

462,276

462,276

6.2.1 Loans and receivables

Loans against policies (Note 7.2.1a)

69,125

69,125

Staff debtors (Note 7.2.1c)

1,439

1,439

Agency loan

554

554

71,118

71,118

Allowance for credit losses

(2,535)

(2,535)

68,583

68,583

2025

2024

N'000

N'000

GSL policy loan

14,621

14,621

Standard Life Accumulator Scheme (SLA)

3,263

3,263

Special Personnel Policy (SPP)

5,093

5,093

Flexible Assurance scheme (FAS)

478

478

Personal Providence Plan (PPP)

43,396

43,396

Annuity Policy Loan

200

200

Deposit Link Assurance (DELAS)

2,048

2,048

SIP- Policy loan

26

26

69,125

69,125

Quoted Shares in Transcorp Plc (Note 6.3.1)

159,356

159,356

‌6.3.1 Investment in quoted shares (Transcorp Plc)

At 1 January

159,356

159,356

Fair value loss during the period (Note 29)

-

-

At 31 March

159,356

159,356

‌7 Reinsurance assets

Reinsurer share of outstanding claims (Note 7.1)

255,100

255,100

Reinsurer's share of claims IBNR (Note 7.2)

101,023

101,023

Reinsurer's share of UPR (Note 7.3)

12,119

12,119

368,242

368,242

These represent amounts recoverable from reinsurers in respect of claims incurred and

reinsurance premium paid of which risks have not expired. The reinsurance assets are of current maturity.

At 1 January

Decrease during the period (Note 15.6)

12,119

-

12,119

-

At 31 March

12,119

12,119

‌8 Trade receivables

At 1 January

2,275

65,788

Additions during the period

-

2,275

Received during the period

-

-

At 31 March

2,275

68,063

Allowance for impairment - due from insurance companies and brokers (Note 37b)

-

(65,788)

‌Carrying amount at 31 March

2,275

2,275

STANDARD ALLIANCE INSURANCE PLC

FINANCIAL STATEMENTS FOR QUARTER ENDED 31ST MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (continued)

2025

2024

9 Other receivables and prepayments

N'000

N'000

Other debtors (Note 9.1)

740,000

740,000

Interest receivable (Note 9.2)

5,630

5,630

Prepaid rent

-

-

Staff advances

444

444

Deposit for quoted shares (Note 9.3)

656

656

746,729

746,730

Allowance for impairment

(40,000)

(40,000)

706,729

706,730

‌10

Deferred acquisition costs:

2025

N'000

2024

N'000

Aviation

-

-

Engineering

391

391

Fire

7,578

7,578

General accident

1,322

1,322

Marine

980

980

Motor

5,391

5,391

Bond

187

187

Oil and Gas

1

1

Life business

932

932

16,782

16,782

The movement in deferred acquisition cost is: At 1 January

16,782

16,782

Additions during the period

-

44

11 Investment properties

At 1 January

4,030,067

4,030,067

Disposed during the period (Note 11.1)

-

-

Reclassified from property, plant and equipment (Note 13)

-

-

Reclassified to other receivables and prepayments (Note 9)

-

-

Fair value (loss)/gain during the period (Note 11.2.1)

-

-

‌At 31 March (Fair value) 4,030,06

7

4,030,067

11.1

The property situated at Shapati Village, Ibeju, Lekki was sold during the period.

Further details are: Valuation

-

-

Sale proceeds

-

-

Gain on sale of property

`

-

-

11.2

History and movement in fair value gain

Cost as at date of initial recognition

3,186,501

3,186,501

Cumulative fair value gain at 1 January Fair value loss for the period

843,566

-

843,566

-

Cumulative fair value gain at 31 December

843,566

843,566

At 31 March

4,030,067

4,030,067

NOTES TO THE FINANCIAL STATEMENTS

Fair value

Movements in investment properties 2025

Cost

gain at 1 January

Balance at 1 Addition during the January

peri

od

Sold during the

period

Revaluation

(loss)

Balance at 31 March

250 hectars of Farmland at Mydumbi Village

11 units of 4-bedroom terrace houses at New County

N'000

N'000

N'000

N'000

N'000

N'000

N'000

Estate, Lekki, Lagos

10 units of 2 Bedroom Terrace houses at No 17,

1,045,000

-

1,168,750

-

-

-

1,168,750

Gbangbala Road, Ikate Elegushi, Lekki

244,734

-

661,184

-

-

-

661,184

One wing of 4 bedroom duplex, Lekki, Lagos

57,371

-

97,284

-

-

-

97,284

Six (6) storey lettable office complex - Ebute Metta

201,301

-

875,325

-

-

-

875,325

Six (6) bedroom detached house, Asokoro-Abuja

268,595

-

757,149

-

-

-

757,149

Abuja plot of Land at Cadastral Zone.

320,000

- -

- - - -

Oreki Village, Ibeju, Lekki.

600,000

- 450,000

- - - 450,000

Shapati Village, Ibeju, Lekki.

446,000

- -

- - - -

Flat 3,Block 2, Kadiri Estate, Joseph Dosu, Badagry.

3,500

- 20,375

- - - 20,375

3,186,501

- 4,030,067

- - - 4,030,067

‌Cost

January

January

PPE (Note 14)

(Note 10)

(loss)/gain

December

250 hectares of Farmland at Mydumbi Village

11 units of 4-bedroom terrace houses at New County

-1,045,000

-

-

-

-

-

-

Estate, Lekki, Lagos

-

1,168,750

- - -

1,168,750

10 units of 2 Bedroom Terrace houses at No 17,

244,734

Gbangbala Road, Ikate Elegushi, Lekki

-

661,184

- - -

661,184

One wing of 4 bedroom duplex, Lekki, Lagos

57,371

-

97,284

- - -

97,284

Six (6) storey lettable office complex - Ebute Metta

201,301

-

875,325

- - -

875,325

Six (6) bedroom detached house, Asokoro-Abuja

268,595

-

757,149

- - -

757,149

Abuja plot of land, Cadasral Zone

320,000

-

-

- - -

-

Oreki Village, Ibeju, Lekki.

600,000

-

450,000

- - -

450,000

Shapati Village, Ibeju, Lekki.

446,000

-

-

- - -

-

Flat 3,Block 2, Kadiri Estate, Joseph Dosu, Badagry.

3,500

-

20,375

- - -

20,375

3,186,501

-

4,030,067

- - -

4,030,067

11.3

The status of the Company's investments properties are

detailed below:

S/N

Description of

Date of

Nature of

Locations

Carrying

Steps taken

Name on Title Document

Properties

Acquisition

Document

Amount N'000

for perfection

i

Standard Alliance Insurance Plc

Warehouse

2015

Deed of

Oreki Village, Ibeji-Lekki

450,000

Perfection in

Assignment

progress

ii

Standard Alliance Insurance Plc

11 Unit of 4

2009

Registered Title

New County Terrace, Iroko Awe, Lekki

1,210,000

Near

Bedroom Flat

Pennisula

Perfection

iii

Standard Alliance Insurance Plc

10 Units of 2 B/R

2003

Deed of

No 17 Gbangbala Road, Ikate, Elegushi,

800,000

Perfection in

Terace Hse

Assignment

Lekki, Lagos

progress

Standard Alliance Insurance Plc

3 Bedroom Duplex

2012

Deed of

Flat 3, Block 2, Kadiri Est, Joseph Dosu

26,000

Perfection in

Assignment

Way,Badagry

progress

iv

Standard Alliance Insurance Plc

4 Bedroom Duplex

2003

Registered Title

House 13B, Oba Adeyinka Estate, Lekki,

110,589

Near

Lagos

Perfection

v

Standard Alliance Insurance Plc

Six (6) storey

2012

Registered Title

No 22, Herbert Macaulay Street, Ebute Meta,

1,100,000

Near

vi

Standard Alliance Insurance Plc

lettable Offices Six (6) Bedroom

2010

Deed of

Lagos

House 1207, Yakubu Gowon, Asokoro, Abuja

920,000

Perfection Perfection in

Detached House

Assignment

progress

12 Intangible asset

Computer software

2025

2024

Cost

N'000

N'000

At 1 January

15,000

15,000

Property, plant and equipment Land

Building

Motor vehicles

Furniture and fittings

Computer equipment

Office equipment

Generating

set

Total

Cost/valuations:

N'000

N'000

N'000

N'000

N'000

N'000

N'000 N'000

At 1 January 2024

-

-

823,290

294,374

134,985

196,775

123,357 1,572,781

Additions

-

-

-

-

-

-

- -

Allowance for impairment (Note 29.1)

-

-

-

-

-

-

- -

Revaluation loss (Note 29)

-

-

-

-

-

-

- -

Write off

-

-

-

-

-

-

- -

At 31 December 2024

-

-

823,290

294,374

134,985

196,775

123,357

1,572,781

At 1 January 2025

-

-

823,290

294,374

134,985

196,775

123,357

1,572,781

Additions

-

-

-

-

2,340

-

-

2,340

Allowance for impairment (Note 29.1)

-

-

-

-

-

-

-

-

Reclassification to investment properties (Note

-

-

-

-

-

-

-

-

Revaluation loss (Note 29)

-

-

-

-

-

-

-

-

Write off

-

-

-

-

-

-

-

-

At 31 March 2025

-

-

823,290

294,374

137,325

196,775

123,357

1,575,121

Accumulated depreciation and impairment:

At 1 January 2024

-

-

823,243 246,909 133,762 190,366 123,357

1,517,637

Charge for the period

-

-

47

10,684

870

592

-

12,193

Reclassification

-

-

-

-

-

-

-

-

Write off

-

-

-

-

-

-

-

-

At 31 December 2024

-

-

823,290

257,593

134,632

190,958

123,357

1,529,830

At 1 January 2025

-

-

823,290

257,593

134,632

190,958

123,357

1,529,830

Charge for the period

-

-

47

10,684

870

592

-

12,193

Reclassification

-

-

-

-

-

-

-

-

Write off

-

-

-

-

-

-

-

-

At 31 March 2025

-

-

823,337

268,277

135,502

191,550

123,357

1,542,023

Carrying amounts as at: At 31 March 2025

-

-

(47)

26,097

1,823

5,225

-

33,097

31 December 2024

-

-

(47)

26,097

(517)

5,225

-

30,758

14 Statutory Deposits

2025

N'000

2024

N'000

Statutory deposit for life business

200,000

200,000

Statutory deposit for non-life business

335,000

335,000

535,000

535,000

These represent 10% of the minimum paid up share capital deposited with the Central Bank of

Nigeria in accordance with Section 10 (3) of the Insurance Act, CAP I17, LFN 2004.

15 Insurance contract liabilities

Unearned premium reserves (Note 15.1)

114,570

114,570

Outstanding claims (Note 15.2)

1,818,754

1,818,991

Provision for claims incurred but not reported (IBNR) (Note 15.3)

418,745

418,745

Individual life (Note 15.4)

391,460

391,460

Annuity fund (Note 15.5)

2,085,296

2,183,436

4,828,825

4,927,202

15.1 Unearned premium reserves

Aviation

6,370

6,370

Bond

3,019

3,019

Engineering

1,178

1,178

Fire

27,537

27,537

General accident

6,427

6,427

Marine

4,900

4,900

Motor

43,980

43,980

Oil & gas

7

7

Life

21,152

21,152

114,570

114,570

15.1.2 Movements in unearned premium reserve

At 1 January

114,570

114,570

Increase in during the period (Note 30)

-

-

At 31 March

114,570

114,570

2025

2024

15.2 Outstanding claims reserves

N'000

N'000

Aviation

100,281

100,281

Bond

13,004

13,004

Engineering

55,191

55,191

Fire

203,762

203,762

General accident

223,269

223,269

Marine

16,198

16,198

Motor

132,067

132,067

Oil & Gas

765,612

777,493

Group life

297,727

297,727

1,807,111

1,818,992

15.2.1 Movements in outstanding claims are further analysed below:

At 1 January

1,818,992

1,818,992

Increase/(decrease) during the period (Note 32)

(238)

-

At 31 March

1,818,754

1,818,992

15.2.2 The age analysis of outstanding claims are:

0 -

90 days

5,554

5,554

91 -

180 days

88,073

88,073

181 -

270 days

13,341

13,341

271 -

365 days

80,497

80,497

366 days and above

1,619,645

1,631,526

1,807,111

1,818,992

0-90

91-180

181-270

271-365

Above 365

2025

31 March 2025

DAYS

DAYS

DAYS

DAYS

DAYS

Total

N'000

N'000

N'000

N'000

N'000

N'000

Discharge Voucher Issued- Life

454

73,164

8,525

14,701

189,003

285,846

Discharge Voucher Issued- Non-Life

-

7,725

1,308

16,967

528,790

554,791

Awaiting Lost Adjusters report

4,201

-

132,792

136,993

Awaiting Documentation from Claimants

5,100

2,983

3,508

48,829

520,425

580,845

Abandoned by Claimants

83,004

83,004

Incomplete Documentations by Claimants

165,631

165,631

TOTAL

5,554

88,073

13,341

80,497

1,619,645

1,807,111

0-90

91-180

181-270

271-365

Above 365

2024

31 December 2024

DAYS

DAYS

DAYS

DAYS

DAYS

Total

N'000

N'000

N'000

N'000

N'000

N'000

Discharge Voucher Issued- Life

454

73,164

8,525

14,701

200,884

297,727

Discharge Voucher Issued- Non-Life

-

7,725

1,308

16,967

528,790

554,791

Awaiting Lost Adjusters report

4,201

-

132,792

136,993

Awaiting Documentation from Claimants

5,100

2,983

3,508

48,829

520,425

580,845

Abandoned by Claimants

83,004

83,004

Incomplete Documentations by Claimants

165,631

165,631

TOTAL

5,554

88,073

13,341

80,497

1,631,526

1,818,992

‌15.3 IBNR Per Actuarial valuation

2025

N'000

2024

N'000

Aviation

6,570

6,570

Bond

5,786

5,786

Engineering

48,112

48,112

Fire

147,514

147,514

General accident

9,375

9,375

Marine

5,246

5,246

Motor

41,181

41,181

Oil & Gas

78,760

78,760

Life

76,202

76,202

418,746

418,746

‌15.3.1 Movement in IBNR

At 1 January

418,746

418,746

(Decrease)/increase during the period (Note 32)

-

-

At 31 March

418,746

418,746

‌15.4 Movement in individual life

At 1 January

391,460

391,460

Increase/(decrease) during the period

-

-

At 31 March

391,460

391,460

‌15.5 Movement in annuity fund

At 1 January

2,183,436

1,756,894

Increase during the period

-

-

Adjustments*

(98,140)

426,542

At 31 March

2,085,296

2,183,436

Adjustments* - This is to align the UPCL bank confirmation balance to the ledger.

‌15.6 Reinsurance expenses

Reinsurance cost

-

-

Changes in UPR (Note 7.3.1)

-

-

-

-

‌15.7 Cash payments for reinsurance

Reinsurance cost (Note 15.6)

-

-

Changes in due to reinsurer payable (Note 17)

-

-

‌Per statement of cash flows

-

-

16 Investment Contract Liabilities

At 1 January

1,137,674

1,137,674

Amount received in the period

-

-

Interest expenses

-

-

‌Withdrawals

-

-

At 31 March

1,137,674

1,137,674

17 Trade payables

Due to Reinsurer

36,257

36,257

‌Underwriting expenses payable

15,043

15,043

51,300

51,300

The trade payables are all of current maturity.

STANDARD ALLIANCE INSURANCE PLC

FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31ST MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (continued)

2025

2024

N'000

N'000

18 Other payables and accruals

Statutory deductions (Note 18.1)

180,051

174,460

Information technology development levy (Note 38)

8,406

8,406

Rent received in advance (Note 18.2)

0

0

Due to staff

106,839

106,839

Accrued expenses (Note 18.4)

243,230

236,104

Unclaimed dividend

3,182

3,182

Deferred Commission Income (18.5)

-

-

Preference dividend payable (Note 18.6)

175,000

175,000

Amount due to other beneficiaries (Note 18.7)

41,186

16,275

Annuity fund fee payable (Note 18.8)

16,651

16,651

Industrial training fund

-

-

Directors' current account

33,271

33,271

Unearned interest on treasury bills

-

-

Loan

32,593

840,409 770,188

The above are further analysed as:

Current Non-current

840,409

-840,409

770,188

-770,188

‌18.1

Statutory deductions

PAYE payable

89,313

87,494

Pension payable

48,841

45,069

VAT payable

3,838

3,838

Withholding tax 38,059

38,059

180,051

174,460

‌18.2

Movement in rent received in advance

At January 1

0

1,000

‌18.7 Amount due to other beneficiaries‌‌‌

Staff fines and penalties

N'000 4,828

N'000 4,828

Staff group life payable

151

151

Other creditors

36,207

11,296

41,186

16,275

‌18.8 Annuity fund fee payable

N'000

N'000

At January 1

16,651

16,651

Addition during the period - -

At 31 March

16,651

16,651

19 Borrowings

N'000

N'000

Daewoo Secuirities Bond (Note 19.1)

3,841,795

1,976,233

Cowry Asset Management Limited (Note 19.2) 1,526

1,526

3,843,321

1,977,759

20

Finance lease obligations

At 1 January

Repayments during the period (Note 20a)

N'000

-

-

N'000

-

-

At 31 March

-

-

20a

Repayments during the period

Principal

-

-

Lease interest charge

-

-

-

-

23 Ordinary share capital

2025

Units

2024

Units

Authorized '000

'000

14,000,000,000 ordinary shares of 50k each 14,000,000 14,000,000

N'000

N'000

14,000,000,000 ordinary shares of 50k each

7,000,000

7,000,000

Issued and Fully Paid

Units

Units

At 1 January

Addition during the period

12,911,030

-

12,911,030

-

At 31 March

12,911,030

12,911,030

N'000

N'000

At 1 January

6,455,515

6,455,515

Addition during the period

-

-

At 31 March

6,455,515

6,455,515

23b The Irredeemable convertible debt

12,000,000

-

24 Treasury share

(1,145)

(1,145)

25 Share premium

At 1 January

Addition during the period

7,484,955

-

7,484,955

-

At 31 March

7,484,955

7,484,955

Share premium comprises additional paid-in capital in excess of the par value.

This reserve is not ordinarily available for distribution.

26 Contingency reserves

At 1 January

1,793,873

1,792,360

Charge for the period (Note 27)

6

1,513

At 31 March

1,793,879

1,793,873

In compliance with section 21(1) of Insurance Act

2003, the contingency

reserve for Non-life insurance business is credited with the greater of 3% of

27 Accumulated loss

2025

N'000

2024

N'000

At 1 January - As previously stated

(19,724,557)

(19,621,092)

Gain/(Loss) for the period

(68,103)

(103,465)

Appropriation to contingency reserves (Note 26)

6

At 31 March

(19,792,653)

(19,724,557)

28 Revaluation Reserves

At 1 January

48,291

48,291

Revaluation loss charged to other comprehensive income during the period Revaluation surplus reversed during the period

-

-

-

-

At 31 March

48,291

48,291

Further details are:

Revaluation loss (Note 13)

-

-

Less: Tax on loss on revaluation

-

-

-

-

29 Fair Value Reserves

N'000

N'000

At 1 January

Decrease during the period

5,310

-

5,310

-

At 31 March

5,310

5,310

30 Gross premium

N'000

N'000

General business Group life Individual life

Annuity

210

-

-

-

-

-

-

-

Movement in unexpired risks (Note 16.1.2)

210

-

-

-

210

-

STANDARD ALLIANCE INSURANCE PLC

FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31ST MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (continued)

2025

2024

31 Commission income

N'000

N'000

Bond

-

-

Engineering

-

-

Fire

-

-

General accident

-

-

Oil and gas

-

-

Aviation

-

-

Marine

-

-

-

-

Life - Forfietures and admin charges

-

-

-

-

32 Claims expenses

Claims paid

(237.85)

(76,492)

Change in outstanding claims (Note 15.2.1)

-

Change in claims incurred but not reported (Note 15.3.1)

-

-

(238)

(76,492)

Claims expenses recovered from reinsurers (Note 32(a))

-

-

(238)

(76,492)

32a) Claims paid recovered from reinsurers

-

-

Change in claims paid recoverable (Note 7.1)

-

-

Change in reinsurer's share of IBNR (Note 7.2)

-

-

-

-

33 Underwriting expenses

Acquisition costs (Note 10):

Aviation

-

-

Bond

-

-

Engineering

-

-

Fire

-

-

General accident

-

-

Marine

-

-

Motor

-

-

Oil and Gas

-

-

Life

-

-

-

-

Other acquisition costs

-

-

-

-

33a Commission paid analysis

Acqusition costs (Note 33)

42

-

Changes in commission payable (Note 18)

-

-

Per statement of cash flows

42

-

34(a) Investment income

Interest on deposits

37,561.69

Interest on teasury bills

-

Rental income

Dividend received

-

37,019

STANDARD ALLIANCE INSURANCE PLC

FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31ST MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS (continued

2025

2024

34(b) Other income

N'000

N'000

Gain on sale of property, plant and equipment

-

-

Other inflows

11,071

-

11,071

35 Gain/(loss) on investment contract liabilities

Investment income attributable to investment

-

-

contracts (Note 34)

Guaranteed interest on investment contracts (Note 16)

-

-

-

-

36

Management expenses

Salaries and Allowances

(11,083)

-

Other staff costs

-

-

Directors' fee and allowances

-

-

Insurance expenses

-

-

Rent and rates

-

-

Repairs and maintenance

-

-

Depreciation

(12,193)

12,194

Amortisation

-

-

Legal and professional fees

(2,000)

-

Bank charges

(81)

22

Printing and stationery

-

Advertising and promotion expenses

-

-

Books and periodicals

-

-

Telephone and postages

-

-

Other administrative expenses

(47,109)

-

Supervisory levies

-

-

Actuarial cost

(7,256)

-

Staff training and development

-

-

Audit fee

-

-

Corporate and public relation expenses

-

-

Travelling, outstation and hotel expenses

11,690

-

(68,033)

12,216

36(a)

Expected credit loss expense

Allowance for credit losses - Cash (Note 5(a))

-

-

Allowance for credit losses - Treasury bills (Note 6.2.3)

-

-

Allowance for credit losses - Loans and receivables (Note 6.2.3)

-

-

-

-

36(b)

Impairment - Due from insurance companies and brokers

Impairment provision - Due from brokers

-

-

Impairment provision - Due from insurance companies

-

-

Total impairment (Note 8)

-

-

STANDARD ALLIANCE INSURANCE PLC

FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31ST MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (continued)

37 Finance charges

2025

N'000

2024

N'000

Interest expenses on loan

112,624

112,624

Interest on Daewoo bond

-

-

112,624

112,624

38 Information Technology Development Levy

At 1 January

8,406

8,406

Charge for the period

-

-

Payment during the period

-

-

At 31 March

8,406

8,406

39

Profit before taxation

Profit before taxation is stated after charging:

Depreciation

12,193

12,193

Amortization

-

-

Auditors' remuneration Director's remuneration

-

-

-

-

40 Premium receipt from policy holders

Premium due from policy holder at 1 January

2,275

2,275

Gross Premium written in the period

210

5,044

2,485

7,319

Premium due from policyholders at 31 December

-

(2,275)

Premium receipts in the period

2,485

5,044

41 Basic (loss)/earnings per share

Loss for the period (N'000)

(68,103)

######

Number of shares ('000)

12,911,030

######

Basic loss per share (Naira)

(0.53)

(14.24)