International Energy Insurance Co. PlcNSENG: INTENEGINS

Quarter 1 - financial statement for 2025

Sep 30, 2025 at 2:34 PM UTC · Issued by International Energy Insurance Co. Plc

INTERNATIONAL ENERGY INSURANCE PLC Management Account for the period ended 31st March 2025 Table of contents Page

Shareholding Structure and Free float Status 3

Statement of Profit or Loss and Other Comprehensive Income 4

Statement of Financial Position 6

Statement of Changes in Equity 7

Statement of Cashflows 8

Notes to the Financial Statements 9

INTERNATIONAL ENRGY INSURANCE PLC

Management Account - 31 March 2025

Shareholding Structure and Free float Status

For the period ended 31 March 2025

Company name International Energy Insurance Plc

Year end 31st December

Reporting Period 31-Mar-25

Share Price at end of reporting period N1.62 (31 December 2024: N1.70)

	31-Mar-25		31-Dec-24
Description	Units	Percentage (in relation to Issued Share Capital	Units	Percentage (in relation to Issued Share Capital
Substantiated Shareholding (5% & above)
NORRENBERGER ADVISORY PARTNERS	657,098,995	51.17%	657,098,995	51.17%
ENEH CHINYERE	78,794,058	6.14%	78,794,058	6.14%
Substantial Shareholding	735,893,053	57.31%	735,893,053	57.31%

Directors Shareholding (Direct & Indirect), Excluding directors with Substantial interests
	-		-

Total Directors' Shareholding	-	0.00%	-	0.00%

Details of Other influential shareholdings, if any (E.g. Government, Promoters)
BAYELSA STATE GOVERNMENT	6,582,000	0.513%	6,582,000	0.00513
AIMS ASSET MANAGEMENT LIMITED	5,069,408	0.395%	5,069,408	0.00395
STANBIC NOM,/AMCON/BANK PHB PLC	1,606,487	0.125%	1,606,487	0.00125
	-		-
Total of Other Influential Shareholdings	13,257,895	1.033%	13,257,895	1.033%
Free Float in Units and percentage	534,914,541	41.66%	534,914,541	41.66%
Total	1,284,065,489	100%	1,284,065,489	100%

Free Float in value	N866,561,556.42		N909,354,719,70

Declaration

International Energy Insurance Plc with a free float percentage of 41.66% as at 31st March 2025, is compliant with The Exchange's Free Float requirements for companies listed on the Main Board.
International Energy Insurance Plc with a free float value of N866,561,556,42k as at 31st March 3035, is compliant with The Exchange's Free Float requirements for companies listed on the Main Board.

Securities Trading Policy

In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule) International Energy Insurance Plc maintains a Security Trading Policy which guides Directors, Audit Committee members, employees and all individuals categorised as insiders as to their dealings in the company's securities. The policy is periodically reviewed by the Board and updated. The Company has made specific inquiries to all its director and other insiders and is not ware of any infringement of the policy during the period under review.

Rules Governing Free Float Requirements

In accordance with Rule 2,2 - Rules Governing Free Float Requirement:

International Energy Insurance Plc complies with the Exchange's free Float requirement.

Statement of Profit or Loss
for the quarter ended 31st March 2025
In thousands of naira
	Note	31-Mar-25	31-Mar-24
Insurance revenue	6	1,562,501	1,327,052
Insurance service expense	7	(459,590)	(30,066)
Net expenses from reinsurance contracts held	8	(52,085)	(41,391)
Insurance service result		1,050,826	1,255,594
Investment income	9	115,903	155,054
Net gains on FVTPL investments	10	12,450	15
Net gains on investment property	10	-	-
Net credit impairment losses		-	-
Net foreign exchange income/(expense)		-	-
Net investment income		128,353	155,069
Finance expenses from insurance contracts issued	32	-	-
Finance income from reinsurance contracts held	32	-	-
Net insurance finance expenses		-	-
Net insurance and investment result		1,179,179	1,410,663
Other income	11	14,775	11,284
Credit loss reversal/(expense)	12	-	-
Other finance cost	13	(2,063)	(1,032)
Operating expenses	14.3	(428,667)	(403,679)
Profit/(loss) before income tax		763,224	1,017,236
Income tax expense	30.1	(114,484)	(193,275)
Profit/(loss) for the year		648,740	823,961
Earnings per share
Basic earning per share (Kobo)	17	51	64

The accompanying notes form an integral part of these financial statements.

Statement of Comprehensive Income for the quarter ended 31st March 2025
In thousands of naira	Note	31-Mar-25	31-Mar-24
Profit/(Loss) for the period		648,740	823,961
Items that may be reclassified to profit or loss
Net gains on investments in debt securities measured at FVOCI		-	-
Net gain/(loss) on equity instrument designated at fair value through other
comprehensive income	18	-	-
Net gains on investments in debt securities measured at FVOCI reclassified to
profit or loss on disposal		-	-
Finance expenses from insurance contracts issued		-	-
Finance income from reinsurance contracts held		-	-
Share of other comprehensive income of associates and joint ventures
accounted for using the equity method		-	-
Income tax relating to these items		-	-
Items that will not be reclassified to profit or loss
Revaluation of land and buildings Share of other comprehensive income of associates and joint ventures	38	-	-
accounted for using the equity method		-	-
Remeasurements of post-employment benefit obligations, before tax		-	-
Income tax relating to these items		-	-
Other comprehensive income, net of tax		-	-
Total comprehensive income/ (loss) for the year		648,740	823,961
Total comprehensive income attributable to:
Owners of the Company		648,740	823,961

The accompanying notes form an integral part of these financial statements.

Statement of Financial Position As at 31st March 2025
	Note	31-Mar-25	31-Dec-24
In thousands of naira
Assets
Cash and cash equivalents	17	5,060,014	5,321,370
Financial assets	18
Fair value through profit or loss	18.1	221,015	208,565
Fair value through other comprehensive	18.2	718,873	718,873
Amortised cost	18.3	61,397	118,701
Premium receivable	19	147,828	19,978
Reinsurance contract assets	20	493,305	273,692
Other receivables and prepayments	21	292,739	280,714
Investment properties	22	8,276,556	8,275,056
Intangible assets	23	227,412	227,822
Property and equipment	25	1,135,500	1,087,477
Statutory deposit	26	322,500	322,500
Total assets		16,957,139	16,854,747
Liabilities and equity
Liabilities
Insurance contract liabilities	27	1,774,716	2,367,897
Other Technical liabilities	28	334,802	215,538
Provisions and other payables	29	2,744,322	2,760,812
Current income tax liabilities	30	282,920	337,026
Deferred tax liabilities	31	206,209	206,209
Lease obligations	32	7,170	9,004
Borrowings		16,494,183	16,494,183
Deposit for shares		2,066,039	2,066,039
Total liabilities		23,910,361	24,456,708
Equity
Share capital	35.1	642,042	642,043
Share premium	35.2	963,097	963,097
Statutory contingency reserve	36	3,466,068	3,336,320
Capital reserve	38	7,926,399	7,926,399
Property revaluation reserve	37	1,206,428	1,206,428
Fair value reserve	38	638,562	638,562
Accumulated losses	39	(21,795,818)	(22,314,810)
Total equity of the Company		(6,953,222)	(7,601,961)

Total liabilities and equity		16,957,139	16,854,747

These financial statements were approved on 22nd April 2025 and signed on its behalf by:

Uyi Osagie Olasupo Sogelola

Chief Financial Officer Managing Director/CEO

FRC/2016/ICAN/00000015704 FRC/2016/CIIN/00000013713

The accompanying notes form an integral part of these financial statements.

							INTERNATIONAL ENERGY INSURANCE PLC
							Management Account - 31 March 2025
Statement of Changes in Equity
for the quarter ended 31st March 2025
			Statutory			Property
		Share	contingency		Accumulated	revaluation	Fair value
In thousands of naira	Share capital	premium	reserve	Capital reserve	losses	reserve	reserve Total
As at 1 January 2024	642,043	963,097	2,745,448	7,926,399	(24,678,296)	1,206,428	418,688 (10,776,193)
Impact of initial application of IFRS 17	-	-	-	-	-	-	- -
Restated balance as at 1 January 2024	642,043	963,097	2,745,448	7,926,399	(24,678,296)	1,206,428	418,688 (10,776,193)
Profit for the year	-	-	-	-	2,954,358	-	-	2,954,358
Other comprehensive income	-	-	-	-	-	-	219,874	219,874
Total comprehensive income/loss	-	-	-	-	2,954,358	-	219,874	3,174,232
Transactions with owners of the Company Contributions and distributions Transfer between reserves	-	- 590,872		- - (590,872)		-	-	- -
Additions to Share Capital		-		- -		-	-	-
At 31 December 2024	642,043	963,097	3,336,320	7,926,399	(22,314,810)	1,206,428	638,562	(7,601,961)
Profit for the year	-	-	-	-	648,740	-	-	648,740
Other comprehensive income	-	-	-	-	-	-	-	-
Total comprehensive profit/(loss)	-	-	-	-	648,740	-	-	648,740
Transactions with owners of the Company Contributions and distributions Transfer between reserves	-	-	129,748	-	-(129,748)	-	-	- -
					-			-
As at 31st March 2025	642,043	963,097	3,466,068	7,926,399	(21,795,819)	1,206,428	638,562	(6,953,222)

The accompanying notes form an integral part of these financial statements.

			INTERNATIONAL ENERGY INSURANCE PLC Management Account - 31 March 2025
Statement of Cash flows
for the quarter ended 31st March 2025
	Note	31-Mar-25 =N='000	31-Dec-24 =N='000
Operating activities Premium received from policy holders	19	1,009,439	4,322,871
Reinsurance premium paid	20.1	(133,346)	(640,332)
Fees and Commission received	20.1	78,108	130,734
Commission paid and other underwriting expenses	7	(304,093)	(2,599,894)
Gross Insurance benefits and Claims paid to customers	7	(198,233)	(628,479)
Claims received from re-insurers	20.1	3,153	253,839
Cash paid to and on behalf of Employees	14.3	(235,324)	(805,329)
Other operating cashoutflow			(460,070)
Cash used in operating activities		219,703	(426,660)
Income tax paid		-	(153,261)
Net cash used in operating activities		219,703	(579,921)
Investing activities	25	(84,873)	(397,616)
Proceeds from disposal of property, plant and equipment		1,555	17,920
Proceed from disposal of placements		(1,500)	3,914,823
Purchase of investment properties		-	(16,701)
Purchase of Intangible assets		392	(194,697)
Dividend received		14,596	13,945
Other income received		14,775	42,440
Proceeds from sale of associate company		-	1,400,000
Interest received		115,511	415,515
Purchase of financial asset		(539,996)	(646,678)
Purchase of equity investment - financial assets			(41,710)
Cash provided by investing activities		(479,542)	4,507,241
Financing activities Payment of lease liabilities	32	(1,299)	(22,006)
Interest paid	32	(535)	(12,379)
Repayment of deposit for shares	33	-	(3,000,000)
Cash used in financing activities		(1,834)	(3,034,385)
Net decrease in cash and cash equivalents		(261,672)	892,935
Cash and cash equivalents at beginning of the year	17	5,321,370		4,401,204
Effect of foreign exchange differences	11	317		27,231
Cash and cash equivalents at end of the period		5,060,014		5,321,370

The accompanying notes form an integral part of these financial statements.

INTERNATIONAL ENERGY INSURANCE PLC

Management Account - 31 March 2025

Notes to the Financial Statements - Continued

6 Insurance revenue	UnAudited	UnAudited
In thousands of naira	31-Mar-25	31-Mar-24
Insurance revenue from contracts measured under PAA	1,562,501	1,327,052
Total Insurance revenue	1,562,501	1,327,052
7 Insurance service expenses In thousands of naira	31-Mar-25	31-Mar-24
Incurred claims	(9,391)	(535,045)
Direct attributable expenses	304,093	392,784
Losses on onerous contracts and reversal of the losses	(18,779)	-
Other directly attributable expenses (Note 14.3)	183,666	172,327
Total Insurance Service Expenses for the year	459,590	30,066

8 Net expenses from reinsurance contracts held
In thousands of naira	31-Mar-25	31-Mar-24
Reinsurance income - contracts measured under the PAA	(78,108)	(18,408)
Reinsurance expenses - contracts measured under the PAA	133,346	67,126
Insurance Claims Recovered from Reinsurers Insurance Claims recoverable from Reinsurance Changes in Risk adjustment on reinsurance recoverable Changes that relate to past service - adjustments to incurred claims	(3,153) - - -	(7,326) - - -
	52,085	41,391

Investment income

In thousands of naira 31-Mar-25 31-Mar-24

Interest income - bank deposits	78,424	118,982
Interest on statutory deposit	31,362	12,025
Interest on treasury bills	-	22,309
Interest on Commercial Papers	5,726	-

Dividend income earned 392 1,738

115,903 155,054

Net Realised gains/(loss) on financial assets 31-Mar-25 31-Mar-24

In thousands of naira
Realised gain on sales of Quoted equity securities (see note 18.1)	-	9,101
Unrealised gain on sales of Quoted equity securities (see note 18.1) Net fair value gains/(loss) on financial assets at fair value through profit or loss		-
(see note 18.1)	12,450	-
Net fair value gain/(loss) on investment properties (see note 27)	-	-
	12,450	9,101

Other income

In thousands of naira	31-Mar-25	31-Mar-24
Rental Income	12,678	11,284
Foreign exchange gain (cash and cash equivalent)	317	-
Sundry income	225	5
Gain on disposal of assets	1,554	1,015
	14,775	12,305

Net credit impairment loss

In thousands of naira 31-Mar-25 31-Mar-24

2025

Cash and cash equivalents (see note 17) - -

- -

2024

Cash and cash equivalents (see note 17)

In thousands of naira	31-Mar-25	31-Mar-24
Interest on lease obligations	2,063	1,968
Net insurance finance expenses	2,063	1,968
14 Operating Expenses
In thousands of naira	31-Mar-25	31-Mar-24
Employee benefit expenses (Note 14.1)	235,324	144,199
Other operating expenses (Note 14.2)	377,009	432,440
	612,333	576,639
14.1 Breakdown of Employee benefit expenses:
In thousands of naira	31-Mar-25	31-Mar-24
Wages and salaries	235,324	144,199
	235,324	144,199
14.2 Breakdown of Other operating expenses
In thousands of naira	31-Mar-25	31-Mar-24
Directors emoluments	10,417	6,250
Auditors remuneration	6,250	5,000
Depreciation	45,435	35,881
Amortisation	1,230	977
Legal and other professional fees	39,194	44,873
Motor running expenses	22,145	13,009
Subscription	21,407	4,248
Brand and Communications	60,196	26,890
Repairs and maintenance	5,604	714
AGM Exepnses	23,816	-
Rent and rates	33,700	56,676
Postage and telephone	99	149
Transport and travelling	18,030	130,417
Printing and stationery	2,573	3,316
Security expenses	3,812	1,714
Oil and diesel	1,618	99
Insurance and license	15,350	4,794
State and local government levy	571	1,392
NAICOM Levy	11,373	15,493
Entertainment expenses	2,870	1,404
Board Expenses	22,250	53,970
Filing fees	-	938
Office Cleaning	4,461	1,529
Newspapers & Periodicals	-	50
ICT consumables	6,872	7,015
Internet subscription	3,994	1,328
Bank charges	945	204
Electricity and utilities	12,798	472
Fines and penalty	-	1,510
Marketing expenses	-	10,461
Corporate strategy expenses	-	1,667
	377,009	432,440
14.3 Total Operating Expenses (See Note 14)
In thousands of naira	31-Mar-25	31-Mar-24
Other directly attributable expenses (Note 7)	183,666	172,960
Non - Attributable expenses	428,667	403,679
	612,333	576,639

Notes to the Financial Statements - Continued 13 Finance costs

Notes to the Financial Statements - Continued

Basic and diluted loss per share

Basic loss per share is calculated by dividing the results attributable to shareholders by the weighted average number of ordinary shares in issue at the reporting date.

The following reflects the loss and share data used in the basic loss per share computations:

In thousands of naira	31-Mar-25	31-Mar-24
Net profit/losses attributable to owners	648,740	823,448
Weighted average number of shares for the year	1,284,085	1,284,085
Basic and diluted loss per share	50.52	64.13

Change in fair value on equity instrument designated at fair value through other comprehensive income:

In thousands of naira 31-Mar-25 31-Mar-24

Fair value loss on available-for-sale financial assets - -

Gain on disposal - -

Impairment recycled through p or l - -

- -

Notes to the Financial Statements - Continued 17 Cash and cash equivalents

In thousands of naira	31-Mar-25	31-Dec-24
Cash in hand	1,582	670
Cash and bank balances	303,137	135,115
Short term deposits	1,317,370	1,053,200
Treasury Bills - (Note 17.3)	3,448,223	4,142,683
ECL impairment (note 12)	(10,299)	(10,299)
	5,060,014	5,321,370

At Beginning of year	10,299	10,416
Changes during the year (note 13)	-	(117)
At End of period	10,299	10,299
Cash and Cash Equivalents for Cash flow
Cash and bank balances	304,719	135,785
Short term deposits:	1,317,370	1,042,901
Treasury Bills below 90 days tenor (Note 17.3)	3,448,223	4,142,683
	5,070,312	5,321,370
Treasury Bills (Below 90 days tenor) At Beginning of year	4,142,683	-
Reclassification from Debts instrument at amortised cost	-	4,052,266
Interest earned during the year	-	90,417
Additions/Withdrawal	(694,460)	-
At End of period	3,448,223	4,142,683

ECL impairment on cash and cash equivalents

17.2

19.3

The carrying value of cash and cash equivalent approximates fair value. Short-term deposits are various deposits with commercial banks for varying period of one to ninety days (1 - 90 days), depending on the immediate cash requirements of the Company.
The effective interest rate on short-term deposits is 9%.The cash and bank balances are the current account balances with bank deposit balances of the Company. Short-term deposits are various deposits with commercial banks for varying periods of one to ninety days (1-90days), depending on the immediate cash requirements of the Company.
The sum of N4.142 billion represent amount invested in Federal Government Securities (Treasury Bills) for which the maturity is less than 90 days. Thus, the basis of the reclassifcation to Cash and Cash equivalents.

Financial assets

In thousands of naira 31-Mar-25 31-Dec-24

below)	718,873	718,873
Financial assets at Amortised Cost (see note 18.3, below)	61,397	118,701
	1,001,285	1,046,139
Current	1,001,285	984,743
Non-current	-	-
	1,001,285	984,743
Policyholder insurance funds Shareholders' funds	1,001,285 -	984,743 -
	1,001,285	984,743

Financial assets at Fair Value through Profit or Loss ( see note 18.1, below) 221,015 208,565 Financial assets at Fair Value through Other comprehensive income ( see note 18.2,

Notes to the Financial Statements - Continued

Financial assets at Fair Value through Profit or Loss

In thousands of naira	31-Mar-25	31-Dec-24
At Beginning of year	208,565	110,415
Purchase/(Disposal)during the year	-	-
Net realised gain/(loss) (see note 10)	12,450	60,669
Net fair value unrealsied gain (see note 10)	-	37,481
At End of period	221,015	208,565

Financial assets at Fair Value through Other comprehensive income

In thousands of naira	31-Mar-25	31-Dec-24
Heritage Banking Company Limited	-	-
WAICA RE	679,632	679,632
EAIPN	37,142	37,142
First Aluminium	1,294	1,294
West Africa Glass Industry	250	250
NCR/AT&T GLOBAL INFORMATION	251	251
UNION BANK OF NIGERIA	305	305
	718,873	718,873
Movement in FVOCI/AFS At Beginning of year	718,873	513,687
Additions/(Disposal)	-	555
Fair value Gain/(loss)	-	219,874
Investment written off - Heritage Bank	-	(15,243)
At End of period	718,873	718,873

Debts Instrument at amortised cost

In thousands of naira	31-Mar-25	31-Dec-24
At Beginning of year	118,701	3,614,705
(Withdeawal)/Additions during the year	(57,304)	646,678
	61,397	4,261,383
Reclassification to Cash and Cash Equivalents (See note ii) and (note 17.3)		(4,142,683)
At End of period	61,397	118,701

Trade receivables

In thousands of naira	31-Mar-25	31-Dec-24
At Beginning of year	19,978	8,640
Gross Premium written	1,137,289	4,334,209
Premium Received from policy holders	(1,009,439)	(4,322,871)
Premium deposit received in previous year	-	-
At End of period	147,828	19,978
Age analysis of Premium receivable (i) Within 14 Days	1,123	289
	146,705 - - -	19,689 - - -
	147,828	19,978
All the outstanding premiums were paid on or before March 31, 2025

Within 15 - 30 Days
Within 31 - 90 Days
Within 91 Days Above 180 Days

Reinsurance contract assets

In thousands of naira	31-Mar-25	31-Dec-24
Assets for remaining coverage (Note 23.1)	471,695	250,156
Assets for Incurred Claims (Note 23.1)	21,610	73,431

At End of period 493,305 323,587

Notes to the Financial Statements - Continued INTERNATIONAL ENERGY INSURANCE PLC

Management Account - 31 March 2025

Reconciliation of Reinsurance contract held at March 31, 2025

Assets for Incurred Claims

Assets for Remaining Coverage

In thousands of naira

Excl. loss Recovery

Loss Recovery

Estimate of PV.of future Risk adjustment for

Total

	Components	Component	Cash flows	Non-financial risk
Reinsurance contract assets as of January 1, 2025	250,155	-	- 70,952	2,480	323,587
Reinsurance contract liabilities as of January 1, 2025	-	-	-	-	-
Net Reinsurance contracts as of January 1, 2025	250,155	-	70,952	2,480	323,587
Reinsurance premiums	(133,346)	-	-	-	(133,346)
Amounts recoverred from Reinsurance: Recoveries of Incurred claims and other attributable income	-	-	21,600	-	21,600
Recoveries/(reversals or recoveries) on onerous contracts	-	-	-	-	-
	(133,346)	-	21,600	-	(111,746)
Cash in/(Out) flows in the period Reinsurance premiums paid	354,887	-	-	-	354,887
Amounts received under reinsurance contracts held	-	-	(73,422)	-	(73,422)
Net cash inflow	354,887	-	(73,422)	-	281,465
Insurance Finance Income Insurance finance reserve (changes in discount rate)	- -	- -	- -	- -	-
Reinsurance contracts assets as of March 31, 2025	471,696	-	19,130	2,480	493,306
Reinsurance contracts liabilities as of March 31, 2025	-	-	-	-	-
Net Reinsurance contracts as of March 31, 2025	471,696	-	19,130	2,480	493,306
Reconciliation of Reinsurance contract held at December 31, 2024
In thousands of naira
	Assets for Remaining Coverage Assets for Incurred Claims				Total
Reinsurance contract assets as of January 1, 2024	Excl. loss Recovery Components 73,638	Loss Recovery Estimate of PV.of future Component Cash flows - 177,575		Risk adjustment for Non-financial risk 2,480	253,693
Reinsurance contract liabilities as of January 1, 2024	-	- -		-	-
Net Reinsurance contracts as of January 1, 2024	73,638	- 177,575		2,480	253,693
Reinsurance premiums Amounts recoverred from Reinsurance: Recoveries of Incurred claims and other attributable income	(368,294) -	0 0 - 50,339		0 -	(368,294) 50,339
Recoveries/(reversals or recoveries) on onerous contracts	-	- -		-	-
	(368,294)	- 50,339		-	(317,955)
Cash in/(Out) flows in the period Reinsurance premiums paid	544,811	- -		-	544,811
Amounts received under reinsurance contracts held	-	- (156,962)		-	(156,962)
Net cash inflow	544,811	- (156,962)		-	387,849
Insurance Finance Income	-	- -		-
Insurance finance reserve (changes in discount rate)	0	0 0		0	0
Reinsurance contracts assets as of December 31, 2024	250,155	- - 70,952		2,480	323,587
Reinsurance contracts liabilities as of December 31, 2024	-	- -		-	-
Net Reinsurance contracts as of December 31, 2023	250,155	- - 70,952		2,480	323,587

Notes to the Financial Statements - Continued 21 Other receivables

In thousands of naira 31-Mar-25 31-Dec-24

(I) Financial assets:

Sundry receivables	176,903	153,573
	176,903	153,573
(ii) Non-financial assets:
Prepayments	126,016	137,012
	126,016	137,012
Less: impairment allowance on: Financial assets: Sundry receivables	(10,179)	(10,179)
	(10,179)	(10,179)

Net Other receivables and prepayments	292,739	280,407
Current	217,415	245,083
Non-current	75,324	35,324
	292,739	280,407

22 Investment in Associate Company - NPL

Company

In thousands of naira 31-Mar-25 31-Dec-24

At Beginning of year

Norrenberger Pensions Limited - 876,522

Attributable Share of profit or loss - -

Disposal of associate company (see note 16) - (876,522)

At End of period - -

During the year 2023, the company has disposed off investment in associate company - Norrenberger Pensions Limited for a consideration of the sum of N1.4billion (See note 16)

Notes to the Financial Statements - Continued

23 Investment properties In thousands of naira	31-Mar-25	31-Dec-24
At Beginning of year	8,275,056	6,373,615
Additions during the year (see note 23(b))	1,500	213,316
Transfer/Reclassification (see note 23(b))	0	(269,723)
Net fair value adjustments	-	1,957,848
At End of year	8,276,556	8,275,056

Further analysis and details of the investment properties including their location are stated below. These includes the carrying amount and the corresponding fair value adjustments recognized in the profit or loss.

Description of properties
In thousands of naira	31-Mar-25	31-Dec-24
IEI Ibadan Estate, Liberty Road, Oke Ado, Ibadan	2,032,269	2,030,769
Rabbah Road, Kaduna, Kaduna State	144,287	3,800,000
8, Ohaeto Street, D-Line, Port Harcourt, Rivers State	0	2,300,000
14, Aba Road, Port Harcourt, Rivers State	3,800,000	144,287
Plot 294 Jide Oki Street, Victoria Island, Lagos	2,300,000	-
	8,276,556	8,275,058

Valuation techniques used for fair valuation of investment properties

This represents the Company's investment in building and landed property for the purpose of capital appreciation. The investment properties are stated at fair value, which has been determined based on valuations performed by a qualified estate surveyor. The investment properties were independently valued by Messrs Osas & Oseji (a registered estate surveyor & valuer) with FRC Number FRC/2012/00000000522 and Messrs Benson Omoruyi & C0 ( a registered estate surveyor & valuer) with FRC Number FRC/2013/NIESV/00000003307 as at 31 December 2023, based on valuation model in accordance with that recommended by the International Valuation Standards Committee. The determination of fair value of the investment property was supported by market evidence.

(b) The movement in investment properties are as follows;

IEI Ibadan Estate,

Rabbah Road,

8, Ohaeto Street, D-

14, Aba Road, Port

Plot 294 Jide Oki Street,

Closing

Description/Location

Liberty Road, Oke

Ado, Ibadan

Kaduna,

Kaduna

Line, Port

Harcourt,

Harcourt, Rivers State

Victoria Island, Lagos

Balance

State Rivers State

In thousands of naira
At 1 January 2024	1,384,615	115,000	74,000	3,150,000	1,650,000	6,373,615
Additions during the year	16,701	892	195,723	-	-	213,316
Transfers during the year	629,453	28,395	-	650,000	650,000	1,957,848
Revaluation Gain/(loss)	-	-	(269,723)	-	-	(269,723)
At 31 December 2024	2,030,769	144,287	-	3,800,000	2,300,000	8,275,056
Additions during the year	1,500			-	-	1,500
Transfers during the year				-	-	-
Revaluation Gain/(loss			-	-	-	-
At end of period	2,032,269	144,287	-	3,800,000	2,300,000	8,276,556

Notes to the Financial Statements - Continued

24 Intangible assets

In thousands of naira	Company
Cost:
At 1 January 2024	49,871
Additions	10,106
W.I.P Core Application	184,591
At 31 December 2024	244,568
Additions	0
W.I.P Core Application	0
At end of the period	244,568
Accumulated amortisation:
At 1 January 2024	12,317
Charge during the year	4,430
At 31 December 2024	16,747
Charge during the year	410
At end of the period	17,157
Carrying amount: At 31 March 2025	227,412
At 31st December 2024	227,822

25 Property, plant and equipment

In thousands of naira Land Buildings			Plant and machinery	Motor vehicles	Furniture, fittings, office & computer	Total
Cost/valuation: At 1 January 2024 - -			159,064	506,923	685,970	1,351,957
Work in progress	10,000	64,000	-	-	-	74,000
Additions	-	195,723	20,603	105,526	75,881	397,733
Disposal	-	-	-	(42,281)	(5,484)	(47,765)
Transfer/reclassification/Revaluation	-	-	-	-	-	-
At 31 December 2024	10,000	259,723	179,667	570,168	756,367	1,775,925
Additions	-	44,800	28,998	10,285	790	84,873
Disposals	-	-	-	(25,154)	- (25,154)
Revaluation	-	-	-	-	- -
At end of the period	10,000	304,523	208,665	555,299	757,157 1,835,644
Accumulated depreciation:
At 1 January 2024	-	-	112,981	234,126	224,324 571,432
Charge for the year	-	-	13,076	95,461	56,124 164,661
Disposals	-	-	-	(42,281)	(5,480)	(47,761)
Reversal of accumulated depreciation	-	-	-	-	-	-
At 31 December 2024	-	-	126,057	287,307	274,968	688,331
Charge for the year	-	-	1,835	8,995	5,171	16,001
Disposals	-	-		(4,188)		(4,188)
Write-off/retired	-	-	-	-	-	-
Revaluation	-	-	-	-	-	-
At end of the period	-	-	127,892	292,114	280,139	700,144
Carrying value At 31 March 2025	10,000	304,523	80,773	263,185	477,018	1,135,500
At 31st December 2024	10,000	259,723	53,611	282,861	481,400	1,087,594

26 Statutory deposit

In thousands of naira
	31-Mar-25	31-Dec-24
Minimum statutory deposit Revised due to derecognition on lost of control of subisidiary	322,500 -	322,500 -
	322,500	322,500
Current Non-current	- 322,500	- 322,500
	322,500	322,500

Statutory deposit represents the amount deposited with the Central Bank of Nigeria in accordance with Section 9 (1) and Section 10 (3) of Insurance Act 2003. This is restricted cash as management does not have access to the balances in its day to day activities. Statutory deposits are measured at cost and attract interest rate at a rate determined by the Central Bank of Nigeria.

Notes to the Financial Statements - Continued INTERNATIONAL ENERGY INSURANCE PLC

Management Account - 31 March 2025

27 Insurance contract liabilities

In thousands of naira 31-Mar-25 31-Dec-24

Liability for Remaining Coverage (see note 27.1(b) below) 1,029,401 1,643,490

Liability for Incurred Claims (see note 27.1(b) below) 745,315 724,406

1,774,716 2,367,897

31 Reconciliation of the liability for remaining coverage and liability for incurred claims at Entity

The following table shows for reconciliation from the opening to the closing balances of the net liability for the remaining coverage and the liability for incurred claims for insurance contracts under general insurance business measured under PAA. As discussed in Note 4.1, the coverage period for the insurance contracts issued by the Company under the general business have coverage periods of one year or less or a coverage period of more than one year but have been assessed as qualifying for measurement under PAA.

In thousands of naira

31-Mar-25 31-Dec-24

Aggregated Aggregated

Opening Insurance Contract Liabilities Opening Insurance Contract Assets	Liabilities for Remaining Coverage Excluding Loss Loss Component Component 1,441,885 19,784 - -		Liabilities for Incurred Claims Estimats of Risk adjustment for Present Value of Non-Financial risk Future Cash Flows 942,756 43,701 - -		Total 2,448,126 -
Net Opening balance	1,441,885	19,784	942,756	43,701	2,448,126
Changes in the statement of profit or loss and OCI
Imsurance revenue
Contracts under the modified retrospective approach	-	-	-	-	-
Contracts under the fair value approach	-	-	-	-	-
Other contracts	1,562,501	-	-	-	1,562,501
Total Insurance revenue - All Transition Methods	1,562,501	-	-	-	1,562,501
Insurance Service expenses
incurred claims and other directly attributable expenses	-	-	198,233	-	198,233
Changes that relate to past service - adjustments to the LIC	-	-	(207,624)	(24,715)	(232,338)
Losses on onerous contracts and reversal of those losses	-	5,935	-	-	5,935
Insurance acquisition cashflows amortisation	487,760	-	-	-	487,760
Insurance Service expenses	487,760	5,935	(9,391)	(24,715)	459,590
Insurance Service Result	1,074,742	(5,935)	9,391	24,715	1,102,911
Insurance Finance Income or Expense The effect of and changes in time of time value of money and Foreign exchange differences on chnages in the carrying amount
Total amounts recognized in comprehensive income	1,074,742	(5,935)	9,391	24,715	1,102,911
Investment components	-	-	-	-	-
Cash Flows
Premium received	1,129,029	-	-	-	1,129,029
Claims and other directly attributable expenses paid	-	-	(207,036)	-	(207,036)
Insurance acquisition cashflows deducted	(492,491)	-	-	-	(492,491)
Total Cash flows	636,538	-	(207,036)	-	429,502
Outstanding amounts transferred to LIC at end of cover


Net Closing balance	1,003,682	25,719	726,329	18,986	1,774,716
Closing insurance Contract Liabilities	1,003,682	25,719	726,329	18,986	1,774,716
Closing Insurance Contract Assets	-	-	-	-	-
Net Closing balance	1,003,682	25,719	726,329	18,986	1,774,716

Liabilities for Remaining Coverage Excluding Loss Loss Component Component 2,793,547 19,784 - -			Liabilities for Incurred Claims Estimats of Present Risk adjustment for Value of Future Cash Non-Financial risk Flows 2,195,338 43,701 - -		Total 5,052,370 -
2,793,547	19,784		2,195,338	43,701	5,052,370
5,625,358	-		-	-	5,625,358
5,625,358	-		-	-	5,625,358

0	0	0	628479.0576	0	628479.0576
0	0	0	-1580858	0	-1580858
-	162,037		66,226	-	228,263
2,599,894	-		-	-	2,599,894
2,599,894	162,037		(886,153)	-	1,875,778
3,025,464	(162,037)		886,153	-	3,749,580


0	0		132063	0	132063
3,025,464.40	(162,037.00)		1,018,215.94	-	3,881,643.35
-	-		-	-	-

4322871.879	0	0	0	0	4322871.879
0	0	0	-628479.0576	0	-628479.0576
(2,599,894)	-		-	-	(2,599,894)
1,722,978	-		(628,479)	-	1,094,499
(29,391)	-		29,391	-	-
-	-		26,141	76,530	168,897

1,461,669.45	181,821.00		604,175.32	120,231.00	2,434,122.77

1,461,669	181,821		604,175	120,231	2,367,897
1,461,669	181,821		604,175	120,231	2,367,897
-	-		-	-	-
1,461,669	181,821		604,175	120,231	2,367,897

Notes to the Financial Statements - Continued INTERNATIONAL ENERGY INSURANCE PLC

Management Account - 31 March 2025

27 Reconciliation of the liability for remaining coverage and liability for incurred claims at Portfolio

In thousands of naira

31-Mar-25 31-Dec-24

FIRE FIRE

Opening Insurance Contract Liabilities Opening Insurance Contract Assets	Liabilities for Remaining Coverage Excluding Loss Loss Component Component 22,699 -	19,784 -	Liabilities for Incurred Claims Estimats of Risk adjustment for Non-Present Value of Financial risk 109,477 6,024 - -		Total 157,983 -
Net Opening balance	22,699	19,784	109,477	6,024	157,983
Changes in the statement of profit or loss and OCI Imsurance revenue Contracts under the modified retrospective approach Contracts under the fair value approach Other contracts	- -148,562	- - -	- - -	- - -	- -148,562
Total Insurance revenue - All Transition Methods	148,562	-	-	-	148,562
Insurance Service expenses incurred claims and other directly attributable expenses Changes that relate to past service - adjustments to the LIC Losses on onerous contracts and reversal of those losses Insurance acquisition cashflows amortisation	51,281	-5,935 -	7,502 (18,768)	-4,211 -	7,502 (14,558) 5,935 51,281
Insurance Service expenses	51,281	5,935	(11,267)	4,211	50,160
Insurance Service Result	97,281	(5,935)	11,267	(4,211)	98,402
Insurance Finance Income or Expense The effect of and changes in time of time value of money and Foreign exchange differences on chnages in the carrying amount
Total amounts recognized in comprehensive income	97,281	(5,935)	11,267	(4,211)	98,402
Investment components	-	-	-	-	-
Cash Flows Premium received Claims and other directly attributable expenses paid Insurance acquisition cashflows deducted	140,598 (56,012)		(7,502) -	- -	140,598 (7,502) (56,012)
Total Cash flows	84,586	-	(7,502)	-	77,084
Outstanding amounts transferred to LIC at end of cover
Net Closing balance	10,003	25,719	90,708	10,235	136,665
Closing insurance Contract Liabilities Closing Insurance Contract Assets	10,003 -	25,719 -	90,708 -	10,235 -	136,665 -
Net Closing balance	10,003	25,719	90,708	10,235	136,665

Liabilities for Remaining Coverage Excluding Loss Loss Component Component 27,861 19,784 - -		Liabilities for Incurred Claims Estimats of Present Risk adjustment for Non-Value of Future Cash Financial risk 117,615 6,024 - -		Total 171,283 -
27,861	19,784	117,615	6,024	171,283
-	-	-	-	-
-	-	-	-	-
207,940	-	-	-	207,940
207,940	-	-	-	207,940
	-	5,098	-	5,098
		(8,138)		(8,138)
				-
118,971				118,971
118,971	-	(3,040)	-	115,931
88,969	-	3,040	-	92,009
-	-	-	-	-
88,969	-	3,040	-	92,009
-	-	-	-	-
264,737				264,737
		(5,098)	-	(5,098)
(180,930)		0	0	(180,930)
83,807	-	(5,098)	-	78,709
-	-	-	-	-
22,699	19,784	109,477	6,024	157,983
22,699	19,784	109,477	6,024	157,983
-	-	-	-	-
22,699	19,784	109,477	6,024	157,983

Notes to the Financial Statements - Continued INTERNATIONAL ENERGY INSURANCE PLC

Management Account - 31 March 2025

27 Reconciliation of the liability for remaining coverage and liability for incurred claims at Portfolio

In thousands of naira

31-Mar-25 31-Dec-24

MOTOR MOTOR

Opening Insurance Contract Liabilities Opening Insurance Contract Assets	Liabilities for Remaining Coverage Excluding Loss Loss Component Component 611,485 -	- -	Liabilities for Incurred Claims Estimats of Risk adjustment for Non-Present Value of Financial risk Future Cash Flows 56,805 2,941 - -		Total 671,232 -
Net Opening balance	611,485	-	56,805	2,941	671,232
Changes in the statement of profit or loss and OCI
Imsurance revenue
Contracts under the modified retrospective approach	-	-	-	-	-
Contracts under the fair value approach	-	-	-	-	-
Other contracts	558,145	-	-	-	558,145
Total Insurance revenue - All Transition Methods	558,145	-	-	-	558,145
Insurance Service expenses incurred claims and other directly attributable expenses Changes that relate to past service - adjustments to the LIC Losses on onerous contracts and reversal of those losses Insurance acquisition cashflows amortisation	219,986	- -	114,883 (38,585)	-(324)	114,883 (38,909) -219,986
Insurance Service expenses	219,986	-	76,297	(324)	295,959
Insurance Service Result	338,160	-	(76,297)	324	262,186
Insurance Finance Income or Expense The effect of and changes in time of time value of money and Foreign exchange differences on chnages in the carrying amount
Total amounts recognized in comprehensive income	338,160	-	(76,297)	324	262,186
Investment components	-	-	-	-	-
Cash Flows
Premium received	677,538				677,538
Claims and other directly attributable expenses paid			(123,686)	-	(123,686)
Insurance acquisition cashflows deducted	(219,986)		-	-	(219,986)
Total Cash flows	457,552	-	(123,686)	-	333,866
Outstanding amounts transferred to LIC at end of cover
Net Closing balance	730,878	-	9,417	2,617	742,912
Closing insurance Contract Liabilities	730,878	-	9,417	2,617	742,912
Closing Insurance Contract Assets	-	-	-	-	-
Net Closing balance	730,878	-	9,417	2,617	742,912

Liabilities for Remaining Coverage Excluding Loss Loss Component Component 2,695,890 -	- -	Liabilities for Incurred Claims Estimats of Present Risk adjustment for Non-Value of Future Cash Financial risk Flows 16,221 2,941 - -		Total 2,715,052 -
2,695,890	-	16,221	2,941	2,715,052
-	-	-	-	-
-	-	-	-	-
4,417,272	-	-	-	4,417,272
4,417,272	-	-	-	4,417,272
	-	250,443	-	250,443
		(15,088)		(15,088)
				-
2,135,149				2,135,149
2,135,149	-	235,355	-	2,370,503
2,282,123	-	(235,355)	-	2,046,769
		88,975.00		88,975.00
2,282,123	-	(146,380)	-	2,135,744
-	-	-	-	-
2,898,147				2,898,147
		(105,795)	-	(105,795)
(2,700,428)		0	0	(2,700,428)
197,719	-	(105,795)	-	91,924
-	-	-	-	-
611,485	-	56,805	2,941	671,232
611,485	-	56,805	2,941	671,232
-	-	-	-	-
611,485	-	56,805	2,941	671,232

Notes to the Financial Statements - Continued INTERNATIONAL ENERGY INSURANCE PLC

Management Account - 31 March 2025

27 Reconciliation of the liability for remaining coverage and liability for incurred claims at Portfolio

In thousands of naira

31-Mar-25 31-Dec-24

GENERAL ACCIDENT GENERAL ACCIDENT

Opening Insurance Contract Liabilities Opening Insurance Contract Assets	Liabilities for Remaining Coverage Excluding Loss Loss Component Component 625,912 -	- -	Liabilities for Incurred Claims Estimats of Risk adjustment for Non-Present Value of Financial risk Future Cash Flows 62,391 5,137 - -		Total 693,440 -
Net Opening balance	625,912	-	62,391	5,137	693,440
Changes in the statement of profit or loss and OCI
Imsurance revenue
Contracts under the modified retrospective approach	-	-	-	-	-
Contracts under the fair value approach	-	-	-	-	-
Other contracts	496,111	-	-	-	496,111
Total Insurance revenue - All Transition Methods	496,111	-	-	-	496,111
Insurance Service expenses
incurred claims and other directly attributable expenses		-	130	-	130
Changes that relate to past service - adjustments to the LIC			(133,327)	(805)	(134,131)
Losses on onerous contracts and reversal of those losses					-
Insurance acquisition cashflows amortisation	127,004				127,004
Insurance Service expenses	127,004	-	(133,197)	(805)	(6,998)
Insurance Service Result	369,107	-	133,197	805	503,109
Insurance Finance Income or Expense The effect of and changes in time of time value of money and Foreign exchange differences on chnages in the carrying amount
Total amounts recognized in comprehensive income	369,107	-	133,197	805	503,109
Investment components	-	-	-	-	-
Cash Flows
Premium received	160,356				160,356
Claims and other directly attributable expenses paid			(130)	-	(130)
Insurance acquisition cashflows deducted	(127,004)		-	-	(127,004)
Total Cash flows	33,352	-	(130)	-	33,222
Outstanding amounts transferred to LIC at end of cover
Net Closing balance	290,157	-	(70,936)	4,332	223,553
Closing insurance Contract Liabilities	290,157	-	(70,936)	4,332	223,553
Closing Insurance Contract Assets	-	-	-	-	-
Net Closing balance	290,157	-	(70,936)	4,332	223,553

Liabilities for Remaining Coverage Excluding Loss Loss Component Component 26,295 -	- -	Liabilities for Incurred Claims Estimats of Present Risk adjustment for Non-Value of Future Cash Financial risk Flows 85,473 5,137 - -		Total 116,905 -
26,295	-	85,473	5,137	116,905
-	-	-	-	-
-	-	-	-	-
446,939	-	-	-	446,939
446,939	-	-	-	446,939
	-	18,944	-	18,944
		(23,082)		(23,082)
				-
283,276				283,276
283,276	-	(4,138)	-	279,138
163,663	-	4,138	-	167,801
-	-	-	-	-
163,663	-	4,138	-	167,801
-	-	-	-	-
480,004				480,004
		(18,944)	-	(18,944)
283,276		0	0	283,276
763,280	-	(18,944)	-	744,335
-	-	-	-	-
625,912	-	62,391	5,137	693,440
625,912	-	62,391	5,137	693,440
-	-	-	-	-
625,912	-	62,391	5,137	693,440

Notes to the Financial Statements - Continued INTERNATIONAL ENERGY INSURANCE PLC

Management Account - 31 March 2025

27 Reconciliation of the liability for remaining coverage and liability for incurred claims at Portfolio

In thousands of naira

31-Mar-25 31-Dec-24

MARINE MARINE

Opening Insurance Contract Liabilities Opening Insurance Contract Assets	Liabilities for Remaining Coverage		- -	Liabilities for Incurred Claims		Total	Liabilities for Remaining Coverage		Liabilities for Incurred Claims		Total
	Excluding Loss Component 3,832 -	Loss Component		Estimats of Present Value of Future Cash Flows 18,413 -	Risk adjustment for Non-Financial risk 1,061 -	23,306 -	Excluding Loss Loss Component		Estimats of Present Risk adjustment for Non-
							Component		Value of Future Cash	Financial risk
									Flows
							31,329	-	69,999	1,061	102,389
							-	-	-	-	-
Net Opening balance	3,832		-	18,413	1,061	23,306	31,329	-	69,999	1,061	102,389
Changes in the statement of profit or loss and OCI
Imsurance revenue
Contracts under the modified retrospective approach	-		-	-	-	-	-	-	-	-	-
Contracts under the fair value approach	-		-	-	-	-	-	-	-	-	-
Other contracts	341,977		-	-	-	341,977	507,671	-	-	-	507,671
Total Insurance revenue - All Transition Methods	341,977		-	-	-	341,977	507,671	-	-	-	507,671
Insurance Service expenses
incurred claims and other directly attributable expenses			-	306	-	306		-	5,803	-	5,803
Changes that relate to past service - adjustments to the LIC				(10,304)	(164)	(10,468)			(51,586)		(51,586)
Losses on onerous contracts and reversal of those losses						-					-
Insurance acquisition cashflows amortisation	86,243					86,243	215,140				215,140
Insurance Service expenses	86,243		-	(9,998)	(164)	76,080	215,140	-	(45,783)	-	169,357
Insurance Service Result	255,735		-	9,998	164	265,897	292,532	-	45,783	-	338,314
Insurance Finance Income or Expense
The effect of and changes in time of time value of money and							-	-	-	-	-
Foreign exchange differences on chnages in the carrying amount
Total amounts recognized in comprehensive income	255,735		-	9,998	164	265,897	292,532	-	45,783	-	338,314
Investment components	-		-	-	-	-	-	-	-	-	-
Cash Flows
Premium received	150,538					150,538	480,174				480,174
Claims and other directly attributable expenses paid				(306) -		(306)			(5,803)	-	(5,803)
Insurance acquisition cashflows deducted	(86,243)			-	-	(86,243)	(215,140)		0	0	(215,140)
Total Cash flows	64,295		-	(306) -		63,989	265,035	-	(5,803)	-	259,231
Outstanding amounts transferred to LIC at end of cover							-	-	-	-	-
Net Closing balance	(187,608)		-	8,109	897	(178,602)	3,832	-	18,413	1,061	23,306
Closing insurance Contract Liabilities	(187,608)		-	8,109	897	(178,602)	3,832	-	18,413	1,061	23,306
Closing Insurance Contract Assets	-		-	-	-	-	-	-	-	-	-
Net Closing balance	(187,608)		-	8,109	897	(178,602)	3,832	-	18,413	1,061	23,306

In thousands of naira

31-Mar-25 31-Dec-24

Opening Insurance Contract Liabilities Opening Insurance Contract Assets	BONDS	- -	Liabilities for Incurred Claims Estimats of Risk adjustment for Non-Present Value of Financial risk Future Cash Flows 59,399 2,852 - -	Total 230,439 -	BONDS
	Liabilities for Remaining Coverage Excluding Loss Loss Component Component 168,188 -				Liabilities for Remaining Coverage		Liabilities for Incurred Claims	Total
					Excluding Loss Loss Component		Estimats of Present Risk adjustment for Non-
					Component		Value of Future Cash Financial risk
							Flows
					2,403	-	112,738 2,852	117,993
					-	-	- -	-
Net Opening balance	168,188	-	59,399 2,852	230,439	2,403	-	112,738 2,852	117,993
Changes in the statement of profit or loss and OCI
Imsurance revenue
Contracts under the modified retrospective approach	-	-	- -	-	-	-	- -	-
Contracts under the fair value approach	-	-	- -	-	-	-	- -	-
Other contracts	-	-	- -	-	34,717	-	- -	34,717
Total Insurance revenue - All Transition Methods	-	-	- -	-	34,717	-	- -	34,717
Insurance Service expenses
incurred claims and other directly attributable expenses		-	255 -	255		-	- -	-
Changes that relate to past service - adjustments to the LIC			(41,660) 7,556	(34,104)			(53,339)	(53,339)
Losses on onerous contracts and reversal of those losses				-				-
Insurance acquisition cashflows amortisation	-			-	329,687			329,687
Insurance Service expenses	-	-	(41,405) 7,556	(33,849)	329,687	-	(53,339) -	276,348
Insurance Service Result	-	-	41,405 (7,556)	33,849	(294,970)	-	53,339 -	(241,631)
Insurance Finance Income or Expense
The effect of and changes in time of time value of money and					-	-	- -	-
Foreign exchange differences on chnages in the carrying amount
Total amounts recognized in comprehensive income	-	-	41,405 (7,556)	33,849	(294,970)	-	53,339 -	(241,631)
Investment components	-	-	- -	-	-	-	- -	-
Cash Flows
Premium received	-			-	200,502			200,502
Claims and other directly attributable expenses paid			(255) -	(255)			- -	-
Insurance acquisition cashflows deducted	-		- -	-	(329,687)		0 0	(329,687)
Total Cash flows	-	-	(255) -	(255)	(129,185)	-	- -	(129,185)
Outstanding amounts transferred to LIC at end of cover					-	-	- -	-
Net Closing balance	168,188	-	17,739 10,408	196,336	168,188	-	59,399 2,852	230,439
Closing insurance Contract Liabilities	168,188	-	17,739 10,408	196,336	168,188	-	59,399 2,852	230,439
Closing Insurance Contract Assets	-	-	- -	-	-	-	- -	-

Net Closing balance 168,188 - 17,739 10,408 196,336 168,188 - 59,399 2,852 230,439

In thousands of naira

31-Mar-25 31-Dec-24

ENERGY ENERGY

Opening Insurance Contract Liabilities Opening Insurance Contract Assets	Liabilities for Remaining Coverage Excluding Loss Loss Component Component - -	- -	Liabilities for Incurred Claims Estimats of Risk adjustment for Non-Present Value of Financial risk Future Cash Flows 636,271 25,686 - -		Total 661,957 -
Net Opening balance	-	-	636,271	25,686	661,957
Changes in the statement of profit or loss and OCI
Imsurance revenue
Contracts under the modified retrospective approach	-	-	-	-	-
Contracts under the fair value approach	-	-	-	-	-
Other contracts	17,705	-	-	-	17,705
Total Insurance revenue - All Transition Methods	17,705	-	-	-	17,705
Insurance Service expenses
incurred claims and other directly attributable expenses		-	75,159	-	75,159
Changes that relate to past service - adjustments to the LIC			35,021	(35,189)	(168)
Losses on onerous contracts and reversal of those losses					-
Insurance acquisition cashflows amortisation	3,247				3,247
Insurance Service expenses	3,247	-	110,180	(35,189)	78,237
Insurance Service Result	14,459	-	(110,180)	35,189	(60,532)
Insurance Finance Income or Expense The effect of and changes in time of time value of money and Foreign exchange differences on chnages in the carrying amount
Total amounts recognized in comprehensive income	14,459	-	(110,180)	35,189	(60,532)
Investment components	-	-	-	-	-
Cash Flows
Premium received	-				-
Claims and other directly attributable expenses paid			(75,159)	-	(75,159)
Insurance acquisition cashflows deducted	(3,247)		-	-	(3,247)
Total Cash flows	(3,247)	-	(75,159)	-	(78,405)
Outstanding amounts transferred to LIC at end of cover
Net Closing balance	(17,705)	-	671,292	(9,503)	644,083
Closing insurance Contract Liabilities	(17,705)	-	671,292	(9,503)	644,083
Closing Insurance Contract Assets	-	-	-	-	-
Net Closing balance	(17,705)	-	671,292	(9,503)	644,083

Liabilities for Remaining Coverage Excluding Loss Loss Component Component - - - -		Liabilities for Incurred Claims Estimats of Present Risk adjustment for Non-Value of Future Cash Financial risk Flows 1,793,293 25,686 - -		Total 1,818,979 -
-	-	1,793,293	25,686	1,818,979
-	-	-	-	-
-	-	-	-	-
10,820	-	-	-	10,820
10,820	-	-	-	10,820
	-	348,190	-	348,190
		(1,436,803)		(1,436,803)
				-
40,472				40,472
40,472	-	(1,088,613)	-	(1,048,141)
(29,653)	-	1,088,613	-	1,058,960
-	-	-	-	-
(29,653)	-	1,088,613	-	1,058,960
-	-	-	-	-
10,820				10,820
		(68,409)	-	(68,409)
(40,472)		0	0	(40,472)
(29,653)	-	(68,409)	-	(98,062)
-	-	-	-	-
-	-	636,271	25,686	661,957
-	-	636,271	25,686	661,957
-	-	-	-	-
-	-	636,271	25,686	661,957

Notes to the Financial Statements - Continued

28 Other Technical liabilities
In thousands of naira	31-Mar-25	31-Dec-24
Reinsurance payable	168,399	5,010
Deposit premium (see note 32.1 below)	166,402	210,555
	334,802	215,565
28.1 Movement in premium deposit At Beginning of year	210,555	296,258
Additions/(Allocation) during the year Transfer to other Income	(44,152) -	(85,703) -

At End of period 166,402 210,555

(a) Deposit Premium represents various receipts from all other "online" bank transactions. They are classified as "uncleared reconciling items" for lack of full details of such transactions, as at the date when the transactions was initiated.

29 Provisions and other payables
In thousands of naira	31-Mar-25	31-Dec-24
Staff pension	-	1,125
Accruals (see note 33.1)	2,235,479	2,608,786
Sundry creditors (see note 33.2)	444,632	435,220
Unclaimed dividend (see note 33(i), below)	64,211	64,211
	2,744,322	3,109,342
29.1 Provisions and other payables (contd)
In thousands of naira	31-Mar-25	31-Dec-24
29.2 Sundry creditors comprise:
Staff cooperative	8,037	8,037
Other creditors	436,596	427,183
	444,632	435,220

Current income tax liabilities

In thousands of naira	31-Mar-25		31-Dec-24
At Beginning of year	168,436		281,697
Current year charge (see note 33.1)	114,484		40,000
Payment made during the year	-		(153,261)
At End of period	282,920		168,436
30.1 Income tax expenses: Company income tax Minimum tax	114,484		193,154
Education tax	-		-
Information technology development levy Police Trust Fund Levy Capital Gain Tax	- - 0		- - -
Stamp Duty	0		-
Deferred tax expense	114,484		193,154
Origination and reversal of temporary differences	- 114,484		- 193,154
Reconciliation of effective tax rate In thousands of naira	31-Mar-25		31-Dec-23
Profit from continuing operations	763,224		931,017
Analysis of tax charge for the year Profit/(loss) before tax	763,224		931,017
Taxable Income	3,597,567		3,597,567
Tax free Income	(568,565)		(568,565)
Taxable Profit	3,029,002		3,029,002
Income tax	114,484		15,101
Education tax at 3%			52,049
Information technology development levy			9,310
Police Trust Fund Levy Capital Gain Tax	-		47 -
Stamp Duty		3,846
Current tax on income for the year	114,484	80,353
Deferred tax charge (temporary difference)	-	-
Tax on profit on ordinary activities	114,484	80,353
Effective Tax Rate	3%	2%

Notes to the Financial Statements - Continued

Deferred taxation

In thousands of naira

31-Mar-25

31-Dec-24

At beginning of year

Deferred income tax expense recognised in profit or loss

206,209

At End of period

206,209

Lease obligation

In thousands of naira	31-Mar-25	31-Dec-24
At 1 January	9,004	43,389
Lease during the year	-	-
Payment made during the year	(1,834)	(34,385)
At End of period	7,170	9,004
33 Borrowings
In thousands of naira	31-Mar-25	31-Dec-24
Daewoo Securities (Europe) Limited (Note 36.1)	14,092,841	14,092,841
Other Borrowing (Working Capital Financing) (Note 33.2)	2,401,342	2,401,342
	16,494,183	16,494,183
33.1 Daewoo Securities (Europe) Limited
At 1 January	14,092,841	14,092,841
Repayment	-	-
At End of period	14,092,841	14,092,841

33.2 Other Borrowing (Working Capital Financing)

At 1 January	2,401,342	-
Reclassification of Amount due to NAML to Other Borrowing	0	1,797,319
Accrued Interest charged on Working Capital funding	0	604,023
At End of period	2,401,342	2,401,342

International Energy Insurance Plc issued a bond valued at 1,850,000,000 Japanese Yen (JPY) to Daewoo Securities (Europe) Limited who have acted as the foreign agent. The bond has a tenor of 20 years commencing on 24 January 2008 and maturing on 23 January 2028. The bond was issued at a zero coupon interest rate. A premium of 29% of the face value of the bond is payable on the maturity date.

The bond has options to subscribe to the equity of the Company for the period commencing on 25 January 2009 and closing on 24 January 2028. The

Notes to the Financial Statements - Continued

In thousands of naira	31-Mar-25	31-Dec-24
Private placement - Norrenberger Advisory Partners Ltd	2,066,039	2,000,000
Private placement - Others	-	29,360
Non- staff (see note 28.1 for the movement)	2,066,039	2,029,360
Staff - (see note 28.2 for the movement)	-	36,679
At End of period	2,066,039	2,066,039
Deposit for shares Opening Balance- 1st January	2,029,360	5,029,360
Additions/(Withdrawals)	-	(3,000,000)
At End of period	2,029,360	2,029,360

Deposit for shares

34.1

34.2 Deposit for shares - Staff

Opening Balance - 1st January	36,679	36,679
Withdrawal	-	-
At End of period	36,679	36,679

Capital and reserves

Share capital

In thousands of naira	31-Mar-25	31-Dec-24
2024 Authorized 1,284,085,489 ordinary shares of 50 kobo each	642,042	642,042
Additional Share Capital increase	-	-
2025	-	-
At End of period	642,042	642,042
35.2 Share premium In thousands of naira	31-Mar-25	31-Dec-24
2024 Share premium	963,097	963,097
Additional Share premium	-	-
2025 Share premium	-	-
At End of period	963,097	963,097

Notes to the Financial Statements - Continued

Statutory contingency reserve

In thousands of naira	31-Mar-25	31-Dec-24
At Beginning of year	3,336,320	2,745,448
Transfer from profit or loss	129,748	590,872
At End of period	3,466,068	3,336,320
37 Capital reserve In thousands of naira	31-Mar-25	31-Dec-24
Capital reserve	7,926,399	7,926,399
38 Property revaluation reserve In thousands of naira	31-Mar-25	31-Dec-24
At Beginning of year Transfer from OCI	1,206,428 -	1,206,428 -
At End of period	1,206,428	1,206,428

This reserve contains surplus on revaluation of Property, Plant and Equipment. A revaluation surplus is recorded in other comprehensive Income and credited to the property revaluation reserve in equity. However, to the extent that it reverses a revaluation deficit of the same asset previously recognised in profit or loss, the increase is recognised in profit and loss. A revaluation deficit is recognised in the statement of profit or loss, except to the extent that it offsets an existing surplus on the same asset recognised in the asset revaluation reserve

Fair value reserve

In thousands of naira	31-Mar-25	31-Dec-24
At 1 January	638,562	418,688
Transfer from OCI (see note 20)	- -	219,874 -
At End of period	638,562	638,562

The fair value reserve shows the effects from the fair value measurement of financial instruments. Any gains or losses on disposal are not recognised in profit or loss remains in equity.

40 Accumulated losses In thousands of naira	31-Mar-25	31-Dec-24
At Beginning of year Transition adjustment	(22,314,810) -	(24,678,296) -
Restated opening balance	(22,314,810)	(24,678,296)
Transfer to contingency reserves (see note 37)	(129,748)	(590,872)
Transfer from profit or loss	648,740	2,954,358
At End of period	(21,795,818)	(22,314,810)

Notes to the Financial Statements - (Continued)

Segment reporting

For management purpose, the Company is organized into business units based on their products and services and two reportable operating segments as follows:

Following the management approach of IFRS the Company is organized into two operating segments. These segments distribute their products through various forms of brokers, agencies and direct marketing programs. Management identifies its reportable segments by product lines. These segments and their respective operations are as follows:

Non-life insurance business

The non -life reportable segment offers a wide variety of insurance products for both personal and corporate customers. The products offer range from fire, motor, general accident, engineering, aviation, marine liability as well as oil and energy. The main source of income in this segment is the premium received from the insured on risk covered by the entity and the investment income earned on placements and deposit with financial institutions.

DETAILED REVENUE ACCOUNT

In thousands of naira	Fire	Motor	General accident	Marine	Bonds	Oil and energy	Total
31 March 2025
Direct premium	131,341	662,974	140,091	147,996	-	8,261	1,090,662
Inward premium	9,257	14,564	20,265	2,542	-	-	46,627
Gross written premium	140,598	677,538	160,356	150,538	-	8,261	1,137,289
Change in Liability for Remaining Coverage	7,964	(119,393)	335,755	191,440	-	9,445	425,212
Insurance revenue	148,562	558,145	496,111	341,977	-	17,705	1,562,501
Insurance service expenses:
Claims paid	(7,502)	(114,883)	(130)	(306)	(255)	(75,159)	(198,233)
(Increase)/Decrease in Liability for Incurred Claims	24,251	23,717	60,251	-	41,660	34,516	184,395
Changes in Incurred but not Reported (IBNR)	(5,482)	14,868	73,076	10,304	-	(69,537)	23,229
Total Claims incurred	11,267	(76,297)	133,197	9,998	41,405	(110,180)	9,391
Changes in Risk Adjustment	(4,211)	324	805	164	(7,556)	35,189	24,715
Changes in 'Loss component	(5,935)	-	-	-	-	-	(5,935)
Insurance service directly attributable expense	(28,575)	(110,567)	(101,107)	(61,932)	-	(1,913)	(304,093)
Other directly attributable expenses (Note 14.3)	(22,706)	(109,419)	(25,897)	(24,311)	-	(1,334)	(183,666)
	(61,427)	(219,662)	(126,199)	(86,079)	(7,556)	31,943	(468,980)

Total insurance service expenses	(50,160)	(295,959)	6,998	(76,080)	33,849	(78,237)	(459,590)
Net expenses from reinsurance contracts held
Reinsurance income - contracts measured under the PAA	33,900	640	32,017	11,550	-	-	78,108
Reinsurance expenses - contracts measured under the PAA	(39,995)	(7,620)	(30,581)	(38,340)	(16,811)	-	(133,346)
Insurance Claims Recovered from Reinsurers	2,979	-	-	173	-	-	3,153
Insurance Claims recoverable from Reinsurance	-	-	-	-	-	-	-
Changes in Risk adjustment on reinsurance recoverable	-	-	-	-	-	-	-
Net expenses from reinsurance contracts held	(3,115)	(6,980)	1,436	(26,616)	(16,811)	-	(52,085)

Insurance service result	95,287	255,206	504,545	239,281	17,038	(60,532)	1,050,826

Attention: This is an excerpt of the original content. To continue reading it, access the original document here.