Fortis Global Insurance PlcNSENG: FTGINSURE

Quarter 2 - financial statement for 2024

Dec 31, 2025 at 11:01 AM UTC · Issued by Fortis Global Insurance Plc

STANDARD ALLIANCE INSURANCE PLC FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30 JUNE 2024

STANDARD ALLIANCE INSURANCE PLC

FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30 JUNE2024

STATEMENT OF FINANCIAL POSITION
ASSETS	NOTES	2024 N'000	2023 N'000
Cash and cash equivalents	5	540,667	644,272
Financial Assets:
- At fair value through profit or loss	6.1	125,539	102,411
- At amortised cost	6.2	603,061	603,061
- At fair value through other comprehensive income	6.3	223,615	1,532,639
Premium Receivable	7	0	0
Other receivables and prepayments	8	40,655	40,656
Investment properties	9	11,670,000	4,030,067
Intangible assets	10	-	-
Property, plant and equipment	11	21,148	24,246
Statutory deposit	12	535,000	535,000
TOTAL ASSETS		13,759,685	7,512,352
LIABILITIES AND SHAREHOLDERS' EQUITY
Insurance contract liabilities	13	4,855,759	5,062,390
Investment contract liabilities	14	2,898,330	2,667,359
Trade payables	15	66,000	7,948
Other payables and accruals	16	495,197	503,320
Borrowings	17	6,172,982	3,841,795
Income tax liabilities	18	278,091	276,023
Deferred tax liabilities	19	68,179	67,127
TOTAL LIABILITIES		14,834,538	12,425,963
SHAREHOLDERS' EQUITY
Share capital	20	6,455,515	6,455,515
Treasury shares	21	(1,145)	(1,145)
Share premium	22	7,484,955	7,484,955
Contingency reserves	23	1,784,139	1,780,003
Accumulated loss	24	(17,025,277)	(22,011,533)
Revaluation reserves	25	-	-
Fair value reserves	26	226,960	1,378,593
Total equity		(1,074,853)	(4,913,611)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		13,759,684	7,512,352

The financial statements were approved by the Board of Directors on 25th September, 2025 and signed on its behalf by:

Mr. Akin Iroko

FRC/2024/PRO/DIR/003/358339

Chairman

Mr. Paulinus Offorzor Mr. Michael Owope

FRC/2013/PRO/CIIN/002/00000003287 FRC/2018/PRO/ICAN/001/000000177

Managing Director/CEO Chief Finance Officer

The accounting policies on pages 22 to 50, notes on pages 55 to 91 and other national disclosures on pages 92 to 94 form an integral part of these financial statements.

STANDARD ALLIANCE INSURANCE PLC

Insurance revenue	NOTES 27	2024 N'000 413,635	2023 N'000 418,062
Insurance service expenses	27.2	(347,586)	(323,532)
Insurance service result		66,050	94,529
Insurance finance income	27.3	148,643	179,526
Fair value gain on investment properties	11	7,639,933	-
Insurance finance expenses	27.4	(2,594,288)	(2,059,291)
Financial insurance result		5,194,287	(1,879,766)
		5,260,337	(1,785,237)
Write down of investment	6.3.1	(157,390)	-
Net gain/(loss) insurance and finance result		5,102,947	(1,785,237)
Net financial result		5,102,947	(1,785,237)
Other Expenses Management expenses	30	(108,119)	(23,053)
Impairment on bank balance	31	(1,316)	-
Profit/(loss) before taxation	41	4,993,511	(1,808,290)
Income tax	18	(3,120)	(7,505)
Profit/(Loss) for the year		4,990,391	(1,815,795)
Other comprehensive income
Item that may be reclassified to profit or loss:
Fair value loss on financial assets at FVOCI	26	46,266	1,332,559
Items that will not be classified to profit or loss :
Other comprehensive loss		46,266	1,332,559

Total comprehensive loss for the year		5,036,658	(483,236)
Earnings per share : Basic (Naira)	41	38.65	(14.25)

FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30 JUNE 2024 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

The accounting policies on pages 22 to 50, notes on pages 55 to 91 and other national disclosures on pages 92 to 94 form an integral part of these financial statements.

STANDARD ALLIANCE INSURANCE PLC

FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30 JUNE 2024

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 April 2024	6,455,515	(1,145)	7,484,955	1,780,004	(22,011,531)	-	1,378,593	(4,913,609)
Total comprehensive income for the year:
Loss for the year	-	-	-	-	4,990,391	-	-	4,990,391
Transfer to contingency reserve (Note 26)	-	-	-	4,136	(4,136)	-	-	-
Write down of Transcorp investment (Note 6.3.1)	-	-	-	-	-	-	(1,197,900)	(1,197,900)
Other comprehensive income:		-	-	-	-	-	-	-
Revaluation on building (Note 28)	-	-	-	-	-	-	-	-
Revaluation surplus reversed during the year (Note 28)	-		-	-	-	-	-	-
Fair value gain on financial assets at fair value through other comprehensive income (Note 30)	-	-	-	-	-	-	46,266	46,266
At 30 June 2024	6,455,515	(1,145)	7,484,955	1,784,141	(17,025,278)	-	226,960	(1,074,854)
At 1 April 2023	6,455,515	(1,145)	7,484,955	1,775,727	(20,191,461)	-	46,034	(4,430,375)
Loss for the year					(1,815,795)			(1,815,795)
Transfer to contingency reserve (Note 26)
Fair value loss on treasury shares (Note 24)	-	-	-	-	-	-	-	-
Fair value loss on available for sale financial assets	-	-	-	4,276	(4,276)	-	-	-
Other comprehensive income:	-	-	-	-	-	-	-	-
Revaluation surplus reversed during the year (Note 28)		-	-	-	-	-	-	-
Fair value loss on financial assets at fair value through other comprehensive income (No	-	-	-	-	-	-	1,332,559	1,332,559
	-		-	-	-	-	-	-
At 30 June 2023	6,455,515	(1,145)	7,484,955	1,780,004	(22,011,531)	-	1,378,593	(4,913,611)

The accounting policies on pages 22 to 50, notes on pages 55 to 91 and other national disclosures on pages 92 to 94 form an integral part of these financial statements.

STANDARD ALLIANCE INSURANCE PLC FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30 JUNE 2024

STATEMENT OF CASH FLOWS
	NOTES	2024	2023
Cash flows from operating activities		N'000	N'000
Insurance revenue received	27	195	5,982
Cash received on investment contract Cash payments to employees, suppliers and others	16	- (71,756)	- (12,777)
		(71,560)	(6,795)
Taxes paid: Income tax	21	-	-
Net cash used from operating activities		(71,560)	(6,795)
Cash flows from investing activities Purchase of Property, plant and equipment	13	8,320	-
Dividends received	29(a)	17,832	48,968
Rental income	29(a)	-	1,553
Interest received on fixed deposits	29(a)	98,423	17,393
Gain from sale of property, plant & equipment Proceeds from sale of property, plant and equipment Proceeds from sale of investment property Liquidation of financial assets at amortised cost	34b 6.2.2a	- - - -	- - - -
Addition to financial assets at amortised cost	6.2.2(a)	-	-
Net cash generated from investing activities		124,575	67,914
Cash flows from financing activities Finance charges	37	(156,620)	(112,624)
Repayment of lease finance	20	-	-
Loan borrowing	19.2	-	-
Loan repayment	19.2	-	-
Net cash (used)/flows from financing activities		(156,620)	(112,624)
Net decrease in cash and cash equivalents during the	year	(103,605)	(51,504)
Cash and cash equivalents at the beginning of the year		644,272	695,776
Cash and cash equivalents at the end of the year		540,667	644,272
Cash and cash equivalent comprise:
Cash in hand		117	117
Current Bank accounts balances		46,974	36,794
Short term deposits - Local banks		493,576	607,361
		540,667	644,272

The accounting policies on pages 22 to 50, notes on pages 55 to 91 and other national disclosures on pages 92 to 94 form an integral part of these financial statements.

		2024	2023
5	Cash and cash equivalents	N'000	N'000
	Cash in hand	117	117
	Bank balances	46,974	36,794
	Short term deposits	498,082	610,551
		545,173	647,462
	Allowance for credit losses (Note 6a)	(4,506)	(3,190)
		540,667	644,272

Included in short term deposits is a sum of N3,182,144.27 (2020: N3,182,144.27) being unclaimed dividends returned by First Registrars Limited as instructed by the Securities and Exchange Commission (SEC). This amount is included in other accruals (Note 18).

Short-term deposits are made for varying periods of between one day and three months depending on the immediate cash requirements of the Company.

5(a) Impairment allowance for cash and cash equivalents

	At 1 April	3,190	3,190
	Movements during the year	1,316
	At 30 June	4,506	3,190
6	Financial assets
	At fair value through profit or loss (FVPL) - Note 6.1	125,539	102,411
	At amortised cost (Note 6.2)	603,061	603,061
	At fair value through other comprehensive income (FVOCI) - Note 6.3.1	223,615	1,532,639
		952,215	2,238,111
6.1	Financial assets at fair value through profit or loss (FVPL)
	At 1 April	102,411	40,502
	Fair value gain/(loss) during the year [Note 6.1(a)]	23,128	61,909
	At 30 June	125,539	102,411
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)	23,128	66,169
		23,128	66,169
6.1.2	Analysis of the fair value of the Company's investments in listed entities is shown below:	N'000	N'000
	ABC Transport Plc	12,727	8,381
	Africa Prudential Registrar Plc	286	103
	Dangote Sugar Refineries Plc	9,750	17,100
	Diamond Bank Plc (Now Access Bank Plc)	2,044	1,984
	Ecobank Transnational Plc (ETI)	448	334
	First City Monument Bank Limited	18,089	14,240
	Fidelity Bank Plc	41,820	25,928
	First Bank of Nigeria Limited	12,149	10,144
	UBA Capital	3,405	1,280
	United Bank for Africa Plc	15,606	11,773
	Stanbic IBTC Holdings Plc	9,216	11,144
		125,539	102,411
6.2	Financial assets at amortised costs
	Loans and receivables (Note 6.2.1)	68,573	68,573
	Bonds (Note 6.2.3)	534,488	534,488
		603,061	603,061

6.2.1 Loans and receivables

Loans against policies (Note 6.2.1a)	69,125	69,125
Staff debtors (Note 6.2.1c)	1,227	1,227
Agency loan	554	554
	70,906	70,906

Allowance for credit losses

(2,333) (2,333)

68,573 68,573

6.2.1a Loans against policies

The Company grants commercial loans to life policyholders. The surrender values serve as collaterals for the loans. The details of the loans are as shown below:

	2024	2023
	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

6.2.1b Movement in loans against policies

At 1 April	69,125	69,125
At 30 June	69,125	69,125
6.2.1c Movement in staff debtors
At 1 April	1,227	1,227
At 30 June	1,227	1,227
	2024	2023
	N'000	N'000

6.2.3 Bonds

At 1 April 534,488 534,488

During the year, the company invested in FGN and corporate bonds with a maturity date of 6 to 7years. These investments are measured at amortised cost using the effective interest rates of 13% and 16.288%. The interests are accrued biannually and paid into UBA custodian account.

6.3 Financial assets at fair value through other comprehensive income

Quoted Shares in Transcorp Plc (Note 6.3.1)	223,615	1,532,639
6.3.1 Investment in quoted shares (Transcorp Plc) At 1 April	1,532,639	200,080
Write down of investment	(1,355,290)	-
	177,349	200,080
Fair value (loss)/gain during the year (Note 26)	46,266	1,332,559
At 30 June	223,615	1,532,639

As of April 1, 2024, the Company held 177,062,311 shares of Transcorp Plc, valued at N1.53 billion. However, the investment was written down due to the difference attributed to unauthorized disposal of 156,500,000 units of shares in Transcorp for which the company received no value. The company has formally lodged a complaint with the relevant regulatory authorities.

7 Premium Receivable	2024	2023
At 1 April	(0)	8,849
Gross premiun written during the year	195	5,982
Premium received in the year	(195)	(14,831)
At 30 June	(0)	(0)
Allowance for impairment - due from insurance companies and brokers	-	-
Carrying amount at 30 June	(0)	(0)
8 Other receivables and prepayments	N'000	N'000
Other debtors (Note 8.1)	40,000	40,000
Prepaid rent	-	-
Staff advances	-	-
Deposit for quoted shares (Note 8.2)	656	656
	40,655	40,656

The loan to a former Director of the Company who pledged 250 hectares of Land at Kaduna State costing N40 million as collateral. The documents of the Land has been fully executed but issues relating to consent and ownership have not been perfected. Therefore, the loan is now being fully impaired.
Deposit for quoted shares represents the Company's subscription for right issues in Access Bank Plc which are yet to be allotted.

9 Investment properties
At 1 April	4,030,067	4,030,067
Fair value gain during the year (Note 9.1.1)	7,639,933	-
At 30 June (Fair value)	11,670,000	4,030,067
9.1 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 April	843,566	843,566
Fair value gain for the year	7,639,933	-
Cumulative fair value gain at 30 June	8,483,499	843,566

At 30 June	11,670,000	4,030,067

9.1.1 Fair value gain reported in the statement of profit or loss

Fair value changes in investment properties 7,639,933 -

Movements in investment properties 2024

9.2 Cost

Fair value gain at 1 April

Balance at 1

April

Addition during the

year

Sold during the

year

Fair value gain

Balance at 30 June

N'000	N'000	N'000	N'000	N'000	N'000	N'000
1,045,000	-	1,168,750	-	-	1,966,250	3,135,000
244,734	-	661,184	-	-	838,816	1,500,000
57,371	-	97,284	-	-	482,716	580,000
201,301	-	875,325	-	-	3,074,675	3,950,000
268,595	-	757,149	-	-	842,851	1,600,000

11 units of 4-bedroom terrace houses at New County Estate, Lekki, Lagos

10 units of 2 Bedroom Terrace houses at No 17, Gbangbala Road, Ikate Elegushi, Lekki

One wing of 4 bedroom duplex, Lekki, Lagos

Six (6) storey lettable office complex - Ebute Metta Six (6) bedroom detached house, Asokoro-Abuja

Abuja plot of Land at Cadastral Zone.	320,000	-	-	-	-	-	-
Oreki Village, Ibeju, Lekki.	600,000	-	450,000	-	-	400,000	850,000
Shapati Village, Ibeju, Lekki.	446,000	-	-	-	-	-	-
Flat 3,Block 2, Kadiri Estate, Joseph Dosu, Badagry.	3,500	-	20,375	-	-	34,625	55,000
	3,186,501	-	4,030,067	-	-	7,639,933	11,670,000

Movements in investment properties 2023

Cost

Fair value gain at 1 April

Balance at 1

April

Reclassified from PPE (Note 14)

Reclassified to other receivables and prepayments

(Note 10) Fair value gain

Balance as at 30 June

250 hectares of Farmland at Mydumbi Village 11 units of 4-bedroom terrace houses at New County	-	-	-	-	-	-	-
Estate, Lekki, Lagos	1,045,000	-	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

9.2 The status of the Company's investments properties are detailed below:

S/N Description of

Date of

Nature of

Locations Carrying Amount Steps taken for

Name on Title Document	Properties	Acquisition	Document		N'000	perfection
i Standard Alliance Insurance Plc	Warehouse	2015	Deed of	Oreki Village, Ibeji-Lekki	850,000	Perfection in
			Assignment			progress
ii Standard Alliance Insurance Plc	11 Unit of 4	2009	Registered Title	New County Terrace, Iroko Awe, Lekki	3,135,000	Near Perfection
	Bedroom Flat			Pennisula
iii Standard Alliance Insurance Plc	10 Units of 2 B/R	2003	Deed of	No 17 Gbangbala Road, Ikate, Elegushi, Lekki,	1,500,000	Perfection
	Terace Hse		Assignment	Lagos
Standard Alliance Insurance Plc	3 Bedroom Duplex	2012	Deed of	Flat 3, Block 2, Kadiri Est, Joseph Dosu	55,000	Perfection in
			Assignment	Way,Badagry		progress
iv Standard Alliance Insurance Plc	4 Bedroom Duplex	2003	Registered Title	House 13B, Oba Adeyinka Estate, Lekki, Lagos	580,000	Near Perfection
v Standard Alliance Insurance Plc	Six (6) storey lettable Offices	2012	Registered Title	No 22, Herbert Macaulay Street, Ebute Meta, Lagos	3,950,000	Perfection
vi Standard Alliance Insurance Plc	Six (6) Bedroom	2010	Deed of	House 1207, Yakubu Gowon, Asokoro, Abuja	1,600,000	Perfection in

Detached House

Assignment

progress

11,670,000

Investment properties held by Standard Alliance Insurance Plc were independently valued by Omo Egbedi & Co (FRC/2014/NIESV/000000007157) as at 30 June 2024. The fair value of each of the properties was determined by discounting the expected cash flows of each property based upon internal plans and assumptions and comparable market transactions.

OTHER NOTES TO THE FINANCIAL STATEMENTS

10 Intangible asset
Computer software	2024	2023
Cost	N'000	N'000
At 1 April	15,000	15,000
Addition during the year	-	-
At 30 June	15,000	15,00
Amortisation
At 1 April	15,000	15,000
Amortisation for the year	-	-
At 30 June	15,000	15,00

Carrying amount at 30 June - -

The intangible asset relates to the Company's accounting software package, Global Insurance Business Solution (GIBS) which is an underwriting solution software bought from a Nigerian Information Technology Company, Intteck Global systems Limited.

STANDARD ALLIANCE INSURANCE PLC

11 Property, plant and equipment	Building	Motor vehicles	Furniture and fittings	Computer equipment	Office equipment	Generating set	Work In Progress	Total
Cost/valuations:	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
At 1 April 2023	-	786,495	294,680	135,590	193,374	123,247	-	1,533,386
At 30 June 2023	-	786,495	294,680	135,590	193,374	123,247	-	1,533,386
At 1 April 2024	-	786,495	294,680	135,590	193,374	123,247	-	1,533,386
Additions	-	-	-	-	720	-	7,600	8,320
At 30 June 2024	-	786,495	294,680	135,590	194,094	123,247	7,600	1,541,706
Accumulated depreciation and impairment: At 1 April 2023	-	786,495	261,245	135,179	191,557	123,246	-	1,497,722
Charge for the year	-	-	10,684	142	592	-	-	11,418
At 30 June 2023	-	786,495	271,929	135,321	192,149	123,246	-	1,509,140
At 1 April 2024	-	786,495	271,929	135,321	192,149	123,246	-	1,509,140
Charge for the year	-	-	10,684	142	592	-	-	11,418
At 30 June 2024	-	786,495	282,613	135,463	192,741	123,246	-	1,520,558
Carrying amounts as at: 30 June 2024	-	-	12,067	127	1,353	1	7,600	21,148
30 June 2023	-	-	22,751	269	1,225	1	-	24,246

FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS

STANDARD ALLIANCE INSURANCE PLC

FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS (continued)

	2024	2023
	N'000	N'000
12 Statutory Deposits
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.
13	Insurance contract liabilities
	Liability for Incurred Claims ( Liability for Incurred Claims (LIC) - PAA Model	885,209	985,682
	Liability for Remaining Cover Liability for Remaining Coverage (LRC) - GMM Life	2,268,610	2,263,598
Liability for Remaining Cover Liability for Remaining Coverage (LRC) - GMM General 1,701,940 1,813,110
4,855,759			5,062,390

2024 Life Insurance contract liabilities

Insurance Contract Liabilities: Group Life (PAA) - June 2024
Portfolio Remaining Coverage (LRC)		Liability for Incurred Claims (LIC)			Total
Portfolio Remaining Coverage (LRC)		IBNR	Outstanding Claims	Risk Adjsutment	Total
Group life	N'000	N'000	N'000	N'000	N'000
Group life	-	341,129	526,723	17,357	885,209

Insurance Contract Liabilities: (General Model Products) - June 2024
Liability for Remaining Coverage (LRC)
Portfolios	Best Estimate Liabilities (BEL)	Service Margine	RA	Liability for Incurred Claims (LIC)	Total
	N'000	N'000	N'000	N'000	N'000
Annuity	1,697,585	-	78,089	335,686	2,111,360
Endowment	150,335	-	6,915	-	157,250
Total	1,847,920	-	85,004	335,686	2,268,610

Insurance Contract Liabilities - June 2024
Portfolios	Best Estimate Liabilities (BEL)	Liability for Incurred Claims (LIC)	Contractual Service Margin (CSM)	Risk Adjustment	Total
	N'000	N'000	N'000	N'000	N'000
Group Life	-	867,852	-	17,357	885,209
Annuity	1,697,585	335,686	-	78,089	2,111,360
Endowment	150,335	-	-	6,915	157,250
Total	1,847,920	1,203,538	-	102,361	3,153,819

Investment (IFRS 9)	2,898,330	-	-	-	2,898,330

2024 Non-Life Insurance contract liabilities
		Outstanding	Risk
	IBNR	claims	Adjustment	Total
Fire	6,124	40,829	2,629	49,582
General Accident	60,479	237,592	16,692	314,763
Motor	5,835	38,903	2,882	47,620
Marine	7,893	52,617	4,116	64,626
Aviation	5,453	36,354	2,717	44,524
Oil & Gas	128,433	856,219	68,926	1,053,578
Engineering	7,186	47,899	2,754	57,839
Bond	8,622 57,481 3,305 69,408
Total	230,025 1,367,894 104,021 1,701,940

STANDARD ALLIANCE INSURANCE PLC

FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30 JUNE 2024

NOTES TO THE FINANCIAL STATEMENTS (continued)

2023 Life Insurance contract liabilities

Insurance Contract Liabilities: Group Life (PAA) - June 2023
Portfolio Remaining Coverage (LRC)		Liability for Incurred Claims (LIC)			Total
Portfolio Remaining Coverage (LRC)		IBNR	Outstanding Claims	Risk Adjsutment	Total
Group life	N'000	N'000	N'000	N'000	N'000
Group life	-	341,129	625,226	19,327	985,682

Insurance Contract Liabilities: (General Model Products) - June 2023
Liability for Remaining Coverage (LRC)
Portfolios	Best Estimate Liabilities (BEL)	Service Margine	RA	Liability for Incurred Claims (LIC)	Total
	N'000	N'000	N'000	N'000	N'000
Annuity	1,805,976	-	83,075	223,790	2,112,842
Endowment	144,127	-	6,630		150,756
Total	1,950,103	-	89,705	223,790	2,263,598

Insurance Contract Liabilities - June 2023
Portfolios	Best Estimate Liabilities (BEL)	Liability for Incurred Claims (LIC)	Contractual Service Margin (CSM)	Risk Adjustment	Total
	N'000	N'000	N'000	N'000	N'000
Group Life	-	966,355	-	19,327	985,682
Annuity	1,805,976	223,790	-	83,075	2,112,842
Endowment	144,127	-	-	6,630	150,756
Total	1,950,103	1,190,146	-	109,032	3,249,280

Investment (IFRS 9)	2,667,359	-	-	-	2,667,359

2023 Non-Life Insurance contract liabilities

Insurance Contract Liabilities - June 2023
	Liability for Incurred Claims (LIC)	Liability for Incurred Claims (LIC)			Total
Portfolios	Liability for Incurred Claims (LIC)	IBNR	Outstanding claims	Risk Adjustment	Total
Fire	-	6,124	40,829	2,629	49,582
General Accident	-	60,479	342,867	22,587	425,933
Motor	-	5,835	38,903	2,882	47,620
Marine	-	7,893	52,617	4,116	64,626
Aviation	-	5,453	36,354	2,717	44,524
Oil & Gas	-	128,433	856,219	68,926	1,053,578
Engineering	-	7,186	47,899	2,754	57,839
Bond	-	8,622	57,481	3,305	69,408
Total	-	230,025	1,473,169	109,916	1,813,110

Reconciliation of the liability for remaining coverage and the liability for incurred claims for insurance contracts - Life

Reconciliation of carrying amounts by LRC/LIC:	Liability for Remaining Coverage (LRC) Non-Onerous Onerous		Liability for Incurred Claims	Risk Adjustment	Insurance Contract Liabilities (ICL)
Opening insurance contract assets	-	-	-	-
Opening insurance contract liabilities	1,994,930	5,173	1,190,146	109,032	3,299,281
Net opening balance	1,994,930	5,173	1,190,146	109,032	3,299,281
Insurance revenue	(395,889)	-	-	(17,746)	(413,635)
Insurance service expenses
Incurred claims	-	-	288,767	-	288,767
Incurred Fulfilment expenses	-	-	14,823	-	14,823
Acquisition expenses	-	-	-	-	-
Changes related to future service	(13,046)	43,455	-	13,046	43,455
Changes related to past service	-	-	-	(1,970)	(1,970)
Total Insurance service expenses	(13,046)	43,455	303,590	11,076	345,075
Investment components	-		-
Insurance service result	(408,935)	43,455	303,590	(6,670)	(68,560)
Insurance finance expenses	263,102		-		263,102
Total change in comprehensive income	(145,833)	43,455	303,590	(6,670)	194,542
Premiums received	195	-	-	-	195
Claims and expenses paid	-	-	(275,376)	-	(275,376)
Claims and expenses paid	-	-	(14,823)	-	(14,823)
Acquisition costs paid	-	-	-	-	-
Total cash flows	195	-	(290,199)		(290,004)
Closing insurance contract assets	-	-	-	-	-
Closing insurance contract liabilities	1,799,293	48,628.00	1,203,537	102,361	3,153,819
Net closing balance	1,799,293	48,628	1,203,537	102,361	3,153,819

Reconciliation of the liability for remaining coverage and the liability for incurred claims for insurance contracts - GMM Portfolios - Life

Reconciliation of carrying amounts by LRC/LIC: insurance

Liability for Remaining Coverage (LRC)

Non-Onerous Onerous

Liability for Incurred Claims

Insurance Contract Liabilities (ICL)

N'000		N'000	N'000	N'000
Opening insurance contract assets	-	-	-	-
Opening insurance contract liabilities	2,034,635	5,173	223,790	2,263,598
Net opening balance	2,034,635	5,173	223,790	2,263,598
Insurance revenue	(413,440)	-	-	(413,441)
Insurance service expenses	-	-	-	-
Incurred claims	-	-	288,767	288,767
Incurred Fulfilment expenses	-	-	10,456	10,456
Acquisition expenses	-	-	-	-
Changes related to future service	-	43,455	-	43,455
Changes related to past service	-	-	-	-
Total Insurance service expenses	-	43,455	299,223	342,678
Investment components	-	-	-	-
Insurance service result	(413,440)	43,455	299,223	(70,761)
Insurance finance expenses	263,102	-	-	263,102
Total change in comprehensive income	(150,338)	43,455	299,223	192,340
Premiums received	-	-	-	-
Claims paid	-	-	(176,872)	(176,872)
Expenses paid	-	-	(10,456)	(10,456)
Acquisition costs paid	-	-	-	-
Total cash flows	-	-	(187,328)	(187,328)
Closing insurance contract assets	-	-	-	-
Closing insurance contract liabilities	1,884,297	48,628	335,686	2,268,610
Net closing balance	1,884,297	48,628	335,686	2,268,610

Reconciliation of the components of insurance contract liabilities - GMM Portfolios (Life)

Reconciliation of carrying amounts by BEL/RA/CSM: insurance		present value of future cashflows	Risk Adjustment	CSM	Total
		N'000	N'000	N'000	N'000
Opening insurance contract assets		-	-	-	-
	Opening insurance contract liabilities	2,173,893	89,705	-	2,263,598
	Net opening balance	2,173,893	89,705	-	2,263,598
	Changes related to current services CSM for service provided	-	-	-	-
	Risk Adjustment release for expired risks	-	(17,746)	-	(17,746)
	Experience adjustments	(96,471)	-	-	(96,471)
	Total changes related to current services	(96,471)	(17,746)	-	(114,217)
	Changes related to furture services New contracts recognised	-	-	-	-
	Changes in estimates reflected in CSM Changes in estimates resulting in contract losses	-30,409	-13,046	- -	- 43,455
	Total changes related to future services Changes related to past services Adjustments to liabilities for incurred claims	30,409	13,046 -	- -	43,455 -
	Total changes related to past services		-	-	-
Insurance service result		66,062	4,700	-	70,762
Insurance finance expenses		263,102	-	-	263,102
Total change in comprehensive income		(197,040)	4,700	-	(192,340)
Total cash flows		(187,328)	-	-	(187,328)
Closing insurance contract assets Closing insurance contract liabilities		2,183,606	-85,004	- -	-2,268,610
Net closing balance		2,183,606	85,004	-	2,268,610
Liabil Reconciliation of carrying amounts by LRC/LIC: insurance		ty for Remaining Coverage (LRC) n-Onerous Onerous	Liability for Insurance Incurred Claims Risk Adjustment Contract Liabilities (ICL)
N'000 Opening insurance contract assets Opening insurance contract liabilities			N'000 N'000 - - - 966,355	N'000 -19,327	N'000 -985,682
Net opening balance			- 966,355	19,327	985,682
Insurance revenue		(195)	- -	-	(195)
Insurance service expenses		-	- -	-	-
Incurred claims		-	- -	-	-
Incurred Fulfilment expenses		-	- 4,368	-	4,368
Acquisition expenses		-	- -	-	-
Changes related to future service		-	- -	-	-
Changes related to past service		-	- -	(1,970)	(1,970)
Total Insurance service expenses Investment components		-	- 4,368 - -	(1,970) -	2,397 -
Insurance service result Insurance finance expenses		(195)	- 4,368 - -	(1,970) -	2,202 -
Total change in comprehensive income		(195)	- 4,368	(1,970)	2,202
Premiums received		195	- -	-	195
Claims and expenses paid		-	- (98,504)	-	(98,504)
Claims and expenses paid		-	- (4,368)	-	(4,368)
Acquisition costs paid		-	- -	-	-
Total cash flows		195	- (102,871)	-
Closing insurance contract assets		-	- -	-	-
Closing insurance contract liabilities		-	- 867,852	17,357	885,209
Net closing balance		-	- 867,852	17,357	885,209

Estimates of

i No

Reconciliation of the liability for remaining coverage and the liability for incurred claims for insurance contracts - Non Life

Reconciliation of carrying amounts by LRC/LIC:	Liability for Remaining Coverage (LRC) Non-Onerous Onerous		Liability for Incurred Claims	Risk Adjustment	Insurance Contract Liabilities (ICL)
Opening insurance contract assets Opening insurance contract liabilities	- -	- -	- 1,703,194	- 109,916	1,813,110
Net opening balance	- -		1,703,194	109,916	1,813,110
Insurance revenue		-	- -	-	-
Insurance service expenses
Incurred claims		-	- -	-	-
Incurred Fulfilment expenses		-	- 8,405	-	8,405
Acquisition expenses		-	- -	-	-
Changes related to future service		-	- -	-	-
Changes related to past service		-	- -	(5,895)	(5,895)
Total Insurance service expenses Investment components		- -	- 8,405 -	- 5,895	2,510
Insurance service result		-	- 8,405	(5,895)	2,510
Insurance finance expenses		263,102	-		263,102
Total change in comprehensive income		263,102	- 8,405	(5,895)	265,612
Premiums received		-	- -	-	-
Claims and expenses paid		-	- (8,405)	-	(8,405)
Claims and expenses paid		-	- (105,275)	-	(105,275)
Acquisition costs paid		-	- -	-	-
Total cash flows		-	- (113,680)		(113,680)
Closing insurance contract assets		-	- -	-	-
Closing insurance contract liabilities		-	- 1,597,919	104,021	1,701,939
Net closing balance		-	- 1,597,919	104,021	1,701,939
13.2.1 The age analysis of outstanding claims are:				N'000	N'000
0 -	90 days	-			-
91 -	180 days	-			-
181 -	270 days	13,341			13,341
271 -	365 days	265,424			503,424

366 days and above

1,089,129 1,016,73

1,367,894 1,533,49

The delay in settlement of outstanding claims that are over 90 days was as a result of late submission of necessary documents and data on the part of the claimants. Also, the need to verify the veracity of the claims contributed to this delay.

REASONS FOR OUTSTANDING CLAIMS CAN BE ANALYSED AS FOLLOWS:

0-90	91-180	181-270	271-365	Above 365	2024
30 June 2023 DAYS	DAYS	DAYS	DAYS	DAYS	Total
N'000	N'000	N'000	N'000	N'000	N'000
Discharge Voucher Issued- Life		8,525	107,021	100,884	216,429
Discharge Voucher Issued- Non-Life		1,308	7,725	174,803	183,837
Awaiting Lost Adjusters report			37,501	328,790	366,291
Awaiting Documentation from Claimants		3,508	12,517	132,792	148,817
Abandoned by Claimants			6,495	220,425	226,920
Incomplete Documentations			94,165	131,435	225,600
TOTAL -	-	13,341	265,424	1,089,129	1,367,894

0-90	91-180	181-270	271-365	Above 365	2023
30 June 2023 DAYS	DAYS	DAYS	DAYS	DAYS	Total
N'000	N'000	N'000	N'000	N'000	N'000
Discharge Voucher Issued- Life		8,525	157,021	87,659	253,205
Discharge Voucher Issued- Non-Life		1,308	57,725	228,790	287,823
Awaiting Lost Adjusters report			45,501	132,792	178,293
Awaiting Documentation from Claimants		3,508	12,517	245,425	261,450
Abandoned by Claimants			36,495	156,435	192,930
Incomplete Documentations			194,165	165,631	359,796
TOTAL -	-	13,341	503,424	1,016,732	1,533,497
The Company Insurance Contract Liablilties for both Life and Non-Life businesses is established at
the end of the year by Becoda Consulting Limited with FRC/2019/00000012909. The report was signed
by Benjamin Awunor with Financial Reporting Council Number FRC/2015/PRO/NAS/004/00000012946.
				2024	2023
14 Investment Contract Liabilities				N'000	N'000
At 1 April				2,667,359	2,571,151
Amount received in the year				230,971	96,208
At 30 June				2,898,330	2,667,359
15 Trade payables
Due to Reinsurer				-	-
Underwriting expenses payable				7,948	7,948
Other payables				58,052	-
				66,000	7,948
The trade payables are all of current maturity.
16 Other payables and accruals Statutory deductions (Note 16.1)				206,613	206,613
Information technology development levy (Note 33)				8,406	8,406
Due to staff				11,293	11,293
Accrued expenses (Note 16.3)				35,303	43,426
Statutory penalty payable (Note 16.4)				4,026	4,026
Unclaimed dividend				3,182	3,182
Preference dividend payable (Note 16.5)				175,000	175,000
Amount due to other beneficiaries (Note 16.6)				1,451	1,451
Annuity fund fee payable (Note 16.7)				16,651	16,651
Directors' current account				33,271	33,271
				495,197	503,320
The above are further analysed as:
Current				495,197	503,320
Non-current				-	-
				495,197	503,320
16.1 Statutory deductions PAYE payable				110,224	110,224
Pension payable				54,557	54,557
VAT payable				3,824	3,824
Withholding tax				38,009	38,009
				206,613	206,614
16.2 Movement in rent received in advance At April 1				-	1,553
Additional rental Income received				-	0
Rental income recognised during the year (Note 34a)				-	(1,553)
At June 31				-	-
16.3 Accrued expenses Audit fee accrual				20,978	28,000
Management expenses payable				13,914	13,914
Others				412	3,012
				35,303	44,926
16.4 Statutory penalty payable This relates to NAICOM charges to the company for late submision of 2022 financial				4,026	4,026

16.5 Preference dividend payable 175,000 175,000

The Company had 17,500,000 (Seventeen Million, Five Hundred Thousand units of preference shares of N100 (One Hundred Naira) each prior to year ended 30 June2011. These were converted to ordinary shares of 50k (50 Kobo) each in the Company and issued to the holders of the preference shares as at 30 June2011 in accordance with the resolution passed at the 15th Annual General Meeting of 16th June 2011. The amount of N175 million is the balance of pre conversion dividend yet unpaid as at 30 June 2024 reporting date.

16.6 Amount due to other beneficiaries Staff fines and penalties Other creditors				N'000 -1,451	N'000 -1,451
				1,451	1,451
16.7 Annuity fund fee payable				N'000	N'000
At April 1				16,651	16,651
Addition during the year				-	-
At June 30				16,651	16,651
Annuity fund fee represents a provision of 1% out of annuity premium received in a financial year.
This is being proposed by NAICOM. The balance at the end of the year represents provisions as at
reporting dates.
17 Borrowings				N'000	N'000
Daewoo Secuirities Bond (Note 17.1)				6,172,982	3,841,795
Cowry Asset Management Limited (Note 17.2)				-	-
				6,172,982	3,841,795
17.1 Daewoo Securities Bond
The Company received a capital inflow of JPY650,000,000 ($7,397,516) zero coupon bond raised
from Daewoo Securities in June 2009.
The bond was tenured originally for 20 years with the lenders' option to convert the bond to Standard
Alliance Insurance Plc's ordinary shares. If the option is not exercised, the Company must pay interest
4.25% per annum on the gross bond value for the entire term it has been outstanding.
Daewoo Securities requested the full redemption of the bond in 2011, after which the Company
negotiated with it and a repayment plan with the bond owners was renegotiated in 2012. Further
negotiations commenced in 2015 and are still ongoing. The Company's outstanding liability to Daewoo
Securities as of 30 June 2024 is JPY605,236,000 (2023:JPY580,562,000), principal and interest
inclusive.
Further details of transactions during the year are:
	Principal JPY'000	Interest JPY'000	Total JPY'000	2024 N'000	2023 N'000
At 1 April	398,203	207,033	605,236	3,841,795	1,976,233
Interest accrued during the year	-	25,723	25,723	156,620	112,624
Foreign exchange difference				2,174,566	1,752,938
At 30 June	398,203	232,755	630,958	6,172,982	3,841,795
Current maturities				JPY'000	JPY'000
Interest				232,755	207,033
Principal				398,203	398,203
Total current maturities				630,958	605,236
Non-current principal maturity				-	-
				630,958	605,236
The balance of JPY 605,236,000,000 (2023: JPY 580,562,000) is stated in the financial statements at the
Central Bank of Nigeria closing exchange rate of N9.7835/JPY as at 30 June 2024. Subsequent to 2024 reporting period, no payment has been made on principal and interest.
18 Current income tax liabilities Per Statement of Comprehensive income Company income tax				2,068	2,287
Deferred tax				1,052	5,218
				3,120	7,505
Per Statement of Financial Position:
At 1 April
Company income tax				276,023	273,736
Provisions for the year:				276,023	273,736
Company income tax				2,068	2,287
At 30 June				278,091	276,023
19 Deferred tax liabilities At 1 April				67,127	61,909
Charged for the year				1,052	5,218
At 30 June				68,179	67,127

20 Ordinary share capital Authorized 14,000,000,000 ordinary shares of 50k each	2024 Units '000 14,000,000	2023 Units '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 April	12,911,030	12,911,030
Addition during the year	-	-
At 30 June	12,911,030	12,911,030
	N'000	N'000
At 1 April	6,455,515	6,455,515
Addition during the year	-	-
At 30 June	6,455,515	6,455,515
21 Treasury share	(1,145)	(1,145)

Treasury share represents the standard Alliance Assurance Life Limited investment in Standard Alliance Insurance Plc reclassified to treasury share upon merger of the two companies in 2017.

22 Share premium
At 1 April Addition during the year	7,484,955 -	7,484,955 -
At 30 June	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.

23 Contingency reserves

At 1 April

Charge for the year (Note 27)

At 30 June

1,780,003 1,775,727

4,136 4,276

1,784,139 1,780,003

Transferred to Contingency reserves

Non-life Life Total

- 143

4,136 4,133

4,135 4,276

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 total premium, or 20% of the net profits. This shall accumulate until it reaches the greater of minimum paid-up capital and 50% percent of the net premium. For life business, the contigency reserve is credited with an amount equal to 1% of gross premium or 10% of net profit (whichever is greater) and accumulated until it reaches the amount of mimimum paid-up capital.

23 Contingency reserves - cont'd

As required by insurance regulations, a contingency reserve is maintaned for both the non-life insurance and life assurance contracts underwritten by the Company. The appropriation to contingency reserve reserve for non-life underwriting contracts is calculated in accordance with sections 21 (2) and 22 (1) of the Insurance Act 2003. The reserve is calculated at the higher of 3% of gross premium and 20% of net profits of the business for the year. The appropriation to contingency reserve for life underwriting contracts is calculated at the higher of 1% of the gross

premium and 10% of net profits of the business for the year. The appropriations are charged to the life fund.

	2024	2023
24 Accumulated loss	N'000	N'000
At 1 April	(22,011,533)	(20,191,461)
Profit/(loss) for the year	4,990,391	(1,815,795)
Appropriation to contingency reserves (Note 26)	(4,136)	(4,276)
At 30 June	(17,025,277)	(22,011,533)
25 Revaluation Reserves At 1 April	-	-
Revaluation loss charged to other comprehensive income during the year Revaluation surplus reversed during the year At 30 June	- - -	- - -

26 Fair Value Reserves	N'000	N'000
At 1 April	1,378,593	46,034
Write down of investment (Note 6.3.1)	(1,197,900)	-
Inecrease during the year	46,266	1,332,559
At 30 June	226,960	1,378,593

The fair value reserves shows the effect from the fair value measurement of financial instruments of the category available for sale now classified as financial asset at fair value through other comprehensive income. Any gains or losses are not recognised in the comprehensive income statement until the asset has been sold or impaired.

27 Insurance revenue	N'000	N'000
General business	-	4,754
Group life	195	5,982
Individual life	100,901	95,854
Annuity	312,539	311,472
	413,635	418,062
Movement in unexpired risks (Note 16.1.2)	-	-

413,635 418,062

27.1 Insurance revenue June 2024

Annuity Group Life Endowment General Total

	N'000	N'000	N'000	- N'000
Expected benefits incurred	286,012	195	92,193	378,400
Expected expenses incurred	13,406	-	4,083	17,489
Change in the risk adjustment	13,121	-	4,625	17,746
CSM recognised	-	-	-	-
Contracts not measured under PAA Contracts measured under PAA	312,539 -	- 195	100,901 -	-	413,635
	312,539	195	100,901	-	413,635

Insurance revenue		Annuity	Group Life	June 2023 Endowment	General	Total
		N'000	N'000	N'000	N'000	N'000
Expected benefits incurred		286,069	5,982	87,782	4,754	384,588
Expected expenses incurred		12,175	-	3,705		15,880
Change in the risk adjustment		13,228	-	4,366		17,594
CSM recognised		-	-	-		-
Contracts not measured under PAA Contracts measured under PAA		311,472	- 5,982	95,854	4,754	418,062
		311,472	5,982	95,854		418,062
27.2	Insurance service expense			June 2024
		Annuity	Group Life	Endowment	General	Total
		N'000	N'000	N'000	N'000	N'000
	Incurred claims	288,767			2,510	291,277
	Incurred Fulfilment expenses	9,790	4,368	665		14,823
	Changes in RA related to LIC	-	(1,970)			(1,970)
	Loss Component: losses and reversal of losses	32,300	-	11,156		43,455
	Total insurance service expense	330,857	2,397	11,821	2,510	347,586

Insurance service expense	Annuity		Group Life	June 2023 Endowment		General	Total
	N'000		N'000	N'000		N'000	N'000
Incurred claims	304,653					2,740	307,393
Incurred Fulfilment expenses	7,243		3,231	493			10,967
Loss Component: systematic allocation	1,593			3,579			5,172
Total insurance service expense	313,489		3,231	4,072		2,740	323,532
27.3 Insurance finance income				June 2024
	Annuity	Group Life	Endowment	Investment	General	Total
	N'000	N'000	N'000	N'000	N'000	N'000
Interest revenue on financial assets not measured at FVTPL	31,693	14,785	2,261	39,291	28,224	116,255
Fair value Gain or Loss	6,305	2,941	4,710	7,817	5,615	27,388
Other investment revenue	1,363	636	97	1,690	1,214	5,000
	39,361	18,363	7,069	48,797	35,053	148,643

Insurance finance income June 2023

Annuity Group Life Endowment Investment General Total

	N'000	N'000	N'000	N'000	N'000	N'000
Fair value Gain or Loss	18,633	8,313	1,266	22,090	15,868	66,171
Other investment revenue	19,125	8,532	1,300	68,112	16,286	113,355
	37,758	16,845	2,566	90,202	32,154	179,526

27.4 Insurance finance expenses June 2024

Annuity Group Life Endowment Investment General Total N'000 N'000 N'000 N'000 N'000 N'000

Unwind of discount on FCFs: LRC (244,832) - (97,030) - (341,862)

Effect of change in economic assumptions: LRC (124,349) - (117) - (124,467) Interest expenses on loan - - - (156,620) (156,620)

Effect of change in Discount rate assumptions: LRC 202,319 - 908 - 203,227 Net foreign exchange expense (523,985) (244,449) (37,388) (902,116) (466,629) (2,174,566)

(690,847) (244,449) (133,627) (1,058,736) (466,629) (2,594,288)

Insurance finance expenses Annuity		Group Life	Endowment	June 2023 Investment	General	Total
N'000		N'000	N'000	N'000	N'000	N'000
Unwind of discount on FCFs: LRC (245,242)		-	(92,298)	-	-	(337,539)
Effect of change in economic assumptions: LRC (11,722)		-	(14)	-	-	(11,736)
Interest accretion on CSM (2,741)		-	(784)	-	-	(3,524)
Effect of change in Discount rate assumptions: LRC 158,398		-	241	-	-	158,639
Interest expenses on loan				(112,624)	-	(112,624)
Net foreign exchange income or expense	(493,505)	(220,156)	(33,542)	(585,045)	(420,257)	(1,752,506)
	(594,812)	(220,156)	(126,397)	(697,669)	(420,257)	(2,059,291)

		2024	2023
28	Claims expenses Claims paid	230,529	-
	Change in outstanding claims (Note 15.2.1) Change in claims incurred but not reported (Note 15.3.1)	- -	- -
	Write-off on Reinsurance assets (Note 32(a))	230,529 -	- -
		230,529	-
	Based on the suspension of the license in 2022, the claims paid were on a
	garnishee made absolute by the bank.
29(a)	Investment income
	Interest on deposits	98,423	17,393
	Rental income	-	1,553
	Dividend received	17,832	48,968
		116,255	67,914
	The investment income is attributable to:
	Annuity fund	-	-
	Insurance fund	-	-
	Shareholders fund	-	-
	Investment income per statement of profit or loss Investment fund (Note 34)	116,255 -	38,408 -
		116,255	38,408
29(b)	Other income	2024 N'000	2023 N'000
	Gain on sale of property, plant and equipment Charges/penalties for loss of policy documents Endura	- -5,000	- - -
		5,000	-
30	Management expenses
	Salaries and Allowances	5,241	-
	Insurance expenses	2,711	-
	Depreciation	11,418	11,418
	Legal and professional fees	618	-
	Bank charges	258	16
	Advertising and promotion expenses	1,547	-
	Other administrative expenses	63,044	8,119
	Supervisory levies	9,631	-
	Actuarial cost	1,087	-
	Staff training and development	899	-
	Audit fee	9,500	3,500
	Travelling, outstation and hotel expenses	2,165	-
		108,119	23,053
31	Impairment loss on bank balance	1,316	-
	This relates to impairment of the Company's cash balance in Heritage bank. Central bank of Nigeria (CBN) revoked the license of Heritage bank in June 2024.

32	Finance charges	2024 2023 N'000 N'000
	Interest expenses on loan	156,620 -
	Lease charges	- -
		156,620 -
33	Information Technology Development Levy At 1 April	8,406	8,406
	Charge for the year	-	-
	Payment during the year	-	-
	At 30 June	8,406	8,406

The Nigerian Information Technology Development Agency (NITDA) Act was signed into law on 24 April, 2007. Section 12(a) of the Act stipulates that specified Companies contribute 1% of their profit before tax to the Nigerian Information Technology Development Agency.

33	Profit before taxation Profit before taxation is stated after charging:
	Depreciation	11,418	11,418
	Auditors' remuneration	9,500	3,500
	Director's remuneration	-	22,840

Messrs. Muhtari Dangana & Co (Chartered Accountants) did not provide any other service to the Company during the year.

34 Premium receipt from policy holders Premium due from policy holder at 1 April	8,849	8,849
Gross Premium written in the year	413,635	457,421
	422,484	466,269
Premium due from policyholders at 30 June	0	(8,849)
Premium receipts in the year	422,485	457,420
35 Basic (loss)/earnings per share

Basic loss per share is calculated by dividing the net loss attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the year.

	Profit/(loss) for the year (N'000)	4,990,391	(1,832,544)
	Number of shares ('000)	12,911,030	12,911,030
	Basic loss per share (Naira)	38.65	(14.25)
36	Going concern of Company

The events and conditions listed below indicate that there may exist material uncertainty that cast doubt on the Company's ability to continue as a going concern entity within a foreseeable future:

Shortfall of existing ₦5billion regulatory minimum paid-up capital of the Company by ₦6.075 billion as at 31 June, 2024;
Accumulated losses of ₦17.075 billion (2023: ₦22.012 billion) as at 30 June, 2023 which resulted in negative equity of the Company of ₦1.075 billion as at 30 June, 2024;

iii The high impairment allowances over the years on the Company's investment properties suggesting possible inability to realize them and discharge its liabilities in the normal course of business; and

iv. Significantly reduced staff workforce and low morale of staff

Management is however executing mitigating procedures and are working assiduously to inject fresh capital through a recapitalization and business restructuring plan involving major prospective investors.

STANDARD ALLIANCE INSURANCE PLC

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2024

NOTES TO THE FINANCIAL STATEMENTS (continued)

37 Events after reporting period Introduction of a new investor

On the 5th of April 2022, an Investor, QPI Consultants FZE through a special purpose vehicle (SPV) named Endura Investment Global Limited (EIG) showed interest in obtaining regulatory approval for the purchase of 3,140,774,908 ordinary shares in Standard Alliance Insurance Plc at N0.01 each. Purchase of the shares will give the new investor 26.4% of the issued capital of the Company. The investor will be in a position to restructure the business and turn it around with a minimum amount of U$8million. Subsequently, the transaction was consummated on the 19th of August 2024 with the approval of the Nigerian

Exchange Limited (NGX). The Company subsequently injected N12 Billion additional capital in February 2025.

Change of company's name

At the Extra-Ordinary General Meeting of the company held on 4th April 2025, the shareholders approved the change of the Company's name from Standard Alliance Insurance Plc to Fortis Global Insurance Plc. In 25th April 2025, the Corporate Affairs Commission awarded a certificate of Registration to the Company.

44 Fair value Hierarchy

The Company's fair value measurements model is highlighted in accounting policy 4.2.

Level 1

Fair value measurements classified as level 1 include fair values of quoted investments based on current market prices.

Level 2

Fair value measurements classified as level 2 include fair values of unquoted investments which the Company established using valuation techniques such as:

recent arm's length transactions
reference to other instruments that are substantially the same
net assets value and
discounted cash flows

Level 3

Fair value measurements classified as level 3 include fair values of financial assets of which there are no active markets and no observable inputs. They comprise loans and other receivables.

The table below highlights financial instruments in their various fair value hierarchies at year end:

2024

Asset type	Total	Level 1	Level 2	Level 3
	N'000	N'000	N'000	N'000
Quoted securities - At fair value through profit or loss	125,539	125,539		-	-
Quoted securities - At FVOCI	223,615	223,615		-	-
	349,154	349,154		-	-
2023
Asset type
Quoted securities - At fair value
through profit or loss	102,411	102,411		-	-
Quoted securities - At FVOCI	1,532,639	1,532,639		-	-
	1,635,050	1,635,050		-	-

STANDARD ALLIANCE INSURANCE PLC FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS (continued)

38 Directors and employees Employees

The average number of persons employed by the Company during the year by category

Excecutive Director Management Staff

Non-management staff

Staff cost for the above persons (Excluding Executive Directors) was: Salaries and allowances

Other staff cost

2024 2023

Number Number

2 1

1 -

- -

3 1

- -

The number of employees of the company other than Director who received emolument in the following range was:

		Number	Number
N900,001	- N1,100,000	-	-
N1,100,001	- N1,300,000	-	-
N1,300,001	- N1,500,000	-	-
Above	- N1,500,000	-	-
		-	-
39	Directors and employees (Cont'd)
	Directors' Remuneration
	Directors' Remuneration
	The remuneration paid to the Directors of the company was:	N'000	N'000
	Fees and other allowances Executive compensation	- -	- -
		-	-
	Fees and other emoluments disclosed above include amount paid to:	N'000	N'000
	The Chairman
	Highest paid Director	-	-
		-	-
	The number of Director who received fees and other emolument
	(excluding pension contribution) in the following ranges was:	Number	Number
	N1,000,001 - N2,000,000	-	-
	N2,000,001 and above	-	-
		-	-

FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS (continued)

Contingent liabilities
Material contingent liabilities have been made or are likely to be made in these financial statements.
Related party transactions
Related parties include the related Companies, the directors and any employee who is able to exert significant influence on the operating policies of the Company. Key management personnel are also considered related parties. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity.
During the year under review, there were no material transactions between related parties. Transactions with related parties are as stated in note 45 above.
Events after the reporting period
There were no events after the reporting period which could have material effect on the financial position of the Company as at 30 June 2024 or the profit or loss and other comprehensive income for the year then ended which have not been disclosed.
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30 June 2024
RISK MANAGEMENT REPORT
1. Introduction and overview
  The Company was faced with the following risks in its operations.
  1. Capital Adequacy risk
  2. Regulatory risk
  3. Liquidity risk

This note presents information about the Company's exposure to each of the above risks, the Company's objectives, policies and processes for measuring and managing risks.

Risk Management Philosophies and Principles

The following principles guide financial risk management in the Company:

A deliberate and conscious management of the Company's investment portfolio to ensure that the risk of excessive concentration on any one class, industry, or sector is minimized, as well as to ensure portfolio flexibility and liquidity.
A strict adoption of sound internal policies and processes resulting in consistent adherence to investment guidelines issued by the National Insurance Commission to enable the Insurance industry maintain sound solvency margin and sound liquidity health at all times.
The Executive Management took responsibility for establishing a robust liquidity management framework consistent with regulatory requirements of the Commission that ensures sufficient liquidity to withstand a range of stress events.
The financial risk procedural manual spell-out the operational steps and procedures for executing relevant controls to prevent the occurrence or reduce the impact of risk events touching on Financial and strategy risk. The manual is being reviewed periodically reviewed and updated to take into account new activities, system changes, and structural changes in the industry.
The Board approves all strategies and policies in respect of financial and strategic risk management.
Evaluation of the effectiveness of risk management process and the internal control system shall be carried out by external consultants periodically.
The Company relies on its Risk Management Committee
lt develops early warning indicators to aid the prompt identification of all risks from all of the risk categories

Risk Management Strategy

The Board and Management has put in place clearly defined financial risk management framework that provides the Company with guidance and prescribes tolerable financial risk related losses considering available capital and levels of other investment risk exposures. The Company's financial risk policy and strategy are anchored on the following:

Investment portfolio diversification which involves the application of the Company's investible funds in a wide range and class of financial instruments consistent with Regulatory Requirements.
Liquidity risk Management taking within well defined limits with the sole purpose of creating and enhancing liquidity and competitive advantage,
Effective utilization of Company's liquidity position.

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