Year end - financial statement for 2023

FINANCIAL STATEMENTS

FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2023

1

- RC: 40590

Mr. Johnson Chukwu Mr. Tayo Awodiya Mr. Oduniyi Odusi

Alh. Uwais Haruna Mohammed Chief Uzoma Igbonwa

Akin Iroko Nathaniel Ibitowa Rohan Fernando Musa Lawan Paulinus Offorzor Michael Owope Olutayo Amore

• Bar. Halima Jimada

• Plot 1 Block 94, Providence Street Lekki Scheme 1, Lekki

  Lagos.

  Chairman

  Chief Executive Officer Executive Director Independent Non-Executive Director

  Non-Executive Director

  Chairman

  Non-Executive Director Non-Executive Director Non-Executive Director Managing Director/CEO Chief Financial Officer ED - Technical

  Resigned 16 August 2024

  Resigned 16 August 2024

  Resigned 16 August 2024

  Resigned 16 August 2024

  Resigned 16 August 2024

  Appointed 23 September 2024

  Appointed 23 September 2024

  Appointed 23 September 2024

  Appointed 23 September 2024

  Appointed 23 September 2024

  Appointed 23 September 2024

  Appointed 30 October 2024

  Registrar Bankers Reinsurers Reinsurance Broker Auditor Actuary

  CUSTODIAN FOR ANNUITY FUND

• First Registrars and Investor Services Limited Plot 2, Abebe Village Road, Iganmu

  Lagos.

• Access Bank Plc Ecobank Plc Fidelity Bank Plc

  First City Monument Bank Limited First Bank of Nigeria Limited Guaranty Trust Bank Plc

  Heritage Bank Limited Keystone Bank Limited Polaris Bank Limited Sterling Bank Plc Union Bank Plc

  United Bank for Africa Plc Unity Bank Plc

  Wema Bank Plc Zenith Bank Plc

• African Reinsurance Corporation Waica Reinsurance Corporation Plc Nigeria Reinsurance Corporation Zep Reinsurance Corporation

  Nouvell Compagnie Africaine De Reassurance Aveni Reinsurance Company Ltd

• Standard Insurance Brokers Limited

• Muhtari Dangana & Co (Chartered Accountants) Maanah Plaza

  19, Araromi Street, Onikan - Lagos.

• Becoda Consulting Limited

No 7, Ibiyinka Olorunimbe Close Victoria Island, Lagos

- FRC/2015/PRO/NAS/004/00000012946

2

Insurance revenue 457,421 523,845 (13)

3

In accordance with the provisions of the Companies and Allied Matters Act, 2020, the Insurance Act CAP I17, LFN, 2004 and National Insurance Commission's prudential guidelines 2015, the Directors are responsible for the preparation of financial statements which give a true and fair view of the state of affairs of the Company and the profit or loss and other comprehensive income for the financial year.

The Directors responsibilities include ensuring that the Company:

1. implement appropriate internal controls to secure the assets of the Company, prevent and detect fraud and other financial irregularities

2. keeps accounting records which disclose with reasonable accuracy the financial position of the Company and which ensure that the financial statements comply with the requirements of the Companies and Allied Matters Act 2020, Insurance Act CAP I17, LFN 2004, and NAICOM Prudential Guidelines and Circulars.

3. has used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgments and estimates, and that all applicable accounting standards have been followed.

   The Directors accept responsibility for maintaining adequate accounting records as required by:

   1. International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board

   2. Companies and Allied Matters Act, 2020;

   3. Insurance Act, CAP I17, LFN 2004;

   4. NAICOM Prudential Guidelines and circulars.

The Directors are of the opinion that the financial statements give a true and fair view of the state of affairs of the Company and of the profit or loss for the year. The Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of internal control.

Nothing has come to the attention of the Directors to indicate that the Company will not remain a going concern for at least 12 (twelve) months from the date of approval of the financial statements.

Mr. Michael Owope

FRC/2018/PRO/ICAN/001/00000017730

Mr. Paulinus Offorzor

FRC/2013/PRO/CIIN/002/00000003287

Mr. Akin Iroko

FRC/2024/PRO/DIR/003/358339

The Directors have the pleasure of presenting their annual report and the audited financial statements of Standard Alliance Insurance Plc to the Shareholders along with the auditor's report for the FIRST QUARTER ENDED 31 DECEMBER 2021. The Company's financial statements were prepared in compliance with the International Financial Reporting Standards (IFRS).

The Company's principal activity is the provision of non-life and life underwriting and special risk underwriting. Such services include provision of general insurance and life assurance services to both individual and corporate customers.

The below is the summary of the Company's operating results:

Mr. Johnson Chukwu Mr. Tayo Awodiya Mr. Oduniyi Odusi

Alh. Uwais Haruna Mohammed Chief Uzoma Igbonwa

Akin Iroko

Nathaniel Ibitowa Rohan Fernando Musa Lawan Paulinus Offorzor Michael Owope Olutayo Amore

• Chairman

• Chief Executive Officer

• Executive Director

• Independent Non-Executive Director

• Non-Executive Director

  -​

  Chairman

  -​

• Non-Executive Director (Nigerian)

• Non-Executive Director (Sri Lankan)

• Non-Executive Director (Nigerian)

• Managing Director/CEO (Nigerian)

• Chief Financial Officer (Nigerian)

• Executive Director-Technical (Nigerian)

Resigned 20 August 2024

Resigned 30 August 2024

Resigned 28 June 2024

Resigned 16 August 2024

Resigned 30 SEPTEMBER

Appointed 23 September 2024

Appointed 23 September 2024

Appointed 23 September 2024

Appointed 23 September 2024

Appointed 23 September 2024

Appointed 23 September 2024

Appointed 30 October 2024

The Directors' direct interests in the issued share capital of the Company as recorded in the Register of members as at 30 SEPTEMBER2023 are as follows:

Standard Alliance Investments Limited

2,557,636,144 19.81

2,557,636,144

19.81

Standard Alliance Capital Limited 250,250,000 1.94

250,250,000

1.94

In accordance with Section 277 of the Companies and Allied Matters Act 2020, none of the Directors notified the Company of any declarable interest in contracts involving the Company during the year under review.

Information relating to changes in tangible assets is given in Note 14 to the financial statements. The Directors are of the opinion that the market value of the Company's assets is not lower than the values shown in the financial statements.

1. Share range analysis

   Range of shares

   Number of % Shareholders Total Share Units % Total

   1	- 1,000	15,126	21.49	14,492,143	0.11
   1,001	- 5,000	27,647	39.27	86,388,122	0.67
   5,001	- 10,000	11,711	16.63	103,565,160	0.80
   10,001	- 50,000	11,831	16.81	282,768,978	2.19
   50,001	- 100,000	2,029	2.88	165,648,519	1.28
   100,001	- 500,000	1,534	2.18	340,954,565	2.64
   500,001	- 1,000,000	240	0.34	198,713,693	1.54
   1,000,001	- 5,000,000	165	0.23	363,668,833	2.82
   5,000,001	- 10,000,000	45	0.06	335,668,609	2.60
   10,000,001	- 50,000,000	40	0.06	853,979,957	6.61
   50,000,001	and above	33	0.05	10,165,182,007	78.73
   Total		70,401	100	12,911,030,586	100

   6

   FINANCIAL STATEMENTS FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2023 REPORT OF THE DIRECTORS (continued)
2. Substantial interests in shares

Apart from Gemrock Management Company Limited, Standard Alliance Investments Limited and FCMB Plc which hold 2,594,060,738 units (20.09%), 2,557,636,144 units (19.81%) and 700,000,000 units (5.42%) respectively, no other shareholder held more than 5% of the issued share capital of the Company as at 30 SEPTEMBER2022.

The Company makes donations to charitable and non-profit organisations in appreciation of the society's contributions toward's the Company's progress.

During the year, no donation was made (December 2022: Nil) was given out as donations and charitable contributions.

1. Employment of disabled persons

   The Company operates a non-discriminatory policy in the consideration of applications for employment, including those received from disabled persons. The Company's policy is that the most qualified and experienced persons are recruited for appropriate job levels irrespective of applicants state of origin, enthnicity, religion or physical condition. In the event that any employee becomes disabled in the course of employment, the Company is in a position to arrange appropriate training to ensure continuous employment of such person without being subjected to any disadvantage in his/her career development.

2. Health, safety and welfare of Employees

   The Company's business premises are designed with a view to guaranteeing the safety and healthy living conditions of its employees and customers alike. Health, safety and fire drills are regularly organised to keep employees alert at all times. Employees are adequately insured against occupational hazzards. In addition, the Company provides medical facilities to its employees and their immediate families at its expense.

3. Employee involvement and training

The Company encourages participation of employees in arriving at decisions in respect of matters affecting their well being. Towards this end, the Company provides opportunities for employees to deliberate on issues affecting the Company and employees' interests, with a view to making inputs to decisions thereon. The Company places a high premium on the development of its manpower. Consequently, the Company sponsored its employees for various training courses both in Nigeria and abroad in the year under review.

Muhtari Danagana & Co (Chartered Accountants) were appointed as statutory auditor of the Company in 2023 and have indicated their willingness to continue in office in accordance with the Companies and Allied Matters Act, 2020.

A resolution will be proposed at the Annual General Meeting to authorize the directors to fix their remuneration.

7

We the undersigned hereby certify the following with regards to our audited report for the FOURTH QUARTER ENDED 31 DECEMBER 2023 that:

1. We have reviewed the report;

2. To the best of our knowledge, the report does not contain:

   1. Any untrue statement of a material fact, or

   2. Omit to state a material fact, which would make the statements, misleading in the light of circumstances under which such statements were made;

3. To the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operations of the company as of, and for the periods presented in the report;

4. We:

   1. are responsible for establishing and maintaining internal controls;

   2. have designed such internal controls to ensure that material information relating to the Company is made known to such officers by others within the entity particularly during the period in which the periodic reports are being prepared;

   3. have evaluated the effectiveness of the Company's internal controls as of date within 90 days prior to the report;

   4. have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;

5. We have disclosed to the Auditors of the Company and Audit Committee:

   1. all significant deficiencies in the design or operations of internal controls which would adversely affect the Company's ability to record, process, summarize and report financial data;

   2. any fraud, whether or not material, that involves management or other employees who have significant roles in the Company's internal controls;

6. We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

In accordance with the provisions of Section 404 (7) of the Companies and Allied Matters Act 2020, we the Members of the Audit Committee of Standard Alliance Insurance Plc having carried out our statutory functions under the Act, hereby report as follows:

• We have reviewed the scope and planning of the audit for the FIRST QUARTER ENDED 30 SEPTEMBER, 2023

  and we confirm that they were adequate.

• The Company's reporting and accounting policies as well as internal control systems conform to legal requirements and agreed ethical practices.

• We are satisfied with the departmental responses to the External Auditors' findings on management matters for the FIRST QUARTER ENDED 30 SEPTEMBER, 2023.

Finally, we acknowledge and appreciate the cooperation of Management and Staff in the conduct of these duties.

Members of the Audit Committee

Nathaniel Ibitowa Musa Lawan Rohan Fernando Erinfolami Gafar

Matthew Esonanjor (SAN Bar. Halima Jimada

• Chairman

• Member

• Member

• Member

• Member

Secretary

Appointed October 9, 2024

Appointed October 9, 2024

Appointed October 9, 2024

Appointed October 9, 2024

Appointed October 9, 2024

Appointed October 9, 2024

Standard Alliance Insurance Plc is a Company incorporated and domiciled in Nigeria. The address of the Company's registered office is Plot 1, Block 94, Providence Street, Lekki Scheme 1, Lekki - Epe Express way, Lekki, Lagos. The Company underwrites life and non-life insurance risks. The Company is listed on the Nigerian Stock Exchange.

The Company primarily operates in the insurance sector.

Standard Alliance Insurance Plc has over the years built an enviable reputation and has consistently adopted, implemented and applied international best practices in corporate governance, service delivery and value creation for all its stakeholders.

The Company's corporate governance principles are embodied in its Code of Corporate Governance, which represents the core values upon which the Company was founded. The code of Corporate Governance is designed to ensure that the Company's business is conducted in a fair, honest and transparent manner that conforms to high ethical standards. For the entity, good corporate governance goes beyond just adhering to rules and policies of the Regulators; it is about consistently creating excellent value for our stakeholders using the best possible principles within a sustainable and enduring system.

In order to remain a pace setter in the area of good corporate governance practice, the Company's corporate governance practices are constantly under review in line with the dynamics of the business environment and guidelines of the regulatory bodies.

The Company is committed to high standards of corporate governance. Corporate governance practice in the Company is drawn from various applicable codes of corporate governance issued by National Insurance Commission (NAICOM) and Securities and Exchange Commission (SEC). This ensures compliance with regulatory requirement as well as the core value which the Company upholds.

The provision of the codes is geared towards ensuring transparency and accountability of the Board and Management to shareholders of the Company.

The newly reconstituted Board of Directors is made up of seven (7) members; the Chairman, three (3) Non-Exectuve Directors and three (3) Executive Directors.

All the Directors bring various and varied competencies to bear on all Board deliberations. The Directors individually have attained the highest pinnacle of their chosen professions. The Board meets quarterly and is responsible for effective control and monitoring of the Company's strategy.

The ultimate responsibility for the governance of the Company resides with the Board of Directors, which is accountable to the shareholders for creating and delivering sustainable value through the management of the Company's business. The Board is also responsible for the management of the Company's relationship with its various stakeholders. The day to day running of the Company is delegated to the Chief Executive Officer by the Board of Directors assisted by the Management Committees.

The responsibilities of the Board of Directors include:

1. Review corporate strategy, major plans of actions, risk policies, business plans, setting performance objectives, monitoring implementation and corporate performance and overseeing major capital expenditures and acquisitions

2. Select, compensate, monitor and when necessary, replace key executives and oversee succession planning.

3. Monitor the effectiveness of the governance practices under which it operates and make changes as may be necessary.

4. Ensure the integrity of the Company's accounting and financial reporting systems, including the independent audit and that appropriate systems of control are in place, in particular, systems for monitoring risk, financial control and compliance with the law.

5. Monitor and manage potential conflicts of interest of management, board members and shareholders, including misuse of corporate assets and abuse in related party transactions.

6. Supervise and monitor the execution of policies and providing direction for the management.

7. Monitor potential risks within the company including recognising and encouraging honest whistle blowing.

8. Oversee the process of disclosure and communication in the company.

The roles of Chairman and Chief Executive are separate and no one individual combines the two positions. The Chairman's main responsibility is to lead and manage the Board to ensure that it operates effectively and fully discharges its legal and regulatory responsibilities. The Chairman is responsible for ensuring that Directors receive accurate, timely and clear information to enable the Board take informed decisions, monitor effectively and provide advice to promote the success of the Company. The Chairman also facilitates the contributions of Directors and promotes effective relationships and open communications between Executive and non-Executive Directors, both inside and outside the Boardroom.

The Board has delegated the responsibility for the day-to-day management of the Company to the Chief Executive Officer, who is supported by Executive Management. The Chief Executive Officer executes the powers delegated to him in accordance with guidelines approved by the Board of Directors. Executive management is accountable to the Board for the development and implementation of strategies and policies. The Board regularly reviews Company performance, matters of strategic concern and any other matters it regards as material.

The Board carries out some of its responsibilities through the Board sub-committees whose terms of reference set out clearly their roles, responsibilities, scope of authority and procedures for reporting to the Board. Each committee is chaired by a non-Executive Director in compliance with principles of good corporate governance and the Audit Committee is chaired by a non- executive director. These committees report to the Board of Directors on their activities and decisions, which are ratified by the full Board. The Committees are as follows:

1. The Finance, Strategy and General purposes Committee

   This is a standing Committee of the Board with the responsibility to review the Company investment portifolio. The terms of reference of the Committee includes:

   • Review of existing investments;

   • Review of investment strategies;

   • Review of company's investments by way of equities;

   • Review of Budgets.

   • Review and make recommendations on procedural manuals/policies;

   • Make recommendation on recruitment/termination of General Managers and above to the Board;

   • Strategy formulation;

   • Review of Human Capital Management Operations

   • Review of Marketing activities

     The Committee had the following members during the year under review:

     The Committee did not hold any meeting during the year under review because the Board of Directors were not sufficient in number.

2. The Enterprise Risk Management and Governance Committee

   The terms of reference of this Committee includes the following:

   • Establish criteria for Board and Board Committee memberships, review candidate's qualifications and any potential conflict of interest, assess the contribution of current directors in connection with their re-appointment and make recommendations to the Board;

   • Prepare job specification for the Chairman's position, including assessment of time commitment required of the candidate;

   • Periodic evaluation of skills, knowledge and experience required on the Board;

   • Make recommendations on experience required by the Board Committee members, Committee appointments and removal, operating structure, reporting and other Committee operational matters;

   • Make recommendations on compensation structure for Executive Directors;

   • Provide input to the annual report of the Company in respect of Director's compensation;

   • Ensure Succession Policy and Plan, subsists for positions of Chairman, CEO/MD, Executive Directors and subsidiary MDs;

   • Ensure Board conducts Board Evaluation on annual basis;

   • Review performance and effectiveness of the subsidiary's Board on annual basis;

   • Review and make recommendations to Board for approval of the Company's organizational structure and any proposed amendments;

   • Review of performance bonuses;

   • Review of Staff Remuneration package.

   • Review and approval of the Company's Enterprise Risk Management policy including risk appetite and risk strategy;

   • Review the adequacy and effectiveness of risk management and controls;

   • Oversight of management's process for the identification of significant risks across the Company and the adequacy of prevention, detection and reporting mechanisms;

   • Review of the Company's compliance level with applicable laws and regulatory requirements which may impact the Company's risk profile;

   • Periodic review of changes in the economic and business environment, including emerging trends and other factors relevant to the Company's risk profile;

   • Review and recommend for approval of the Board risk management procedures and controls for new products and services.

     The Committee did not hold any meeting during the year under review because the Board of Directors were not sufficient in number.

3. The Audit and Compliance Committee

   The Audit and Compliance Committee is made up of 6 (six) members, three representatives each of Shareholders and Directors. Its members are elected at the Annual General Meeting.

   In addition to its responsibility to review the scope, independence and objectivity of the audit, the Committee carries out all such matters as are referred to it by the Companies and Allied Matters Act, 2020. These functions include to:

   • Meet at least thrice yearly and once with the External Auditors;

   • Review Whistle blowing policy;

   • Periodic Evaluation of the Committee's performance;

   • Carrying out internal control checks on all company activities;

   • Make recommendations to the Board on sanctions in areas of default where necessary;

   • Receive and review integrity of data of the audited financial statements of the company;

   • Make recommendation on appointment and remuneration of external auditors;

   • Review and make recommendations based on Management letters issued by external auditors;

   • Monitor the quality of internal control procedures and compliance with regulatory policies.

The Committee had the following members during the year under review:

Nathaniel Ibitowa Musa Lawan Rohan Fernando Erinfolami Gafar

Matthew Esonanjor (SAN) Bar. Halima Jimada

• Chairman

• Member

• Member

• Member

• Member Secretary

This Committee was recently reconstituted after new core investors came on board. The previous Audit Committee of the former management did not hold any meeting in the year under review.

It is the responsibility of the Board of Directors to ensure that all the records are accurate and correctly reflect the financial position of the Company. The Board is mindful of the fact that as an insurance company, great relevance is placed by policy holders and potential investors on the accuracy of information contained in its financial statements.

In order to ensure the accuracy of its records, the Board sets standards that the Quality Assurance department implements system of internal control comprising policies, standards and procedures to ensure that the safety of assets and reduction of the risk of loss, error, fraud and other irregularities. Both the Quality Assurance (Internal Auditors) and the External Auditors independently appraise the adequacy of the internal controls.

Muhtari Dangana & Co (Chartered Acountants) acted as external auditors to the Company for the 2023 financial year. Their report for the year under review is contained on pages 20 - 23 of these financial statements.

Support Committees

1. Executive Management Committee

   The Committee is responsible for strategic marketing activities, review of investment portfolio and approval of new products and branches. The members of the committee are:

   1. Chief Executive Officer

   2. Executive Director

   3. Chief Finance Officer

   4. Company Secretary

2. Senior Management Committee

   The Committee is responsible for strategic initiatives on business generation and membership includes:

   1. Chief Executive Officer

   2. Executive Directors

   3. All Divisional Heads

   4. Head, Technical

   5. Head, Corporate Services

   6. Chief Finance Officer

   7. Head, Internal Control/Quality Assurance

   8. Head, Information Technology (IT)

3. Weekly Activity Review Committee

   This Committee meets weekly to review business development activities of the entire Company. The Committee consists of:

   1. Chief Executive Officer

   2. All Divisional Heads

   3. Head, Technical

   4. Head, Information Technology

   5. Head, Corporate Services

   6. Head, Internal Audit/Quality Assurance

   7. Chief Finance Officer

   8. Head, Enterprise Risk Management

   9. All marketing staff

4. Management Committee

This Committee meets every month to review the Company's performance. The meetings are usually held first Friday and Saturday following the end of each month.The Committee consists of:

1. Chief Executive Officer

2. Executive Director

3. All Divisional Heads

4. All Regional Heads

5. All Branch Managers

6. Head, Technical

7. Head, Information Technology

8. Chief Finance Officer

9. Head, Corporate Services

10. Head, Internal Audit/Quality Assurance

11. Head, Enterprise Risk Management

The following are the material accounting policies adopted by the Company in the preparation of its financial statements. These policies have been consistently applied to all year's presentations.

1 The reporting entity

The Company was incorporated in OCTOBER 1981 as a Private Limited Liability Company and commenced full operations in 1982 under the name Jubilee Insurance Company Limited. The name was changed to Standard

Alliance Insurance Company Limited (Standard Alliance) in August 1996.

The Company successfully merged with its subsidiary Company, Standard Alliance Life Assurance Limited on 27 February 2017.

Standard Alliance Insurance became a Public Liability Company (Plc) on 30th May 2002 and was quoted on the Nigerian Stock Exchange in December 2003.

The Company is 100% fully owned by Nigerian citizens and Institutional investors. Its major shareholders are:

Subsequently, on August 19, 2024, the shares that previously belonged to Standard Alliance Investments Limited were sold to a new core investor, Endura Investment Global Limited. The financial statements for the year Ended 31 December 2023, which had been in arrears for one (1) year, were finally approved by the new Board of Directors on 19th September, 2025.

The Company's principal activity continues to be provision of risk underwriting and related financial services to its customers. Such services include provision of general insurance services and life assurance to both corporate and individual customers.

1. Basis of preparation

   1. Statement of compliance with International Financial Reporting Standards (IFRSs)

      The financial statements are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and the interpretations of these standards, issued by the International Financial Reporting Standards Interpretation Committee (IFRIC) and the requirements of the Companies and Allied Matters Act 2020, Financial Reporting Council (Amendment) Act 2023 and the Insurance Act, CAP I17,LFN 2004 and regulatory guidelines as pronounced from time to time by National Insurance Commission (NAICOM).

      The financial statements include the statements of financial position, statements of profit or loss and other comprehensive income, the statements of cash flows, the statement of changes in equity, summary of significant accounting policies and other explanatory information.

      19

   2. Going concern

      The Company's financial statements are prepared on a going concern basis. Even though the parties are aware of material uncertainties that may cast significant doubt upon the Company's ability to continue as a going concern, the Directors are satisfied that the Company has the resources to continue in business for the foresesable future.

      This conclusion of the Directors is on the mitigating procedures taken to inject fresh capital through a recapitalization and business restructuring plan involving major prospective investors.

   4. Basis of measurement

      Historical cost basis was used in the preparation of the financial statements as modified by certain items of:

      Investments at fair value

      Financial assets at fair value through other comprehensive income (FVOCI) that are measured at fair value Investments carried at amortised cost

      Impaired assets at their recoverable amounts

      Insurance contract liabilities at fair value

      Freehold Land and Buildings stated at revalued amount

      Functional and Presentation Currency

      The financial statements are presented in Nigerian Naira (N), which is also the functional currency of the Company and rounded to the nearest thousand (N'000) unless otherwise indicated.

   5. Transactions and balances in foreign currencies

      Transactions denominated in foreign currencies are recorded in Naira at the rate of exchange ruling at the date of each transaction. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is included in the profit and loss account. Monetary assets and liabilities denominated in foreign currencies at the statement of financial position date are translated at that date. Exchange gains arising from the revaluation of monetary assets and liabilities are recognized in the income statement while those on non-monetary items are recognized in other comprehensive income. For non-monetary financial investments, unrealized exchange differences are recorded directly in equity until the asset is disposed or impaired.

   6. Order of presentation

      The Company presents its statement of financial position broadly in order of liquidity. An analysis regarding recovery or settlement within twelve months after the reporting date (current) and more than 12 months after the reporting date (non-current) is presented in the notes.

   7. Regulatory authority and financial reporting

The Group is regulated by the National Insurance Commission of Nigeria (NAICOM) under the National Insurance Act of Nigeria. The Act specifies certain provisions which have impact on financial reporting as follows:

Section 20 (1a) provides that provisions for unexpired risks shall be calculated on a time apportionment basis i of the risks accepted

Section 20 (1b) requires provision for outstanding claims to be credited with an amount equal to the total

estimated amount of all outstanding claims with a further amount representing 10 percent of the estimated

ii figure for outstanding claims in respect of claims incurred but not reported at the end of the year under review;

Sections 21 (1a) and 22 (1b) require maintenance of contingency reserves for general and life businesses iii respectively at specified rates as set out under Note 3.27 to cover fluctuations in securities and variation in

statistical estimates;

DECEMBER 2023

SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

3 Significant management judgements and key sources of estimation uncertainty

In the process of applying the accounting policies adopted by the Company, the directors make certain judgments and estimates that may affect the carrying values of assets and liabilities in the next financial period. Such judgments and estimates are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the current circumstances. The directors evaluate these at each financial reporting date to ensure that they are still reasonable under the prevailing circumstances based on the information available.

The preparation of the Company's financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require material adjustments to the carrying amount of the asset or liability affected in the future. These factors could include:

1. Significant judgements made in applying the Company's accounting policies

   The judgements made by the directors in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the financial statements include:

   • Whether it is probable that future taxable profits will be available against which temporary differences can be utilised; and

   • Whether the Company has the ability to hold financial assets at amortised cost until they mature. If the Company were to sell other than an insignificant amount of such financial asset before maturity, it would be required to classify the entire class as financial assets through other comprehensive income (FVOCI) and measure them at fair value.

2. Key sources of estimation uncertainty

1. Valuation of insurance contract liabilities

   • Critical assumptions are made by the actuaries in determining the present value of actuarial liabilities. These assumptions are set out in accounting policy 5.19 and as embedded in the report. The liability for insurance contracts is either based on current assumptions or on assumptions established at inception of the contract, reflecting the best estimate at the time increased with a margin for risk and adverse deviation. All contracts

     are subject to a liability adequacy test, which reflects management's best current estimate of future cash flows.

   • Estimates are also made as to future investment income arising from the assets backing insurance contracts. These estimates are based on current market returns as well as expectations about future economic and financial developments.

   • Assumptions on future expenses are based on current expense levels, adjusted for expected expense inflation if appropriate.

2. Property, plant and equipment

   Critical estimates are made by the directors in determining the useful lives and residual values of property, plant and equipment.

3. Impairment losses

   Estimates are made in determining the impairment losses on assets. Such estimates include the determination of the recoverable amount of the asset.

4. Income taxes

   The Company is subject to income taxes under the Nigerian Tax Laws. Significant estimates are required in determining the provisions for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. Where the final tax outcomes of these matters are different from the amounts that were initially recorded, such differences will impact the income tax and the deferred tax provisions in the period in which such determinations are made.

5. Critical judgments in applying the entity's accounting policies

In the process of applying the Company's accounting policies, management has made judgements in determining:

1. The classification of financial assets and liabilities

2. Whether assets are impaired.

3. Whether land and buildings meet the criteria to be classified as investment property.

f Changes in Material Accounting Policy - IFRS 17

The Company applied IFRS 17 standards (Insurance Contracts) from 1 OCTOBER2023. This standard has brought significant changes to the accounting for insurance and reinsurance contracts. As a result, we restated certain comparative amounts and presented the statement of financial position as at 1 OCTOBER2022. We consistently applied the accounting policies as set out in all periods presented in these financial statements. The nature and effects of key changes in the Company's accounting policies resulting from its adoption of IFRS 17 is summarized below:

- Recognition, measurement and presentation of insurance contracts: IFRS 17 establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts, reinsurance contracts and investment contracts with discretionary participation features. It introduces a model that measures groups of contracts based on the estimates of the present value of future cash flows that are expected to arise as the Company fulfils the contracts, an explicit risk adjustment for non-financial risk and contractual service margin. Under IFRS 17, insurance revenue in each reporting period represents the changes in the liabilities for remaining coverage that relate to services for which the Company expects to receive consideration and an allocation of premiums that relate to recovering insurance acquisition cash flows. In addition, investment components are no longer included in insurance revenue and insurance service expenses. Insurance finance income and expenses are presented in the profit or loss separately from insurance revenue and insurance service expenses. The Company applies the premium allocation approach (PAA) to simplify the measurement of contracts in the non-life segment. When measuring liabilities for remaining coverage, the PAA is similar to the Company's previous accounting treatment. However, when measuring liabilities for incurred claims, the Company now discounts the future cash flows (unless they are expected to occur in one year or less from the date on which the claims are incurred) and includes an explicit risk adjustment for non-financial risk. Previously, all acquisition costs were recognised and presented as separate assets from the related insurance contracts ('deferred acquisition costs') until those costs were included in profit or loss and OCI. Under IFRS 17, only insurance acquisition cash flows that arise before the recognition of the related insurance

contracts are recognised as separate assets and are tested for recoverability. These assets are presented in the carrying amount of the related portfolio of contracts and are derecognised once the related contracts have been recognized.

The Company applies the general measurement model (GMM) approach to its life segment. The GMM approach measures group of insurance contracts as the sum of the following components, or 'building blocks', for each group of insurance contracts:

1. Fulfilment cash flows, which comprise: - Estimates of expected future cash flows over the life of the contract - An adjustment to reflect the time value of money and the financial risks related to the future cash flows to the extent that the financial risks are not included in the estimates of the future cash flows - A risk adjustment for non-financial risk.

2. Contractual service margin: This represents unearned profit an entity will recognise as it provides service under the insurance contracts in the income and expenses from reinsurance contracts other than insurance finance income and expenses are now presented as a single net amount in profit or loss. Previously, amounts recovered from reinsurers and reinsurance expenses were presented separately.

Transition

On transition date, 1 OCTOBER2023, the Company:

1. Has identified, recognised and measured each group of insurance contracts as if, IFRS 17 had always applied.

2. Derecognised any existing balances that would not exist had IFRS 17 always applied.

3. Recognised any resulting net difference in equity. On transition to IFRS 17, the Company has applied the full retrospective approach unless where it is impracticable. The Company has applied the full retrospective approach on transition to all contracts issued on or after 1 OCTOBER2022.

4. Recognised any resulting net difference in equity.

On transition to IFRS 17, the Company has applied the full retrospective approach on the transition to all contracts issued on or after 1 OCTOBER2022. The Company has used the following procedure to determine the CSM at initial recognition for these contracts:

1. Estimated future cash flows at the date of initial recognition as the amount of the future cash flows at transition date, adjusted by the cash flows that have occurred between the date of initial recognition and the transition date. The cash flows that are known to have occurred include cash flows resulting from contracts that ceased to exist before the transition date.

Discount rates:

1. The Nigerian Actuarial Society published rates were used. Locked in rates for 2021 were used for 2021 data and 2022 rates were used for the 2022 data.

2. Estimated the risk adjustment for non-financial risk at the date of initial recognition by adjusting the risk adjustment at transition date by the expected release of risk in the periods before transition. The expected release of the risk was determined with reference to the release of risk for similar contracts that the Company has issued subsequent to the transition date

The Company has elected to disaggregate insurance finance income or expense between amounts included in profit or loss and amounts included in other comprehensive income and reset the cumulative amount of insurance finance income or expense recognised in other comprehensive income at the transition date to zero.

Fair value approach

The Company has applied the fair value approach on transition for certain groups of term-life contracts as, prior to transition, it grouped contracts from multiple cohorts and years into a single unit for accounting purposes. Obtaining reasonable and supportable information to apply the full retrospective approach was impracticable without undue cost or effort. The Company has determined the CSM of the liability for remaining coverage at the transition date, as the difference between the fair value of the group of insurance contracts and the fulfilment cash flows measured at that date. In determining fair value, the Company has applied the requirements of IFRS 13 Fair Value Measurement, except for the demand deposit floor requirement.

The Company has aggregated contracts issued more than one year apart in determining groups of insurance contracts under the fair value approach at transition as it did not have reasonable and supportable information to aggregate groups into those including only contracts issued within one year. For the application of the fair value approach, the Company has used reasonable and supportable information available at the transition date in order to:

1. Identify groups of insurance contracts.

2. Determine whether any contracts are direct participating insurance contracts.

3. Identify any discretionary cash flows for insurance contracts without direct participation features

   The discount rate for the company of contracts applying the fair value approach was determined at the transition date. Therefore, for the measurement of fulfilment cash flows at the date of transition, the locked-in discount rate is the weighted average of the rates applicable at the date of initial recognition of contracts that joined a group over a 12-month period. The discount rate used for accretion of interest on the CSM is determined using the bottom-up approach at inception.

   The following table and accompanying notes below explain the original measurement categories under IFRS 4 and IAS 39 and the new measurement under IFRS 17 and IFRS 9 as at 1 OCTOBER2022 and 1 OCTOBER2023 respectively.

   IFRS 17 TRANSITION NOTES

   Statement of financial position - 1 OCTOBER2022
   Statement of financial position		2021 IFRS 4	Reclassification	2021 IFRS 17
   	Notes	N'000	N'000	N'000
   Cash and cash equivalents		1,945,556	-	1,945,556
   Financial Assets		616,593	-	616,593
   Investment properties		4,030,067	-	4,030,067
   Reinsurance contract assets	a	368,242	(368,242)	-
   Investment in subsidiaries		-	-	-
   Deferred acquisition cost		-	-	-
   Intangible Assets		-	-	-
   Property and equipment		50,233	-	50,233
   Other receivables		144,570	-	144,570
   Trade Receivables		8,075	-	8,075
   Statutory deposit		535,000	-	535,000
   Deferred tax assets		-	-	-
   Total assets		7,698,337	(368,242)	7,330,095
   			-
   Current tax liabilities		273,736	-	273,736
   Investment contract liabilities	b	2,453,974	(5,259)	2,448,716
   Insurance contract liabilities	c	5,167,797	150,499	5,318,297
   Reinsurance contract liabilities		-	-	-
   Other payables		850,919	-	850,919
   Deferred commission income		-	-	-
   Trade Payables		44,205	-	44,205
   Borrowings		1,994,015	-	1,994,015
   Deferred tax liabilities		61,909	-	61,909
   Total liabilities		10,846,556	145,240	10,991,796
   Share capital		6,455,515	-	6,455,515
   Share Premium		7,484,955	-	7,484,955
   Contingency Reserve		1,768,801	-	1,768,801
   Revaluation reserve		48,292	-	48,292
   Retained earnings	d	(18,925,882)	(513,482)	(19,439,364)
   Other comprehensive income		21,245	-	21,245
   Treasury shares Other reserves		(1,145) -	- -	(1,145) -
   Total equity		(3,148,219)	(513,482)	(3,661,701)
   Total liabilities and equity		7,698,337	(368,242)	7,330,095

   Statement of financial position - 30 SEPTEMBER2022
   	2022		2022
   Statement of financial position	IFRS 4	Reclassification	IFRS 17
   Notes	N'000	N'000	N'000
   Cash and cash equivalents	695,776	-	695,776
   Financial Assets	843,642	-	843,642
   Investment properties	4,030,067	-	4,030,067
   Reinsurance contract assets	-	-	-
   Investment in subsidiaries	-	-	-
   Deferred acquisition cost	-	-	-
   Intangible Assets	-	-	-
   Property and equipment	35,663	-	35,663
   Other receivables	167,317	-	167,317
   Trade Receivables	8,849	-	8,849
   Statutory deposit	535,000	-	535,000
   Deferred tax assets	-	-	-
   Total assets	6,316,314	-	6,316,314
   		-
   Current tax liabilities	273,736	-	2,737,360
   Investment contract liabilities	2,576,985	5,834	2,571,151
   Insurance contract liabilities	5,331,350	104,402	5,226,948
   Reinsurance contract liabilities	-	-	-
   Other payables	502,513	-	502,513
   Deferred commission income	-	-	-
   Trade Payables	442,050	-	442,050
   Borrowings	1,976,233	-	1,976,233
   Deferred tax liabilities	61,909	-	61,909
   Total liabilities	11,164,776	110,236	13,518,164
   Share capital	6,455,515	-	6,455,515
   Share Premium	7,484,955	-	7,484,955
   Contingency Reserve	1,772	-	1,772
   Revaluation reserve	48,292	-	48,292
   Retained earnings	(19,439,364)	(1,797,909)	(21,237,273)
   Other comprehensive income	46,034	-	46,034
   Treasury shares	(1,145)	-	(1,145)
   Other reserves	-	-	-
   Total equity	(5,403,942)	(1,797,909)	(7,201,851)
   Total liabilities and equity	5,760,835	(1,687,673)	6,316,313

   Explanatory Notes

   a Reinsurance contract assets N'000

   Balance as at IFRS 4 368,242

   Reclassification (368,242)

   Balance as per IFRS 17 -

   b Investment Contract Liabilities

   January 2022 Insurance Contract Liabilities (Transition)
   Insurance Contract Liabilities	IFRS 17	IFRS 4	TOTAL
   Liability for Remaining Coverage (LRC)	N'000	N'000	N'000
   Present Value of Future Cashflows	2,265,928	2,415,032	(149,104)
   Contractual Service Margin	70,712	-	70,712
   Risk Adjustment	124,318	-	124,318
   Total Liability for Remaining Coverage (LRC)	2,460,959	2,415,032	45,926
   Liability for Incurred Claims (IBNR+Oustanding Clai	1,004,258	1,004,258	-
   Total Insurance Contract Liabilities	3,465,217	3,419,291	45,926
   Total Investment Contract	2,448,716	2,453,974	(5,259)
   Total Insurance and Investment Contracts	5,913,933	5,873,265	40,668

   The table above shows that the IFRS 17 insurance contract liabilities is higher than the IFRS 4 liabilities. The key differences are:

   • N(149)m as a result of change in discount rate from fixed discount rate used under IFRS 4 to the use of yield curve

   • N70m of contractual service margin (CSM) under IFRS 17 and

   • N124m of risk adjustment under IFRS 17.

The table below shows the differences by portfolio.

STANDARD ALLIANCE INSURANCE PLC

FINANCIAL STATEMENTS FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS (continued)

IFRS 17 TRANSITION NOTES - cont'd

c Insurance Contract Liabilities

The table above shows that the IFRS 17 insurance contract liabilities is higher than the IFRS 4 liabilities.

d The table below shows the impact on equity as a result of the transition from IFRS 4 to IFRS 17 as at 30 SEPTEMBER2021.

• Under IFRS 4, the we cede insurance risk in the normal course of business on the bases of our treaty and facultative agreements. Reinsurance assets represent balances due from reinsurance companies. Amounts recoverable from reinsurers are estimated in a manner consistent with settled claims associated with the reinsurer's policies and are in accordance with the related reinsurance contract. Under IFRS 17, Reinsurance contracts held are treated as independent contracts, grouped and measured according to the IFRS 17 requirements; e.g. with General Measurement Method or Premium Allocation Approach. Recoveries on Claims paid is the only Reinsurance component that remains unchanged from IFRS 4 to IFRS 17.

• Under IFRS 4, Deferred Acquisition Cost is treated as those direct and indirect costs incurred during the financial year arising from the writing or renewing of insurance contracts and are deferred to the extent that these costs are recoverable out of future premiums. All other acquisition costs are recognized as an expense when incurred. Under IFRS 17, Deferred Acquisition Cost is included as a part of the Insurance Contract Liabilities and not as a standalone item, as it was under IFRS 4.

• Under IFRS 17, the Discounted Cashflow model is also used to determine adequate reserves for in-force long-term Life business contracts as at the valuation date. The results thereof are then used to ascertain adjustments necessary to reserve component balances including the Best Estimate of Liabilities, the Risk Adjustment factor and the Contractual Service Margin. This difference in treatment of the components of reserve, as well as difference in IFRS 17 prescribed methodology are responsible for the variations on IFRS 4 and IFRS 17 reserves for the Life business.

  IFRS 17 TRANSITION NOTES - cont'd

• Under IFRS 4, an assessment is made of whether the recognized life insurance liabilities are adequate by carrying out a liability adequacy test. The liability value is adjusted to the extent that it is insufficient to meet expected future benefits and expenses. In performing the adequacy test, current best estimates of future contractual cash flows, including related cash flows such as claims handling and policy administration expenses, policyholder options and guarantees, as well as investment income from assets backing such liabilities, are used. Discounted cash flows model is used in the valuation. Non-life insurance contract liabilities include the outstanding claims provision, the provision for unearned premium and the provision for premium deficiency. The outstanding claims provision is based on the estimated ultimate cost of all claims incurred but not settled at the reporting date, whether reported or not, together with related claims expenses Short-term contracts (Group Life and Non-Life) liabilities are similar in components under IFRS 17 and IFRS 4. Differences observed are due to grouping requirements which may increase the provision for premium deficiency (for onerous groups), the introduction by IFRS 17 of a Risk Adjustment factor and of Discounting for Outstanding and Incurred Claims projections.

• Investment contract liabilities are recognized when contracts are entered into and premiums are received. These liabilities are initially recognized at fair value, this being the transaction price excluding any transaction costs directly attributable to the issue of the contract. Subsequent to initial recognition investment contract liabilities are measured at amortized cost. Under IFRS 4, the Company had other investment contract liabilities which were attached to insurance contracts within the ordinary life portfolio. Under IFRS 17, the investment contract liabilities attached to the long-term contracts are treated as not being qualified to be separable from their associated insurance components, due to the inability to measure one without the other, as stated in the IFRS 17 standard, and they are thus measured and valued as part of the insurance contract liabilities.

• Under IFRS17, the concepts of Deferred Commission Income (DCI) are no longer applied to produce separately recognized assets and liabilities in relation to insurance contracts, instead, they are implicitly included in the measurement of insurance contract assets and liabilities.

• The Company elected to reclassify and measure its Trade payables consisting of payables to reinsurance companies and premium deposits to Other insurance contract liabilities. They represent financial obligations arising from the Company's insurance business that are basically outside the scope of the definition of insurance contracts.

• As at 1 OCTOBER2022, IFRS 4 retained loss closed at -N18.9 bn for the Company. The difference between this position and IFRS 17 is a net reduction of NGN 1.3bn. As at 1 OCTOBER2023, IFRS 4 retained loss closed at -N19.8 bn. The difference between this position and IFRS 17 is a net reduction of -NGN400,000. This is due to the changes that have occurred from the transition to Insurance Revenue, Insurance Service Result, and the inclusion of Net Insurance/Reinsurance and Net Finance Income/(Expenses) in the IFRS 17 restated financial performance.

  COMPARATIVE RESULTS

  Comparative Results as at 30 SEPTEMBER2022 - LIFE BUSINESS (Cont'd)

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

Reconciliation of carrying amounts

Liability for Remaining Coverage (LRC)

Liability for Incurred

Insurance Contract

Gross premium written, Unearned premium movement, Gross Premium income, Insurance Revenue

Under IFRS 4, the gross premium is adjusted by change in insurance contract liabilities (UPR) to arrive at the Gross Premium Income. Under IFRS 17, the Insurance revenue is made up of the following items:

• Expected benefits incurred - Under PAA model (Group Life), this is based on premium allocated in the reporting period due to the passage of time and it is based on the coverage period of each contract using the start and end date for each contract. For contracts using General Model Approach (GM), this is based on the expected insurance claims in the reporting period which are projected using actuarial assumptions.

• Expected expenses incurred - This is the expected expenses projected in the actuarial model using the valuation assumptions. This applies to business using General Model.

• Loss Component: systematic allocation - For group of insurance contracts that are loss making, the loss will need to be recognised immediately in P&L and this is shown in the insurance service expenses as "Loss Component: losses and reversal of losses". However, this loss will need to be tracked from one valuation to another, and the loss will need to be systematically allocated across the reporting periods in the coverage period and disclosed in both insurance revenue and insurance service expenses. So, this is in and out in the insurance service result.

• Change in the risk adjustment - The change in risk adjustment is the difference between the current risk adjustment and the prior year-end risk adjustment.

• CSM recognised - The Contractual Service Margin (CSM) is the unearned profit in the business for contracts using GMM. The CSM recognised in the period is part of the profit released in the reporting period and it is calculated using the coverage units of the group of insurance contracts.

• Recovery of acquisition cash flows - For businesses using GMM, the acquisition expenses are allowed at initial recognition. However, the acquisition expenses amortised in the period using the coverage unit is disclosed in P&L and it does not impact insurance service result. The corresponding impact is reported in insurance service expense. For the PAA model, Under IFRS 17, the Insurance revenue is the gross premium allocated to the reporting period. The allocation of the premium is based on the coverage period of each contract using the start and end date for each contract. The Company has reclassified the Gross premium income and remeasured this balance and reported as Insurance Revenue.

  Reinsurance Expense and Net Expenses from Reinsurance contracts held

  Reinsurance expenses is now reclassified and presented as Net expenses from reinsurance contract.

  Insurance service expenses: Under IFRS 17, the insurance service expenses are made up of the following items:

• Incurred claims - This is actual claims reported in the period. Note that this is different from the actual claims paid in the period. The difference between the actual claims paid in the period and the actual claims reported in the period will feed into "changes in BEL related to LIC".

• Incurred Fulfilment expenses - The fulfilment expenses are the actual incurred expenses relating to the core running of the business.

• Amortisation of insurance acquisition cash flows - For businesses using GMM, this is the opposite of the "recovery of acquisitions cash flows" in insurance revenue. For businesses using PAA model, this is the amortised acquisition expenses recognised in the reporting period.

• Changes in BEL related to LIC - This represents the movement between movement in IBNR and outstanding claims in the reporting period after allowing for claims reported and claims paid in the period.

• Changes in RA related to LIC - This is the change in risk adjustment relating to LIC in the reporting period where applicable.

• Loss Component: systematic allocation - This line discloses the amortised losses for the reporting period. There is a corresponding line in the insurance revenue, so no impact on P&L statement.

• Loss Component: losses and reversal of losses - This contains the impact of losses from group of insurance contracts (GICs) that are either onerous at inception or becomes onerous during the reporting period.

Net Finance income and expense from Insurance and Reinsurance contracts held

The Company has remeasured and accounted for under IFRS 17. The Insurance finance expenses relate to changes in economic movements. These items do not adjust the CSM but are classified under Insurance finance expenses. These items relate to unwinding of the cashflows, change in economic assumptions, CSM interest accretion and change in fair value of underlying items (interest credited to policyholders for investment linked contracts). The reinsurance finance income is akin to the insurance finance expenses and it contains the changes in economic movements in reinsurance BEL and reinsurance CSM interest accretion.

PROFIT AND LOSS COMPARATIVES - NON LIFE BUSINESS

The reconciliation between the IFRS 4 and IFRS 17 is outlined in the table below:

N'000

IFRS 4 Profit before tax (96,418)

Differences in insurance revenue (6,319)

Differences in claims treatment and changes in BEL related to LIC (79,217)

Derecognition of Reinsurance contract assets 85,927

Differences in Risk Adjustment in Insurance finance expenses (5,089)

IFRS 17 Profit before tax (101,115)

Comparatives for Statement of Financial Position (SOFP) and Equity - LIFE BUSINESS

The table below shows the movement in equity from IFRS 4 at transition date of 30 SEPTEMBER2021 to IFRS 17 at comparatives date of 30 SEPTEMBER2022.

The table on page shows the statement of financial position under IFRS 17 and IFRS 4 reporting for the life business as at December 2022.

Comparatives for Statement of Financial Position (SOFP) and Equity - NON LIFE BUSINESS

The table below shows the movement in equity from IFRS 4 at transition date of 30 SEPTEMBER2021 to IFRS 17 at comparatives date of 30 SEPTEMBER2022.

The table on page shows the statement of financial position under IFRS 17 and IFRS 4 reporting for the life business as at December 2022.