FINANCIAL STATEMENTS FOR THE QUARTER ENDED 3OTH SEPTEMBER 2025
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 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 | 11,750,831 | 680,886 |
Financial Assets: | |||
- At fair value through profit or loss 6.1 | 1,068,263 | 580,083 | 68,263 |
- At amortised cost 6.2 | 10,462,276 | 71,062 | 462,276 |
- At fair value through other comprehensive income 6.3 | 159,356 | 256,515 | 159,356 |
Reinsurance assets 7 | 1,412,119 | 0 | 0 |
Trade receivables 8 | (0) | 44,977 | 2,275 |
Other receivables and prepayments 9 | 837,729 | 179,869 | 706,729 |
Deferred acquisition costs 10 | 16,782 | 16,782 | 16,782 |
Investment properties 11 | 4,330,067 | 11,670,000 | 11,670,000 |
Intangible assets 12 | 14,000 | 10,745 | - |
Property, plant and equipment 13 | 259,122 | 271,057 | 30,757 |
Statutory deposit 14 | 535,000 | 535,000 | 535,000 |
TOTAL ASSETS | 25,277,514 | 25,386,922 | 14,332,324 |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Insurance contract liabilities 15 | 7,747,589 | 4,855,759 | 4,855,759 |
Investment contract liabilities 16 | 1,500,000 | 2,898,330 | 2,898,330 |
Trade payables 17 | - | 0 | 51,300 |
Other payables and accruals 18 | 333,595 | 768,861 | 773,688 |
Borrowings 19 | 6,788,029 | 6,512,963 | 6,172,490 |
Income tax liabilities 21 | 111,787 | 316,820 | 316,820 |
Deferred tax liabilities 22 | 61,909 | 61,314 | 61,909 |
TOTAL LIABILITIES | 16,542,909 | 15,414,046 | 15,130,296 |
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 | 1,797,445 | 1,793,873 |
Accumulated loss 27 | (19,362,814) | (25,698,256) | (24,224,704) |
Revaluation reserves 28 | 348,291 | 7,688,224 | 7,688,224 |
Fair value reserves 29 | 15,930 | 246,137 | 5,310 |
Total equity | 8,734,605 | 9,972,876 | (797,972) |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 25,277,514 | 25,386,922 | 14,332,324 |
The financial statements were approved by the Board of Directors on 11th October 2025 and signed on its behalf by:
Mr. Michael Owope | Mrs. Nomwen Emeghalu | Mr. Akin Iroko | |
FRC/2018/PRO/ICAN/001/00000017730 Chief Finance Officer | Managing Director/CEO | FRC/2024/PRO/DIR/003/358339 Chairman |
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2025
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
NOTES Gross premium written 30 | 2025 N'000 10,400,000 | 2025 N'000 119,074 | 2024 N'000 - | ||
Unearned premium 30 | (2,833,333) | (44,610) | - | ||
Movement in individual life 15.4 | (1,158,540) | 234,209 | - | ||
Movement in annuity 15.5 | (450,000) | (26,064) | - | ||
Gross premium income | 5,958,127 | 282,608 | - | ||
Reinsurance expenses 15.6 | (877,500) | (11,081) | - | ||
Net premium income | 5,080,627 | 271,527 | - | ||
Commission income 31 | 141,300 | - | - | ||
Net underwriting income | 5,221,927 | 271,527 | - | ||
Claims expenses (net) 32 | (1,688,862) | (555,393) | (95,697) | ||
Underwriting expenses 33 | (1,662,875) | (18,598) | - | ||
Total underwriting expenses | (3,351,737) | (302,463) | (95,697) | ||
Underwriting (loss)/profit | 1,870,189 | (30,936) | (95,697) | ||
Investment income 34(a) | 1,160,294 | 527,574 | 74,581 | ||
Other income 34(b) | 8,000 | 85,023 | 11,071 | ||
Gain/(loss) on investment contract liabilities 35 | 468,493 | - | |||
Management expenses 36 Impairment- Reinsurance asset 36(e) | (471,125) | (644,620) | -(368,242) | ||
Finance charges 37 | (1,439,930) | (1,275,010) | (251,574) | ||
Foreign exchange gain/(loss) 19 | (1,079,145) | (138,559) | (2,077,594) | ||
Gain/(loss) before taxation 41 | 516,776 | (1,476,529) | (2,707,456) | ||
Income tax 21 | (155,033) | (595) | - | ||
Profit (Loss) for the year | 361,743 | (1,477,124) | (2,707,456) | ||
Other comprehensive income | |||||
Item that may be reclassified to profit or loss: | |||||
Fair value (loss)/gain on financial assets at FVOCI 29 | 240,827 | - | |||
Items that will not be classified to profit or loss: | |||||
Revaluation gain/(loss) on building | 28 | 300,000 | 7,639,933 | ||
Revaluation surplus reversed during the year | 28 | - | - | - | |
Other comprehensive loss | 300,000 | 240,827 | - | ||
Total comprehensive loss for the year | 661,743 | (1,236,297) | 4,932,477 | ||
Earnings per share : Basic (Naira) | 41 | 3 | (11.44) | (18.12) | |
BUDGET FOR THE YR ENDING
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 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 | 1,797,444 | (22,328,549) | 7,736,516 | 5,310 | 1,150,046 |
Total comprehensive income for the year: | ||||||||
Loss for the year | - | - | - | - | (1,477,124) | - | - | (1,477,124) |
Transfer to contingency reserve (Note 26) | - | - | - | 3,572 | (3,572) | - | - | - |
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 | - | - | - | (1,896,155) | - | - | (1,896,155) | |
(Note 30) | - | - | - | - | - | - | 240,827 | 240,827 |
At 30 September 2025 | 6,455,515 | (1,145) | 7,484,955 | 1,801,016 | (25,705,400) | 7,736,516 | 246,137 | (1,982,406) |
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 | - | - | - | - | (2,707,456) | 7,688,224 | 4,980,768 | |
Transfer to contingency reserve (Note 26) Fair value loss on treasury shares (Note 24) | - - | - - | - - | 3,572 - | - | - | - | - |
Fair value loss on available for sale financial assets | - | - | - | - | - | - | ||
Other comprehensive income: | - | - | - | - | - | - | - | - |
Revaluation on building (Note 28) | - | - | - | - | - | - | - | |
Fair value loss on financial assets at fair value through other comprehensive income (N | - | - | - | - | - | - | - | - |
- | - | - | - | - | - | - | ||
At 30 September2024 | 6,455,515 | (1,145) | 7,484,955 | 1,797,444 | (22,328,549) | 7,736,516 | 5,310 | 1,146,474 |
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 | 119,074 | - | |
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 | - | - | |
Other income | 34(b) | 362,520 | 464,201 | 11,071 | |
Claims paid | 32 | (1,688,862) | (387,194) | (95,697) | |
Cash payments for reinsurance | 15.7 | (2,592,257) | (11,081) | - | |
Commissions paid | 33a | (1,156,793) | (18,598) | - | |
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) (644,620) - | |||||
3,051,984 | 159,498 | 73,527 | |||
Taxes paid: Income tax | 21 | (50,000) | (71) | - | |
Net cash used from operating activities | 3,001,984 | 159,427 | 73,527 | ||
Cash flows from investing activities | |||||
Purchase of Property, plant and equipment | 13 | (228,365) | (229,278) | - | |
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 | 326,596 | 37,562 | |
Gain from sale of property, plant & equipment | 34b | - | 4,485 | - | |
Proceeds from sale of property, plant and equipment | 8,000 | - | |||
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) | - | |||
Net cash generated from investing activities | (8,060,071) | 182,340 | 74,581 | ||
Cash flows from financing activities | |||||
Finance charges 37 | (1,440,000) | (1,275,010) | (251,574) | ||
Repayment of lease finance 20 | - | - | - | ||
Loan borrowing 19.2 | - | ||||
Irredeemable convertible debt | 12,000,000 | 12,000,000 | - | ||
Loan repayment 19.2 | - | ||||
Net cash (used)/flows from financing activities | 10,560,000 | 10,724,990 | (251,574) | ||
Net decrease in cash and cash equivalents during the year | 5,501,913 | 11,066,756 | (103,466) | ||
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 | 11,750,832 | 684,075 | ||
Cash and cash equivalent comprise: | |||||
Cash in hand | - | 27 | |||
Current Bank accounts balances | 10,869,893.90 | 17,483 | |||
Short term deposits - Local banks 880,937 666,565 | |||||
11,750,831 684,075
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 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 | 10,873,084 | 17,483.32 | |
Short term deposits | 1,166,565 | 880,937 | 666,565 | |
6,185,989 | 11,754,021 | 684,075 | ||
Allowance for credit losses (Note 6a) | (3,190) | (3,190) | (3,190) | |
6,182,800 | 11,750,831 | 680,886 | ||
At 1 January Movements during the year (Note 36a) | 3,190 - | 3,190 | 3,190 | - |
At 30 SEPTEMBER | 3,190 | 3,190 | 3,190 | |
6 Financial assets | ||||
At fair value through profit or loss (FVPL) - Note 6.1 | 1,068,263 | 580,083 | 68,263 | |
At amortised cost (Note 6.2) | 10,462,276 | 71,062 | 462,276 | |
At fair value through other comprehensive income (FVOCI) - Note 6.3. | 159,356 | 256,515 | 159,356 | |
11,689,895 | 907,660 | 689,895 | ||
6.1 Financial assets at fair value through profit or loss (FVPL) At 1 January | 68,263 | 201,588 | 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 SEPTEMBER | 1,068,263 | 580,083 | 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) 240,827 -
240,827 -
BUDGET 2025 | 2025 | 2024 | |
N'000 | N'000 | ||
6.1.2 Analysis of the fair value of the Company's investments in listed entities is shown below: | |||
ABC Transport Plc | 3,987 | 44,492 | 3,987 |
Lafarge Cement | 563 | 563 | 563 |
Cornerstone Insurance Plc | 207 | 207 | 207 |
Dangote Sugar Refineries Plc | 5,280 | 18,300 | 5,280 |
Diamond Bank Plc (Now Access Bank Plc) | 207 | 2,284 | 207 |
Ecobank Transnational Plc (ETI) | 79 | 79 | 79 |
First City Monument Bank Limited | 6,324 | 17,360 | 6,324 |
Fidelity Bank Plc | 6,022 | 50,184 | 6,022 |
First Bank of Nigeria Limited | 6,977 | 13,643 | 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 | 19,829 | 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 | 201,588 | 68,263 | |
10,464,811 | 71,118 | 464,811 | |
Allowance for credit losses | (2,535) | (56) | (2,535) |
10,462,276 | 71,062 | 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) | (56) | (2,535) |
68,583 | 71,062 | 68,583 |
2025 | 2024 | ||
GSL policy loan | 14,621.00 | N'000 14,621 | N'000 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 SEPTEMBER 2025
NOTES TO THE FINANCIAL STATEMENTS (continued)
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
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:
NOTES TO THE FINANCIAL STATEMENTS (continued) BUDGET | |||
2025 | 2025 | 2024 | |
N'000 | N'000 | N'000 | |
6.2.1b Movement in loans against policies | |||
At 1 January | 69,125 | 69,125 | 69,125 |
Additions during the year | - | - | - |
Repayments | - | - | - |
At 30 SEPTEMBER | 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 | - | 2,000 | - |
Repayments during the year | - | (1,750) | - |
At 30 SEPTEMBER | 1,439 | 1,689 | 1,439 |
6.2.2 Treasury bill | |||
Treasury bills (Note 6.2.2a) | 10,393,693 | - | 393,693 |
Allowance for credit losses - - - | |||
10,393,693 | - | 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 | - | (393,693) - | |
At 30 SEPTEMBER | 10,393,693 | - 393,693 | |
FORTIS GLOBAL INSURANCE PLC
MANAGEMENT ACCOUNTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2025
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%.
6.2.3 Impairment allowance for amortised costs
At 1 January
Charged to profit or loss during the year (Note 36a)
At 30 SEPTEMBER
(257)
-(257)
(257)
-(257)
(257)
-(257)
6.3 Financial assets at fair value through other comprehensive income
Quoted Shares in Transcorp Plc (Note 6.3.1)
159,356
256,515
159,356
6.3.1 Investment in quoted shares (Transcorp Plc)
At 1 January
Fair value gain during the year (Note 29)
At 30 SEPTEMBER
159,356
-159,356
159,356
97,159
256,515
159,356
-159,356
7 Reinsurance assets
Reinsurer share of outstanding claims (Note 7.1) Reinsurer's share of claims IBNR (Note 7.2) Reinsurer's share of UPR (Note 7.3)
12,119.09
12,119.09
-
-
-
-
-
-
-
-
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.
TO THE FINANCIAL STATEMENTS (continued) BUDGET | |||
2025 | 2025 | 2024 | |
Reinsurance assets - cont'd N'000 Reinsurer share of outstanding claims Life business claims recoverable | N'000 - | N'000 - | |
Non-life business claims recoverable | - | - | |
- | - | ||
Movement in claims recoverable during the year is as follows: At 1 January | 255,100 | 0 | 255,100 |
Allowance for impairment (Decrease)/Increase during the year (Note 32a) | -101,023 | - | -(255,100) |
At 30 SEPTEMBER | 356,123 | 0 | 0 |
Movement in Reinsurer's Share of IBNR during the year is as follows: | |||
At 1 January | 101,023 | - | - |
(Decrease)/increase during the year (Note 32a) | - | - | - |
At 30 SEPTEMBER | 101,023 | - | - |
7.3 Reinsurer's Share of UPR | |||
Life business UPR | - | - | - |
Non-life business UPR | 12,119 | - | - |
12,119 | - | - | |
7.3.1 Movement in Reinsurer's Share of UPR | |||
At 1 January | 12,119 | 12,119 | 12,119 |
Decrease during the year (Note 15.6) | - | (12,119) | - |
At 30 SEPTEMBER | 12,119 | - | 12,119 |
8 Trade receivables At 1 January | 2,275 | 2,275 | 65,788 |
Additions during the year | - | 42,702 | 2,275 |
Received during the year | - | - | - |
At 30 SEPTEMBER | 2,275 | 44,977 | 68,063 |
Allowance for impairment - due from insurance companies and brokers (2,275) | - | (65,788) | |
Carrying amount at 30 SEPTEMBER | (0) | 44,977 | 2,275 |
FORTIS GLOBAL INSURANCE PLC
MANAGEMENT ACCOUNTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2025
NOTES
7
7.1
Claims recoverable represents balances due from re-insurance companies in respect of
claims paid.
FORTIS GLOBAL INSURANCE PLC
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.
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2025
NOTES | TO THE FINANCIAL STATEMENTS (continued) | BUDGET | ||
2025 | 2025 | 2024 | ||
9 | Other receivables and prepayments | N'000 | N'000 | N'000 |
Other debtors (Note 9.1) | 740,000 | 40,000 | 740,000 | |
Interest receivable (Note 9.2) | 5,630 | 40,125 | 5,630 | |
Prepaid rent | 131,000 | 98,145 | - | |
Staff advances | 444 | 944 | 444 | |
Deposit for quoted shares (Note 9.3) | 656 | 656 | 656 | |
877,729 | 179,869 | 746,730 | ||
Allowance for impairment | (40,000) | 0 | (40,000) | |
837,729 | 179,869 | 706,730 | ||
9.1 | ₦40 million loan to a former Director of the Company unpaid as at reporting year. | |||
BUDGET | |||
2025 | 2025 | 2024 | |
10 Deferred acquisition costs: | N'000 | N'000 | N'000 |
Aviation | - | - | |
Engineering | 391 | 391 | 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 | 16,776 | 44 |
Amortisation for the year (Note 33) | (1,141,750) | (16,776) | (44) |
At 30 SEPTEMBER | 16,782 | 16,782 | 16,782 |
11 Investment properties | |||
At 1 January | 4,030,067 | 11,670,000 | 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 | - | 7,639,933 |
At 30 SEPTEMBER (Fair value) | 4,330,067 | 11,670,000 | 11,670,000 |
11.2 History and movement in fair value gain | |||
Cost as at date of initial recognition 3,186,501 3,186,501 | |||
Cumulative fair value gain at 1 January | 843,566 | - | 843,566 |
Fair value gain for the year | 300,000 | - | 6,561,933 |
Cumulative fair value gain at 30th September | 1,143,566 | - | 7,405,499 |
At 30th SEPTEMBER | 4,330,067 | - | 10,592,000 |
11.2.1 Fair value loss reported in the statement of profit or loss Fair value changes in investment properties | - | - | 7,639,933 |
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2025
NOTES TO THE FINANCIAL STATEMENTSFair value Balance at
Movements in investment properties 2025
Cost
gain at 1 January
Balance at 1 Addition during the January year
Sold during the
year
Revaluation
(gain)
30th September
250 hectars of Farmland at Mydumbi Village | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 |
11 units of 4-bedroom terrace houses at New County Estate, Lekki, Lagos | 1,045,000 | - | 3,135,000 | - | - | 3,135,000 | |
10 units of 2 Bedroom Terrace houses at No 17, Gbangbala Road, Ikate Elegushi, Lekki | 244,734 | - | 1,500,000 | - | - | 1,500,000 | |
One wing of 4 bedroom duplex, Lekki, Lagos | 57,371 | - | 580,000 | - | - | 580,000 | |
Six (6) storey lettable office complex - Ebute Metta | 201,301 | - | 3,950,000 | - | - | 3,950,000 | |
Six (6) bedroom detached house, Asokoro-Abuja | 268,595 | - | 1,600,000 | - | - | 1,600,000 | |
Abuja plot of Land at Cadastral Zone. | 320,000 | - | - | - | - | - | |
Oreki Village, Ibeju, Lekki. | 600,000 | - | 850,000 | - | - | 850,000 | |
Shapati Village, Ibeju, Lekki. | 446,000 | - | - | - | - | ||
Flat 3,Block 2, Kadiri Estate, Joseph Dosu, Badagry. | 3,500 | - | 55,000 | - | - | 55,000 | |
3,186,501 | - | 11,670,000 | - | - | 11,670,000 |
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 | - | - | 1,966,250 | 3,135,000 | |
10 units of 2 Bedroom Terrace houses at No 17, | 244,734 | ||||||
Gbangbala Road, Ikate Elegushi, Lekki | - | 661,184 | - | - | 838,816 | 1,500,000 | |
One wing of 4 bedroom duplex, Lekki, Lagos | 57,371 | - | 97,284 | - | - | 482,716 | 580,000 |
Six (6) storey lettable office complex - Ebute Metta | 201,301 | - | 875,325 | - | - | 3,074,675 | 3,950,000 |
Six (6) bedroom detached house, Asokoro-Abuja | 268,595 | - | 757,149 | - | - | 842,851 | 1,600,000 |
Abuja plot of land, Cadasral 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 |
FORTIS GLOBAL INSURANCE PLC FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 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 SEPTEMBER | 29,000 | 15,000 | 15,000 |
Amortisation | |||
At 1 January | 15,000 | 15,000 | 12,496 |
Amortisation for the year | - | 1,936 | 2,504 |
At 30th SEPTEMBER | 15,000 | 15,000 | 15,000 |
Carrying amount at 30th September | 14,000 | 5,807 | - |
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 | - | - | 156,474 | 45,090 | 8,851 | 1,102 | 17,761 | 229,278 |
Allowance for impairment (Note 29.1) | - | - | - | - | - | - | - | - |
Reclassification to investment properties (Note | - | - | - | - | - | - | - | - |
Revaluation loss (Note 29) | - | - | - | - | - | - | - | - |
Write off | - | - | - | - | - | - | - | - |
At 30 September 2025 | - | - | 979,764 | 339,464 | 143,836 | 197,877 | 141,118 | 1,802,059 |
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 | - | - | 82 | 12,741 | 1,111 | 743 | 353 | 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 September 2025 | - | - | 823,290 | 258,409 | 134,934 | 191,011 | 123,357 | 1,531,001 |
Carrying amounts as at: At 30 September 2025 | - | - | 156,474 | 81,055 | 8,902 | 6,866 | 17,761 | 271,057 |
31 December 2024 | - | - | (47) | 26,097 | (517) | 5,225 | - | 30,758 |
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2025 NOTES TO THE FINANCIAL STATEMENTS
FORTIS GLOBAL INSURANCE PLC FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2025 | |||
NOTES TO THE FINANCIAL STATEMENTS (continued) | |||
BUDGET | |||
2025 | 2025 | 2024 | |
14 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.
15 Insurance contract liabilities | |||
Unearned premium reserves (Note 15.1) | 2,833,333 | 44,610 | 21,152 |
Outstanding claims (Note 15.2) | 1,803,607 | 1,987,190 | 1,803,607 |
Provision for claims incurred but not reported (IBNR) (Note 15.3) | 68,000 | 555,347 | 418,745 |
Individual life (Note 15.4) | 1,550,000 | 157,251 | 391,460 |
Annuity fund (Note 15.5) | 1,492,648 | 2,111,360 | 2,085,296 |
7,747,589 | 4,855,759 | 4,720,260 | |
15.1 Unearned premium reserves Aviation | 333,333 | - | |
Bond | 208,333 | 11,910 | - |
Engineering | 416,667 | - | - |
Fire | 416,667 | 2,725 | - |
General accident | 291,667 | 477 | - |
Marine | 562,500 | 15,297 | - |
Motor | 145,833 | 11,649 | - |
Oil & gas | 250,000 | 2,552 | - |
Life | 208,333 | - | 21,152 |
2,833,333 | 44,610 | 21,152 | |
15.1.2 Movements in unearned premium reserve At 1 January | 114,570 | - | 114,570 |
Increase in during the year (Note 30) | (114,570) | 44,610 | (93,418) |
At 30 September | (0) | 44,610 | 21,152 |
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 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 | 36,354 | 36,354 | |
Bond | 32,802.40 | 54,481 | 54,481 | |
Engineering | 516,495.80 | 47,899 | 47,899 | |
Fire | 53,942.00 | 40,829 | 40,829 | |
General accident | 63,867.20 | 237,592 | 237,592 | |
Marine | 156,008.40 | 52,617 | 52,617 | |
Motor | 23,125.00 | 38,903 | 38,903 | |
Oil & Gas | 33,147.60 | 833,962 | 833,962 | |
Group life | 49,708.60 | 644,553 | 644,553 | |
1,029,265.60 | 1,987,190 | 1,987,190 | ||
15.2.1 | Movements in outstanding claims are further analysed below: | |||
At 1 January | 1,818,992.00 | 1,987,190 | 1,818,992 | |
Increase/(decrease) during the year (Note 32) | (727,596.80) | 168,198 | ||
At 30 September | 1,029,265.60 | 1,987,190 | 1,987,190 | |
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2025
NOTES TO THE FINANCIAL STATEMENTS (continued)
BUDGET FOR THE
YR ENDING
15.3 IBNR Per Actuarial valuation | 2025 N'000 | 2025 N'000 | 2024 N'000 |
Aviation | 8,000 | 5,453 | 5,453 |
Bond | 5,000 | ||
Engineering | 10,000 | ||
Fire | 10,000 | 6,124 | 6,124 |
General accident | 7,000 | 60,479 | 60,479 |
Marine | 13,500 | 7,893 | 7,893 |
Motor | 3,500 | 5835 | 5,835 |
Oil & Gas | 6,000 | 128,433 | 128,433 |
Life | 5,000 | 341,129 | 341,129 |
68,000 | 555,347 | 555,347 | |
15.3.1 Movement in IBNR At 1 January | 418,746 | 555,347 | 418,746 |
(Decrease)/increase during the year (Note 32) | (350,746) | - | |
At 30 September | 68,000 | 555,347 | 555,347 |
15.4 Movement in individual life At 1 January | 391,460 | 391,460 | 391,460 |
Increase/(decrease) during the year | 1,158,540 | 234,209 | |
At 30 September | 1,550,000 | 157,251 | 391,460 |
15.5 Movement in annuity fund At 1 January | 2,085,296 | 2,085,296 | 2,183,436 |
Increase/(Decrease) during the year | 450,000 | 26,064 - | |
Adjustments* (1,042,648) - (98,140) | |||
At 30 September | 1,492,648 | 2,111,360 | 2,085,296 |
15.6 Reinsurance expenses | |||
Reinsurance cost | 2,556,000 | 11,081 | - |
Changes in UPR (Note 7.3.1) | (1,228,500) | - | - |
1,327,500 | 11,081 | - | |
15.7 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) | - |
16 Investment Contract Liabilities | |||
At 1 January | 1,137,674 | 1,137,674 | 1,137,674 |
Amount received in the year-Actuarial val | 1,500,000 | 1,760,656 | - |
Interest expenses | - | - | - |
Withdrawals | (1,137,674) | - | - |
At 30 September | 1,500,000 | 2,898,330 | 1,137,674 |
17 Trade payables | |||
Due to Reinsurer | - | - | 36,257 |
Underwriting expenses payable | - | - | 15,043 |
- | - | 51,300 | |
FORTIS GLOBAL INSURANCE PLC FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 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 | 62,310 | 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 | 26,508 | 106,839 |
Accrued expenses (Note 18.4) | (0) | 443,532 | 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 | - | 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 |
667,190 | 768,861 | 773,688 | |
The above are further analysed as: | |||
Current | 333,595 | 768,861 | 773,688 |
Non-current | - | - | |
333,595 | 768,861 | 773,688 | |
18.1 Statutory deductions | |||
PAYE payable | 37,494 | 14,539 | 87,494 |
Pension payable | 25,069 | 5,875 | 45,069 |
VAT payable | - | 3,838 | 3,838 |
Withholding tax | 28,059 | 38,059 | 38,059 |
90,622 | 62,310 | 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) | 26,846 | - |
At 30 September | 0 | 53,692 | 0 |
18.3 Accrued expenses Audit fee accrual | - | - | 20,000 |
Management expenses payable | (0) | - | 94,895 |
Accrued expenses | (0) | 443,532 | 124,709 |
(0) | 443,532 | 239,604 |
FORTIS GLOBAL INSURANCE PLC FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 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 | - | - |
Amortised During the year (Note 31) | (16,000) | - | - |
At 30 September | - | - | - |
18.6 Preference dividend payable | 175000 | 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 September2011. 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 September2011 in accordance with the resolution passed at the 15th Annual General Meeting of 16th December 2011. The amount of N175 million is the balance of pre conversion dividend yet unpaid as at 30 September 2025 reporting date.
18.7 Amount due to other beneficiaries Staff fines and penalties | N'000 4,828 | N'000 - | N'000 4,828 |
Staff group life payable | 151 | - | 151 |
Other creditors | 11,296 | - | 11,296 |
16,275 | - | 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 September | 0 | 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.
19 | Borrowings | N'000 | N'000 | N'000 |
Daewoo Secuirities Bond (Note 19.1) | 6,786,503 | 6,511,437 | 6,170,964 | |
Cowry Asset Management Limited (Note 19.2) | 1,526 | 1,526 | 1,526 | |
6,788,029 | 6,512,963 | 6,172,490 |
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 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 bee n outstanding.
Daewoo Securities requested the full redemption of the bond in 2011, after which the Company negotiated with it and a repayme nt 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 September 2025 is JPY657,775,000 (2024 December:JPY630,959,000), principal and interest inclusive.
Further details of transactions during the year are:
Principal
Interest
Total
2025
2024
JPY'000
JPY'000
JPY'000
N'000
N'000
At 1 January
398,203
232,756
630,959
6,170,964
3,841,795
Interest accrued during the year
-
20,112
20,112
201,915
251,574
Foreign exchange difference
-
-
-
138,559
2,077,594
At 30 September
398,203 252,868 651,071 6,511,437 6,170,964
Current maturities
JPY'000 JPY'000
Interest
252,868 232,756
Principal
398,203 398,203
Total current maturities
651,071
630,959
Non-current principal maturity - -
651,071 630,959
The balance of the Daewoo bond as of 30 September 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 ₦10.0396/JPY as at 30 September 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 September 1,526 1,526 1,526
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2025 NOTES TO THE FINANCIAL STATEMENTS (continued)
21 Current income tax liabilities Per Statement of Comprehensive income | (155,033) | ||
Company income tax | - | 71 | - |
Education tax | - | - | - |
Deferred tax | (155,033) | - | - |
71 | - | ||
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) | 71 | - |
Education tax | - | - | |
Payments during the year: Company income tax | - | (71) | - |
Education tax | - | - | |
At 30 September | 111,787 | 316,820 | 316,820 |
22 Deferred tax liabilities At 1 January | 61,909 | 61,909 | 61,909 |
Charged for the year | - | (595) | - |
Tax on gain/(loss) on revaluation of property, plant and equipment | - | - | - |
At 30 September | 61,909 | 61,314 | 61,909 |
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 September | 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 September | 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 September | 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) | 3,572 | 1,513 | ||
At 30 September | 1,797,445 | 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 SEPTEMBER 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) | (24,224,704) | (19,621,092) | |
Gain/(Loss) for the year | 361,743 | (1,477,124) | (2,707,456) | |
Appropriation to contingency reserves (Note 26) Effect of restatement of liability by IFRS 17 | - | 3,572 | - (1,896,155) | |
At 30 September | (19,362,814) | (25,698,256) | (24,224,704) | |
28 Revaluation Reserves At 1 January | 48,291 | 7,688,224 | 48,291 | |
Revaluation gain/(loss) charged to other comprehensive income | 300,000 | 7,639,933 | ||
Revaluation surplus reversed during the year | - | - | - | |
At 30 September | 348,291 | 7,688,224 | 7,688,224 | |
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 | 240,827 | - | |
At 30 September | 15,930 | 246,137 | 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 | 119,074 | - | |
Group life | 500,000 | - | - | |
Individual life | 3,100,000 | - | - | |
Annuity | 500,000 | - | - | |
10,400,000 | 119,074 | - | ||
Movement in unexpired risks (Note 16.1.2) | (2,833,333) | - | - | |
7,566,667 | 119,074 | - |
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2025
NOTES TO THE FINANCIAL STATEMENTS (continued)
BUDGET FOR
31 | Commission income | 2025 N'000 | 2025 N'000 | 2024 N'000 |
Bond | 2,500 | - | - | |
Engineering | 30,000 | - | - | |
Fire | 30,000 | - | - | |
General accident | 2,800 | - | - | |
Oil and gas | 36,000 | - | - | |
Aviation | 24,000 | - | - | |
Marine | 32,400 | - | - | |
125,300 | - | - | ||
141,300 | - | - | ||
32 | Claims expenses Claims paid | (727,597) | (387,194) | (76,492) |
Change in outstanding claims (Note 15.2.1) | (1,029,266) | (168,198) | 270,846 | |
Change in claims incurred but not reported (Note 15.3.1) | 68,000 | 0 | (290,051) | |
Claims expenses recovered from reinsurers (Note 32(a)) | (1,688,862) - | (555,393) - | (95,697) - | |
(1,688,862) | (555,393) | (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 | 2,575 | - | |
Bond | 100,000 | 2,347 | - | |
Engineering | 200,000 | - | - | |
Fire | 200,000 | 1,128 | - | |
General accident | 130,000 | 736 | - | |
Marine | 130,000 | 5,821 | - | |
Motor | 120,000 | 1,822 | - | |
Oil and Gas | 43,750 | 2,347 | - | |
Life | 58,000 | - | - | |
1,141,750 | 16,776 | - | ||
Other acquisition costs | 203,000 | 1,822 | - | |
1,344,750 | 18,598 | - | ||
33a Commission paid analysis Acqusition costs (Note 33) | (1,141,750) | 18,598 | - | |
Changes in commission payable (Note 18) | (15,043) | - | - | |
Per statement of cash flows | (1,156,793) | 18,598 | - | |
34(a) | Investment income | |||
Interest on deposits | 576,272 | 326,596 | 37,561.69 | |
Other income | 468,493 | 120,441 | - | |
Rental income | 60,000 | 80,538 | - | |
Dividend received | 55,529 | 37,019 | ||
1,160,294 | 527,574 | 74,581 | ||
THE YR ENDING
FORTIS GLOBAL INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2025 NOTES TO THE FINANCIAL STATEMENTS (continued
BUDGET | ||||
2025 | 2025 | 2024 | ||
34(b) | Other income | N'000 | N'000 | N'000 |
Gain on sale of property, plant and equipment | 8,000 | 4,485 | - | |
Other inflows | - | 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 | 176,771 | - | |
Other staff costs | 28,154 | 6,696 | - | |
Directors' fee and allowances | 75,000 | 1,750 | - | |
Insurance expenses | 568 | 1,453 | - | |
Rent and rates | - | 1,767 | ||
Repairs and maintenance | 2,000 | 18,290 | ||
Depreciation | 102,725 | 12,193 | 12,194 | |
Amortisation | 49,125 | 42,348 | ||
Legal and professional fees | 68,000 | 37,200 | ||
Bank charges | 200 | 65,094 | ||
Printing and stationery | 1,200 | 3,024 | ||
Advertising and promotion expenses | 20,000 | 7,644 | ||
Books and periodicals | - | |||
Telephone and postages | 12,975 | 4,332 | ||
Other administrative expenses | 68,000 | 24,460 | ||
Supervisory levies | 100,942 | 110,950 | ||
Other professional cost | 12,000 | 111,200 | - | |
Staff training and development | 2,710 | - | ||
Audit fee | 8,000 | - | ||
Corporate and public relation expenses | 10,000 | 1,355 | - | |
Travelling, outstation and hotel expenses | 6,940 | 15,383 | - | |
942,250 | 644,620 | 12,194 | ||
Less: Tax on impairment loss | - | - | - | |
- | - | - | ||
36(e) | Allowance for impairment on Treasury bill | |||
Allowance for impairment loss (reinsurance assets) | - | 368,242 | ||
Less: Tax on impairment loss | - | - | ||
- | - | 368,242 |
FORTIS GLOBAL INSURANCE PLC
BUDGET | |||
37 Finance charges | 2025 N'000 | 2025 N'000 | 2024 N'000 |
Interest expenses on loan | 1,440,000 | 1,073,096 | 251,574 |
Interest on Daewoo bond | - | 201,915 | - |
1,440,000 | 1,275,010 | 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 September | 8,406 | 8,406 | 8,406 |
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 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 | 42,348 | - | |
Auditors' remuneration | 8,000 | - | - | |
Director's remuneration | 75,000 | 1,750 | - | |
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 10,400,000 119,074 - | ||||
10,402,275 | 121,349 | 2,275 | ||
Premium due from policyholders at 31 December | 0 | - | ||
Premium receipts in the year | 10,402,275 | 121,349 | 2,275 | |
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 | (1,477,124) | (2,707,456) |
Number of shares ('000) | 12,911,030 | 12,911,030 | 12,911,030 |
Basic loss per share (Naira) | 3 | (11.44) | (20.97) |
FORTIS GLOBAL INSURANCE PLC
AS AT SEPTEMBER 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 1,998,371 4,855,758.66 Financial Assets:
Reinsurance assets - | ||||||||
1,998,371.84 2,898,330 11,750,832 | ||||||||
145,020.87 17,765.50 64,128.71 | - 435,063 53,297 192,386 | |||||||
TOTAL ASSETS LIABILITIES Insurance Contract liabilities Investment Contract liabilities TOTAL LIABILITIES | 2,452,201 | 4,855,759 | - | 2,225,287 | - | 2,898,330 | - | 12,431,577 |
4,855,759 - | - - 2,898,330 | 4,855,759 2,898,330 | ||||||
- | 4,855,759 | - | - | 2,898,330 | - | - | 7,754,089 | |
Surplus/(Defict) | 2,452,201 | - - | 2,225,287 | (2,898,330) | 2,898,330 - | 4,677,488 | ||
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH EPTEMBER 2025 HYPOTHECATION
Page 1
STANDARD ALLIANCE INSURANCE PLC
FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2025 OTHER NOTES TO THE FINANCIAL STATEMENTS
51.3 Revenue account
Non Life Business
Life Business
Aviation | Bonds Engineering | Fire | General Accident | Marine | Motor Accident | Oil & Gas | Individual Group Life life | Annuity | Investment Contract | 2025 | 2024 | |||||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |||
Gross Premium written | 4337.2058 | 20,307 | 5,402 | 6,534 | 1,933 | 25,810 | 25,641 | 29,109 | - | - | 119,074 | (1,211,244) | ||||
Movements in unexpired risks | (2,005) | (11,910) | (2,725) | (477) | (15,297) | (11,649) | (2,552) | - | - | (46,615) | 609,545 | |||||
Movement in individual life | - | - | - | - | - | - | - | - | - | - | - | - | - | |||
Movement in annuity | - | - | - | - | - | - | - | - | - | - | - | - | - | |||
Gross premium income | 2,332 | 8,397 | 5,402 | 3,810 | 1,455 | 10,513 | 13,991 | 26,557 | - | - | - | - | 72,459 | (601,699) | ||
Reinsurance expenses: Charged for the year | - | - | 5,541 | 5,541 | - | 11,081 | (4,804,580) | |||||||||
Changes in reinsurer's share | ||||||||||||||||
of UPR | - | - | - | - | - | 10,502 | ||||||||||
- | - | - | - | - | 5,541 | 5,541 | - | - | - | - | 11,081 | (4,794,078) | ||||
Net premium written | 2,332 | 8,397 | 5,402 | 3,810 | 1,455 | 4,973 | 8,451 | 26,558 | - | - | - | 61,378 | 4,192,379 | |||
Commission received | - | - | - | - | - | 86,479 | ||||||||||
Underwriting income | 2,332 | 8,397 | 5,402 | 3,810 | 1,455 | 4,973 | 8,451 | 26,558 | - | - | - | - | 61,378 | 4,278,858 | ||
Claim expenses Claims paid | 1,822 | 5,558 | 49,982 | 329,832 | 1650 | 387,194 | (276,423) | |||||||||
Movement in outstanding | ||||||||||||||||
claims | - | - | - | - | - | - | 211,758 | |||||||||
Movement in IBNR | - | - | - | - | - | (1,066,119) | ||||||||||
Claim expenses recovered | - | - | - | - | 1,822 | - | 5,558 | - | - | 49,982 | 329,832 | 1,650 | 387,194 | (1,130,783) | ||
from reinsurers | - | - | - | - | - | - | - | - | - | - | - | - | 1 | |||
- | - | - | - | 1,822 | - | 5,558 | - | - | 49,982 | 329,832 | 1,650 | 387,195 | (1,130,782) | |||
Underwriting expenses | ||||||||||||||||
Acquisition costs | 2,575 | 2,347 | 1,128 | 736 | 5,821 | 1,822 | 2,347 | - | - | - | 16,776 | (4,040,102) | ||||
Maintenance costs | - | - | - | - | - | 347 | ||||||||||
Total underwriting expenses | 2,575 | 2,347 | - | 1,128 | 736 | 5,821 | 1,822 | 2,347 | - | - | - | - | 16,776 | (4,039,755) | ||
Total expenses | 2,575 | 2,347 | - | 1,128 | 2,558 | 5,821 | 7,380 | 2,347 | - | 49,982 | 329,832 | 1,650 | 403,970 | (5,170,537) | ||
Underwriting (loss)/profit | (243) | 6,050 | 5,402 | 2,682 | (1,103) | (848) | 1,071 | 24,211 | - | (49,982) | (329,832) | (1,650) | (342,592) | 9,449,395 | ||
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