FINANCIAL STATEMENTS FOR THE QUARTER ENDED 3OTH JUNE 2025 Shareholding Structure and Free Float Status Company Name: Fortis Global Insurance Plc Board Listed: Main Board Period End June, 2025 Reporting Period: 30th June 2025
Share Price at end of reporting period: 20K
Description | 30/06/2024 | 30/06/2025 | ||
Unit | Percentage | Unit | Percentage | |
Issued Share Capital | 12,911,030,586 | 100% | 12,911,303,586 | 100% |
Substantial Shareholdings (5% and above) | ||||
ENDURA INVESTMENT GLOBAL LTD | 3,140,774,908 | 24.33% | 3,140,774,908 | 24.33% |
GEMROCK MANAGEMENT COMPANY LIMITED | 2,594,060,738 | 20% | 2,594,060,738 | 20% |
FIRST INLAND BANK PLC/FCMB | 1,120,000,000 | 9% | 1,120,000,000 | 9% |
Total Substantial Shareholdings | 6,854,835,646 | 53% | 6,854,835,646 | 53% |
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests | ||||
Iroko Akinlolu Gabriel (Indirect - representing Endura Investment Global Ltd) | Nil | Nil | Nil | Nil |
Nathaniel Ibitowa (Indirect -representing Endura Investment Global Ltd) | Nil | Nil | Nil | Nil |
Fernando Rohan Simon Michael (Indirect - representing Endura Investment Global Ltd) | Nil | Nil | Nil | Nil |
Lawan Musa (Indirect -representing Gemrock Mgt Coy Ltd) | Nil | Nil | Nil | Nil |
Paulinus Offorzor | Nil | Nil | Nil | Nil |
Amore James Olutayo | 55,125 | 0.0004% | 55,125 | 0.0004% |
Michael Owope | Nil | Nil | Nil | Nil |
Total Directors' Shareholdings | 55,125 | 0.00% | 55,125 | 0.00% |
Other Influential Shareholdings | ||||
Total Other Influential Shareholdings | 0 | 0.00% | 0 | 0.00% |
Free Float in Units and Percentage | 6,056,139,815 | 47% | 6,056,412,815 | 47% |
Free Float in Value | ₦ 1,211,227,963.00 | ₦ 1,211,282,563.00 | ||
Fortis Global Insurance Plc with a free float percentage of 47% as at 30 June 2025, is compliant with The Exchange's free float requirements for companies listed on the Main Board. |
Fortis Global Insurance Plc with a free float value of N1,211,227,963.00 as at 30 June 2025, is compliant with The Exchange's free float requirements for companies listed on the Main Board. |
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025
STATEMENT OF FINANCIAL POSITION | |||
BUDGET FOR THE YR ENDING | |||
ASSETS NOTES | 2025 | 2025 | 2024 |
N'000 | N'000 | N'000 | |
Cash and cash equivalents 5 | 6,182,800 | 12,744,721 | 680,886 |
Financial Assets: | |||
- At fair value through profit or loss 6.1 | 1,068,263 | 533,416 | 68,263 |
- At amortised cost 6.2 | 10,462,276 | 462,276 | 462,276 |
- At fair value through other comprehensive income 6.3 | 159,356 | 159,356 | 159,356 |
Reinsurance assets 7 | 1,412,119 | 368,242 | 368,242 |
Trade receivables 8 | (0) | 6,403 | 2,275 |
Other receivables and prepayments 9 | 837,729 | 217,351 | 706,729 |
Deferred acquisition costs 10 | 16,782 | 16,782 | 16,782 |
Investment properties 11 | 4,330,067 | 4,030,067 | 4,030,067 |
Intangible assets 12 | 14,000 | 7,743 | - |
Property, plant and equipment 13 | 259,122 | 120,041 | 30,757 |
Statutory deposit 14 | 535,000 | 535,000 | 535,000 |
TOTAL ASSETS | 25,277,514 | 19,201,398 | 7,060,633 |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Insurance contract liabilities 15 | 7,747,589 | 4,615,509 | 4,720,260 |
Investment contract liabilities 16 | 1,500,000 | 1,137,674 | 1,137,674 |
Trade payables 17 | - | 51,300 | 51,300 |
Other payables and accruals 18 | 333,595 | 1,415,945 | 773,688 |
Borrowings 19 | 6,788,029 | 6,505,986 | 6,172,490 |
Finance lease obligations 20 | - | - | - |
Income tax liabilities 21 | 111,787 | 316,820 | 316,820 |
Deferred tax liabilities 22 | 61,909 | 61,611 | 61,909 |
TOTAL LIABILITIES | 16,542,909 | 14,104,845 | 13,234,141 |
SHAREHOLDERS' EQUITY | |||
Share capital 23 | 6,455,515 | 6,455,515 | 6,455,515 |
Treasury shares 24 | (1,145) | (1,145) | (1,145) |
Share premium 25 | 7,484,955 | 7,484,955 | 7,484,955 |
Irredeemable convertible debt 23b | 12,000,000 | 12,000,000 | |
Contingency reserves 26 | 1,793,873 | 1,795,660 | 1,793,873 |
Accumulated loss 27 | (19,362,814) | (22,801,238) | (21,960,307) |
Revaluation reserves 28 | 348,291 | 48,291 | 48,291 |
Fair value reserves 29 | 15,930 | 114,516 | 5,310 |
Total equity | 8,734,605 | 5,096,553 | (6,173,508) |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 25,277,514 | 19,201,398 | 7,060,633 |
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
NOTES Gross premium written 30 | 2025 N'000 10,400,000 | 2025 N'000 59,562 | 2024 N'000 - | ||
Unearned premium 30 | (2,833,333) | (23,629) | - | ||
Movement in individual life 15.4 | (1,158,540) | (27,228) | - | ||
Movement in annuity 15.5 | (450,000) | (116,536) | - | ||
Gross premium income | 5,958,127 | (107,832) | - | ||
Reinsurance expenses 15.6 | (877,500) | (11,081) | - | ||
Net premium income | 5,080,627 | (118,913) | - | ||
Commission income 31 | 141,300 | 463 | - | ||
Net underwriting income | 5,221,927 | (118,450) | - | ||
Claims expenses (net) 32 | (1,688,862) | - | (95,697) | ||
Underwriting expenses 33 | (1,662,875) | (6,275) | - | ||
Total underwriting expenses | (3,351,737) | (124,725) | (95,697) | ||
Underwriting (loss)/profit | 1,870,189 | (243,175) | (95,697) | ||
Investment income 34(a) | 1,160,294 | 249,594 | 74,581 | ||
Other income 34(b) | 8,000 | 85,023 | 11,071 | ||
Gain/(loss) on investment contract liabilities 35 | 468,493 | - | - | ||
Management expenses 36 Expected credit loss expense 36(a) Impairment-Due to insurance Companies & | (471,125) - | (285,255) - | - - | ||
brokers 36(b) Impairment- Treasury bill 36(e) Impairment loss allowance on property, plant | - - | - - | |||
and equipment 36(d) | - | - | - | ||
Finance charges 37 | (1,439,930) | (647,586) | (251,574) | ||
Fair value loss on financial assets 6.1(a) Impairment of claims recoverable 7.1 Fair value loss on investment properties 11 Foreign exchange gain/(loss) 19 | - - -(1,079,145) | (109,206) - -(163,280) | - - - (2,077,594) | ||
Gain/(loss) before taxation 41 | 516,776 | (1,113,886) | (2,339,214) | ||
Income tax 21 Deferred tax credit 21 | (155,033) - | (298) - | - - | ||
Information technology development levy 38 | - | - | - | ||
Profit (Loss) for the year | 361,743 | (1,114,184) | (2,339,214) | ||
Other comprehensive income | |||||
Item that may be reclassified to profit or loss: Fair value (loss)/gain on financial assets at FVOCI 29 | 109,206 | - | |||
Items that will not be classified to profit or loss: | |||||
Revaluation loss on building | 28 | 300,000 | - | - | |
Revaluation surplus reversed during the year | 28 | - | - | - | |
Other comprehensive loss | 300,000 | 109,206 | - | ||
Total comprehensive loss for the year | 661,743 | (1,004,978) | (2,339,214) | ||
Earnings per share : Basic (Naira) | 41 | 3 | (8.63) | (18.12) | |
BUDGET FOR THE YR ENDING
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025
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 | 1,792,085 | (21,960,307) | 48,292 | 5,310 | (6,175,295) |
Total comprehensive income for the year: | ||||||||
Loss for the year | - | - | - | - | (1,114,184) | - | - | (1,114,184) |
Transfer to contingency reserve (Note 26) | - | - | - | 1,787 | (1,787) | - | - | - |
Fair value loss on treasury shares (Note 24) | - | - | - | - | - | - | - | - |
Other comprehensive income: | - | - | - | - | - | - | - | |
Revaluation on building (Note 28) | - | - | - | - | - | - | - | - |
Revaluation surplus reversed during the year (Note 28) Fair value loss on financial assets at fair value through other comprehensive income (Note 30) | - - | - | - - | - - | 275,039 - | - - | - 109,206 | 275,039 109,206 |
At 30 June 2025 | 6,455,515 | (1,145) | 7,484,955 | 1,793,872 | (22,801,238) | 48,292 | 114,516 | (6,905,234) |
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 year | - | - | - | - | (2,339,214) | (2,339,214) | ||
Transfer to contingency reserve (Note 26) Fair value loss on treasury shares (Note 24) | - - | - - | - - | (1,787) - | - | - | - | - |
Fair value loss on available for sale financial assets | - | - | - | - | - | - | ||
Other comprehensive income: | - | - | - | - | - | - | - | - |
Revaluation surplus reversed during the year (Note 28) | - | - | - | - | - | - | - | |
Fair value loss on financial assets at fair value through other comprehensive income (N | - | - | - | - | - | - | - | - |
- | - | - | - | - | - | - | ||
At 30 June2024 | 6,455,515 | (1,145) | 7,484,955 | 1,792,085 | (21,960,307) | 48,292 | 5,310 | (6,173,508) |
STATEMENT OF CASH FLOWS | ||||
BUDGET FOR THE | ||||
YR ENDING | ||||
NOTES | 2025 | 2025 | 2024 | |
Cash flows from operating activities | N'000 | N'000 | N'000 | |
Premium received from policy holders | 40 | 8,900,000 | 59,562 | - |
Cash received on investment contract | 16 | 1,500,000 | - | - |
Cash withdrawals on investment contract | 15.5 | (1,137,674) | - | - |
Fees and commission income | 31 | 141,300 | 463 | - |
Other income | 34(b) | 362,520 | 464,201 | 11,071 |
Claims paid | 32 | (1,688,862) | - | (95,697) |
Cash payments for reinsurance | 15.7 | (2,592,257) | (11,081) | - |
Commissions paid | 33a | (1,156,793) | (6,275) | - |
Other acquisition costs paid | 33 | (203,000) | - | - |
Loans against policy | 6.2.1(b) | (131,000) | - | - |
Repayment of policy loan | 6.2.1(b) | - | - | - |
Cash payments to employees, suppliers and others (942,250) (285,255) - | ||||
3,051,984 | 947,853 | (84,627) | ||
Taxes paid: Income tax | 21 | (50,000) | 27 | - |
Net cash used from operating activities | 3,001,984 | 947,880 | (84,627) | |
Cash flows from investing activities | ||||
Purchase of Property, plant and equipment | 13 | (228,365) | (78,262) | - |
Rental income | 18.2 | 60,000 | 80,538 | - |
Dividends received | 34(a) | 55,529 | - | 37,019 |
Interest on treasury bills | 34(a) | 468,493 | - | |
Interest received on fixed deposits/statutory deposit | 34(a) | 576,272 | 254,079 | 37,562 |
Gain from sale of property, plant & equipment | 34b | - | 4,485 | - |
Proceeds from sale of property, plant and equipment | 8,000 | 700,000 | - | |
Proceeds from sale of investment property | 9.1 | - | - | |
Liquidation of financial assets at amortised cost 6.2.2a | 1,000,000.00 | - | - | |
Addition to financial assets at amortised cost 5 | (10,000,000.00) | (1,440,000) | - | |
Net cash generated from investing activities | (8,060,071) | (479,160) | 74,581 | |
Cash flows from financing activities | ||||
Finance charges 37 | (1,440,000) | (647,586) | (251,574) | |
Repayment of lease finance 20 | - | - | - | |
Loan borrowing 19.2 | 239,511 | |||
Irredeemable convertible debt | 12,000,000 | 12,000,000 | - | |
Loan repayment 19.2 | - | |||
Net cash (used)/flows from financing activities | 10,560,000 | 11,591,925 | (251,574) | |
Net decrease in cash and cash equivalents during the year | 5,501,913 | 12,060,645 | (261,620) | |
Cash and cash equivalents at the beginning of the year | 684,076 | 684,075 | 787,541 | |
Cash and cash equivalents at the end of the year | 6,185,990 | 12,744,721 | 525,921 | |
Cash and cash equivalent comprise: | ||||
Cash in hand | - | 27 | ||
Current Bank accounts balances | 10,790,687.50 | 17,483 | ||
Short term deposits - Local banks 1,954,033 666,565 | ||||
12,744,721 684,075
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025
Included in short term deposits is a sum of N3,396728.56 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
NOTES TO THE FINANCIAL STATEMENTS (continued)
BUDGET FOR THE YR ENDING | ||||
5 | Cash and cash equivalents | 2025 N'000 | 2025 N'000 | 2024 N'000 |
Cash in hand | 27 | 0 | 27 | |
Bank balances | 5,019,397 | 10,793,877 | 17,483.32 | |
Short term deposits | 1,166,565 | 1,954,033 | 666,565 | |
6,185,989 | 12,747,911 | 684,075 | ||
Allowance for credit losses (Note 6a) | (3,190) | (3,190) | (3,190) | |
6,182,800 | 12,744,721 | 680,886 | ||
At 1 January Movements during the year (Note 36a) | 3,190 - | 3,190 | 3,190 | - |
At 30 June | 3,190 | 3,190 | 3,190 | |
6 Financial assets | ||||
At fair value through profit or loss (FVPL) - Note 6.1 | 1,068,263 | 533,416 | 68,263 | |
At amortised cost (Note 6.2) | 10,462,276 | 462,276 | 462,276 | |
At fair value through other comprehensive income (FVOCI) - Note 6.3. | 159,356 | 159,356 | 159,356 | |
11,689,895 | 1,155,048 | 689,895 | ||
6.1 Financial assets at fair value through profit or loss (FVPL) At 1 January | 68,263 | 154,921 | 68,263 | |
Addition during the year | 1,000,000 | 378,495 | - | |
Fair value gain/(loss) during the year [Note 6.1(a)] | - | |||
Disposal during the year | - | - | - | |
At 30 June | 1,068,263 | 533,416 | 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) 109,206 -
109,206 -
ABC Transport Plc | 3,987 | 25,350 | 3,987 |
Africa Prudential Registrar Plc | - | - | - |
Lafarge Cement | 563 | 563 | 563 |
Cornerstone Insurance Plc | 207 | 207 | 207 |
Dangote Sugar Refineries Plc | 5,280 | 14,355 | 5,280 |
Diamond Bank Plc (Now Access Bank Plc) | 207 | 1,894 | 207 |
Ecobank Transnational Plc (ETI) | 79 | 79 | 79 |
First City Monument Bank Limited | 6,324 | 14,800 | 6,324 |
Fidelity Bank Plc | 6,022 | 47,794 | 6,022 |
First Bank of Nigeria Limited | 6,977 | 11,261 | 6,977 |
Guaranty Trust Bank Plc | 1,415 | 1,415 | 1,415 |
Nigerian Aviation Handling Company | 1,195 | 1,195 | 1,195 |
Oando Plc | 142 | 142 | 142 |
Polaris Bank Plc | 849 | 849 | 849 |
UBA Capital | 167 | 167 | 167 |
United Bank for Africa Plc | 3,970 | 3,970 | 3,970 |
Halal lotus capital | 163 | 163 | 163 |
WAPIC Insurance Plc | 22 | 22 | 22 |
Zenith Bank International Plc | 3,633 | 3,633 | 3,633 |
WAICA | 27,061 | 27,061 | 27,061 |
68,263 | 154,921 | 68,263 |
10,464,811 | 464,811 | 464,811 | |
Allowance for credit losses | (2,535) | (2,535) | (2,535) |
10,462,276 | 462,276 | 462,276 | |
6.2.1 Loans and receivables Loans against policies (Note 7.2.1a) | 69,125 | 69,125 | 69,125 |
Staff debtors (Note 7.2.1c) | 1,439 | 1,439 | 1,439 |
Agency loan | 554 | 554 | 554 |
71,118 | 71,118 | 71,118 | |
Allowance for credit losses | (2,535) | (2,535) | (2,535) |
68,583 | 68,583 | 68,583 |
2025 | 2024 | ||
N'000 | N'000 | ||
GSL policy loan | 14,621.00 | 14,621 | 14,621 |
Standard Life Accumulator Scheme (SLA) | 3,263.00 | 3,263 | 3,263 |
Special Personnel Policy (SPP) | 5,093.00 | 5,093 | 5,093 |
Flexible Assurance scheme (FAS) | 478.00 | 478 | 478 |
Personal Providence Plan (PPP) | 43,396.00 | 43,396 | 43,396 |
Annuity Policy Loan | 200.00 | 200 | 200 |
Deposit Link Assurance (DELAS) | 2,048.00 | 2,048 | 2,048 |
SIP- Policy loan | 26.00 | 26 | 26 |
69,125 | 69,125 | 69,125 | |
FORTIS GLOBAL INSURANCE PLC
MANAGEMENT ACCOUNTS FOR THE QUARTER ENDED 30TH JUNE 2025
NOTES TO THE FINANCIAL STATEMENTS (continued)
BUDGET
2025
2025
N'000
2024
N'000
6.1.2 Analysis of the fair value of the Company's investments in listed entities is shown below:
6.2 Financial assets at amortised costs Loans and receivables (Note 6.2.1) Treasury bills (Note 6.2.2)
71,118
71,118
71,118
10,393,693 393,693 393,693
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:
6.2.1b Movement in loans against policies | |||
At 1 January | 69,125 | 69,125 | 69,125 |
Additions during the year | - | - | - |
Repayments | - | - | - |
At 30 June | 69,125 | 69,125 | 69,125 |
6.2.1c Movement in staff debtors | |||
At 1 January | 1,439 | 1,439 | 1,439 |
Additions during the year | - | - | - |
Repayments during the year | - | - | - |
At 30 June | 1,439 | 1,439 | 1,439 |
6.2.2 Treasury bill | |||
Treasury bills (Note 6.2.2a) | 10,393,693 | 393,693 | 393,693 |
Allowance for credit losses - - - | |||
10,393,693 | 393,693 | 393,693 | |
6.2.2a Movement in treasury bills At 1 January | 393,693.00 | 393,693 | 393,491 |
Addition during the year | 10,000,000 | - | 202 |
Liquidation during the year - - - | |||
At 30 June | 10,393,693 | 393,693 | 393,693 |
6.2.3 Impairment allowance for amortised costs | ||||
At 1 January | (257) | (257) | (257) | |
Charged to profit or loss during the year (Note 36a) | - | - | - | |
At 30 June | (257) | (257) | (257) | |
ECL allowance on amortised costs charged to profit or loss during the year is | ||||
shown below: ECL allowance on treasury bills | - | - | - | |
ECL allowance on loans and receivables | - | - | - | |
Charged to profit or loss during the year | - | - | - | |
6.3 Financial assets at fair value through other comprehensive income | ||||
Quoted Shares in Transcorp Plc (Note 6.3.1) 6.3.1 Investment in quoted shares (Transcorp Plc) | 159,356 | 159,356 | 159,356 | |
At 1 January | 159,356 | 159,356 | 159,356 | |
Fair value loss during the year (Note 29) | - | - | - | |
At 30 June | 159,356 | 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) | 12,119.09 | 12,119 | 12,119 | |
12,119.09 | 368,242 | 368,242 | ||
FORTIS GLOBAL INSURANCE PLC
MANAGEMENT ACCOUNTS FOR THE QUARTER ENDED 30TH JUNE 2025
NOTES TO THE FINANCIAL STATEMENTS (continued)
BUDGET 2025 N'000
2025
N'000
2024
N'000
This refers to the Company's investment in treasury bill with tenors of 91 - 365 days fair valued at a discounted rate of 12.35%.
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.
2025 | 2025 | 2024 | |
Reinsurance assets - cont'd N'000 | N'000 | N'000 | |
Reinsurer share of outstanding claims | |||
Life business claims recoverable | - | - | |
Non-life business claims recoverable | 255,100 | 255,100 | |
255,100 | 255,100 | ||
Movement in claims recoverable during the year is as follows: | |||
At 1 January | 255,100 | 255,100 | 255,100 |
Allowance for impairment | - | - | - |
(Decrease)/Increase during the year (Note 32a) | 101,023 | - | - |
At 30 June | 356,123 | 255,100 | 255,100 |
FORTIS GLOBAL INSURANCE PLC
MANAGEMENT ACCOUNTS FOR THE QUARTER ENDED 30TH JUNE 2025
NOTES TO THE FINANCIAL STATEMENTS (continued)
BUDGET
7
7.1
Claims recoverable represents balances due from re-insurance companies in respect of claims paid. During the year, the Company carried out a reconciliation of claims recoverable with its reinsurers. There is a decrease of N1.9million in claims recoverable and allowance for impairment of N170.202 million on recoverable as at reporting date.
7.2 Reinsurer's share of IBNR
Life business IBNR Non-life business IBNR
-
-
-101,023
101,023
-101,023
101,023
Movement in Reinsurer's Share of IBNR during the year is as follows:
At 1 January
(Decrease)/increase during the year (Note 32a)
At 30 June
101,023
-101,023
101,023
-101,023
122,285
(21,262)
101,023
7.3 Reinsurer's Share of UPR
Life business UPR Non-life business UPR
-12,119
12,119
-12,119
12,119
-12,119
12,119
7.3.1 Movement in Reinsurer's Share of UPR
At 1 January
Decrease during the year (Note 15.6)
At 30 June
12,119
-12,119
12,119
-12,119
12,119
-12,119
8 Trade receivables
At 1 January
Additions during the year Received during the year At 30 June
Allowance for impairment - due from insurance companies and brokers
Carrying amount at 30 June
2,275
-
-2,275
(2,275)
(0)
2,275
4,128
-6,403
-
6,403
65,788
2,275
-68,063
(65,788)
2,275
FORTIS GLOBAL INSURANCE PLC FINANCIAL STATEMENTS FOR QUARTER ENDED 30TH JUNE 2025 | ||||
NOTES TO THE FINANCIAL STATEMENTS (continued) | BUDGET | |||
9 Other receivables and prepayments | 2025 N'000 | 2025 N'000 | 2024 N'000 | |
Other debtors (Note 9.1) | 740,000 | 40,000 | 740,000 | |
Interest receivable (Note 9.2) | 5,630 | 65,668 | 5,630 | |
Prepaid rent | 131,000 | 109,583 | - | |
Staff advances | 444 | 1,444 | 444 | |
Deposit for quoted shares (Note 9.3) | 656 | 656 | 656 | |
877,729 | 217,351 | 746,730 | ||
Allowance for impairment | (40,000) | 0 | (40,000) | |
BUDGET 2025 | 2025 | 2024 | |
10 Deferred acquisition costs: Aviation Engineering | N'000 391 | N'000 - 391 | N'000 -391 |
Fire | 7,578 | 7,578 | 7,578 |
General accident | 1,322 | 1,322 | 1,322 |
Marine | 980 | 980 | 980 |
Motor | 5,391 | 5,391 | 5,391 |
Bond | 187 | 187 | 187 |
Oil and Gas | 1.00 | 1 | 1 |
Life business | 932 | 932 | 932 |
16,782 | 16,782 | 16,782 | |
The movement in deferred acquisition cost is: At 1 January | 16,782 | 16,782 | 16,782 |
Additions during the year | 1,141,750.00 | 6,275 | 44 |
Amortisation for the year (Note 33) | (1,141,750) | (6,275) | (44) |
At 30 June | 16,782 | 16,782 | 16,782 |
11 Investment properties At 1 January | 4,030,067 | 4,030,067 | 4,030,067 |
Disposed during the year (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 year (Note 11.2.1) | 300,000 | - | - |
At 30 June (Fair value) | 4,330,067 | 4,030,067 | 4,030,067 |
11.1 The property situated at Shapati Village, Ibeju, Lekki was sold during the year. | |||
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 3,186,501 | |||
Cumulative fair value gain at 1 January | 843,566 | - | 843,566 | ||
Fair value gain for the year | 300,000 | - | - | ||
Cumulative fair value gain at 30th June | 1,143,566 | - | 843,566 | ||
At 30th June | 4,330,067 | 3,186,501 | 4,030,067 | ||
11.2.1 Fair value loss reported in the statement of profit or loss Fair value changes in investment properties | - | - | - | ||
837,729
217,351
706,730
₦40 million loan to a former Director of the Company unpaid as at reporting year.
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.
This represents accrued biannual interest on statutory deposits with the Central Bank of Nigeria.
Deposit for quoted shares represents the Company's subscription for right issues in Access Bank Plc which are yet to be allotted.
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025
NOTES TO THE FINANCIAL STATEMENTS | |||||||
Fair value | |||||||
Movements in investment properties 2025 | gain at 1 | Balance at 1 | Addition during the | Sold during the | Revaluation | Balance at | |
Cost | January | January | year | year | (loss) | 30th June | |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 |
1,045,000 | - | 1,168,750 | - | - | - | 1,168,750 |
244,734 | - | 661,184 | - | - | - | 661,184 |
57,371 | - | 97,284 | - | - | - | 97,284 |
201,301 | - | 875,325 | - | - | - | 875,325 |
268,595 | - | 757,149 | - | - | - | 757,149 |
250 hectars of Farmland at Mydumbi Village
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 | - | - | - 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 |
Movements in investment properties 2024
Cost
Fair value gain at 1 January
Balance at 1
January
Reclassified from PPE (Note 14)
Reclassified to other receivables and prepayments
(Note 10)
Revaluation (loss)/gain
Balance as
at 31 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 |
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025
NOTES TO THE FINANCIAL STATEMENTS
11.3 The status of the Company's investments properties are detailed below:
S/N | Name on Title Document | Description of Properties | Date of Acquisition | Nature of Document | Locations | Carrying Amount N'000 | Steps taken 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 vi | Standard Alliance Insurance Plc Standard Alliance Insurance Plc | Six (6) storey lettable Offices Six (6) Bedroom | 2012 2010 | Registered Title Deed of | No 22, Herbert Macaulay Street, Ebute Meta, Lagos House 1207, Yakubu Gowon, Asokoro, Abuja | 1,100,000 920,000 | Near Perfection Perfection in |
Detached House | Assignment | progress |
4,616,589
Investment properties held by Fortis Global Insurance Plc were independently valued by Osaro Eguasa & co (FRC/2012/0000000000423) and James Garuba & Company (FRC/1999/00000003709) on 30 June2020. 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.
FORTIS GLOBAL INSURANCE PLC FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025 OTHER NOTES TO THE FINANCIAL STATEMENTS | |||
BUDGET FOR THE | |||
12 Intangible asset | YR ENDING | ||
Computer software | 2025 | 2025 | 2024 |
Cost | N'000 | N'000 | N'000 |
At 1 January | 15,000 | 15,000 | 15,000 |
Addition during the year | 14,000 | 7,743 | - |
At 30th June | 29,000 | 15,000 | 15,000 |
Amortisation | |||
At 1 January | 15,000 | 15,000 | 12,496 |
Amortisation for the year | - | - | 2,504 |
At 30 June | 15,000 | 15,000 | 15,000 |
Carrying amount at 30th June | 14,000 | 7,743 | - |
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.
FORTIS GLOBAL INSURANCE PLC
13 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 | - | - | - | 44,788 | 4,991 | 10,722 | 17,761 | 78,262 |
Allowance for impairment (Note 29.1) | - | - | - | - | - | - | - | - |
Reclassification to investment properties (Note | - | - | - | - | - | - | - | - |
Revaluation loss (Note 29) | - | - | - | - | - | - | - | - |
Write off | - | - | - | - | - | - | - | - |
At 30 June 2025 | - | - | 823,290 | 339,162 | 139,976 | 207,497 | 141,118 | 1,651,043 |
Accumulated depreciation and impairment: | ||||||||
At 1 January 2024 | - | - | 823,243 246,909 133,762 190,366 123,357 | 1,517,637 | ||||
Charge for the year | - | - | 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 year | - | - | - | 816 | 302 | 53 | - | 1,171 |
Reclassification | - | - | - | - | - | - | - | - |
Write off | - | - | - | - | - | - | - | - |
At 30 June 2025 | - | - | 823,290 | 258,409 | 134,934 | 191,011 | 123,357 | 1,531,001 |
Carrying amounts as at: At 30 June 2025 | - | - | - | 80,753 | 5,042 | 16,486 | 17,761 | 120,041 |
31 December 2024 | - | - | (47) | 26,097 | (517) | 5,225 | - | 30,758 |
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025 NOTES TO THE FINANCIAL STATEMENTS
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025
NOTES TO THE FINANCIAL STATEMENTS (continued)
The status of the Company's land and buildings is as detailed below
Name on Title Document Date of Acquisition
Nature of
Document Location
Carrying amount
N'000
Steps for perfection
Standard Alliance Insurance Plc
2009 Deed of Plot 1, Block 94, Providence Street, -
Assignment Lekki, Lagos
Sold
Lekki, Lagos
Standard Alliance Insurance Plc 2011 Deed of Plot 1, Block 94, Providence Street, -
Assignment
Standard Alliance Insurance Plc 2001 Registered No 20, Fola-Bolumole Street, Ibadan -
Title
Sold
Near Perfection
-
None of the Company's assets was pledged as security on loan as at year end (2024: Nil).
There was an impairment loss recognised in the Company's property, plant and equipment at the end of the year.
BUDGET
2025 2025 2024
Statutory Deposits
N'000
N'000
N'000
Statutory deposit for life business 200,000.00
200,000
200,000
Statutory deposit for non-life business 335,000.00 335,000 335,000
535,000.00 535,000 535,000
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.
Insurance contract liabilities
Unearned premium reserves (Note 15.1)
2,833,333
44,780
21,152
Outstanding claims (Note 15.2)
1,803,607
1,818,992
1,803,607
Provision for claims incurred but not reported (IBNR) (Note 15.3)
68,000
418,745
418,745
Individual life (Note 15.4)
1,550,000
364,232
391,460
Annuity fund (Note 15.5)
1,492,648
1,968,760
2,085,296
7,747,589
4,615,509
4,720,260
15.1 Unearned premium reserves
Aviation
333,333
-
Bond
208,333
4,069
-
Engineering
416,667
-
Fire
416,667
680
-
General accident
291,667
-
Marine
562,500
-
Motor
145,833
745
-
Oil & gas
250,000
18,135
-
Life
208,333
21,152
2,833,333
23,629
21,152
15.1.2 Movements in unearned premium reserve
At 1 January
114,570
21,152
114,570
Increase in during the year (Note 30)
(114,570)
23,629
(93,418)
At 30 June
(0)
44,780
21,152
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025
NOTES TO THE FINANCIAL STATEMENTS (continued) BUDGET
2025
2025
2024
15.2 Outstanding claims reserves
N'000
N'000
N'000
Aviation
100,168.60
100,281
100,281
Bond
32,802.40
13,004
13,004
Engineering
516,495.80
55,191
55,191
Fire
53,942.00
203,762
203,762
General accident
63,867.20
223,269
223,269
Marine
156,008.40
16,198
16,198
Motor
23,125.00
132,067
132,067
Oil & Gas
33,147.60
765,612
777,493
Group life
49,708.60
297,727
297,727
1,029,265.60
1,807,111
1,818,992
15.2.1 Movements in outstanding claims are further analysed below:
At 1 January
1,818,992.00
1,818,992
1,818,992
Increase/(decrease) during the year (Note 32)
(727,596.80)
-
-
30 June 2025
1,029,265.60
1,818,992
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
1,029,265.60
1,619,645
1,631,526
1,029,266.60
1,807,111
1,818,992
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.
15.2.3 REASONS FOR OUTSTANDING CLAIMS CAN BE ANALYSED AS FOLLOWS:
0-90
91-180
181-270
271-365
Above 365
2025
30 June 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
30 June2024
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
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025
NOTES TO THE FINANCIAL STATEMENTS (continued)
IBNR Per Actuarial valuation
BUDGET FOR THE
YR ENDING
2025
N'000
2025
N'000
2024
N'000
Aviation 8,000 1,208 1,208
Bond 5,000 8,235 8,235
Engineering 10,000 6,862 6,862
Fire 10,000 5,849 5,849
General accident 7,000 6,939 6,939
Marine 13,500 7,538 7,538
Motor 3,500 5,573 5,573
Oil & Gas 6,000 2,664 2,664
Life 5,000 83,827 83,827
68,000 128,695 128,695
Movement in IBNR
At 1 January 418,746 128,695 418,746
(Decrease)/increase during the year (Note 32) (350,746) - (290,051)
At 30 June 68,000 128,695 128,695
Movement in individual life
At 1 January 391,460 391,460 391,460
Increase/(decrease) during the year 1,158,540 (27,228) -
At 30 June 1,550,000 364,232 391,460
Movement in annuity fund
At 1 January 2,085,296 2,085,296 2,183,436
Decrease during the year 450,000 (116,536) -
Adjustments* (1,042,648) - (98,140)
At 30 June 1,492,648 1,968,760 2,085,296
Adjustments* - This is to align the UPCL bank confirmation balance to the ledger.
Reinsurance expenses
Reinsurance cost 2,556,000 11,081 -
Changes in UPR (Note 7.3.1) (1,228,500) - -1,327,500 11,081 -
Cash payments for reinsurance
Reinsurance cost (Note 15.6) (2,556,000) (11,081) -
Changes in due to reinsurer payable (Note 17) (36,257) - -
Per statement of cash flows (2,592,257) (11,081) -
Investment Contract Liabilities
At 1 January 1,137,674 1,137,674 1,137,674
Amount received in the year 1,500,000 - -
Interest expenses - - -
Withdrawals (1,137,674) - -
At 30 June 1,500,000 1,137,674 1,137,674
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.
FORTIS GLOBAL INSURANCE PLC FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025 | |||
NOTES TO THE FINANCIAL STATEMENTS (continued) | |||
BUDGET | |||
2025 | 2025 | 2024 | |
N'000 | N'000 | N'000 | |
18 Other payables and accruals Statutory deductions (Note 18.1) | 90,622 | 180,051 | 174,460 |
Information technology development levy (Note 38) | 8,406 | 8,406 | 8,406 |
Rent received in advance (Note 18.2) | 0 | - | 0 |
Due to staff | 6,839 | 106,839 | 106,839 |
Accrued expenses (Note 18.4) | (0) | 648,055 | 239,604 |
Unclaimed dividend | 3,182 | 3,182 | 3,182 |
Deferred Commission Income (18.5) | - | - | - |
Preference dividend payable (Note 18.6) | 175,000 | 175,000 | 175,000 |
Amount due to other beneficiaries (Note 18.7) | 16,275 | 244,490 | 16,275 |
Annuity fund fee payable (Note 18.8) | 0 | 16,651 | 16,651 |
Industrial training fund | - | - | - |
Directors' current account | 33,271 | 33,271 | 33,271 |
Unearned interest on treasury bills | - | - | - |
Loan | - | - | - |
667,190 | 1,415,945 | 773,688 | |
The above are further analysed as: | |||
Current | 333,595 | 1,415,945 | 773,688 |
Non-current | - | - | |
333,595 | 1,415,945 | 773,688 | |
18.1 Statutory deductions | |||
PAYE payable | 37,494 | 89,313 | 87,494 |
Pension payable | 25,069 | 48,841 | 45,069 |
VAT payable | - | 3,838 | 3,838 |
Withholding tax | 28,059 | 38,059 | 38,059 |
90,622 | 180,051 | 174,460 | |
18.2 Movement in rent received in advance At January 1 | 0 | 0 | 1,000 |
Additional rental Income received | 60,000 | 80,538 | - |
Rental income recognised during the year (Note 34a) | (60,000) | - | - |
At 30 June | 0 | 80,538 | 0 |
18.3 Accrued expenses Audit fee accrual | - | - | 20,000 |
NAICOM supervisory levy | - | - | - |
FRC statutory annual dues | - | - | - |
Management expenses payable | (0) | 94,895 | 94,895 |
Accrued expenses | (0) | 553,160 | 124,709 |
(0) | 648,055 | 239,604 | |
FORTIS GLOBAL INSURANCE PLC FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025 | |||
NOTES TO THE FINANCIAL STATEMENTS (continued) | |||
BUDGET 2025 | 2025 | 2024 | |
18.5 Deferred Commission Income | N'000 | N'000 | N'000 |
At January 1 | - | - | - |
Addition During the year | 16,000 | 463 | - |
Amortised During the year (Note 31) | (16,000) | (463) | - |
At 30 June | - | - | - |
18.6 Preference dividend payable | 175000 | 175,000 | 175,000 |
18.7 Amount due to other beneficiaries Staff fines and penalties | N'000 4,828 | N'000 4,828 | N'000 4,828 |
Staff group life payable | 151 | 151 | 151 |
Other creditors | 11,296 | 239,511 | 11,296 |
16,275 | 244,490 | 16,275 | |
18.8 Annuity fund fee payable | N'000 | N'000 | N'000 |
At January 1 | 16,651 | 16,651 | 16,651 |
Addition during the year | (16,651) | - | - |
At 30 June | 0 | 16,651 | 16,651 |
19 | Borrowings | N'000 | N'000 | N'000 |
Daewoo Secuirities Bond (Note 19.1) | 6,786,503 | 6,504,459 | 6,170,964 | |
Cowry Asset Management Limited (Note 19.2) | 1,526 | 1,526 | 1,526 | |
6,788,029 | 6,505,986 | 6,172,490 |
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025 NOTES TO THE FINANCIAL STATEMENTS (continued)
Daewoo Securities Bond
The Company received a capital inflow of JPY650,000,000 ($7,397,516) zero coupon bond raised from Daewoo Securities in December 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 2025 is JPY657,775,000 (2024 December:JPY630,959,000), principal and interest inclusive.
Further details of transactions during the year are:
At 1 January
Principal JPY'000 398,203
Interest JPY'000 232,756
Total JPY'000 630,959
2025
N'000 6,170,964
2024
N'000 3,841,795
Interest accrued during the year
-
26,816
26,816
170,216
251,574
Foreign exchange difference
-
-
-
163,280
2,077,594
At 30 June
398,203
259,572
657,775
6,504,459
6,170,964
Current maturities
Interest
JPY'000
259,572
JPY'000
232,756
Principal
398,203
398,203
Total current maturities
Non-current principal maturity
657,775
-
630,959
-
657,775
630,959
The balance of the Daewoo bond as of 30 June 2025 is JPY657,775,000 (2024 December:JPY630,959,000)is stated in the financial statements at the Central Bank of Nigeria closing exchange rate of N6.3476/JPY as at 30 June 2025. Subsequent to 2025 reporting period, no payment has been made on principal and interest.
Cowry Asset Loan N'000 N'000 N'000
At 1 January 1,526 1,526 1,526
Addition during the period - - -
Accrued interest - - -
Repayment during the year - - -
At 30 June 1,526 1,526 1,526
Repayments during the year
Principal - - -
Loan interest charge - - -
- - -
The Company entered into a new loan arrangement with Cowry Assets Management Limited for working capital needs. The new loan was consummated in July 2019 at a value of N300million. The loan is payable within one year at the interest rate of 28%.
20 Finance lease obligations At 1 January Repayments during the year (Note 20a) | N'000 - - | N'000 - - | N'000 - - |
At 30 June | - | - | - |
20a Repayments during the year | |||
Principal | - | - | - |
Lease interest charge | - | - | - |
- | - | - |
BUDGET | |||
2025 | 2025 | 2024 | |
Less than 3 months | N'000 - | N'000 - | N'000 - |
Between 3 and 6 months | - | - | - |
Between 6 and 12 months | - | - | - |
Over 12 months | - - | - - | - - |
- | - | - | |
21 Current income tax liabilities Per Statement of Comprehensive income | (155,033) | ||
Company income tax | - | (27) | - |
Education tax | - | - | - |
Deferred tax | (155,033) | - | - |
(27) | - | ||
Per Statement of Financial Position: | |||
At 1 January | 316,820 | ||
Company income tax | (155,033) | 316,820 | 316,820 |
Education tax | 161,787 | - | - |
Provisions for the year: | (155,033) | 316,820 | 316,820 |
Company income tax | (50,000) | (27) | - |
Education tax | - | - | |
Payments during the year: Company income tax | - | 27 | - |
Education tax | - | - | |
At 30 June | 111,787 | 316,820 | 316,820 |
22 Deferred tax liabilities At 1 January | 61,909 | 61,909 | 61,909 |
Charged for the year | - | (298) | - |
Tax on gain/(loss) on revaluation of property, plant and equipment | - | - | - |
At 30 June | 61,909 | 61,611 | 61,909 |
FORTIS GLOBAL INSURANCE PLC
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025 NOTES TO THE FINANCIAL STATEMENTS - (continued)
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 year | 12,911,030 - | 12,911,030 - | |
At 30 June | 12,911,030 | 12,911,030 | |
N'000 | N'000 | ||
At 1 January | 6,455,515 | 6,455,515 | |
Addition during the year | - | - | |
At 30 June | 6,455,515 | 6,455,515 | |
23b The Irredeemable convertible debt | 12,000,000 | - | |
24 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.
25 Share premium | ||||
At 1 January 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. | ||||
26 Contingency reserves | ||||
At 1 January | 1,793,873 | 1,792,360 | ||
Charge for the year (Note 27) | 1,787 | 1,513 | ||
At 30 June | 1,795,660 | 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 | ||||
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.
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025
NOTES TO THE FINANCIAL STATEMENTS (continued)
26 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.
BUDGET FOR
THE YR ENDING
27 Accumulated loss | 2025 N'000 | 2025 N'000 | 2024 N'000 | |
At 1 January - As previously stated | (19,724,557) | (21,960,307) | (19,621,092) | |
Gain/(Loss) for the year | 361,743 | (1,114,184) | (2,339,214) | |
Appropriation to contingency reserves (Note 26) | - | (1,787) | - | |
Reconciliation of statement from UBAPCL | 275,039 | |||
At 30 June | (19,362,814) | (22,801,238) | (21,960,307) | |
28 Revaluation Reserves | ||||
At 1 January | 48,291 | 48,291 | 48,291 | |
Revaluation loss charged to other comprehensive income during Revaluation surplus reversed during the year | 300,000 - | - - | - - | |
At 30 June | 348,291 | 48,291 | 48,291 | |
Further details are: | ||||
Revaluation loss (Note 13) | 300,000 | - | - | |
Less: Tax on loss on revaluation | - | - | ||
300,000 | - | - | ||
29 Fair Value Reserves | N'000 | N'000 | N'000 | |
At 1 January | 5,310 | 5,310 | 5,310 | |
Increase during the year | 10,620 | 109,206 | - | |
At 30 June | 15,930 | 114,516 | 5,310 | |
-
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.
30 Gross premium | N'000 | N'000 | N'000 | |
General business | 6,300,000 | 59,562 | - | |
Group life | 500,000 | - | - | |
Individual life | 3,100,000 | - | - | |
Annuity | 500,000 | - | - | |
10,400,000 | 59,562 | - | ||
Movement in unexpired risks (Note 16.1.2) | (2,833,333) | - | - | |
7,566,667 | 59,562 | - |
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025
NOTES TO THE FINANCIAL STATEMENTS (continued)
BUDGET FOR
2025 | 2025 | 2024 | ||
31 | Commission income | N'000 | N'000 | N'000 |
Bond | 2,500 | 54 | - | |
Engineering | 30,000 | - | - | |
Fire | 30,000 | - | - | |
General accident | 2,800 | - | - | |
Oil and gas | 36,000 | - | - | |
Aviation | 24,000 | - | - | |
Marine | 32,400 | 409 | - | |
125,300 | 463 | - | ||
Life - Forfietures and admin charges | 16,000 | - | - | |
141,300 | 463 | - | ||
32 | Claims expenses | |||
Claims paid | (727,597) | - | (76,492) | |
Change in outstanding claims (Note 15.2.1) | (1,029,266) | 270,846 | ||
Change in claims incurred but not reported (Note 15.3.1) | 68,000 | 0 | (290,051) | |
(1,688,862) | - | (95,697) | ||
Claims expenses recovered from reinsurers (Note 32(a)) | - | - | - | |
(1,688,862) | - | (95,697) | ||
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 | 160,000 | - | - | |
Bond | 100,000 | 3,598 | - | |
Engineering | 200,000 | - | - | |
Fire | 200,000 | 511 | - | |
General accident | 130,000 | - | - | |
Marine | 130,000 | - | - | |
Motor | 120,000 | 38 | - | |
Oil and Gas | 43,750 | 2,129 | - | |
Life | 58,000 | - | - | |
1,141,750 | 6,275 | - | ||
Other acquisition costs | 203,000 | - | - | |
1,344,750 | 6,275 | - | ||
33a | Commission paid analysis Acqusition costs (Note 33) | (1,141,750) | 6,275 | - |
Changes in commission payable (Note 18) | (15,043) | - | - | |
Per statement of cash flows | (1,156,793) | 6,275 | - | |
34(a) | Investment income | |||
Interest on deposits | 576,272 | 254,079 | 37,561.69 | |
Other income | 468,493 | - | ||
Rental income | 60,000 | 80,538 | - | |
Dividend received | 55,529 | 37,019 | ||
1,160,294 | 334,617 | 74,581 | ||
The investment income is attributable to: | ||||
Annuity fund | 20,959 | 304,421 | - | |
Insurance fund | 44,779 | - | - | |
Shareholders fund | 468,493 | 223,883 | - | |
Investment income per statement of profit or loss | 1,160,294 | 334,617 | 74,581 | |
Investment fund (Note 34) | - | - | ||
1,160,294 | 334,617 | 74,581 | ||
THE YR ENDING
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025 NOTES TO THE FINANCIAL STATEMENTS (continued
BUDGET | |||||
34(b) Other income | 2025 N'000 | 2025 N'000 | 2024 N'000 | ||
Gain on sale of property, plant and equipment Other inflows | 8,000 - | 4,485 | - 11,071 | ||
8,000 | 4,485 | 11,071 | |||
35 | Gain/(loss) on investment contract liabilities Investment income attributable to investment contracts (Note 34) | 468,493 | - | - | |
Guaranteed interest on investment contracts (Note 16) | - | - | - | ||
468,493 | - | - | |||
36 | Management expenses | ||||
Salaries and Allowances | 376,421 | 84,186 | - | ||
Other staff costs | 28,154 | - | - | ||
Directors' fee and allowances | 75,000 | - | - | ||
Insurance expenses | 568 | - | - | ||
Rent and rates | - | 1,500 | |||
Repairs and maintenance | 2,000 | 7,000 | |||
Depreciation | 102,725 | 1,171 | 12,194 | ||
Amortisation | 49,125 | 22,229 | |||
Legal and professional fees | 68,000 | 40,586 | |||
Bank charges | 200 | 478 | |||
Printing and stationery | 1,200 | 2,181 | |||
Advertising and promotion expenses Books and periodicals Telephone and postages | 20,000 -12,975 | 7,129 3,773 | |||
Other administrative expenses | 68,000 | 23,823 | |||
Supervisory levies | 100,942 | 43,063 | |||
Other professional cost | 12,000 | 33,675 | - | ||
Staff training and development | - | ||||
Audit fee | 8,000 | 1,509 | - | ||
Corporate and public relation expenses | 10,000 | 750 | - | ||
Travelling, outstation and hotel expenses | 6,940 | 12,201 | - | ||
942,250 | 285,255 | 12,194 | |||
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) | - | - | - | ||
36(c) | Allowance for impairment - Other receivables and prepayments | ||||
Other debtors (Note 9.1) | - | - | - | ||
36(d) | Allowance for impairment on property, plant and equipment | ||||
Allowance for impairment loss (Note 13) | - | - | - | ||
Less: Tax on impairment loss | - | - | - | ||
- | - | - | |||
36(e) | Allowance for impairment on Treasury bill | ||||
Allowance for impairment loss (Note 6.2.2) | - | - | - | ||
Less: Tax on impairment loss - -
FORTIS GLOBAL INSURANCE PLC
BUDGET | |||
2025 | 2025 | 2024 | |
37 Finance charges | N'000 | N'000 | N'000 |
Interest expenses on loan | 1,440,000 | 477,370 | 251,574 |
Interest on Daewoo bond | - | 170,216 | - |
1,440,000 | 647,586 | 251,574 | |
38 Information Technology Development Levy At 1 January | 8,406 | 8,406 | 8,406 |
Charge for the year | - | - | - |
Payment during the year | - | - | - |
At 30 June | 8,406 | 8,406 | 8,406 |
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025 NOTES TO THE FINANCIAL STATEMENTS (continued)
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.
39 | Profit before taxation Profit before taxation is stated after charging: | |||
Depreciation | 12,193 | 1,171 | 12,193 | |
Amortization | 49,125 | 22,229 | - | |
Auditors' remuneration | 8,000 | 1,509 | - | |
Director's remuneration | 75,000 | - | - | |
39.1 Messrs. Muhtari Dangana & Co (Chartered Accountants) did not provide any other service to the Company during the year.
40 | Premium receipt from policy holders | |||
Premium due from policy holder at 1 January | 2,275 | 2,275 | 2,275 | |
Gross Premium written in the year 10,400,000 59,562 - | ||||
10,402,275 | 61,837 | 2,275 | ||
Premium due from policyholders at 31 December | 0 | - | (2,275) | |
Premium receipts in the year | 10,402,275 | 61,837 | - | |
41 | 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.
Loss for the year (N'000) | 361,743 | (1,114,184) | (2,339,214) |
Number of shares ('000) | 12,911,030 | 12,911,030 | 12,911,030 |
Basic loss per share (Naira) | 3 | (8.63) | (18.12) |
FORTIS GLOBAL INSURANCE PLC
AS AT JUNE 30 2025 | General Business | Life Business | ||||||
Shareholders' Fund | Policy Holders' | Shareholders' Fund | Deposit Admin Fund | Policy Holders' | TOTAL | |||
Fund | Others | Fund | Others | |||||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
ASSETS: Cash and cash equivalents 3,476,298 2,281,809.00 50,503 Financial Assets:
Reinsurance assets 184,121.00 - | ||||||||
3,476,297.59 1,137,674 1,968,760 364,232 12,755,573 | ||||||||
133,353.99 115,569.00 39,839.00 | - 400,062 346,707 119,517 | |||||||
TOTAL ASSETS LIABILITIES Insurance Contract liabilities Investment Contract liabilities TOTAL LIABILITIES | 4,237,943 | 2,281,809 | 50,503 | 3,765,060 | 1,137,674 | 1,968,760 | 364,232 | 13,621,859 |
2,282,517 - | - 1,968,760 364,232 1,137,674 | 4,615,509 1,137,674 | ||||||
- | 2,282,517 | - | - | 1,137,674 | 1,968,760 | 364,232 | 5,753,183 | |
Surplus/(Defict) | 4,237,943 (708) 50,503 | 3,765,060 - - - | 7,868,676 | |||||
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2025 HYPOTHECATION
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