Quarter 1 - financial statement for 2026

Management Account

for the period ended 31st March 2026

Table of contents

Result at a Glance

Page

3

Financial Highlights

for the period ended 31st March 2026

FINANCIAL POSITION

In thousands of naira

31-Mar-26

31-Dec-25

Changes

%

Cash and cash equivalents

6,832,332

7,359,813

(527,481)

(7)

Financial assets

1,047,859

972,004

75,855

8

Premium receivables

16,837

26,095

(9,259)

(35)

Other receivables and prepayments

486,522

342,251

144,271

42

Reinsurance contract assets

388,515

169,858

218,657

129

Investment properties

5,850,000

5,220,000

630,000

12

Intangible assets

480,777

317,073

163,704

52

Property, plant and equipment

682,231

728,367

(46,136)

(6)

Statutory deposit

322,500

322,500

-

-

Total Assets

16,107,573

15,457,961

Insurance contract liabilities

1,742,834

1,330,864

411,969

31

Other Technical liabilities

19,994

7,046

12,948

184

Provisions and other payables

1,465,111

1,556,670

(91,559)

(6)

Current income tax payable

584,474

544,006

40,468

7

Borrowings

2,778,099

2,778,099

-

-

Total liabilities

6,590,512

6,216,685

Share capital

1,267,043

1,267,043

-

-

Share premium

2,338,097

2,338,097

-

-

Other Reserves

5,911,922

5,636,135

275,787

5

Total Equity

Total liabilities and equity

9,517,062

16,107,574

9,241,275

15,457,961

INCOME STATEMENT

31-Mar-26

31-Mar-25

Changes

%

Insurance Revenue

615,784

1,562,501

(946,717)

(61)

Insurance Service expenses

(585,323)

(459,590)

(125,734)

27

Net expenses on Reinsurance contracts

(63,718)

(52,085)

(11,632)

22

Insurance Service Result

(33,257)

1,050,826

(1,084,083)

(103)

Investment return

832,101

143,127

688,974

481

Operating expenses and other expenses

(474,389)

(430,730)

(43,660)

10

Profit before taxation

324,455

763,224

(43,660)

(6)

Income tax expense

(48,668)

(114,484)

65,815

(57)

Profit for the period/year after tax

275,787

648,740

22,156

Total other comprehensive income/(loss) for the period ended

-

-

-

0

Total comprehensive income/(loss) for the period ended

275,787

648,740

22,156

Earnings per share (Kobo)

11

51

- 40

(78)

Basic and diluted earnings per share (Kobo)

11

51

- 40

(78)

31-Mar-26

31-Dec-25

Description

Units

Percentage (in relation to Issued Share Capital

Units

Percentage (in relation to Issued Share Capital

Substantiated Shareholding (5% & above)

NORRENBERGER ADVISORY PARTNERS

1,907,098,995

75.26%

1,907,098,995

75.26%

ENEH CHINYERE

78,794,058.00

3.11%

78,794,058.00

3.11%

Substantial Shareholding

1,985,893,053

78.37%

1,985,893,053

78.37%

Directors Shareholding (Direct & Indirect), Excluding directors with

Substantial interests

-

0.00%

0.00%

0.0000%

Total Directors' Shareholding

-

0.00%

0.00%

0.00%

Details of Other influential shareholdings, if any (E.g. Government,

Promoters)

BAYELSA STATE GOVERNMENT

6,582,000

0.26%

6582000

0.26%

AIMS ASSET MANAGEMENT LIMITED

5,069,408

0.20%

5069408

0.20%

STANBIC NOM,/AMCON/BANK PHB PLC

1,606,487

0.06%

1,606,487

0.06%

Total of Other Influential Shareholdings

13,257,895

0.52%

13,257,895

0.52%

Free Float in Units and percentage

534,914,541

21.11%

534,914,541

21.11%

Total

2,534,065,489

100%

2,534,065,489

100%

Free Float in value

N1,727,773,967.43k

N1,337,286,352.50k

Statement of Profit or Loss

for the period ended 31st March 2026

In thousands of naira

Actual

Actual

Gross Written Premium

Note 31-Mar-26

880,146

31-Mar-25

1,137,289

Insurance revenue

Insurance service expense

Net expenses from reinsurance contracts held

Insurance service result

6

615,784

7

(585,323)

8

(63,718)

(33,257)

1,562,501

(459,590)

(52,085)

1,050,826

Investment income

Net gains on FVTPL investments

Net gains on investment property

Net investment income

9

149,520

10

75,855

10.1

590,900

816,275

115,903

12,450

-

128,353

Other income

Other finance cost

Operating expenses

Profit/(Loss) before income tax

Income tax expense

Profit/(Loss) for the end of period

11

15,826

13

-

14.3

(474,389)

324,455

27.1

(48,668)

275,787

14,775

(2,063)

(428,667)

763,224

(114,484)

648,740

Earnings per share

Basic earning per share (Kobo)

17

11

Statement of Comprehensive Income

for the period ended 31st March 2026

Note

31-Mar-26

Net gains on investments in debt securities measured at FVOCI

- -

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

18

- -

Total comprehensive income for the year

Total comprehensive income attributable to:

Owners of the Company

Statement of Financial Position

As at 31st March 2026

Note

31-Mar-26

Liabilities and equity

Liabilities

Insurance contract liabilities

Other Technical liabilities

Provisions and other payables

Current income tax liabilities

Borrowings

Total liabilities

24

1,742,834

25

19,994

26

1,465,111

27

584,474

29

2,778,099

6,590,512

Equity

Share capital

Share premium

Irredeemable Deposit for Share

Statutory contingency reserve

Property revaluation reserve

Fair value reserve

Accumulated losses/Retained earnings

30.1

1,267,043

30.2

2,338,097

30.3

14,092,841

31

3,536,458

33

1,206,428

34

520,291

35

(13,444,095)

1,330,864

7,046

1,556,670

544,006

2,778,099

6,216,685

-

Total equity of the Company

9,517,062

9,241,275

Total liabilities and equity

16,107,574

15,457,961

In thousands of naira

Assets

Cash and cash equivalents

Financial assets

Fair value through profit or loss

Fair value through other comprehensive income

At Amortised cost

Premium receivable

Reinsurance contract assets

Other receivables and prepayments

Investment properties

Intangible assets

Property and equipment

Statutory deposit

Total assets

15

6,832,332

16

16.1

374,741

16.2

600,602

16.3

72,517

17

16,837

18

388,515

19

486,522

20

5,850,000

21

480,777

22

682,231

23

322,500

16,107,574

298,886

600,602

72,517

26,095

169,858

342,251

5,220,000

317,073

728,367

322,500

15,457,961

1,267,043

2,338,097

14,092,841

3,510,053

1,206,428

520,291

(13,693,478)

Anthony Uzodinma Edeh

Non-Executive Director

FRC/2015/PRO/FORM C07/003/00000012821

Uyi Osagie

Chief Financial Officer

FRC/2016/ICAN/00000015704

Statement of Changes in Equity

for the period ended 31st March 2026

In thousands of naira

Share capital

Share premium

Irredeemable

deposit for shares

Statutory

contingency reserve

Capital reserve

Accumulated losses

Property

revaluation reserve

Fair value reserve

Total

As at 1 January 2025

642,043

963,097

-

3,336,320

7,926,399

(22,314,810)

1,206,428

638,562

(7,601,961)

Impact of initial application of IFRS 17

-

-

-

-

-

-

-

-

Restated balance as at 1 January 2025

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

-

-

-

-

868,667

-

-

868,667

Other comprehensive income

-

-

-

-

-

-

(118,271)

(118,271)

Total comprehensive income/loss

-

-

-

-

868,667

-

(118,271)

750,396

Transactions with owners of the Company

-

-

Contributions and distributions

Conversion of deposit for shares

625,000

1,375,000

-

-

-

-

-

2,000,000

Reclassification of long term debt

-

-

-

-

-

-

-

-

Transfer between reserves

-

-

173,733

-

(173,733)

-

-

-

Transfer to profit or loss

-

-

14,092,841

-

(7,926,399)

7,926,399

-

-

14,092,841

Other comprehensive income

-

-

At 31 December 2025

1,267,043

2,338,097

14,092,841

3,510,053

-

(13,693,478)

1,206,428

520,291

9,241,276

Profit/(Loss) for the end of period

-

-

-

-

275,787

-

-

275,787

Other comprehensive income/(loss)

-

-

-

-

-

-

-

-

Total comprehensive profit/(loss)

-

-

-

-

275,787

-

-

275,787

Transactions with owners of the Company

-

Contributions and distributions

Conversion of deposit for shares

-

-

-

Reclassification of long term debt

-

-

-

-

-

-

-

-

Transfer between reserves

-

-

26,404

-

(26,404)

-

-

-

Transfer to profit or loss

-

-

-

-

-

-

-

-

Other comprehensive income

-

-

-

As at 31st March 2026

1,267,043

2,338,097

14,092,841

3,536,457

-

(13,444,095)

1,206,428

520,291

9,517,062

Statement of Cash flows

for the period ended 31st March 2026

In thousands of naira

Note

Operating activities

Premium received from policy holders

Reinsurance premium paid

Fees and Commission received

Commission paid and other underwriting expenses

Other directly attributable expenses paid

Gross Insurance benefits and Claims paid to customers

Claims recovered from re-insurers

Cash paid to and on behalf of Employees

Other operating cashoutflow

Cash used in operating activities

Income tax paid

Net cash used in operating activities

889,404

3,541,701

(114,778)

(790,711)

21,901

225,462

(168,255)

(638,082)

(223,098)

(761,572)

(152,617)

(759,856)

1,701

12,003

(280,255)

(1,086,905)

(773,862)

(2,003,524)

(799,859)

(2,261,485)

(8,200)

(154,748)

(808,059)

(2,416,233)

Investing activities

Purchase of property, plant and equipment

Proceeds from disposal of property, plant and equipment

Proceeds from disposal of investment property

Redemption of placement/Commercial paper

Purchase of placements

Purchase of investment properties

Purchase of Intangible assets

Dividend received

Other income received

Interest received

Cash provided by investing activities

(4,165)

(339,708)

-

24,459

-

4,000,000

636,050

57,304

(104,143)

-

(39,100)

(9,550)

(165,083)

(94,470)

-

3,526

15,825

52,635

149,520

772,735

488,905

4,466,932

Financing activities

Payment of lease liabilities

Interest paid

Capital Raise Expenditure

Cash used in financing activities

-

(6,941)

-

(2,063)

(208,326)

-

(208,326)

(9,004)

Net decrease in cash and cash equivalents

Cash and cash equivalents at beginning of the year

Effect of foreign exchange differences

Cash and cash equivalents at end of the period

(527,481)

2,041,695

7,359,813

5,321,370

-

(3,252)

6,832,332

7,359,813

6

Insurance revenue

In thousands of naira

Insurance revenue from contracts measured under PAA

Total Insurance revenue

31-Mar-26

615,784

615,784

31-Mar-25

1,562,501

1,562,501

7

Insurance service expenses

In thousands of naira

Claims Paid

Changes that relate to past service - adjustments to the Liability Incurred Claims

Incurred Claims

Losses on onerous contracts and reversal of the losses

Insurance acquisition cash flows amortization

Other directly attributable expenses (Note 7)

Total Insurance Service Expenses for the year

31-Mar-26

152,617

104,526

257,143

-

124,924

203,257

585,323

31-Mar-25

198,233

(207,624)

(9,391)

(18,779)

304,093

183,666

459,590

8

Net expenses from reinsurance contracts held

In thousands of naira

Allocation of reinsurance premium

Reinsurance commission

Insurance Claims Recovered

Insurance Claims Recoverable

Net expenses from reinsurance contracts held

31-Mar-26

121,709

-

(1,071)

(56,920)

63,718

31-Mar-25

133,346

(78,108)

(3,153)

-

52,085

9

Investment income

In thousands of naira

Interest income - bank deposits

Interest on statutory deposit

Interest on treasury bills (within 90 days)

Interest on Commercial Papers

Dividend income earned

Foreign exchange gain (cash and cash equivalent)

114,755

34,765

-

-

-

-

149,520

78,424

31,362

-

5,726

392

-

115,903

10

Net Realised gains/(loss) on financial assets

In thousands of naira

Realised gain on sales of Quoted equity securities

Unrealised gain on sales of Quoted equity securities

Net fair value gain/(loss) on investment properties (see note 20)

-

75,855

590,900

666,755

-

12,450

-

12,450

11

Other income

In thousands of naira

Rental Income

Foreign exchange gain (cash and cash equivalent)

Sundry income

Gain on disposal of assets

15,825

-

-

-

15,826

12,678

317

225

1,554

14,775

12

Impairment

In thousands of naira

Cash and cash equivalents

Other receivables

-

-

-

-

-

-

13

Finance costs

In thousands of naira

Interest on lease obligations

Ineterst charged on Working Capital Funding

Net finance costs/expenses

14

Operating Expenses

In thousands of naira

Employee benefit expenses (Note 14.1)

Other operating expenses (Note 14.2)

14.1

Breakdown of Employee benefit expenses:

In thousands of naira

Wages and salaries

Other staff costs

Pensions

-

-

-

2,063

-

2,063

280,255

397,391

677,646

235,324

377,009

612,333

31-Mar-26

255,325

10,350

14,580

280,255

31-Mar-25

235,324

-

-

235,324

14.2

Breakdown of Other operating expenses

In thousands of naira

Legal fees and other fees

Directors emoluments

Auditors remuneration

Depreciation

Amortisation

Consultancy and other professional fees

Legal fees

Motor running expenses

Subscription

Donations

Brand and Communications

Repairs and maintenance

Rent and rates

Postage and telephone

Transport and travelling

Printing and stationery

Security expenses

Oil and diesel

Insurance and license

State and local government levy

NAICOM Levy

Entertainment expenses

Board Expenses

Filing fees

Office Cleaning

Newspapers & Periodicals

ICT consumables

Internet subscription

Bank charges

Electricity and utilities

AGM Exepnses

10,417

6,250

45,435

1,230

39,194

-

22,145

21,407

-

60,196

5,604

33,700

99

18,030

2,573

3,812

1,618

15,350

571

11,373

2,870

22,250

-

4,461

-

6,872

3,994

945

12,798

23,816

377,009

31-Mar-25

183,666

428,667

612,333

31-Mar-26

203,257

474,389

677,646

5,192

3,750

50,301

1,380

53,860

1,000

24,357

11,739

-

37,874

3,924

49,986

374

12,738

715

4,148

2,120

6,562

905

8,801

1,000

44,598

3,546

3,408

-

37,439

40

-

27,635

-

397,391

14.3

Total Operating Expenses (See Note 14)

In thousands of naira

Other directly attributable expenses (Note 7)

Non - Attributable expenses

15

Cash and cash equivalents

Cash in hand

Cash and bank balances

Short term deposits

Treasury Bills

ECL impairment

1,748

165,529

35,076

6,640,278

(10,299)

6,832,332

823

162,727

266,283

6,940,278

(10,299)

7,359,813

(i)

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.

(ii)

The effective interest rate on short-term deposits is 14%.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.

(iii)

The short term deposit consist the sum of N26.620million which represent the "Unclaimed Dividend" to the shareholders of the Company. The

amount was placed in an interest yielding deposit, in accordance with the extant laws.

Current

Non-current

6,842,631

-

6,842,631

7,359,813

-

7,359,813

Of the cash and cash equivalents,the following are related to insurance funds

Policyholder insurance funds

Shareholders' funds

4,842,631

2,000,000

6,842,631

5,359,813

2,000,000

7,359,813

(i)

ECL impairment on cash and cash equivalents

At Beginning of year

Changes during the year (note 12)

At End of period

10,299

-

10,299

10,299

-

10,299

15.2

Cash and Cash Equivalents for Cash flow

Cash and bank balances

Short term deposits:

Treasury Bills below 90 days tenor (Note 15.3)

167,277

35,076

6,640,278

6,842,631

163,550

255,985

6,941,530

7,361,065

15.3

Treasury Bills (Below 90 days tenor)

At Beginning of year

Reclassification from Debts instrument at amortised cost

Interest earned during the year

Additions/(Withdrawal)

At End of period

6,940,278

-

-

(300,000)

6,640,278

4,142,683

-

-

2,798,847

6,941,530

15.3(i)

The sum of N6.640 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.

16

Financial assets

In thousands of naira

Financial assets at Fair Value through Profit or Loss ( see note 16.1, below)

Financial assets at Fair Value through Other comprehensive income ( see note 16.2, below)

Financial assets at Amortised Cost (see note 16.3, below)

374,741

600,602

72,517

1,047,859

298,886

600,602

72,517

972,004

Policyholder insurance funds

Shareholders' funds

1,047,859

-

1,047,859

972,004

-

972,004

At Beginning of year

Purchase/(Disposal)during the year

Net realised gain/(loss) (see note 12)

Net fair value unrealsied gain (see note 10)

At End of period

298,886

-

-

75,855

374,741

208,565

-

5,141

85,180

298,886

16.2

Financial assets at Fair Value through Other comprehensive income:

Equity instruments designated at fair value through other comprehensive income

In thousands of naira

WAICA RE

EAIPN

First Aluminium

West Africa Glass Industry

NCR/AT&T GLOBAL INFORMATION*

UNION BANK OF NIGERIA*

561,413

37,090

1,294

250

251

305

600,602

Movement in FVOCI/AFS

At Beginning of year

Fair value Gain/(loss)

At End of period

600,602

-

600,602

718,873

(118,271)

600,602

16.3

Financial assets and /Debts Instrument at amortised cost

At Beginning of year

Additions during the year

Withdrawal during the year

Interest capitalised/earned

At End of period

72,517

-

-

-

72,517

118,701

-

(57,304)

11,120

72,517

i

Breakdown of Financial assets at amortised cost:

a

Commercial Paper with VFD Group

b

Mutual Funds with CardinalStone Money Market Fund

c

Redemption of Commercial paper with VFD

72,517

-

-

72,517

57,304

72,517

- 57,304

72,517

17

Premium receivables

In thousands of naira

Due from Brokers (See note 17(b))

Due from Co-Insurer (See note 17(b))

Premium Receivables

16,837

-

16,837

26,095

-

26,095

Movement in Premium Receivables

At Beginning of year

Add: Gross Premium written

Less: Premium Received from policy holders

At End of period

26,095

880,146

(889,404)

16,837

19,978

3,547,819

(3,541,701)

26,095

(i)

There was no premium received in advance during the year ended, thus, no impact on insurance contract liabilities.

(a)

Age analysis of Premium receivable

(i) Within 14 Days

(ii) Within 15 - 30 Days

(iii) Within 31 - 90 Days

(iv) Within 91 Days

Above 180 Days

289

16,548

-

-

-

16,837

4,915

21,180

-

-

-

26,095

(b)

The analysis of Due from Brokers is as follows:

In thousands of naira

Due from Insurance Brokers

Due from Insurance Agents

Due from Co-Insurers

16,837

-

-

16,837

26,095

-

-

26,095

(c)

Premium receivables are receivables from Insurance Brokers as at year end and these have been collected subsequent to the year

ended 31st December 2024.

18

Reinsurance contract assets

In thousands of naira

Assets for remaining coverage (Note 18.1)

Assets for Incurred Claims (Note 18.1)

Gross Reinsurance contract assets

135,322

253,194

388,516

5,322

207,179

212,501

Less Reinsurance contract liability

Liability for Remianing coverage

At End of period

-

388,516

- 42,643

169,858

INTERNATIONAL ENERGY INSURANCE PLC

Management Account - 31st March 2026

18.1

Reconciliation of Reinsurance contract held at March 31, 2026

Assets for Remaining Coverage

Assets for Incurred Claims

Total

Excl. loss Recovery

Components

Loss Recovery

Component

Estimate of PV.of future

Cash flows

Risk adjustment for

Non-financial risk

Reinsurance contract assets as of January 1, 2025

(37,321)

-

-

191,026

16,153

169,858

Reinsurance contract liabilities as of January 1, 2025

-

-

-

-

-

Net Reinsurance contracts as of January 1, 2025

(37,321)

-

191,026

16,153

169,858

Reinsurance premiums

79,765

-

-

-

79,765

Recoveries of Incurred claims and other attributable income

-

-

11,120

-

11,120

Recoveries/(reversals or recoveries) on onerous contracts

-

-

34,895

-

34,895

79,765

-

46,015

-

125,780

Insurance Finance Income

-

- - - -

Insurance finance reserve (changes in discount rate)

-

- - - -

Cash in/(Out) flows in the period

Commission received

(21,901)

(21,901)

Reinsurance premiums paid

114,778

-

-

-

114,778

Amounts received under reinsurance contracts held

-

-

-

-

-

Net cash inflow

92,877

-

-

-

-

92,877

Reinsurance contracts assets as of September 30, 2025

135,321

-

-

237,041

16,153

388,515

Reinsurance contracts liabilities as of September 30, 2025

-

-

-

-

-

Net Reinsurance contracts as of March 31, 2026

135,321

- 237,041 16,153 388,515

Assets for Remaining Coverage

Assets for Incurred Claims

Total

Excl. loss Recovery

Components

Loss Recovery

Component

Estimate of PV.of future

Cash flows

Risk adjustment for

Non-financial risk

Reinsurance contract assets as of January 1, 2025 80,768

-

-

160,904

32,020

273,692

Reinsurance contract liabilities as of January 1, 2025 -

-

-

-

-

Net Reinsurance contracts as of January 1, 2025 80,768

-

160,904

32,020

273,692

Allocation of reinsurance premium

(833,353.71)

-

-

-

(833,353.71)

Effect of changes in the risk of reinsurance non-performance

(91.00)

-

-

(91.00)

Amounts recoverred from Reinsurance:

-

-

Recoveries of Incurred claims and other incurred reinsurance service expenses

0

0

0

0

0

Changes that relate to past service - adjustment to ARIC

-

-

-

-

-

Recoveries/(reversals or recoveries) on onerous contracts

-

-

63,236

-

63,236

Net expenses/income from Reinsurance Contracts held

(833,445)

-

-

63,236

-

(770,209)

Finance Income from reinsurance contract held

-

-

6,788

-

6,788

Insurance finance reserve (changes in discount rate)

-

-

-

-

-

Total amounts recognised in comprehensive income

-

-

6,788

-

6,788

Cash (in)/Out flows in the period

Commission received

(225,462)

-

-

-

(225,462)

Reinsurance premiums paid

790,711

-

-

-

790,711

Amounts received under reinsurance contracts held

-

-

(12,003)

(12,003)

565,249

- -

12,003

-

553,247

-

-

-

-

-

Cash flows

Non-cashflows in the period

-

Impact of reinsurance premium payable

192,750

- -

21,112 -

15,867

155,771

Net cash inflow

192,750

- - -

21,112 -

15,867

155,771

Reinsurance contracts assets as of December 31, 2025

5,322

-

191,026

16,153

212,501

Reinsurance contracts liabilities as of December 31, 2025

- 42,643

-

-

- -

42,643

Net Reinsurance contracts as of December 31, 2025

- 37,321

-

-

191,026

16,153

169,858

19

Other receivables and prepayments

In thousands of naira

a

Sundry receivables (Note 19(i))

b

Prepayments (Note 19(ii))

397,080

178,340

575,420

187,462

243,687

431,149

Less:

Provision for Impairment (Note 19 (iii))

Gross Reinsurance contract assets

(88,898)

486,522

(88,898)

342,251

(i)

Sundry receivables

Intercompany Receivables

Staff Debtors

Pre - Capital Raise Expenditure*

Accrued Interest Income

61,052

61,052

104,073

97,675

231,451

23,125

504

5,611

397,080

187,462

(ii)

Prepayments

Rent and rates

Insurance of Company's assets

Brands project

ICT Consumables

Minimum and deposit premium (M&D)

Club membership, etc

113,781

4,364

19,922

22,073

-

18,200

178,340

142,461

10,926

26,370

33,729

30,200

-

243,687

(iii)

Provision for Impairment

In thousands of naira

At Beginning of year

Allowance during the period/year

Gross Reinsurance contract assets

88,898

-

88,898

10,179

78,719

88,898

Current

Non-current

351,198

135,324

486,522

206,927

135,324

342,251

20

Investment properties

In thousands of naira

At Beginning of year

Improvements (see note 20(b))

Reclassification (see note 20(b))

Disposal during the year

Net fair value adjustments

At end of period

31-Mar-26

5,220,000

39,100

-

-

590,900

5,850,000

31-Dec-25

8,275,056

9,550

- 3,800,000

486,860

248,534

5,220,000

Description of properties

In thousands of naira

Status of

Title

31-Mar-26

Perfection in progress

2,500,000

Perfection in

progress

700,000

Deed of Assignment

2,300,000

Perfection in progress

350,000

5,850,000

IEI Ibadan Estate, Liberty Road, Oke Ado, Ibadan

8, Ohaeto Street, Port Harcourt, Rivers State

Plot 294 Jide Oki Street, Victoria Island, Lagos

5, Swimming Pool Road, GRA, Near Gamji Gate, Kaduna, Kaduna State

2,200,000

550,000

2,300,000

170,000

5,220,000

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 Benson Omoruyi & C0 ( a registered estate surveyor & valuer) with FRC Number FRC/2013/NIESV/00000003307 as at 31st December 2025, 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;

Description/Location

IEI Ibadan Estate, Liberty Road, Oke Ado, Ibadan

5, Swimming Pool Road, GRA, Near Gamji Gate, Kaduna

8, Ohaeto Street, Port Harcourt, Rivers State

Plot 294 Jide Oki Street, Victoria Island, Lagos

Closing Balance

In thousands of naira

At 1 January 2025

2,030,769

144,287

-

2,300,000

8,275,056

Additions during the year

9,550

-

-

-

9,550

Disposal/Transfers during the year

-

-

486,859

-

486,859

Revaluation Gain/(loss)

159,681

25,713

63,141

-

248,534

At 31 December 2025

2,200,000

170,000

550,000

2,300,000

5,220,000

Additions during the year

-

-

39,100

-

39,100

Transfers/Disposal during the year

-

-

-

-

-

Revaluation Gain/(loss

300,000

180,000

110,900

-

590,900

At end of period

2,500,000

350,000

700,000

2,300,000

5,850,000

21

Intangible assets

In thousands of naira

Company

Cost:

At 1 January 2025

244,568

Additions

6,000

W.I.P Core Application

88,471

At 31 December 2025

339,039

Additions

165,083

W.I.P Core Application

0

At end of period

504,122

Accumulated amortisation:

At 1 January 2025

16,747

Charge during the year

5,219

At 31 December 2025

21,965

Charge during the year

1,380

At end of period

23,345

At 31st December 2025

317,074

22

Property and equipment

In thousands of naira

Land

Buildings

Capital

Work-in-progress (Land & Buidling)

Plant and machinery

Motor vehicles

Furniture, fittings, office & computer equipment

Total

Cost/valuation:

At 1 January 2025

10,000

64,000

195,723

179,667

570,034

756,384

1,775,808

Additions

-

-

217,138

39,101

66,702

16,766

339,706

Disposal

-

-

-

(209)

(29,665)

(3,654)

(33,528)

Transfer/Reclassification*

(10,000)

(64,000)

(412,860)

-

-

-

(486,860)

At 31 December 2025

-

-

-

218,559

607,071

769,496

1,595,126

Additions/Improvements (see note 25(i), below)

-

-

-

2,477

-

1,688

4,165

Disposals

-

-

-

-

-

-

-

Revaluation

-

-

-

-

-

-

-

At 31st March 2026

-

-

-

221,036

607,071

771,184

1,599,291

Accumulated depreciation:

At 1 January 2025

-

-

-

126,057

287,307

274,968

688,331

Charge for the year

-

-

-

21,366

107,671

61,336

190,373

Disposals

-

-

-

(209)

(8,706)

(3,031)

(11,946)

At 31 December 2025

-

-

-

147,214

386,272

333,273

866,759

Charge for the year

-

-

-

5,768

28,923

15,609

50,301

Disposals

-

-

-

-

-

-

-

Revaluation

-

-

-

-

-

-

-

At 31st March 2026

-

-

-

152,982

415,195

348,883

917,060

Carrying value

At 31st March 2026

-

-

-

68,054

191,876

422,301

682,231

At 31st December 2025

-

-

-

71,346

220,799

436,222

728,367

(i)

Transfer/Reclassification*

During the financial year, the Company completed renovation works on its land and building previously classified under Property, Plant and Equipment (PPE) in accordance with IAS 16, with a carrying amount of N486.859 million.

Following the completion of the renovations, management determined that the property met the definition of an investment property under IAS 40, as it is now held to earn rental income and/or for capital appreciation rather than for use in the production or supply of goods or services or for administrative purposes. Accordingly, the asset was reclassified from PPE to Investment Property.

In line with IAS 40, the property was measured at fair value at year-end, resulting in a fair value of N550 million. The resulting fair value gain of N63.141 million has been recognised in profit or loss for the year.

The investment properties were independently valued by Messrs Benson Omoruyi & C0 ( a registered estate surveyor & valuer) with FRC Number FRC/2013/NIESV/00000003307 as at 31st December 2025, 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.

23

Statutory deposit

In thousands of naira

322,500

322,500

322,500

322,500

Current

Non-current

INTERNATIONAL ENERGY INSURANCE PLC

Management Account - 31st March 2026

(a)

Summary of Insurance contract liabilities

Insurance contract liabilities excluding Insurance acquisition cashflows, and

other pre-recognition cash flows

Insurance acquisition cash flow assets

Insurance Contract Liabilities

31-Mar-26

31-Dec-25

1,954,866

1,499,565

(212,032)

(168,700)

1,742,834

1,330,864

24

Insurance contract liabilities

In thousands of naira

Liability for Remaining Coverage

Liability for Incurred Claims)

31-Mar-26

561,020

1,181,814

1,742,834

31-Dec-25

253,576

1,077,289

1,330,864

Opening Insurance Contract Liabilities Opening Insurance Contract Assets

Liabilities for Remaining Coverage

Excluding Loss Loss Component Component

(9,460)

-

7,463

-

Liabilities for Incurred Claims

Estimats of Risk adjustment for Non-Present Value of Financial risk

172,484 25,170

- -

Total

195,656

-

Net Opening balance

(9,460)

7,463

172,484

25,170

195,656

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

(136,922)

-

-

-

(136,922)

Total Insurance revenue - All Transition Methods

(136,922)

-

-

-

(136,922)

Insurance Service expenses

incurred claims

-

15,019

-

15,019

Losses on onerous contracts and reversal of those losses

62,826

-

62,826

Insurance acquisition cash flows amortization

20,741

-

20,741

Other directly attributable expenses (Note 7)

-

-

-

-

Insurance Service expenses

20,741

-

77,845

-

98,586

Insurance Service Result

(116,182)

-

77,845

-

(38,337)

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

(116,182)

-

77,845

-

(38,337)

Investment components

-

-

-

-

-

Cash Flows

Premium received

192,070

192,070

Claims paid

(15,019)

-

(15,019)

Other directly attributable expenses (Note 7)

Insurance acquisition cashflows paid

(20,741)

-

-

(20,741)

Total Cash flows

171,330

-

(15,019)

-

156,310

Outstanding amounts transferred to LIC at end of cover

Net Closing balance

278,051

7,463

79,619

25,170

390,303

Closing insurance Contract Liabilities

278,051

7,463

79,619

25,170

390,303

Closing Insurance Contract Assets

-

-

-

-

-

Net Closing balance

278,051

7,463

79,619

25,170

390,303

Liabilities for Remaining Coverage

Excluding Loss Loss Component Component

80,274 7,463

- -

Liabilities for Incurred Claims

Estimats of Present Risk adjustment for Non-Financial Value of Future Cash risk

124,898 26,582

- -

Total

239,216

-

80,274

7,463

124,898

26,582

239,216

-

-

-

-

-

-

-

-

-

-

(514,429)

-

-

-

(514,429)

(514,429)

-

-

-

(514,429)

-

-

68,881

-

68,881

-

0

1,957

(1,412)

545

88,246

88,246

99,470

0

-

-

99,470

187,716

-

70,838

(1,412)

257,142

(326,713)

-

70,838

(1,412)

(257,287)

-

-

2,839.00

-

2,839.00

(326,713)

-

73,677

(1,412)

(254,448)

-

-

-

-

-

459,695

0

0

459,695

-

-

(26,091)

-

(26,091)

(99,470)

-

(99,470)

(123,246)

0

0

0

(123,246)

236,979

-

(26,091)

-

210,888

(9,460)

7,463

172,484

25,170

195,656

(9,460)

7,463

172,484

25,170

195,656

-

-

-

-

-

(9,460)

7,463

172,484

25,170

195,656

Opening Insurance Contract Liabilities Opening Insurance Contract Assets

Liabilities for Remaining Coverage

Excluding Loss Loss Component Component

166,860

-

8,056

-

Liabilities for Incurred Claims

Estimats of Risk adjustment for Non-Present Value of Financial risk

Future Cash Flows

(31,223) 28,443

- -

Total

172,136

-

Net Opening balance

166,860

8,056

(31,223)

28,443

172,136

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

(211,180)

-

-

-

(211,180)

Total Insurance revenue - All Transition Methods

(211,180)

-

-

-

(211,180)

Insurance Service expenses

incurred claims

-

52,158

-

52,158

Losses on onerous contracts and reversal of those losses

28,217

-

28,217

Insurance acquisition cash flows amortization

67,741

-

67,741

Other directly attributable expenses (Note 7)

-

-

Insurance Service expenses

67,741

-

80,374

-

148,116

Insurance Service Result

(143,439)

-

80,374

-

(63,064)

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

(143,439)

-

80,374

-

(63,064)

Investment components

-

-

-

-

-

Cash Flows

Premium received

273,366

273,366

Claims paid

(52,158)

-

(52,158)

Other directly attributable expenses paid

Insurance acquisition cashflows paid

(13,846)

-

-

(13,846)

Total Cash flows

259,520

-

(52,158)

-

207,362

Outstanding amounts transferred to LIC at end of cover

Net Closing balance

569,819

8,056

(163,755)

28,443

442,562

Closing insurance Contract Liabilities

569,819

8,056

(163,755)

28,443

442,562

Closing Insurance Contract Assets

-

-

-

-

-

Net Closing balance

569,819

8,056

(163,755)

28,443

442,562

Liabilities for Remaining Coverage

Excluding Loss Loss Component Component

1,194,000 8,056

- -

Liabilities for Incurred Claims

Estimats of Present Risk adjustment for Non-Financial Value of Future Cash risk

Flows

(37,312) 2,941

- -

Total

1,167,685

-

1,194,000

8,056

(37,312)

2,941

1,167,685

0

0

0

0

-

-

-

-

-

-

-

-

(2,666,728)

-

-

-

(2,666,728)

(2,666,728)

-

-

-

(2,666,728)

-

-

361,913

-

361,913

-

0

9,779

25,502

35,281

257,086

257,086

357,207

0

-

-

357,207

614,293

-

371,692

25,502

1,011,487

(2,052,435)

-

371,692

25,502

(1,655,241)

-

-

5,961.00

-

5,961.00

(2,052,435)

-

377,653

25,502

(1,649,280)

-

-

-

-

-

1,644,685

0

0

0

1,644,685

-

(371,564)

-

(371,564)

(351,089)

(351,089)

(268,301)

0

0

0

(268,301)

1,025,294

-

(371,564)

-

653,731

166,860

8,056

(31,223)

28,443

172,136

166,860

8,056

(31,223)

28,443

172,136

-

-

-

-

-

166,860

8,056

(31,223)

28,443

172,136

Opening Insurance Contract Liabilities Opening Insurance Contract Assets

Liabilities for Remaining Coverage

Excluding Loss Loss Component Component

116,787

-

9,105

-

Liabilities for Incurred Claims

Estimats of Risk adjustment for Non-Present Value of Financial risk

Future Cash Flows

251,531 25,278

- -

Total

402,701

-

Net Opening balance

116,787

9,105

251,531

25,278

402,701

Changes in the statement of profit or loss and OCI

Imsurance revenue