Year end - financial statement for 2025

Description

31/12/2024

31/12/2025

Unit

Percentage

Unit

Percentage

Issued Share Capital

12,911,030,586

100%

12,911,303,586

100%

Substantial Shareholdings (5% and

above)

ENDURA INVESTMENT GLOBAL LTD

3,140,774,908

24.33%

3,140,774,908

24.33%

GEMROCK MANAGEMENT COMPANY

LIMITED

2,594,060,738

20%

2,594,060,738

20%

FIRST INLAND BANK PLC/FCMB

1,120,000,000

9%

1,120,000,000

9%

Total Substantial Shareholdings

6,854,835,646

53%

6,854,835,646

53%

Directors' Shareholdings (direct and

indirect), excluding directors with substantial interests

Iroko Akinlolu Gabriel (Indirect -

representing Endura Investment Global Ltd)

Nil

Nil

Nil

Nil

Nathaniel Ibitowa (Indirect -representing

Endura Investment Global Ltd)

Nil

Nil

Nil

Nil

Fernando Rohan Simon Michael (Indirect -

representing Endura Investment Global Ltd)

Nil

Nil

Nil

Nil

Lawan Musa (Indirect -representing

Gemrock Mgt Coy Ltd)

Nil

Nil

Nil

Nil

Paulinus Offorzor

Nil

Nil

Nil

Nil

Amore James Olutayo

55,125

0.0004%

55,125

0.0004%

Michael Owope

Nil

Nil

Nil

Nil

Total Directors' Shareholdings

55,125

0.00%

55,125

0.00%

Other Influential Shareholdings

Total Other Influential Shareholdings

0

0.00%

0

0.00%

Free Float in Units and Percentage

6,056,139,815

47%

6,056,412,815

47%

Free Float in Value

₦ 1,211,227,963.00

₦ 1,211,282,563.00

Fortis Global Insurance Plc with a free float percentage of 47% as at 31 December 2025, is compliant with The

Exchange's free float requirements for companies listed on the Main Board.

Fortis Global Insurance Plc with a free float value of N1,211,227,963.00 as at 31 December 2025, is compliant with

The Exchange's free float requirements for companies listed on the Main Board.

STATEMENT OF FINANCIAL POSITION

ASSETS NOTES

2025

N'000

2024

N'000

Cash and cash equivalents 5

11,380,472

540,667

Financial Assets:

- At fair value through profit or loss 6.1

190,676

125,539

- At amortised cost 6.2

605,550

603,061

- At fair value through other comprehensive income 6.3

233,382

223,615

Reinsurance assets 7

0

0

Trade receivables 8

44,149

0

Other receivables and prepayments 9

121,480

40,655

Investment properties 11

11,670,000

11,670,000

Intangible assets 12

10,745

-

Property, plant and equipment 13

260,493

21,148

Statutory deposit 14

535,000

535,000

TOTAL ASSETS

25,051,947

13,759,685

LIABILITIES AND SHAREHOLDERS' EQUITY

Insurance contract liabilities 15

5,360,891

4,855,759

Investment contract liabilities 16

2,990,512

2,898,330

Trade payables 17

0

7,948

Other payables and accruals 18

890,698

553,249

Borrowings 19

5,975,113

6,172,982

Income tax liabilities 21

416,923

278,091

Deferred tax liabilities 22

68,179

68,179

TOTAL LIABILITIES

15,702,316

14,834,538

SHAREHOLDERS' EQUITY

Share capital 23

6,455,515

6,455,515

Treasury shares 24

(1,145)

(1,145)

Share premium 25

7,484,955

7,484,955

Irredeemable convertible debt 23b

12,000,000

Contingency reserves 26

1,807,704

1,784,139

Accumulated loss 27

(18,699,261)

(17,025,277)

Revaluation reserves 28

Fair value reserves 29

301,863

226,960

Total equity

9,349,631

(1,074,853)

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

25,051,947

13,759,685

NOTES

2025

2024

N'000

N'000

Gross premium written 30

461,022

413,635

Unearned premium 30

(48,279)

-

Movement in individual life 15.4

157,251

-

Movement in annuity 15.5

(158,743)

-

Gross premium income

411,251

413,635

Reinsurance expenses 15.6

(16,622)

-

Net premium income

Commission income 31

394,629

-

413,635

-

Net underwriting income

394,629

413,635

Claims expenses (net) 32

(552,501)

(347,586)

Underwriting expenses 33

(100,383)

-

Total underwriting expenses

(258,254)

66,049

Underwriting (loss)/profit

136,375

66,049

Investment income 34(a)

527,574

144,383

Other income 34(b)

85,023

Gain/(loss) on investment contract liabilities 35

Management expenses 36

(668,809)

-(103,859)

Fair value gain on investment property

7,639,933

Finance charges 37

(1,385,300)

(251,574)

Foreign exchange gain/(loss) 19

(382,677)

(2,174,566)

Gain/(loss) before taxation 41

(1,687,814)

4,993,511

Income tax 21

-

(3,120)

Profit (Loss) for the year

(1,687,814)

4,990,391

Other comprehensive income

Item that may be reclassified to profit or loss:

Fair value (loss)/gain on financial assets at FVOCI 29

74,904

46,266

Items that will not be classified to profit or loss:

Revaluation gain/(loss) on building

28

Revaluation surplus reversed during the year

28

-

-

Other comprehensive loss

74,904

-

Total comprehensive loss for the year

(1,612,910)

5,036,657

Earnings per share : Basic (Naira)

41

(13.07)

38.65

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

1,784,140

(17,025,277)

-

226,959

(1,074,853)

Total comprehensive income for the year:

Loss for the year

-

-

-

-

(1,687,814)

-

-

(1,687,814)

Transfer to contingency reserve (Note 26)

-

-

-

13,831

(13,831)

-

-

-

Fair value loss on treasury shares (Note 24)

-

-

-

-

-

-

-

-

Other comprehensive income:

-

-

-

-

-

-

-

Revaluation on building (Note 28)

-

-

-

-

-

-

-

-

Revaluation surplus reversed during the year (Note 28)

-

-

-

-

-

-

-

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

(Note 29)

-

-

-

-

-

-

74,904

74,904

At 31 December 2025

6,455,515

(1,145)

7,484,955

1,797,971

(18,726,922)

-

301,863

(2,687,763)

At 1 January 2024

6,455,515

(1,145)

7,484,955

1,780,004

(22,011,530)

-

1,378,593

(4,913,608)

Profit for the year

-

-

-

-

4,990,391

-

4,990,391

Transfer to contingency reserve (Note 26)

-

-

-

4,136

(4,136)

Fair value loss on treasury shares (Note 24)

-

-

-

-

-

-

-

-

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 (

-

-

-

-

-

-

(1,197,900)

(1,197,900)

-

-

-

-

-

46,266

46,266

At 31 December 2024

6,455,515

(1,145)

7,484,955

1,784,140

(17,025,277)

-

226,959

(1,074,851)

STATEMENT OF CASH FLOWS

NOTES

2025

2024

Cash flows from operating activities

Premium received from policy holders

40

N'000 461,022

N'000 195

Cash received on investment contract

16

-

Cash withdrawals on investment contract

15.5

-

-

Fees and commission income Other income

Claims paid

31

34(b)

32

-

(384,302)

-

Cash payments for reinsurance

15.7

(16,622)

-

Commissions paid

33a

(100,383)

-

Other acquisition costs paid

33

-

-

Loans against policy

6.2.1(b)

-

-

Net cash used from operating activities

(177,675)

(71,561)

Cash flows from investing activities

Purchase of Property, plant and equipment

13

(229,278)

8,320

Rental income

18.2

80,538

-

Dividends received Interest on treasury bills

34(a)

34(a)

-

17,832

-

Interest received on fixed deposits/statutory deposit

34(a)

447,036

98,423

Gain from sale of property, plant & equipment Proceeds from sale of property, plant and equipment Proceeds from sale of investment property

34b

9.1

4,485

-

-

-

Liquidation of financial assets at amortised cost Addition to financial assets at amortised cost

6.2.2a

5

-

-

-

Net cash generated from investing activities 302,780 124,575

Cash flows from financing activities

Finance charges

37

(1,385,300)

(156,620)

Repayment of lease finance

20

-

-

Loan borrowing

19.2

-

Irredeemable convertible debt Loan repayment

19.2

12,000,000

-

-

Net cash (used)/flows from financing activities

10,614,700

(156,620)

Net decrease in cash and cash equivalents during the year

10,739,805

(103,606)

Cash and cash equivalents at the beginning of the year

540,667

644,272

Cash and cash equivalents at the end of the year

11,280,472 540,666

Cash and cash equivalent comprise:

Cash in hand

- 117

Current Bank accounts balances

10,879,683.82 46,074

Short term deposits - Local banks

500,788 493,576

11,380,472 540,667

6

Financial assets

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

190,676

68,263

At amortised cost (Note 6.2)

605,550

462,276

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

At 1 January

190,676

68,263

Addition during the year

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

-

-

2025

2024

GSL policy loan

N'000 14,621

N'000 14,621

Standard Life Accumulator Scheme (SLA)

3,263

3,263

Special Personnel Policy (SPP)

5,093

5,093

Flexible Assurance scheme (FAS)

478

478

Personal Providence Plan (PPP)

43,396

43,396

Annuity Policy Loan

200

200

Deposit Link Assurance (DELAS)

2,048

2,048

2025

2024

10

Deferred acquisition costs:

N'000

N'000

Aviation Engineering

-

391

-391

Fire

7,578

7,578

General accident

1,322

1,322

Marine

980

980

Motor

5,391

5,391

Bond

187

187

Oil and Gas

1

1

11

Investment properties

At 1 January

11,670,000

4,030,067

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

- 7,639,933

At 31 DECEMBER (Fair value)

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

Cumulative fair value gain at 1 January

- 843,566

Fair value gain for the year

- 6,561,933

Cumulative fair value gain at 30th September

- 7,405,499

At 31 DECEMBER

- 10,592,000

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

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

12

Intangible asset

Computer software

2025

2024

Cost

N'000

N'000

At 1 January

15,000

15,000

Addition during the year

7,743

-

At 30th SEPTEMBER

15,000

15,000

Amortisation

At 1 January

15,000

12,496

Amortisation for the year

1,936

2,504

At 30th SEPTEMBER

15,000

15,000

Carrying amount at 30th September

5,807

-

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 31 DECEMBER 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

-

- 10,684

142

592

11,418

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

-

- 952

4,689

803

743

4,549

11,736

Reclassification

-

- -

-

-

-

-

-

Write off

-

- -

-

-

-

-

-

At 31 DECEMBER 2025

-

- 824,242

262,282

135,435

191,701

127,906

1,541,566

Carrying amounts as at: At 31 DECEMBER 2025

-

- 155,522

77,182

8,401

6,176

13,212

260,493

31 December 2024

-

- (47)

26,097

(517)

5,225

-

30,758

2025

2024

14 Statutory Deposits

N'000

N'000

Statutory deposit for life business

200,000

200,000

Statutory deposit for non-life business

335,000

335,000

535,000

535,000

951.822917 4689.1

4,549

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)

48,279

21,152

Outstanding claims (Note 15.2)

2,165,293

1,803,607

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

763,514

418,745

Individual life (Note 15.4)

157,251

391,460

Annuity fund (Note 15.5)

2,226,553

2,085,296

5,360,891

4,720,260

15.1 Unearned premium reserves

Aviation

283

-

Bond

4167

-

Engineering

2139

-

Fire

3964

-

General accident

1722

-

Marine

30261

-

Motor

3023

-

Oil & gas

2719

-

Life

0

21,152

48,279

21,152

15.1.2 Movements in unearned premium reserve

At 1 January

-

114,570

Increase in during the year (Note 30)

48,279

(93,418)

At 31 DECEMBER

48,279

21,152

FORTIS GLOBAL INSURANCE PLC

FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31ST DECEMBER 2025

NOTES TO THE FINANCIAL STATEMENTS (continued)

2025

2024

15.2 Outstanding claims reserves

N'000

N'000

Aviation

56,143

36,354

Bond

74,270

54,481

Engineering

67,688

47,899

Fire

60,619

40,829

General accident

257,381

237,592

Marine

232,143

52,617

Motor

58,692

38,903

Oil & Gas

853,751

833,962

2025

2024

15.3 IBNR Per Actuarial valuation

N'000

N'000

Aviation

5,453

5,453

Bond

Engineering Fire

6,124

6,124

General accident

60,479

60,479

Marine

118,900

7,893

Motor

5835

5,835

Oil & Gas

128,433

128,433

Life

438,289

341,129

763,514

555,347

15.3.1 Movement in IBNR

At 1 January

555,347

418,746

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

208,167

At 31 DECEMBER

763,514

555,347

15.4 Movement in individual life

At 1 January

391,460

391,460

Increase/(decrease) during the year

116,636

234,209

At 31 DECEMBER

157,251

391,460

15.5 Movement in annuity fund

At 1 January

2,085,296

2,183,436

Increase/(Decrease) during the year

(158,743)

-

Adjustments*

300,000

(98,140)

At 31 DECEMBER

2,226,553

2,085,296

15.6 Reinsurance expenses

Reinsurance cost

16,622

-

Changes in UPR (Note 7.3.1)

-

-

16,622

-

15.7 Cash payments for reinsurance

Reinsurance cost (Note 15.6)

(16,622)

-

Changes in due to reinsurer payable (Note 17)

-

-

Per statement of cash flows

(16,622)

-

16 Investment Contract Liabilities

At 1 January

1,137,674

1,137,674

Amount received in the year-Actuarial val

1,852,838

-

Interest expenses

-

-

Withdrawals

-

-

At 31 DECEMBER

2,990,512

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 31ST DECEMBER 2025

NOTES TO THE FINANCIAL STATEMENTS (continued)

2025

2024

N'000

N'000

18 Other payables and accruals

Statutory deductions (Note 18.1)

62,310

174,460

Information technology development levy (Note 38)

8,406

8,406

Rent received in advance (Note 18.2)

-

0

Due to staff

72,378

106,839

Accrued expenses (Note 18.4)

519,499

239,604

Unclaimed dividend

3,182

3,182

Deferred Commission Income (18.5)

-

-

Preference dividend payable (Note 18.6)

175,000

175,000

Amount due to other beneficiaries (Note 18.7)

-

16,275

Annuity fund fee payable (Note 18.8)

16,651

16,651

Industrial training fund

-

-

Directors' current account

33,271

33,271

890,698 773,688

The above are further analysed as:

Current

890,698

773,688

Non-current -

21 Current income tax liabilities

Per Statement of Comprehensive income

Company income tax

103

-

Education tax

-

-

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 31 DECEMBER

12,911,030

12,911,030

N'000

N'000

At 1 January

6,455,515

6,455,515

Addition during the year

-

-

At 31 DECEMBER

6,455,515

6,455,515

23b The Irredeemable convertible debt

12,000,000

-

24 Treasury share

(1,145)

(1,145)

25 Share premium

At 1 January

Addition during the year

7,484,955

-

7,484,955

-

At 31 DECEMBER

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

26 Contingency reserves

At 1 January

1,793,873

1,792,360

Charge for the year (Note 27)

13,831

1,513

At 31 DECEMBER

1,807,704

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.

At 1 January - As previously stated

(17,025,277)

(22,011,530)

Gain/(Loss) for the year

(1,687,814)

4,990,391

Appropriation to contingency reserves (Note 26)

13,831

(4,136)

Effect of restatement of liability by IFRS 17

At 31 DECEMBER

(18,699,261)

(17,025,277)

28 Revaluation Reserves

At 1 January

-

-

Revaluation gain/(loss) charged to other comprehensive income

during the year

7,639,933

Revaluation surplus reversed during the year

-

(7,639,933)

At 31 DECEMBER

-

-

Further details are:

Revaluation loss (Note 13)

-

-

Less: Tax on loss on revaluation

-

-

-

-

29 Fair Value Reserves

At 1 January

N'000 226,960

N'000 226,960

Increase during the year

74,904

-

At 31 DECEMBER

301,864

226,960

30 Gross premium

N'000

N'000

General business

260,654

-

Group life

4,369

195

Individual life Annuity

195,999

-

-

-

Movement in unexpired risks (Note 16.1.2)

461,022

-

195

-

31

Commission income

2025

N'000

2024

N'000

Bond Engineering Fire

General accident Oil and gas Aviation

Marine

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

32

Claims expenses

Claims paid

(384,302)

(76,492)

Change in outstanding claims (Note 15.2.1)

(168,198)

270,846

Change in claims incurred but not reported (Note 15.3.1)

0

(290,051)

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

(552,501)

-

(95,697)

-

(552,501)

(95,697)

32a)

951.823 4689.1

Claims paid recovered from reinsurers

803

4,549

-

-

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

784

-

Bond

7,648

-

Engineering

1,741

-

Fire

6,051

-

General accident

3,465

-

Marine

36,179

-

Motor

6,042

-

Oil and Gas

6,594

-

Life

30,055

-

98,561

-

Other acquisition costs

1,822

-

100,383

-

33a

Commission paid analysis

Acqusition costs (Note 33)

100,383

-

Changes in commission payable (Note 18)

-

-

Per statement of cash flows

100,383

-

34(a)

Investment income

Interest on deposits

326,596

37,561.69

Other income

120,441

-

Rental income

80,538

-

FORTIS GLOBAL INSURANCE PLC

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

2025

2024

34(b) Other income

N'000

N'000

Gain on sale of property, plant and equipment

4,485

-

Other inflows

11,071

4,485

11,071

35 Gain/(loss) on investment contract liabilities

Investment income attributable to investment

contracts (Note 34)

-

-

-

-

36

Management expenses

Salaries and Allowances

188,524

-

Other staff costs

6,273

-

Directors' fee and allowances

1,750

-

Insurance expenses

896

-

Rent and rates

4,467

Repairs and maintenance

27,342

Depreciation

11,418

12,194

Amortisation

42,348

Legal and professional fees

91,556

Bank charges

45,281

Printing and stationery

9,271

Advertising and promotion expenses

8,343

Telephone and postages

4,547

Other administrative expenses

10,559

Supervisory levies

155,647

Other professional cost

17,850

-

Staff training and development

2,710

-

Audit fee

5,000

-

Corporate and public relation expenses

13,602

-

Travelling, outstation and hotel expenses

21,426

-

668,809

12,194

Less: Tax on impairment loss

-

-

-

-

36(e)

Allowance for impairment on Treasury bill

37 Finance charges

Interest expenses on loan

2025

N'000 1,200,000

2024

N'000 251,574

Interest on Daewoo bond

185,300

-

1,385,300

251,574

38 Information Technology Development Levy

At 1 January

8,406

8,406

Charge for the year

-

-

Payment during the year

-

-

At 31 DECEMBER

8,406

8,406

39

Profit before taxation

Profit before taxation is stated after charging:

Depreciation

11,736

12,193

Amortization

42,348

-

Auditors' remuneration

5,000

-

Director's remuneration

1,750

-

40

Premium receipt from policy holders

Premium due from policy holder at 1 January

2,275

2,275

Gross Premium written in the year

461,022

-

Premium due from policyholders at 31 December

463,297

-

2,275

Premium receipts in the year

463,297

2,275

Number of shares ('000)

12,911,030

12,911,030

Basic loss per share (Naira)

(13.07)

38.65

Assets

2025

N'000

Total N'000

Cash and cash equivalents

Admissible

11,380,472

Inadmissible

11,380,472

Financial assets:

- At fair value through profit or loss

190,676

190,676

- At amortised cost

605,550

605,550

- At fair value through other comprehensive income Reinsurance assets

Trade receivable

233,382

-

444

43,705

233,382

-44,149

Other receivables and prepayments Deferred acquisition cost Investment properties

121,480

-4,788,816

6,881,184

121,480

-11,670,000

Investment in subsidiaries

Intangible assets

-

10,745

-

10,745

Property, plant and equipment

260,493

-

260,493

Statutory deposit

535,000

535,000

-

18,116,313 6,935,634 25,051,947

Admissible liabilities

Insurance contract liabilities

951.82292

4,689

803

4,549

Trade payables

-

-

Other payables

890,698

890,698

Current income tax liabilities

416,923

416,923

Investment contract liabilities

2,990,512

2,990,512

Borrowings

5,975,113

5,975,113

Deferred tax liabilities

68,179

68,179

capital

3,000,000

3,000,000

Surplus in solvency margin

10,813,491

11,705,030

Solvency ratio

360.45%