Year end - financial statement for 2025

MANAGEMENT ACCOUNTS

31 DECEMBER 2025

GUINEA INSURANCE PLC

FINANCIAL STATEMENTS, 31 DECEMBER 2025

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

Guinea Insurance House

33, Ikorodu Road

Jibowu

Lagos, Nigeria

01-2934575/01-2934577

info@guineainsurance.com

https://www.guineainsurance.com

African Reinsurance Corporation

WAICA Reinsurance Corporation

Continental Reinsurance Plc

Nigerian Reinusurance Corporation

FBS Reinsurance Limited

ZEP Reinsurance

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

GUINEA INSURANCE PLC

FINANCIAL STATEMENTS, 31 DECEMBER 2025

Logic Professional Services

Rear Wing, 4th Floor Oshopey Plaza

17-19, Allen Avenue, Ikeja, Lagos

FRC/2016/NAS/00000015016

Ubosi Eleh & Co

27, Obafemi Awolowo Way

Ikeja, Lagos

FRCN/2014/NIESV/00000003997

Cardinal Stone (Registrars) Limited

(Formerly City Securities Limited)

358, Herbert Macaulay Way

Yaba, Lagos

BDO Professional Services

ADOL House,

15 CIPM Avenue,

Central Business District,

Alausa, Ikeja,

Lagos, Nigeria.

FRC/2024/COY/398515

https://www.bdo-ng.com

GUINEA INSURANCE PLC

FINANCIAL STATEMENTS, 31 DECEMBER 2025

CERTIFICATION PURSUANT TO SECTION 60(2) OF INVESTMENT AND SECURITIES ACT NO. 29

OF 2007

●

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

GUINEA INSURANCE PLC

FINANCIAL STATEMENTS, 31 DECEMBER 2025

CERTIFICATION PURSUANT TO SECTION 60(2) OF INVESTMENT AND SECURITIES ACT NO. 29

OF 2007

●

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

GUINEA INSURANCE PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2025

OCTOBER TO

DECEMBER 2025

OCTOBER TO

DECEMBER 2024

JANUARY TO

DECEMBER, 2025

JANUARY TO

DECEMBER, 2024

Notes

N'000

N'000

Insurance revenue

1

790,859

800,320

2,928,303

2,837,251

Insurance service expenses

1

(335,694)

(779,058)

(1,217,434)

(1,761,055)

Net expenses on reinsurance contracts

2

123,042

179,819

(426,609)

(27,600)

Insurance service result

578,208

201,081

1,284,260

1,048,596

-

-

Investment income

3

126,178

79,779

648,136

325,277

Unrealised foreign exchange gain/loss on fixed deposits 3.1

(57,666)

103,395

(62,543)

485,554

Net fair value gains on financial assets at FVTPL

4

1,277

16,830

40,964

16,830

Fair value gains on investment properties

5

95,000

357,355

95,000

357,355

Impairment loss on financial assets at amortised cost

8

-

(14,722)

(14,722)

Net investment income

164,790

542,638

721,557

1,170,294

-

-

Insurance finance income/(expense) from insurance

contracts issued

5.1

-

60,736

1,372

Insurance finance income/(expense) from reinsurance

contracts held

5.1

-

(18,875)

1,211

Net Insurance finance expenses

-

41,861

-

2,583

-

-

Net Insurance and Investment result

742,998

785,579

2,005,817

2,221,473

-

-

Other operating income

6

8,889

157,612

48,012

168,979

Other operating expenses

7

(499,085)

(606,438)

(1,751,928)

(1,486,038)

Profit before taxation

252,802

336,753

301,901

904,413

Income tax income/(expense)

9

(4,358)

44,471

(15,802)

32,140

Profit/(loss) after taxation

248,444

381,224

286,099

936,553

-

-

Other comprehensive income

-

-

Item that are or may be reclassified subsequently to profit or l

-

-

-

-

-

-

Item that will not be reclassified to profit or loss

-

-

Net fair value gain on financial assets at FVTOCI

13.2

(29,882)

381,437

(46,619)

381,437

Revaluation surplus on land and building net of tax

40

123,000

405,320

123,000

405,320

Total other comprehensive income

93,118

786,757

76,381

786,757

Total comprehensive income for the period, net of tax

341,562

1,167,980

362,480

1,723,310

-

-

Contingency reserve

29

26,147

76,245

94,811

187,311

-

-

Earnings per share - Basic and Diluted (kobo)

11

3

5

3.60

11.79

GUINEA INSURANCE PLC

STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2025

Assets

Notes

Cash and cash equivalents

12

Financial assets:

At fair value through profit or loss

13.1

At fair value through other comprehensive in

13.2

At amortised cost

13.4

Reinsurance contract assets

14

Trade receivables

15

Other receivables and prepayments

16

Investment properties

17

Intangible assets

18

Property,plant and equipment

19

Statutory deposit

20

Total assets

31 DECEMBER, 31 DECEMBER,

2025 2024

N'000 N'000

1,400,229 1,313,551

-

139,547 96,001

674,107 720,723

1,873,559 1,837,574

409,946 613,634

58,057 56,218

182,271 134,034

950,000 855,000

28,952 40,867

1,090,985 951,747

333,654 333,654

7,141,306 6,953,004

Liabilities

Insurance contract liabilities

21

1,288,755

1,416,432

Other payables and accruals

22

170,104

196,506

Employee benefit obligations

23

740

5,882

Current tax payable

24

41,872

56,830

Deferred tax liabilities

25

56,594

56,594

Deposit for shares

26

-

Total liabilities

1,558,064

1,732,243

Equity

Issued share capital

27

3,971,400

3,971,400

Share premium

28

337,545

337,545

Contingency reserve

29

1,010,468

915,657

Accumulated losses

30

(910,602)

(1,101,892)

Fair value reserve through OCI

31

580,424

627,043

Asset revaluation reserve

32

594,008

471,008

Total equity

5,583,243

5,220,761

7,141,307

6,953,004

Ademola Abidogun

Managing Director/Chief Executive Officer

FRC/2016/CIIN/00000014549

Pius Edobor

Executive Director, Finance

FRC/2013/ICAN/000000004638

GUINEA INSURANCE PLC

3

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2025

Issued share

capital

Accumulated

losses

Share premium

Contingency

reserve

Fair value

reserve through OCI

Asset

revaluation

reserve

Total

N'000

N'000

N'000

N'000

N'000

N'000

N'000

Balance at 1 January 2025

3,971,400

(1,101,891)

337,545

915,657

627,043

471,008

5,220,761

Profit for the year

-

286,099

-

-

-

-

286,099

Revaluation surplus on land and

building net of tax

-

-

-

-

-

123,000

123,000

Fair value gain - FVTOCI

-

-

-

-

(46,619)

-

(46,619)

Transfer to contingency reserve

-

(94,811)

-

94,811

-

-

-

Balance at 31 December 2025

3,971,400

(910,604)

337,545

1,010,468

580,424

594,008

5,583,241

Balance at 1 January 2024

Profit for the year

Fair value gain reclassification

Fair value gain - FVTOCI

Transfer to contingency reserve

Balance at 31 December 2024

Issued share

capital

Accumulated

losses

Share premium

Contingency

reserve

Fair Value Reserve

through OCI

Asset revaluation

reserve

Total

N'000

N'000

N'000

N'000

N'000

N'000

N'000

3,971,400

(1,851,134)

337,545

728,346

245,606

65,688

3,497,451

-

936,553

-

-

-

-

936,553

-

-

-

-

-

-

-

-

-

-

-

-

405,320

405,320

-

-

-

-

381,437

-

381,437

-

(187,311)

-

187,311

-

-

-

3,971,400

(1,101,892)

337,545

915,657

627,043

471,008

5,220,761

GUINEA INSURANCE PLC

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2025

Notes

31 DECEMBER,

2025

31 DECEMBER

2024

N'000

Operating activities:

Premium received

22.4

3,158,540

2,741,786

Commission received

22.4

272,958

207,458

Commission paid

22.4

(576,582)

(572,239)

Maintenance cost

22.4

(214,640)

Reinsurance premium paid

3

(1,019,781)

(907,900)

Gross claim paid

22.4

(758,786)

(747,735)

Reinsurance recoveries

3

369,358

425,539

Premium deposit

15,581

176

Payments to employees

39.1

(779,646)

(491,063)

Other operating cash payments

8

(833,053)

(578,879)

Other income received

15,512

138,137

Tax paid

(30,760)

(47,542)

Investing activities:

Purchase of treasury bills

13.4

(2,686,663)

(1,677,881)

Liquidation of treasury bills

13.4

2,722,649

1,745,367

Purchase/Sale of Fin Asset

16

(2,582)

Purchase of intangible assets

18

-

Purchase

of property and equipment

19

(183,518)

(96,071)

Proceed from sale of property and equipment

32,500

-

Investment income received

4

585,593

148,463

Net cash inflow from investing activities

467,978

119,878

Net increase in cash and cash equivalents

Cash and cash equivalents at 1 January

12

Cash and cash equivalents at 31 December 2025

12

86,678

287,616

1,313,551

1,025,935

1,400,229

1,313,551

Guinea Insurance Plc

Financial statements, 31 DECEMBER 2025

Notes to the financial statements

The Insurance Act 2003 (Section 24) prescribed that an insurer shall in respect of its business other than life insurance business, maintain a margin of solvency being the excess of the value of its admissible assets in Nigeria over its liabilities in Nigeria.

The solvency margin, which is determined as the excess of admissible assets over total liabilities shall not be less

than 15% of the gross premium income less reinsurance premiums paid out during the year under review or the minimum paid up capital, whichever is greater.

In thousands of Naira

Statement of Solvency Margin Computation

Under S.24 (1) of the Insurance Act 2003

31-Dec

31-Dec

31-Dec

2025

2025

2024

Admissible assets

N'000

N'000

N'000

Total

Inadmissible

Admissible

Admissible

Cash and cash equivalents

1,400,229

-

1,400,229

1,313,551

Treasury Bills

1,873,559

1,873,559

1,837,574

Quoted Shares

139,547

-

139,547

96,001

Unquoted Shares

674,107

674,107

720,723

Premium receivables

58,057

-

58,057

56,218

Reinsurance contract assets

409,946

-

409,946

613,634

Other receivables and prepayments

182,271

122,525

59,746

134,034

Investment properties

950,000

950,000

855,000

Intangible asset

28,952

28,952

-

-

Property, plant and equipment

1,090,985

1,090,985

951,747

Statutory deposit

333,654

-

333,654

333,654

Total assets

7,141,305

151,477

6,989,829

(A)

6,912,136

Less admissible liabilities

Insurance contract liabilities

1,288,755

-

1,288,755

1,416,432

Other payables and accruals

170,104

-

170,104

196,506

Employee benefit obligations

740

-

740

5,882

Current tax payable

41,872

-

41,872

56,830

Deferred tax liabilities

-

-

-

Total liabilities

1,501,470

-

1,501,470

(B)

1,675,650

Available Solvency Margin (Total Admissible

Minus Admissible L

Required Solvency Margin:The higher of

a. 15% of net premium

320,617

305,540

b. Minimum paid up share capital

3,000,000

3,000,000

Level of Solvency (Available Solvency/Requir

ed solvency*100)

183

175

Guinea Insurance Plc

Financial statements, 31 December, 2025

Notes to the financial statements

31 DECEMBER,

2025

31 DECEMBER,

2024

Movement in Unexpired Risk Reserve(UPR)

Motor

Fire

Marine

General accident

Oil and gas

(18,519)

(22,465.56)

123,364

46,465.54

(5,787)

10,590.87

144,587

12,464.90

(11,568)

51,287.10

232,076

98,343

1

Insurance service expenses

Incurred claims

Ammortization of insurance acquisition cashflows

Losses and reversals of losses on onerous contracts

N'000

N'000

427,263

1,003,994

781,788

738,798

8,382

18,263

1,217,434

1,761,055

2

Net expenses from reinsurance contracts held

Reinsurance expenses (Note 15)

Recoveries of incurred claims and other

attributable income (Note 15)

Commission Income (Note 15)

Recoveries/(reversals of recoveries) on onerous

contracts (Note 15)

N'000

N'000

959,813

870,448

(266,093)

(635,807)

(264,476)

(200,058)

(2,635)

(6,983)

426,609

27,600

3

Investment income

N'000

N'000

Rental income from land and building

14,503

44,548

Dividend income on financial assets at fair value through other comprehensive income

98,002

7,402

Interest income on statutory deposit with CBN

94,374

35,214

Interest income on fixed deposits

55,860

63,696

Interest on current account

19

2

Interest income on treasury bills

385,378

174,415

648,136

325,277

3.1

Unrealised foreign exchange gain on fixed deposits

Unrealised foreign exchange gain/(loss) on fixed deposits

N'000

N'000

(62,543)

485,554

4

Net fair value gains on financial assets

(a)

Net fair value gains on financial assets at FVTPL

Net changes in fair value - Quoted equity

N'000

N'000

40,964

16,830

1

Insurance revenue

Gross Premium Written

Motor

Fire

Marine

General accident

Oil and gas

N'000

N'000

2,928,303

2,837,251

402,060

560,392

730,857

500,551

115,984

106,084

1,586,044

1,192,716

325,434

575,642

3,160,379

2,935,385

(b)

Net fair value gains on financial assets at FVTOCI

Net changes in fair value - Unquoted equity

5

Fair value gains on investment properties

Fair value gains on investment properties

5.1

Net insurance finance income

Insurance finance expenses from insurance contracts issued

Insurance finance Income from reinsurance contracts held

N'000

N'000

-

381,437

N'000

N'000

95,000

357,355

N'000

N'000

1,372

1,211

-

2,583

N'000

N'000

4,377

99,644

(5,752)

30,842

32,500

-

16,755

38,493

133

-

48,012

168,979

6

Other operating income

Recoveries

Foreign exchange gains

Gain on disposal of property, plant and equipment

Withholding tax credit notes recovered

Sundry income

7

Other operating expenses

Depreciation of property, plant and equipment

Amortisation of intangible assets

Auditor's remuneration

Non-assurance fees

Staff cost (Note 8.1)

Legal and professional fees

Rent and rates

Administrative expenses (see note 8.2)

31 DECEMBER,

2025

31 DECEMBER,

2024

N'000

N'000

167,281

89,098

11,915

12,086

7,000

7,000

-

-

779,646

494,331

49,872

108,852

25,349

11,913

710,865

762,758

1,751,928

1,486,038

7.1

Staff cost

Wages and salaries

Pension costs

N'000

N'000

753,359

475,916

26,287

18,415

779,646

494,331

7.2

Administrative expenses

Fuel

Office expenses

Entertainment

Printing

Directors fees and allowances

Directors expenses

AGM expenses

Subscription

Advertising

Contributions

NSITF

Financial Reporting Council of Nig- FRCN

Stamp Duties

Nigerain Insurers Association- NIA

NAICOM dues

Bank charges

Industrial Traning Fund

Insurance

Contractors outsourced staff

Medicals

Back duty assessments

Office running expense

Penalties

ICT expense

Office maintenance

N'000

N'000

25,785

71,675

126,760

6,865

9,511

7,195

3,059

4,937

33,833

30,000

54,673

167,579

13,643

10,852

13,968

14,266

38,012

47,628

18,119

5,310

2,981

2,214

4,279

2,000

507

5,469

4,921

41,030

32,293

21,725

19,350

6,866

3,036

30,307

6,578

48,904

68,810

28,130

17,388

-

10,830

-

1,975

8,176

70,943

67,140

110,891

153,210

710,865

762,758

8

Impairment loss on financial assets at amortised cost

Expected credit loss on financial asstes at amortised cost

N'000

N'000

15,444

14,722

9

Current tax

Recognised in profit or loss

Current year

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

N'000

N'000

-

16,704

-

3,485

-

9,044

-

44

-

15,802

32,164

-

2,897

15,802

64,338

-

(96,478)

15,802

(32,140)

10

11

8

rs by the weighted

diluted shares

31 DECEMBER,

2025

average number

31 DECEMBER,

2024

N'000

N'000

286,099

936,554

7,942,800

7,942,800

12

Cash and cash equivalents

Cash and cash equivalent comprises :

Balance held with banks in Nigeria

Placements

31 DECEMBER,

2025

31 DECEMBER,

2024

N'000

N'000

87,194

61,257

1,313,036

1,252,294

1,400,229

1,313,551

Representing:

Policyholder's fund

Shareholder's fund

Guinea Insurance Plc

Financial statements, 31 DECEMBER 2025

Notes to the financial statements

13.4

Financial assets at amortized cost

Nigerian treasury bills

(a)

Movement in financial assets at amortised cost during the year is as follows:

At 1 January

Liquidation

Addition

Interest accrued

Expected credit losses

Carrying amount

Classification

Current

Non-current

31 DECEMBER,

2025

31 DECEMBER,

2024

1,873,559

1,837,574

N'000

N'000

1,837,574

1,745,367

(2,686,663)

(1,745,367)

2,337,271

1,677,881

385,378

174,415

(14,722)

1,873,559

1,837,574

N'000

N'000

1,873,559

1,837,574

-

-

1,873,559

1,837,574

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

Fair value gain

Balance at the end of the period

31 DECEMBER,

2025

31 DECEMBER,

2024

N'000

N'000

96,001

79,171

43,546

16,830

139,547

96,001

-

-

13.2

Financial assets at fair value through other comprehensive income

This represents the value of unquoted equity instruments held for strategic reasons

Balance at the beginning of the period

Fair value gain/loss

Balance at the end of the period

N'000

N'000

720,726

339,286

(46,619)

381,437

674,107

720,723

13.3

Unquoted Equity comprise the following individual investments:

African Reinsurance Corporation

WAICA Reinsurance Corporation

Sterling Assurance Nigeria Ltd

Grand Cereals and Oils Mills Ltd

N'000

N'000

265,951

272,762

387,590

397,513

3,880

3,880

46,569

46,568

703,989

720,723

The valuation of unquoted investements was carried out by KrestonPedabo Professional Services in March 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.

(b)

Movement in expected credit losses

At 1 January

Addition

At 31 DECEMBER

N'000

N'000

15,444

722

-

14,722

15,444

15,444

14

Reinsurance contract assets

Assets for remaining coverage

Amount recoverable for incurred claims

N'000

N'000

173,882

146,938

236,064

466,694

409,946

613,632

Assets for remaining coverage

Amount recoverable on Incurred c

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 2025

109,904

-

230,240

24,976

365,119

Reinsurance contract liabilities at 1 January 2024

-

-

-

-

-

Net reinsurance contracts at 1 January 2024

109,904

-

230,240

24,976

365,119

Reinsurance expenses

- 870,448

-

-

-

- 870,448

Amounts recoverable from reinsurance

Recoveries of incurred claims and other

attributable income

-

-

599,056

36,751

635,807

Commission Income

200,058

-

-

-

200,058

Recoveries/(reversals of recoveries) on onerous

contracts

-

6,983

-

-

6,983

- 670,390

6,983

599,056

36,751

- 27,600

Insurance finance income

-

-

1,211

-

1,211

Total changes in statement of profit or loss and

OCI

- 670,390

6,983

600,267

36,751

- 26,389

Cash flows for the year

Reinsurance premiums paid

907,900

-

-

-

907,900

Commission received

- 207,458

-

-

-

- 207,458

Amounts received under reinsurance contracts

held

-

-

- 425,539

-

- 425,539

Net cash inflow

700,442

-

- 425,539

-

274,903

Reinsurance contract assets at 31 December

2024

139,956

6,983

404,968

61,727

613,633

Reinsurance contract liabilities at 31 December

2024

-

-

-

-

-

Net reinsurance contracts at 31 December 2024

139,956

6,983

404,968

61,727

613,633

12

31 DECEMBER,

2025

31 DECEMBER,

2024

16

Other receivables and prepayments

N'000

N'000

Prepaid staff expense

11,023

54,254

Accrued interest on statutory deposit

34,998

35,263

Rent receivable

33,523

-

Deposit for computerization

-

93,880

Withholding tax receivable

77,075

22,488

Prepaid minimum and deposit premium

-

1,400

Deposit for assets

-

-

Prepayments

28,526

45,239

185,145

252,524

Impairment charged on other receivables

(2,874)

(96,754)

182,271

155,770

Classification

N'000

N'000

Current

182,271

155,770

Non-current

-

-

182,271

155,770

16.1

Movement on impairment of other receivables

N'000

N'000

As 1 January

2,874

96,754

Balance written off

-

-

2,874

96,754

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.

Accumulated amortisation and impairment:

At 1 January

Amortisation

At 31 DECEMBER

19,652

7,566

11,915

12,086

31,567

19,652

The intangible assets are non-current.

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

17

Investment properties

Reconciliation of carrying amount

At 1 January

Reclassification

Fair value gain

N'000

N'000

855,000

150,000

95,000

705,000

950,000

855,000

18

Intangible assets

Costs

At 1 January

Additions

At 31 DECEMBER

31 DECEMBER,

2025

31 DECEMBER,

2024

60,519

60,519

-

-

60,519

60,519

Carrying amount:

At 31 DECEMBER

At 1 January

28,952

40,867

40,867

52,953

Guinea Insurance Plc

Financial statements, 31 DECEMBER, 2025

Notes to the financial statements

19

Property, plant and equipment

Cost/revalued amount

At 1 January 2025

Additions

Revaluation reserve

Disposals

At 31 DECEMBER 2025

Motor

Vehicles

Building

Land

Computer

Equipment

Total

N'000

N'000

N'000

N'000

N'000

366,141

660,000

138,000

152,641

1,449,911

104,878

-

-

32,383

183,518

90,000

90,000

(25,060)

-

-

-

(25,060)

445,959

750,000

138,000

185,024

1,698,369

Accumulated depreciation

At 1 January 2025 246,603 0 131,867 498,164

Charge for the year 106,944 33,000 - 17,239 167,281

Reclassification -

Revaluation reserve (33,000) (33,000)

On disposals (25,060) - - - (25,060)

At 31 DECEMBER 2025 328,488 0 - 149,106 607,384

Revaluation reserve

Carrying amount

At 31 DECEMBER 2025 117,471 750,000 138,000 35,918 1,090,985

At 1 January 2024

299,916

527,300

276,000

131,411

1,359,140

Additions

66,300

-

0

21,231

96,071

Reclassification

-

(263,650)

(138,000)

-

(401,650)

Revaluation reserve

-

-

-

0

At 31 December 2024

366,216

660,000

138,000

152,642

1,449,911

Accumulated depreciation

At 1 January 2024

187,733

94,831

- 121,779

517,075

Charge for the year

58,864

13,178

- 10,088

89,098

Reclassification

(54,005)

-

54,005

Revaluation reserve

-

(54,005)

- -

-

54,005

31 DECEMBER, 2025

31 DECEMBER,

2024

N'000

N'000

20

Statutory deposit

333,654

333,654

This represents the amount deposited with the Central Bank of Nigeria as at 31 December, 2025 (2024: N333,654,000) in accordance with Section 10 (3) of Insurance Act 2003. Interest income was earned at an average rate of 17% per annum and this has been included within investment income.

31 DECEMBER, 2025

31 DECEMBER,

2024

21

N'000

N'000

Liability for remaining coverage

680,271

476,425

Liability for incurred claims

608,484

940,007

Insurance contract liabilities

1,288,755

1,416,432

21.1

Liability for remaining coverage by class

Liability for remaining coverage

General Accident

Fire

Marine

Motor

Oil & Gas

N'000

N'000

N'000

260,294

144,970

144,970

217,904

108,965

108,965

19,721

26,315

26,315

111,933

127,615

127,615

73,386

68,561

68,561

683,238

476,425

476,425

21.2

Liability for incurred claims

General Accident

Fire

Marine

Motor

Oil & Gas

N'000

N'000

N'000

223,421

228,136

228,136

171,227

158,024

158,024

85,842

79,430

79,430

46,910

120,918

120,918

78,117

353,499

353,499

605,517

940,007

940,007

Guinea Insurance Plc 14

Financial statements, 31 DECEMBER, 2025

Notes to the financial statements

21.3

Insurance contract liabilities excluding the insurance acquisition cash flow assets

Insurance Contract Liabilities (excluding insurance acquisition cash flow assets and other pre-recognition cashflows)

Insurance acquisition cash flow assets

Other pre-recognition cashflows

Insurance Contract Liabilities

N'000

N'000

N'000

1,288,755

1,519,947

1,519,947

(103,515)

(103,515)

-

-

1,288,755

1,416,432

1,416,432

Guinea Insurance Plc

Financial statements, 31 December2025

Notes to the financial statements

21.4

Reconciliation of Insurance contracts issued, 31 DECEMBER 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 2023

-

-

-

-

-

Net insurance contract liabilities at 1 January 2025

458,162

18,263

825,214

114,793

1,416,432

Insurance revenue (Note 8)

(2,928,303)

-

-

-

(2,928,303)

Insurance service expenses

-

-

-

-

Incurred claims

-

-

466,501

(43,978)

422,522

Ammortization of insurance acquisition cashflows (Note 9)

781,788

-

-

-

781,788

Losses and reversals of losses on onerous contracts

8,382

8,382

Insurance service result

(2,146,515)

8,382

466,501

(43,978)

(1,715,610)

Insurance finance expenses

Total changes in statement of profit or loss and OCI

(2,146,515)

8,382

466,501

(43,978)

(1,715,610)

Cash flows

Premiums received

3,160,379

-

-

-

3,160,379

Insurance acquisition cash flows paid

(813,659)

-

-

-

(813,659)

Claims paid

-

-

(758,786)

-

(758,786)

Net cash inflow

2,346,720

-

(758,786)

-

1,587,934

Insurance contract liabilities at 31 DECEMBER 2025

658,367

26,645

532,928

70,815

1,288,755

Insurance contract assets at 31 DECEMBER 2025

-

Net Insurance contract liabilities at 31 DECEMBER

2025

658,367

26,645

532,928

70,815

1,288,755

Guinea Insurance Plc

Financial statements, 31 December 2024

Notes to the financial statements

21.5

Reconciliation of insurance contracts issued, 31 December 2024

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 2024

387,068

-

618,070

67,049

1,072,187

Insurance contract assets at 1 January 2024

-

-

-

-

-

Net insurance contract liabilities at 1 January 2024

387,068

-

618,070

67,049

1,072,187

Insurance revenue (Note 1)

(2,837,251)

-

-

-

(2,837,251)

Insurance service expenses

-

-

-

-

-

Incurred claims (Note 2)

-

-

956,250

47,744

1,003,994

Ammortization of insurance acquisition cashflows

738,798

-

-

-

738,798

Losses and reversals of losses on onerous contracts

-

18,263

-

-

18,263

Insurance service result

(2,098,453)

18,263

956,250

47,744

(1,076,196)

Insurance finance expenses

-

-

(1,372)

-

(1,372)

Total changes in statement of profit or loss and OCI

(2,098,453)

18,263

954,878

47,744

(1,077,568)

Cash flows

Premiums received

2,887,997

-

-

-

2,887,997

Insurance acquisition cash flows paid

(718,450)

-

-

-

(718,450)

Claims paid

-

-

(747,735)

-

(747,735)

Net cash inflow

2,169,547

-

(747,735)

-

1,421,812

Insurance contract liabilities at 31 December 2024

458,162

18,263

826,585

114,793

1,416,432

Insurance contract assets at 31 December 2024

Net Insurance contract liabilities at 31 December 2024

458,162

18,263

826,585

114,793

1,416,432

31 DECEMBER, 2025

31 DECEMBER,

2024

N'000

N'000

1,288,755

1,416,432

-

-

1,288,755

1,416,432

Classification

Current

Non-current

22

Other payables and accruals

Accrued expenses

Deferred revenue

Unclaimed dividend

Union due and Guinea cooperative

NAICOM levy

Premium deposit

Statutory payables

Unallocated credit

Other payables

31 DECEMBER, 2025

31 DECEMBER,

2024

N'000

N'000

52,682

14,984

12,723

385

4,855

3,784

123

130

31,604

-

176

176

-

-

85,377

100,958

- 17,436

76,089

170,104

196,506

Current

Non-current

N'000

N'000

170,104

196,506

-

-

170,104

196,506

23

Employee benefit obligations

Defined benefit plan

At 1 January

Payment

At 30 September

N'000

N'000

5,882

2,614

(5,142)

3,268

740

5,882

Classified as

Current

Non - current

740

5,882

-

-

740

5,882

24

Current tax liability

The movement on tax payable account during the year is as follows:

24.1

Current tax payable

At 1 January

Underprovision for the prior years

Payments during the year

Charge for the year

At 31 DECEMBER

N'000

N'000

56,830

40,034

-

35,061

(30,760)

-47,542

15,802

29,277

41,872

56,830

25

Deferred tax liabilities

At 1 January

deferred tax element of asset revaluation reserve (Note 40)

Write back for the year

At 31 DECEMBER

N'000

N'000

108,036

56,594

45,036

-

(96,478)

56,594

56,594

26

Deposit for shares

At 1 January

Addition for the year

Issued share capital

At 31 DECEMBER

N'000

N'000

-

-

-

-

-

-

-

-

Guinea Insurance Plc

Financial statements, 31 DECEMBER 2025

Notes to the financial statements

27

Share capital and reserve

27.1

Issued and fully paid

At 1 January

Transfer from deposit for shares (Note 34)

Issued and fully paid

2025

2024

N'000

N'000

3,971,400

3,971,400

-

3,971,400

3,971,400

6,140,000,000 Ordinary shares of N0.50k each

1,802,800 Ordinary shares of N0.50k each

3,971,400

3,971,400

-

-

3,971,400

3,971,400

27.2

SHAREHOLDING STRUCTURE

2025

Unit

Percentage

Issued share capital

7,942,800,000

100%

Substantial Shareholdings (5% and above)

Chrome Oil Services Limited

4,298,514,210

45.58%

Nimek Investment Limited

1,288,252,777

20.98%

5,586,766,987

66.56%

2024

Unit

Percentage

7,942,800,000

100%

-

4,298,514,210

45.58%

1,288,252,777

20.98%

5,586,766,987

66.56%

Free float in units and percentage

2,356,033,013

29.66%

Free float in value

N3,486,928,859.24

2,353,233,013

29.66%

N1,130,895,846.24

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

Description

31-Dec-25

31-Dec-24

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

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

₦ 3,486,928,859.24

₦ 1,130,895,846.24

Declaration:

A) Guinea Insurance Plc with a free float percentage of 29.66% as at December 31,2025, 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 December, 31 2024, is compliant with the Exchange's free float requirements for companies listed on the Main Board.

Note:

* Share Price as at December 31, 2025 N1.48

* Share Price as at December 31, 2024 N0.48

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

N'000

N'000

Balance at the beginning and end of the period

337,545

337,545

Guinea Insurance Plc

Financial statements, 31 DECEMBER 2025

Notes to the financial statements

29

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 DECEMBER, 2025

31 December,

2024

N'000

At 1 January

915,657

728,346

Transfer from accumulated losses (Note 38)

94,811

187,311

At 31 DECEMBER

1,010,468

915,657

31

Fair value reserve through OCI

At 1 January

Fair value changes - Unquoted equity

At 31 DECEMBER

N'000

N'000

627,043

245,606

(46,619)

381,437

580,424

627,043

33

Contingencies and commitments

(a) 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.

(b) Capital commitments

The Company had no capital commitments as at year end ( 2024: Nil)

34

Contravention of laws and regulations

The Company incurred the following penalty/fine during the year:

N'000

N'000

94,811

64,922

57,220

187,311

29.1

Transfer from statement of profit or loss: 3% of gross premium

Transfer from statement of profit or loss: 20% of net profit

30

Accumulated losses

At 1 January

Profit for the year

Transfer to contingency reserve

At 31 DECEMBER

N'000

N'000

(1,101,889)

(1,851,134)

286,099

936,554

(94,811)

(187,311)

(910,602)

(1,101,891)

32

Asset revaluation reserve

The movement in asset revaluation reserve is as follows:

At 1 January

Addition

Transferred to deferred tax

Revaluation surplus on land and building net of tax

At 31 DECEMBER

N'000

N'000

594,008

471,008

N'000

N'000

0

0

471,008

65,688.00

123,000

450,355.00

- -

45,035.50

594,008

471,008

35

Related party disclosures

35.1

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.

35.2

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

31 DECEMBER, 2025

31 DECEMBER,

2024

N'000

N'000

67,946

-

-

-

67,946

-

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 DECEMBER, 2025

31 DECEMBER,

2024

Company/Individual

Type of relationship

Nature of transaction

N'000

N'000

Choffan Nigerian Limited - (Kiss FM)

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

6

6

Non-management

72

69

81

78

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

9

N2,000,001 - N2,800,000

27

21

N2,800,001 - N3,500,000

-

14

N3,500,001 - and Above

36

34

81

78

Directors

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

was:

N'000

N'000

Fees and sitting allowances

Executive compensation

-

-

The chairman

N'000

N'000

The highest paid director

Executive compensation is included as part of staff cost.

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

following ranges was:

Guinea Insurance Plc

21

Financial statements, 31 December 2025

Notes to the financial statements

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).

38

Notes to statement of cash flows

38.1

Payments to employees

Employee benefits expenses

Decrease in employee benefit obligations

31 DECEMBER, 2025

31 DECEMBER,

2024

N'000

N'000

753,359

475,916

26,287

18,415

779,646

494,331

N'000

N'000

833,053

991,707

833,053

991,707

7.1

23

38.2

Other operating cash payments

Other operating expenses

38.3

Investment income received

Investment income

Accrued interest on statutory deposit

Accrued interest income on treasury bills

N'000

N'000

168,384

115,648

94,374

35,214

385,378

174,415

648,136

325,277

38.4

Other income received

Other operating income

Gain on disposal of property, plant and equipment

Foreign exchange gains

6

6

6

N'000

N'000

4,510

167,006

32,500

-

(5,752)

-

31,257

167,006

31 DECEMBER 2025

31 DECEMBER 2024

Insurance

Shareholders

Insurance

Shareholders

funds

funds

Total

funds

funds

Total

N'000

N'000

N'000

N'000

N'000

N'000

1,400,229

1,400,229

1,313,551

1,313,551

-

-

-

-

139,547

139,547

-

96,001

96,001

-

674,107

674,107

-

720,723

720,723

1,512,559

361,000

1,873,559

1,687,574

150,000

1,837,574

409,946

-

409,946

613,632

-

613,632

58,057

58,057

56,218

56,218

-

182,271

182,271

-

134,034

134,034

950,000

950,000

-

855,000

855,000

-

28,952

28,952

-

40,867

40,867

-

1,090,985

1,090,985

-

951,747

951,747

-

333,654

333,654

-

333,654

333,654

1,922,505

5,218,800

7,141,305

2,301,206

4,651,795

6,953,001

1,288,755

1,288,755

1,416,432

1,416,432

-

-

170,104

170,104

196,506

196,506

740

740

5,882

5,882

41,872

41,872

56,830

56,830

56,594

56,594

56,594

56,594

-

-

1,288,755

269,309

1,558,064

1,732,243

-

1,732,243

633,750

4,949,491

5,583,242

568,963

4,651,795

5,220,758

Guinea Insurance Plc

Financial statements, 31 DECEMBER 2025

Other National Disclosures