Guinea Insurance PlcNSENG: GUINEAINS

Quarter 1 - financial statement for 2026

May 1, 2026 at 5:46 AM UTC · Issued by Guinea Insurance Plc

GUINEA INSURANCE PLC MANAGEMENT ACCOUNTS 31 MARCH 2026 GUINEA INSURANCE PLC i FINANCIAL STATEMENTS, 31 MARCH 2026 Corporate Information Directors Mr. Temitope Borishade Chairman

Mr. Ademola Abidogun Managing Director Mr. Pius Edobor Executive Director Mrs. Ogonna Offor-Orabueze Executive Director

Mrs. Bernice Izilen Okosun Non-Executive Director Dr Nkem Okeke Non-Executive Director Mrs. Ijeoma Pearl Okoro Non-Executive Director Mr. Samuel Onukwue Non-Executive Director Mrs. Chioma Okigbo Non-Executive Director

Registered office Guinea Insurance House 33, Ikorodu Road Jibowu

Lagos, Nigeria

Contact details 01-2934575/01-2934577 info@guineainsurance.com www.guineainsurance.com

Company Secretary Mrs. Chinenye Nwankwo

Company registration number RC1808 Reinsurers African Reinsurance Corporation WAICA Reinsurance Corporation Continental Reinsurance Plc Nigerian Reinusurance Corporation FBS Reinsurance Limited

ZEP Reinsurance

Bankers Access Bank Plc

Fidelity Bank Plc

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

Keystone Bank Limited Nirsal Microfinance Bank Polaris Bank Limited Providus Bank Plc

United Bank for Africa Plc Sterling Bank Plc

Wema Bank Plc Zenith Bank Plc

FINANCIAL STATEMENTS, 31 MARCH 2026 Corporate information (Cont'd) Reporting actuary Logic Professional Services

Rear Wing, 4th Floor Oshopey Plaza 17-19, Allen Avenue, Ikeja, Lagos FRC/2016/NAS/00000015016

Estate surveyors and valuers Ubosi Eleh & Co

27, Obafemi Awolowo Way Ikeja, Lagos FRCN/2014/NIESV/00000003997

Registrar Cardinal Stone (Registrars) Limited (Formerly City Securities Limited) 358, Herbert Macaulay Way

Yaba, Lagos

Auditor BDO Professional Services ADOL House,

15 CIPM Avenue,

Central Business District, Alausa, Ikeja,

Lagos, Nigeria. FRC/2024/COY/398515

https://www.bdo-ng.com

FINANCIAL STATEMENTS, 31 MARCH 2026 CERTIFICATION PURSUANT TO SECTION 88(2) OF INVESTMENT AND SECURITIES ACT OF 2025

I, the undersigned hereby certify the following with regards to our Financial Statements for the period ended 31 March 2026 that:

I have reviewed the report;
To the best of my knowledge, the report does not contain:
- Any untrue statement of a material fact, or
- Omit to state a material fact, which would make the statements, misleading in the light of circumstances under which such statements were made;
To the best of my 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.
I:
- Am responsible for establishing and maintaining internal controls.
- Have designed such internal controls to ensure that material information relating to the Company is made known to such officers by others within the Company particularly during the period in which the periodic reports are being prepared;
- Have evaluated the effectiveness of the Company's internal controls as of date within 90 days prior to the report;
- Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;
I have disclosed to the auditors of the Company and audit committee:
- All significant deficiency in the design or operation of internal controls which would adversely affect the Company's ability to record, process, summarise and report financial data and have identified for the Company's auditors any material weakness in internal controls, and
- Any fraud, whether or not material, that involved management or other employees who have significant role in the Company's internal controls;
I 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.

Mr. Ademola Abidogun Managing Director FRC/2016/CIIN/00000014549 FINANCIAL STATEMENTS, 31 MARCH 2026 CERTIFICATION PURSUANT TO SECTION 88(2) OF INVESTMENT AND SECURITIES ACT OF 2025
I, the undersigned hereby certify the following with regards to our Financial Statements for the period ended 31 March 2026 that:
I have reviewed the report;
To the best of my knowledge, the report does not contain:
- Any untrue statement of a material fact, or
- Omit to state a material fact, which would make the statements, misleading in the light of circumstances under which such statements were made;
To the best of my 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.
I:
- Am responsible for establishing and maintaining internal controls.
- Have designed such internal controls to ensure that material information relating to the Company is made known to such officers by others within the Company particularly during the period in which the periodic reports are being prepared;
- Have evaluated the effectiveness of the Company's internal controls as of date within 90 days prior to the report;
- Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;
I have disclosed to the auditors of the Company and audit committee:
- All significant deficiency in the design or operation of internal controls which would adversely affect the Company's ability to record, process, summarise and report financial data and have identified for the Company's auditors any material weakness in internal controls, and
- Any fraud, whether or not material, that involved management or other employees who have significant role in the Company's internal controls;
I 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.

Mr. Pius Edobor Executive Director FRC/2013/ICAN/000000004638 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2026

		JAN TO MAR	JAN TO MAR
		2026	2025
	Notes	N'000	N'000
Insurance revenue	1	718,649	706,638
Insurance service expenses	1	(850,100)	(94,117)
Net expenses on reinsurance contracts	2	109,342	(174,736)
Insurance service result		(22,110)	437,785
Investment income	3	121,414	154,751
Unrealised foreign exchange gain/loss on fixed d	3.1	(2,728)
Net fair value gains on financial assets at FVTPL	4	-	2,449
Fair value gains on investment properties	5	-	-
Impairment loss on financial assets at amortised	8
Net investment income		118,685	157,200
Insurance finance income/(expense) from
insurance contracts issued Insurance finance income/(expense) from	5.1		(57,428)
reinsurance contracts held	5.1		18,819
Net Insurance finance expenses		-	(38,609)
Net Insurance and Investment result		96,575	556,375
Other operating income	6	-	(1,744)
Other operating expenses	7	(444,587)	(418,844)
Profit before taxation		(348,012)	135,787
Income tax income/(expense)	9	(4,646)	(5,473)
Profit/(loss) after taxation		(352,657)	130,314
Other comprehensive income Item that are or may be reclassified subsequently to prof		-	-
Item that will not be reclassified to profit or loss Net fair value gain on financial assets at FVTOCI 13.2		-
Revaluation surplus on land and building net of t 40		-
Total other comprehensive income		-	-
Total comprehensive income for the period, net of tax		(352,657)	130,314
Contingency reserve 29		26,063	32,838
Earnings per share - Basic and Diluted (kobo) 11		(4.44)	1.64

STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2026

		31 MARCH,	31 DECEMBER,
		2026	2025
Assets	Notes	N'000	N'000
Cash and cash equivalents	12	1,273,719	1,398,478
Financial assets:			-
At fair value through profit or loss	13.1	139,547	139,547
At fair value through other comprehensive in	13.2	984,138	984,138
At amortised cost	13.4	1,931,885	1,903,452
Reinsurance contract assets	14	736,480	350,145
Trade receivables	15	11,783	2,751
Other receivables and prepayments	16	232,555	179,301
Investment properties	17	1,107,000	1,107,000
Intangible assets	18	26,138	28,952
Property,plant and equipment	19	975,600	987,188
Statutory deposit	20	333,654	333,654
Total assets		7,752,500	7,414,607
Liabilities
Insurance contract liabilities	21	2,054,515	1,336,447
Other payables and accruals	22	320,177	130,393
Employee benefit obligations	23	593	740
Current tax payable	24	44,217	47,970
Deferred tax liabilities	25	57,093	57,093
Deposit for shares	26		-
Total liabilities		2,476,595	1,572,643
Equity
Issued share capital	27	3,971,400	3,971,400
Share premium	28	124,143	337,545
Contingency reserve	29	1,036,531	1,010,468
Accumulated losses	30	(1,222,126)	(843,406)
Fair value reserve through OCI	31	890,458	890,458
Asset revaluation reserve	32	475,499	475,499
Total equity		5,275,905	5,841,964

Total liabilities and equity		7,752,500	7,414,607

These financial statements were authorised for issue and approved by the Board of Directors on April 17, 2026 and signed on its behalf by:

Ademola Abidogun Managing Director/Chief Executive Officer

FRC/2016/CIIN/00000014549

Pius Edobor Executive Director, Finance

FRC/2013/ICAN/000000004638

GUINEA INSURANCE PLC STATEMENT OF CHANGES IN EQUITY							3
FOR THE PERIOD ENDED 31 MARCH 2026
					Fair value	Asset
	Issued share	Accumulated	Share	Contingency	reserve	revaluation
	capital	losses	premium	reserve	through OCI	reserve	Total
	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Balance at 1 January 2026	3,971,400	(843,405)	337,545	1,010,468	890,458	475,499	5,841,965
Profit for the year	-	(352,657)	-	-	-	-	(352,657)
Increase in share capital cost			(213,402)				(213,402)
Revaluation surplus on land and building net
of tax	-	-	-	-	-	-	-
Fair value gain - FVTOCI	-	-	-	-	-	-	-
Transfer to contingency reserve	-	(26,063)	-	26,063	-	-	-
Balance at 31 March 2026	3,971,400	(1,222,126)	124,143	1,036,531	890,458	475,499	5,275,905
					Fair Value	Asset
	Issued share	Accumulated	Share	Contingency	Reserve	revaluation
	capital	losses	premium	reserve	through OCI	reserve	Total
	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Balance at 1 January 2025	3,971,400	(1,101,892)	337,545	915,658	627,043	471,007	5,220,760
Profit for the year	-	353,297	-	-	-	-	353,297
	-	-	-	-	-	4,491	4,491
Fair value gain reclassification	-	-	-	-	263,415	-	263,415
Fair value gain - FVTOCI	-	(94,811)	-	94,811	-	-	-
Transfer to contingency reserve	-	(32,838)	-	32,838	-	-	-
Balance at 31 December 2025	3,971,400	(876,244)	337,545	1,043,307	890,458	475,498	5,841,963

GUINEA INSURANCE PLC STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2026			4
		31 March,	31 December,
	Notes	2026	2025
		N'000	N'000
Operating activities: Premium received	21.4	917,348	3,213,846
Commission received	21.4	238,872	272,958
Commission paid	21.4	(214,832)	(836,878)
Maintenance cost	21.4
Reinsurance premium paid	3	(373,578)	(865,238)
Gross claim paid	21.4	(115,900)	(758,786)
Reinsurance recoveries	3	5,048	369,358
Premium deposit Payments to employees	39.1	(190,131)	(793,292)
Other operating cash payments	8	(292,824)	(936,285)
Other income received		(2,728)	21,265
Tax paid		(8,399)	(30,760)
		(37,124)	(343,812)
Investing activities:
Purchase of treasury bills	13.4	(251,000)	(2,337,271)
Liquidation of treasury bills	13.4	294,525	2,686,663
Purchase/Sale of Fin Asset	16	-	(2,581)
Purchase of intangible assets	18	-	-
Purchase of property and equipment	19	(24,057)	(183,519)
Proceed from sale of property and equipment			32,500
Investment income received	4	106,299	232,947
Net cash inflow from investing activities		125,767	428,739
Financing activities:
Increase in share capital cost		(213,402)
Deposit for shares	26	-	-
Net cash inflow from financing activities		(213,402)	-
Net increase in cash and cash equivalents		(124,759)	84,927
Cash and cash equivalents at 1 January	12	1,398,478	1,313,551
Cash and cash equivalents at 31 March 2026	12	1,273,719	1,398,478

Guinea Insurance Plc 5 Financial statements, 31 March 2026

Notes to the financial statements

The NAICOM 2022 Prudential Guideline provisions prescribed that an insurer shall in respect of its business other than life insurance business, maintain a minimum capital of N3billion in the case of a General Insurance company being the excess of the value of its admissible assets in Nigeria over its liabilities in Nigeria.

In thousands of Naira

Under S.24 (1) of the Insurance Act 2003 Admissible assets	Total	MAR 2026 N'000 Inadmissible	MAR 2026 N'000 Admissible	MAR 2025 N'000 Admissible
Cash and cash equivalents	1,273,719	-	1,273,719	1,398,478
Treasury Bills	1,931,885		1,931,885	1,903,452
Quoted Shares	139,547	-	139,547	139,547
Unquoted Shares	984,138	-	984,138	984,138
Premium receivables	11,783	-	11,783	2,751
Reinsurance contract assets	736,480	-	736,480	350,145
Other receivables and prepayments	232,555	216,714	15,841	179,301
Investment properties	1,107,000		1,107,000	1,107,000
Intangible asset	26,138	26,138	-	-
Property, plant and equipment	975,600	-	975,600	987,188
Statutory deposit	333,654	-	333,654	333,654
Total assets	7,752,499	242,852	7,509,647	A) 7,385,654
Less admissible liabilities Insurance contract liabilities	2,054,515	-	2,054,515	1,336,447
Other payables and accruals	320,177	-	320,177	130,393
Employee benefit obligations	593	-	593	740
Current tax payable	44,217	-	44,217	47,970
Deferred tax liabilities	57,093	57,093	-	-
Total liabilities	2,476,595	57,093	2,419,502	B) 1,515,550
Available Solvency Margin (Total Admissible Minus Admissible Liabilities)			5,090,145		5,870,104
Required Solvency Margin: Minimum Capital Required			3,000,000		3,000,000
Shortfall in MCR			2,090,145	-	2,870,104

1 N'000 N'000

Insurance revenue 718,649 706,638

Gross Premium Written

Motor		134,084	111,786
Fire		161,251	200,221
Marine		121,694	17,980
General accident		402,445	623,751
Oil and gas		109,657	140,861
		929,131	1,094,600
Movement in Unexpired Risk Reserve(UPR)
Motor		16,385	1,298.94
Fire		(11,468)	75,905.27
Marine		67,882	(8,153.66)
General accident		89,542	317,537.49
Oil and gas		48,142	1,373.71
		210,482	387,961.74
1 Insurance service expenses Incurred claims		N'000 645,459	N'000 (71,810)
Ammortization of insurance acquisition cashflows		198,617	184,190
Losses and reversals of losses on onerous contracts		6,025	(18,263)
	0	850,100	94,117

Net expenses from reinsurance contracts held N'000 N'000

Reinsurance expenses (Note 15)	163,701	155,630
Recoveries of incurred claims and other attributable income (Note 15)	(230,226)	61,768
Commission Income (Note 15)	(42,816)	(49,646)
Recoveries/(reversals of recoveries) on onerous contracts (Note 15)	-	6,983
	(109,342)	174,736

Investment income N'000 N'000

Rental income from land and building 4,746 2,333

Dividend income on financial assets	265	24,779
Interest income on statutory deposit with CBN	16,077	9,591
Interest income on fixed deposits	13,873	17,406
Interest on current account
Interest income on treasury bills	86,454	100,642
	121,414	154,751
3.1 Unrealised foreign exchange gain on fixed deposits Unrealised foreign exchange gain/(loss) on fixed deposits	N'000 (2,728)	N'000
4 Net fair value gains on financial assets
(a) Net fair value gains on financial assets at FVTPL	N'000	N'000
Net changes in fair value - Quoted equity	-	2,449
(b) Net fair value gains on financial assets at FVTOCI	N'000	N'000
Net changes in fair value - Unquoted equity	-	-
5 Fair value gains on investment properties	N'000	N'000
Fair value gains on investment properties	-	-
5.1 Net insurance finance income	N'000	N'000
Insurance finance expenses from insurance contracts issued		(57,428)
Insurance finance Income from reinsurance contracts held		18,819
	-	(38,609)
6 Other operating income	N'000	N'000
Recoveries		(460)
Foreign exchange gains	-	(1,293)
Gain on disposal of property, plant and equipment	-	9
Withholding tax credit notes recovered	-	-

Sundry income - -

- (1,744)

Sundry income relates to write back of provision for unexpired risk.

7 Other operating expenses	N'000	N'000
Depreciation of property, plant and equipment	35,645	24,385
Amortisation of intangible assets	2,814	2,980
Auditor's remuneration	1,750	1,950
Non-assurance fees	-	-
Staff cost (Note 8.1)	168,369	166,365
Legal and professional fees	20,666	8,669
Rent and rates	6,170	8,497
Administrative expenses (see note 8.2)	209,173	205,998
	444,587	418,844
7.1 Staff cost	N'000	N'000
Wages and salaries	161,995	160,220
Pension costs	6,374	6,145
	168,369	166,365
7.2 Administrative expenses	N'000	N'000
Fuel	23,727	3,931
Office expenses	19,477	44,518
Entertainment	2,248	991
Printing	21	945
Directors fees and allowances	12,500	39,756
Directors expenses	7,878	7,500
AGM expenses	175
Subscription	5,644	1,540
Advertising	3,324	8,259
Contributions	100	500
NSITF	4,539
Financial Reporting Council of Nig- FRCN	3,651
Stamp Duties
Nigerain Insurers Association- NIA	11,079	5369.22
NAICOM dues	13,767	9,319
Bank charges	6,760	11,867
Industrial Traning Fund	8,135
Insurance		3,646
Contractors outsourced staff	12,293	11,791.05
Medicals	13,184	3,532
Recapitalization Expenses	17,531
Back duty assessments	-
Penalties		1,200
ICT expense	21,932	15,158
Office maintenance	21,207	36,175
	209,173	205,998

8 Impairment loss on financial assets at amortised cost N'000 N'000

Recognised in profit or loss Current year	N'000	N'000
Minimum tax	-
Tertiary Education tax	-
National Information Technology Development Fund (NITDF) Levy	-
Police Trust Fund Levy	-
Underprovision for the prior years
Income tax Tertiary Education tax	4,646 -	5,473
	4,646	5,473
Deferred tax	-
	4,646	5,473

Expected credit loss on financial asstes at amortised cost 9 Current tax

10 Dividends paid and proposed 8

No dividend was proposed or paid by the Company for the period ended 31 March 2026

11 Earnings per share

Basic earnings per share is calculated by dividing the profit attributable to the ordinary shareholders by the weighted average number of ordinary shares in issue during the year outstanding at the reporting date.There are no potential diluted shares

31 March, 2026 31 March, 2025 N'000 N'000

Profit/(loss) attributable to ordinary shareholders (352,657) 130,314

Weighted average number of ordinary shares issued 7,942,800 7,942,800 Basic and diluted earnings/(loss) per ordinary share (Kobo) (4.44) 1.64

Cash and cash equivalents 31 March, 2026 31 March, 2025
Cash and cash equivalent comprises :	N'000	N'000
Balance held with banks in Nigeria	178,528	108,021
Placements 1,095,191 1,379,363
	1,273,719	1,487,385
Representing:
Policyholder's fund	178,528	108,021

Shareholder's fund 1,095,191 1,379,363

1,273,719 1,487,384

Placements comprise deposits with maturity periods of less than 90 days from the value date of the instruments. All placements are subject to an average variable interest rate of 13% (2024: 21.1%) obtainable in the market.

The carrying amounts disclosed above reasonably approximate fair value at the reporting date and are all current balances. There was no impairment loss recognised on cash and cash equivalents during the year.

13 Financial assets

The company's financial assets are summarized by categories as follows: N'000 N'000

Fair value through profit or loss 139,547 98,450

Fair value through other comprehensive income 984,138 720,723 Financial assets at amortised cost 1,931,885 1,938,216 3,055,571 2,757,389

13.1 Financial assets at fair value through profit or loss This represents the value of quoted equity instruments Balance at the beginning of the year	31 March, 2026 N'000 139,547	31 March, 2025 N'000 96,001
Fair value gain	-	2,449
Balance at the end of the period	139,547	98,450
	-	-
13.2 Financial assets at fair value through other comprehensive income
This represents the value of unquoted equity instruments held for strategic reasons	N'000	N'000
Balance at the beginning of the period	984,138	720,726
Fair value gain/loss	-
Balance at the end of the period	984,138	720,726
13.3 Unquoted Equity comprise the following individual investments:	N'000	N'000
African Reinsurance Corporation	350,216	272,762
WAICA Reinsurance Corporation	583,117	397,513
Sterling Assurance Nigeria Ltd	2,456	3,880
Grand Cereals and Oils Mills Ltd	48,349	46,568
	984,138	720,723

The valuation of unquoted investements was carried out by KrestonPedabo Professional Services in February 2026 for the year ended 31 December 2025 and signed on behalf of the Consultant by Peter Nosa Ogbebor (FRC/2013/ICAN/004/902957).

The firm's FRC number is FRC/2022/COY/861283.

31 March, 2026 31 March, 2025

13.4 Financial assets at amortized cost

Nigerian treasury bills	1,931,885	1,938,216
(a) Movement in financial assets at amortised cost during the year is as follows:	N'000	N'000
At 1 January	1,888,360	1,837,574
Liquidation	(251,000)
Addition	294,525	100,642
Interest accrued
Expected credit losses
Carrying amount	1,931,885	1,938,216
Classification	N'000	N'000
Current	1,931,885	1,938,216
Non-current	-	-

1,931,885 1,938,216

(b) Movement in expected credit losses N'000 N'000

At 1 January Addition	15,444 -	15,444 -
At 31 March	15,444	15,444
14 Reinsurance contract assets	N'000	N'000
Assets for remaining coverage	290,370	140,814
Amount recoverable for incurred claims	446,110	392,752
	736,480	533,566	-720864

Reconciliation of Reinsurance contracts held, 31 March 2026

	Assets for remaining coverage		Amount recoverable on Incurred claims		Total
	Non-loss Component	Loss Component	Estimate of the present	Risk Adjustment
	N'000	N'000	N'000	N'000	N'000
Reinsurance contract assets at 1 January 2026	4,987	-	283,432	61,727	350,145
Reinsurance contract liabilities at 1 January 2026	-	-	-	-	-
Net reinsurance contracts at 1 January 2026	4,987	-	283,432	61,727	350,145
Reinsurance expenses	(163,701)	-	-	-	(163,701)
Amounts recoverable from reinsurance
Recoveries of incurred claims and other attributable income		-	230,226		230,226
Commission Income	42,816				42,816
Recoveries/(reversals of recoveries) on onerous contracts	-		-	-	-
	(120,885)	-	230,226	-	109,342
Insurance finance income	-	-		-
Total changes in statement of profit or loss and OCI	(120,885)	-	230,226	-	109,342
Cash flows for the year
Reinsurance premiums paid	373,578				373,578
Commission received	(95,170)				(95,170)
Amounts received under reinsurance contracts held				(1,415)	(1,415)
Net cash inflow	278,408	-	-	(1,415)	276,993

Reinsurance contract assets at 31 March 2026	162,510	-	513,658	60,312	736,480
Reinsurance contract liabilities at 31 March 2026	-	-	-	-	-
Net reinsurance contracts at 31 March 2026	162,510	-	513,658	60,312	736,480

Reconciliation of Reinsurance contracts held, 31 March 2025

	Assets for remaining coverage		Amount recoverable on Incur		Total
	Non-loss Component	Loss Component	Estimate of the present	Risk Adjustment
	N'000	N'000	N'000	N'000	N'000
Reinsurance contract assets at 1 Ja	139,956 6,983 404,968 61,727				613,634
Reinsurance contract liabilities at 1 January 2025	-	-	-	-	-
Net reinsurance contracts at 1 January 2025	139,955.63	6,983.31	404,967.64	61,727.00	613,633.58
Reinsurance expenses	(155,629.72)				(155,629.72)
Amounts recoverable from reinsurance					-
Recoveries of incurred claims and other attributable income	-	-	(61,768.40)		(61,768.40)
Commission Income	49,645.69	-	-	-	49,645.69
Recoveries/(reversals of recoveries) on onerous contracts		(6,983.31)			(6,983.31)
	49,645.69	(6,983.31)	(61,768.40)	-	(174,735.74)
Insurance finance income	-	-	(18,819)	-	(18,819.06)
Total changes in statement of profit or loss and OCI	49,645.69	(6,983.31)	(80,587.47)	-	(193,554.80)
Cash flows for the year
Reinsurance premiums paid	221,110.00	-	-	-	221,110.00
Commission received	(114,267.75)	-	-	-	(114,267.75)
Amounts received under reinsurance contracts held	-	-	6,646.00	-	6,646.00
Net cash inflow	106,842.25	-	6,646.00	-	113,488.25

Reinsurance contract assets at 31 March 2025	296,443.58	-	331,026.17	61,727.00	533,567.03
Reinsurance contract liabilities at 31 March 2025	-	-	-	-	-
Net reinsurance contracts at 31 March 2025	296,443.58	-	331,026.17	61,727.00	533,567.03

31 March,

2026 31 March, 2025

15 Trade receivablesN'000 N'000

Current 11,783 62,715

Trade receivables comprises the followings: N'000 N'000

Insurance companies - -

Broker 11,783 62,715

11,783 62,715

16 Other receivables and prepayments	31 March, 2026 N'000	12 31 March, 2025 N'000
Prepaid staff expense	32,685	29,703
Accrued interest on statutory deposit	18,715	(21,979)
Rent receivable	33,523	34,898
Deposit for computerization	-	-
Withholding tax receivable	81,368	38,530
Prepaid minimum and deposit premium	-	-
Deposit for assets	-	10,493
Prepayments	69,139	46,128
	235,429	137,773
Impairment charged on other receivables	(2,874)	(2,874)
	232,555	134,899
Classification	N'000	N'000
Current	232,555	134,899
Non-current	-	-
	232,555	134,899
6.1 Movement on impairment of other receivables As 1 January	N'000 2,874	N'000 2,874
Balance written off	-	-
	2,874	2,874

The carrying amounts disclosed above reasonably approximate the fair value at the reporting date. All other receivable amounts are collectible within one year. Prepayments are also utilisable within one year.

17 Investment properties

Reconciliation of carrying amount	N'000	N'000
At 1 January	1,107,000	855,000
Reclassification Fair value gain	-	-
	1,107,000	855,000

18 Intangible assets

31 March,

2026 31 March, 2025

Costs
At 1 January	60,519	60,519
Additions	-	-
At 31 March	60,519	60,519
Accumulated amortisation and impairment:
At 1 January	31,567	19,652
Amortisation	2,814	2,980
At 31 March	34,381	22,632
Carrying amount:
At 31 March	26,138	37,887
At 1 January	28,952	40,867

The intangible assets are non-current.

None of the Company's intangible assets is used as a pledged as security for borrowings or loans

Guinea Insurance Plc 13 Financial statements, 31 March, 2026

Notes to the financial statements

19 Property, plant and equipment

	Motor Vehicles	Building	Land	Computer Equipment	Furniture and fittings	Total
Cost/revalued amount	N'000	N'000	N'000	N'000	N'000	N'000
At 1 January 2026	446,034	410,000	340,000	185,024	176,868	1,557,927
Additions Revaluation reserve Disposals	-	- -	- -	-	24,057 -	24,057 - -
At 31 March 2026	446,034	410,000	340,000	185,024	200,925	1,581,984
Accumulated depreciation At 1 January 2026	294,285	(0)		149,106	127,348	570,739
Charge for the year Reclassification Revaluation reserve On disposals	18,901 -	8,137 -	- -	5,309 -	3,298 -	35,645 - - -

313,186	8,137	-	154,416	130,646	606,384
132,848	401,863	340,000	30,609	70,280	975,600

At 31 March 2026

Carrying amount

At 31 March 2026

At 1 January 2025	366,141	660,000	138,000	152,641	133,128	1,449,911
Additions	104,878	-	-	8,654	10,493	124,025
Reclassification		-	-	-	-	0
On disposals			-	-	-	0
Revaluation reserve	-		-	-	-	0
At 31 March 2025	471,019	660,000	138,000	161,295	143,622	1,573,936
Accumulated depreciation At 1 January 2025	246,603			131,867	119,693	498,164
Charge for the year Reclassification disposal	16,633	3,250	- -	2,921 -	1,580 -	24,385 - -
At 31 March 2025	263,237	3,250	-	134,788	121,273	522,549

- - - -

Carrying amount

At 31 March 2025 207,782 656,750 138,000 26,507 22,348 1,051,387

31 March, 2026

31 March, 2025

Statutory deposit

N'000

333,654

N'000

333,654

This represents the amount deposited with the Central Bank of Nigeria as at 31 March, 2026 (2025: N333,654,000) in accordance with Section 10 (3) of Insurance Act 2003. Interest income was earned at an average rate of 15% per annum and this has been included within investment income.

		31 March, 2026	31 March, 2025
21		N'000	N'000
	Liability for remaining coverage	880,567	776,378
Liability for incurred claims 1,173,948 771,203
Insurance contract liabilities		2,054,515	1,547,581
IBNR (Insurance) and Risk Adjustment figures related to liability for incurred claims included in the Fire class of business.
21.3 Insurance contract liabilities excluding the insurance acquisition cash flow assets		N'000	N'000
Insurance Contract Liabilities (excluding insurance
acquisition cash flow assets and other pre-recognition
cashflows)		2,054,515	1,547,581
	Insurance acquisition cash flow assets	-

Other pre-recognition cashflows -

Insurance Contract Liabilities 2,054,515 1,547,581

Reconciliation of Insurance contracts issued, 31 March 2026

Liability for remaining coverage Liability for Incurred claims

Non-loss

Loss

Estimate of the present value of

component component future cash flows Risk adjustment Total

	N'000	N'000	N'000	N'000	N'000
Insurance contract liabilities at 1 January 2026	653,626	38,432	583,958	60,431	1,336,448
Insurance contract assets at 1 January 2026	-	-	-	-	-
Net insurance contract liabilities at 1 January 2026	653,626	38,432	583,958	60,431	1,336,448
Insurance revenue (Note 8) Insurance service expenses Incurred claims	(718,649) - -	- - -	- -645,459	- -	(718,649) 645,459
Ammortization of insurance acquisition cashflows (Note 9)	198,617	-	-	-	198,617
Losses and reversals of losses on onerous contracts		6,025			6,025
Insurance service result	(520,032)	6,025	645,459	-	131,451
Insurance finance expenses
Total changes in statement of profit or loss and OCI	(520,032)	6,025	645,459	-	131,451
Cash flows Premiums received	917,348	-	-	-	917,348
Insurance acquisition cash flows paid	(214,832)	-	-	-	(214,832)
Claims paid	-	-	(115,900)	-	(115,900)
Net cash inflow	702,516	-	(115,900)	-	586,616
Insurance contract liabilities at 31 March 2026 Insurance contract assets at 31 March 2026	836,110	44,457	1,113,516	60,431	2,054,515 -
Net Insurance contract liabilities at 31 March 2026	836,110	44,457	1,113,516	60,431	2,054,515

Reconciliation of insurance contracts issued, 31 March 2025

	Liability for remaining coverage		Liability for Incurred claims
	Non-loss component	Loss component	Estimate of the present value of future cash flows	Risk adjustment	Total
	N'000	N'000	N'000	N'000	N'000
Insurance contract liabilities AT 1 January 2025	458,162	18,263	825,214	114,793	1,416,432
Insurance contract assets AT 1 January 2025	-	-	-	-	-
Net insurance contract liabilities AT 1 January 2025	458,162	18,263	825,214	114,793	1,416,432
Insurance revenue (Note 1)	(706,638)	-	-	-	(706,638)
Insurance service expenses	-	-	-	-	-
Incurred claims (Note 2)	-	-	(71,810)		(71,810)
Ammortization of insurance acquisition cashflows	184,190	-	-	-	184,190
Losses and reversals of losses on onerous contracts	-	(18,263)	-	-	(18,263)
Insurance service result	(522,448)	(18,263)	(71,810)	-	(612,521)
Insurance finance expenses	-	-	-	-	-
Total changes in statement of profit or loss and OCI	(522,448)	(18,263)	(71,810)	-	(612,521)

Cash flows		-	-	-	-
Premiums received	1,094,600	-	-	-	1,094,600
Insurance acquisition cash flows paid	(196,507)	-	-	-	(196,507)
Claims paid	-	-	(154,423)	-	(154,423)
Net cash inflow	898,093	-	(154,423)	-	743,671

Insurance contract liabilities at 31 DECEMEBER 2025	833,807	-	598,982	114,793	1,547,582
Insurance contract assets at 31 DECEMEBER 2025
Net Insurance contract liabilities at 31 March 2025	833,807	-	598,982	114,793	1,547,582

The actuarial valuation of the insurance contract liabilities was carried out by Logic Professional Services and signed by Mr Jonathan Ben Phiri with FRC number FRC/2016/NAS/00000005016 in April 2026. The Firm's FRC number is FRC/2020/00000013617

Classification	31 March, 2026 N'000	31 March, 2025 N'000
Current	2,054,515	1,547,581
Non-current	-	-
	2,054,515	1,547,581
	31 March, 2026	31 March, 2025
22 Other payables and accruals	N'000	N'000
Accrued expenses	28,185	71,801
Deferred revenue	23,600	11,422
Unclaimed dividend	0	3,784
Union due and Guinea cooperative	123	141
NAICOM levy	9,291	7,979
Premium deposit	176	176
Statutory payables	-	-
Unallocated credit	89,278	114,451
Other payables	169,524	21,942
	320,177	231,696
	N'000	N'000
Current	320,177	231,696
Non-current	-	-
	320,177	231,696
23 Employee benefit obligations
Defined benefit plan	N'000	N'000
AT 1 January	740	2,664
Payment	(147)
At 31 March	593	2,664
Classified as
Current	593	2,664
Non - current	-	-
	593	2,664
24 Current tax liability
The movement on tax payable account during the year is as follows:
24.1 Current tax payable	N'000	N'000
At 1 January	47,971	56,831
Underprovision for the prior years	-	-
Payments during the year	(8,399)
Charge for the year	4,646	5,473
At 31 March	44,217	62,304
25 Deferred tax liabilities	N'000	N'000
At 1 January	57,093	58,569
deferred tax element of asset revaluation reserve (Note 40)
Write back for the year	-
At 31 March	57,093	58,569
26 Deposit for shares	N'000	N'000
AT 1 January	-	-
Addition for the year	-	-
Issued share capital	-	-
At 31 March	-	-

Share capital and reserve Issued and fully paid	2026 N'000	2025 N'000
AT 1 January	3,971,400	3,971,400
Transfer from deposit for shares (Note 34) -
Issued and fully paid	3,971,400	3,971,400
6,140,000,000 Ordinary shares of N0.50k each	3,971,400	3,971,400
1,802,800 Ordinary shares of N0.50k each - -
3,971,400		3,971,400

27.2 SHAREHOLDING STRUCTURE 2026 2025

	Unit	Percentage	Unit	Percentage
Issued share capital	7,942,800,000	100%	7,942,800,000	100%
Substantial Shareholdings (5% and above)			-
Chrome Oil Services Limited	4,298,514,210	45.58%	4,298,514,210	45.58%
Nimek Investment Limited	1,288,252,777	20.98%	1,288,252,777	20.98%
	5,586,766,987	66.56%	5,586,766,987	66.56%
Free float in units and percentage	2,356,033,013	29.66%	2,356,033,013	29.66%
Free float in value	₦ 2,780,118,955.34		₦ 471,206,602.60

COMPANY NAME ADDRESS

Chrome Oil Services Limited 5, Idowu Taylor Street Victoria Island, Lagos

Nimek Investments Limited Plot 228B, Muri Okunola Street Victoria Island, Lagos

Rules Governing Free Float Requirements.

In accordance with Rule 2.2 - Rules governing Free Float Requirement:

Guinea Insurance Plc complies with the Exchange's Free Float Requirement.

Shareholding Structure/Free Float Status

	31-Mar-26		31-Mar-25
Description	Unit	Percentage	Unit
Issued Share Capital	7,942,800,000	100%	7,942,800,000	100%
Substantial Shareholdings (5% and above)
Chrome Oil Services Limited	4,298,514,210	54.12%	4,298,514,210	54.12%
Nimek Investment Limited	1,288,252,777	16.22%	1,288,252,777	16.22%
Total Substantial Shareholdings	5,586,766,987	70.34%	5,586,766,987	70.34%
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests
Mr. Temitope Borishade	-	-	-	-
Mr. Ademola Abidogun	-	-	-	-
Mrs. Ijeoma Pearl Okoro	-	-	-	-
Dr. Nkem Okeke	-	-	-	-
Mr. Samuel Onukwue	-	-	-	-
Mrs. Chioma Okigbo	-	-	-	-
Mr. Pius Edobor	-	-	-	-
Mrs Ogonna Offor-Orabueze	-	-	-	-
Mrs Bernice Izilen Okosun	-	-	-	-
Total Directors' Shareholdings	-	0.00%	-	0.00%
Other Influential Shareholdings
[Name(s) of Entities/ Government]	-	-	-	-
Total Other Influential Shareholdings	-	-	-	-
Free Float in Units and Percentage	2,356,033,013	29.66%	2,356,033,013	29.66%
Free Float in Value	₦ 2,780,118,955.34		₦ 471,206,602.60

Declaration:

A) Guinea Insurance Plc with a free float percentage of 29.66% as at March 31,2026, is compliant with the Exchange's free float

requirements for companies listed on the Main Board.

B) Guinea Insurance Plc with a free float percentage of 29.66% as at March 31, 2025, is compliant with the Exchange's free float requirements for companies listed on the Main Board.

Note:

* Share Price as at March 31, 2026 N1.18

* Share Price as at March 31, 2025 N0.2

Securities Trading Policy

In compliance with Rule 17.15 Disclosure of Dealings in issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule). Guinea Insurance Plc maintains a Security Trading Policy which guides Directors, Audit Committee members, employees and all individuals categorized as insiders with respect to their dealing in the Company's shares. The policy undergoes periodic review by the Board and is updated accordingly. The Company has made specific inquiries of all its directors and other insiders and is not aware of any infringement of the policy during the period.

Share premium

2025

2024

Balance at the beginning the period

N'000

337,545

N'000

337,545

Utilishare capital cost (213,402)

At 31 March 124,143 337,545

Statutory contingency reserve
In accordance with the Insurance Act of Nigeria, a contingency reserve is credited with the greater of 3% of total premium or 20% of profit of general insurance business and 1% of total premium or 10% profit for life business. This shall accumulate until it reach the amount of greater of minimum paid up capital or 50% of net premium.
31 March, 2026 31 Mar, 2025 N'000
AT 1 January 1,010,468 915,657
Transfer from accumulated losses (Note 38) 26,063 32,838
At 31 March 1,036,531 948,495
N'000 N'000
1. Transfer from statement of profit or loss: 3% of gross premium 27,874 32,838 Transfer from statement of profit or loss: 20% of net profit 26,063 26,063
Accumulated losses N'000 N'000
AT 1 January (843,406) (1,101,891)
Profit for the year (352,657) 130,307
Transfer to contingency reserve (26,063) (32,838)
At 31 March (1,222,127) (1,004,422)
Fair value reserve through OCI N'000 N'000
AT 1 January 890,458 627,043
Fair value changes - Unquoted equity -
At 31 March 890,458 627,043
Asset revaluation reserve N'000 N'000
The movement in asset revaluation reserve is as follows:
AT 1 January 475,499.00 65,688.00
Addition - 450,355.00
Transferred to deferred tax - - 45,035.50
Revaluation surplus on land and building net of tax 475,499 471,008
At 31 March 475,499 471,008
Contingencies and commitments
1. Legal proceedings and regulations
  The Company is a party to two legal actions during the year arising out of its normal business operations. Total estimated liability from the legal actions amount to N148 million (2024: N148 million). The Directors believe, based on currently available information and advice of the legal counsel, that none of the outcomes that will result from such proceedings will have a material adverse effect on the financial position of the Company. Cases involved include the following: GIP/CB/04/18/06366/ABJ, FCT/HC/CV/14/2019.
2. Capital commitments
The Company had no capital commitments as at year end ( 2025: Nil)
Contravention of laws and regulations
The Company incurred the following penalty/fine during the year:
N'000 N'000
Description 0 0
Related party disclosures
1. Related parties include the Board of Directors,the Managing Director,Finance Director and their close family members and any other employee who is able to exert significant influence on the operating policies of the Company.
2. Transactions with key management personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company directly or indirectly, including any director (whether executive or otherwise) of that Company. (a) for amounts paid to directors of the Company during the period

(a) Key management personnel compensation comprised: 31 March, 2026 31 March, 2025 N'000 N'000

Short-term employee benefits -

Post-employment benefit - -

- -

(a) Details of significant transactions carried out with related parties during the year are as follows: Transactions during the period

31 March, 2026 31 March, 2025

Company/Individual

Choffan Nigerian Limited - (Kiss FM)

Type of

relationship Nature of transaction N'000 N'000

Common

shareholder Rental Income 30,898 -

36 Employees and directors
36.1 Employees	Number	Number
The average number of persons employed by the Company during the year was as follows:
Executive directors	3	3
Management	22	22
Non-management	43	43
	68	68

The number of employees of the Company, other than non executive directors, who received emoluments in the following ranges (excluding pension contributions and certain benefits) were:

	Number	Number
Less than N800,001	-	-
N800,001 - N2,000,000	18	1
N2,000,001 - N2,800,000	27	24
N2,800,001 - N3,500,000	-	10
N3,500,001 - and Above	36	33

36.2 Directors

Remuneration paid to the Company's directors (excluding pension contribution) was:

Fees and sitting allowances

Executive compensation

The chairman

The highest paid director

Executive compensation is included as part of staff cost.

81 68

N'000 N'000

- -

N'000 N'000

The number of directors who received fees and other emoluments (excluding pension contributions, certain benefits and reimbursable expenses) in the following ranges was:

37 Dealings in Issuers' Shares

The Company has a Securities Trading Policy which governs the trading of the Company's Securities by Insiders. The Policy has been circulated to all Directors and employees and also uploaded on the Company's website. The Company has contacted the Directors and they confirmed compliance with the Policy and the required provisions set out in Exchange's rule during the quarter under review. This is In compliance with the provisions of Security and Exchange Commission Rule 17.15(d).

Notes to statement of cash flows Payments to employees	Notes	31 March, 2026 N'000	31 March, 2025 N'000
Employee benefits expenses	7.1	183,756	160,220
Decrease in employee benefit obligations	23	6,374	6,145
		190,130	166,365
38.2 Other operating cash payments Other operating expenses		N'000 292,824	N'000 252,479
		292,824	252,479
38.3 Investment income received Investment income	3	N'000 18,883	N'000 44,518
Accrued interest on statutory deposit		16,077	9,591
Accrued interest income on treasury bills		86,454	100,642
		121,414	154,751
38.4 Other income received Other operating income	6	N'000 -	N'000
Gain on disposal of property, plant and equipment	6	-	-
Foreign exchange gains	6	-
		-	-

7. Hypothecation of insurance fund on assets

The Company structured its assets to meet the requirements of the Insurance Act 2003 such that policyholders' assets and funds are not co-mingled with shareholders'.

In particular, investment properties, investment securities (equities and fixed income securities) and insurance funds hypothecated to policyholders are distinguished from those owned by the shareholders.

The assets hypothecated are shown below:

31 MARCH 2026			31 MARCH 2025
Insurance	Shareholders		Insurance	Shareholders
funds	funds	Total	funds	funds	Total
N'000	N'000	N'000	N'000	N'000	N'000
	1,273,719	1,273,719		1,398,478	1,398,478
	-	-		-	-
	139,547.43	139,547	-	139,547	139,547
-	984,138	984,138	-	984,138	984,138
1,931,885		1,931,885	1,788,216	150,000	1,938,216
736,480	-	736,480	533,566	-	533,566
	11,783	11,783		2,751	2,751
-	232,555	232,555	-	179,301	179,301
	1,107,000	1,107,000	-	1,107,000	1,107,000
-	26,138	26,138	-	28,952	28,952
-	975,600	975,600	-	987,188	987,188
-	333,654	333,654	-	333,654	333,654
2,668,365	5,084,134	7,752,499	2,321,782	5,311,009	7,632,791

2,054,515		2,054,515	1,336,447		1,336,447
		-			-
	320,177	320,177		130,393	130,393
	593	593		740	740
	44,217	44,217		47,970	47,970
	57,093	57,093		57,093	57,093
		-			-
2,054,515	422,080	2,476,595	1,336,447	236,196	1,572,643

613,850	4,662,054	5,275,904	985,335	5,074,813	6,060,148

Assets

Cash and cash equivalents Financial assets

At fair value through profit or loss

At fair value through other comprehensive income At Amortised Cost- Treasury Bills

Reinsurance contract assets Trade receivable

Other receivables and prepayments Investment properties

Intangible asset Property and equipment Statutory deposit

Total assets Liabilities

Insurance contract liabilities Provisions

Other payables and accruals Employee benefit obligations Current tax payable Deferred tax liabilities Deposit for shares

Total liabilities SURPLUS

Earlier from Guinea Insurance

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