International Energy Insurance Co. PlcNSENG: INTENEGINS

Quarter 2 - financial statement for 2025

Sep 30, 2025 at 3:06 PM UTC · Issued by International Energy Insurance Co. Plc

INTERNATIONAL ENERGY INSURANCE PLC Management Account for the period ended 30th June 2025 Table of contents Page

Result at a Glance 3

Shareholding Structure and Free float Status 4

Statement of Profit or Loss and Other Comprehensive Income 5

Statement of Financial Position 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9

Financial Highlights
for the period ended 30th June 2025
FINANCIAL POSITION
In thousands of naira	30-Jun-25	31-Dec-24	Changes	%
Cash and cash equivalents	4,962,344	5,321,370	(359,026)	(7)
Financial assets	1,095,854	1,046,139	49,715	5
Premium receivables	202,469	19,978	182,491	913
Other receivables and prepayments	281,406	273,692	7,714	3
Reinsurance contract assets	409,341	280,714	128,628	46
Investment properties	8,280,008	8,275,056	4,952	0
Intangible assets	236,608	227,822	8,786	4
Property, plant and equipment	1,245,858	1,087,477	158,381	15
Statutory deposit	322,500	322,500	-	-
Total Assets	17,036,388	16,854,747
Insurance contract liabilities	2,093,288	2,367,897	(274,609)	(12)
Other Technical liabilities	189,073	215,538	(26,465)	(12)
Provisions and other payables	2,613,415	2,760,812	(147,397)	(5)
Current income tax payable	398,894	337,026	61,868	18
Deferred tax liabilities	206,209	206,209	-	-
Lease obligations	(0)	9,004	(9,004)	(100)
Borrowings	16,494,183	16,494,183	-	-
Deposit for shares	2,066,039	2,066,039	-	0
Total liabilities	24,061,100	24,456,708
Share capital	642,043	642,043	-	-
Share premium	963,097	963,097	-	-
Other Reserves	(8,629,853)	(9,207,101)	577,248		(6)
Total Equity	(7,024,713)	(7,601,961)

Total liabilities and equity	17,036,388	16,854,747

INCOME STATEMENT 30-Jun-25 30-Jun-24 Changes %

Insurance Revenue	2,328,412	3,031,349	(702,937)	(23)
Insurance Service expenses	(886,063)	(1,211,069)	325,006	(27)
Net expenses on Reinsurance contracts	(184,773)	(147,073)	(37,700)	26
Insurance Service Result	1,257,576	1,673,207	(415,631)	(25)
Investment return	262,134	286,693	(24,559)	(9)
Operating expenses and other expenses	(840,593)	(918,812)	78,219	(9)
Profit before taxation	679,117	1,041,088	78,219
Income tax expense	(101,868)	(197,807)	95,939	(49)
Profit for the year after tax	577,250	843,281	174,158
Total other comprehensive income/(loss) for the period	-	-	-	0
Total comprehensive income/(loss) for the period	577,250	843,281	174,158
Earnings per share (Kobo)	45	66 -	21	(32)
Basic and diluted earnings per share (Kobo)	45	207 -	21	(32)

Shareholding Structure and Free float Status

for the period ended 30th June 2025

Company name International Energy Insurance Plc

Year end 31st December

Reporting Period 30-Jun-25

Share Price at end of reporting period N1.71 (31 December 2024: N1.70)

	30-Jun-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%	78,794,058.00	6.14%
Substantial Shareholding	735,893,053	57.31%	735,893,053	57.31%

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	0.513%	6582000	0.513%
AIMS ASSET MANAGEMENT LIMITED	5,069,408	0.395%	5069408	0.395%
STANBIC NOM,/AMCON/BANK PHB PLC	1,606,487	0.125%	1,606,487	0.125%

Total of Other Influential Shareholdings	13,257,895	1.03%	13,257,895	1.03%
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	N911,283,865.11k		N909,354,719.70k

Declaration:

International Energy Insurance Plc with a free float percentage of 41.66% as at 30 June 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 N911,283,865.11k as at 30 June 2025, 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 period ended 30th June 2025
In thousands of naira
	Note	30-Jun-25	30-Jun-24
Insurance revenue	6	2,328,412	3,031,349
Insurance service expense	7	(886,063)	(1,211,069)
Net expenses from reinsurance contracts held	8	(184,773)	(147,073)
Insurance service result		1,257,576	1,673,207
Investment income	9	187,343	250,923
Net gains on FVTPL investments	10	49,937	9,363
Net gains on investment property	10	-	-
Net foreign exchange income/(expense)		-	-
Net investment income		237,280	260,286
Finance expenses from insurance contracts issued	27	-	-
Finance income from reinsurance contracts held	20	-	-
Net insurance finance expenses		-	-
Net insurance and investment result		1,494,856	1,933,493
Other income	11	24,855	26,407
Credit loss reversal/(expense)	12	-	-
Other finance cost	13	(2,063)	(3,936)
Operating expenses	14.3	(838,530)	(914,876)
Profit/(loss) before income tax		679,117	1,041,088
Income tax expense	30.1	(101,868)	(197,807)
Profit/(loss) for the year		577,250	843,281
Earnings per share
Basic earning per share (Kobo)	17	45	66

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

Statement of Comprehensive Income
for the period ended 30th June 2025
In thousands of naira	Note	30-Jun-25	30-Jun-24
Profit/(Loss) for the period		577,250	843,281
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	-	-
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 period ended		577,250	843,281
Total comprehensive income attributable to: Owners of the Company		577,250	843,281

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

Statement of Financial Position
As at 30th June 2025
	Note	30-Jun-25	31-Dec-24
In thousands of naira
Assets
Cash and cash equivalents	17	4,962,344	5,321,370
Financial assets	18
Fair value through profit or loss	18.1	258,502	208,565
Fair value through other comprehensive	18.2	718,873	718,873
Amortised cost	18.3	118,478	118,701
Premium receivable	19	202,469	19,978
Reinsurance contract assets	20	409,341	273,692
Other receivables and prepayments	21	281,406	280,714
Investment properties	23	8,280,008	8,275,056
Intangible assets	24	236,608	227,822
Property and equipment	25	1,245,858	1,087,477
Statutory deposit	26	322,500	322,500
Total assets		17,036,388	16,854,747
Liabilities and equity
Liabilities
Insurance contract liabilities	27	2,093,288	2,367,897
Other Technical liabilities	28	189,073	215,538
Provisions and other payables	29	2,613,415	2,760,812
Current income tax liabilities	30	398,894	337,026
Deferred tax liabilities	31	206,209	206,209
Lease obligations	32	(0)	9,004
Borrowings	33	16,494,183	16,494,183
Deposit for shares	34	2,066,039	2,066,039
Total liabilities		24,061,100	24,456,708
Equity
Share capital	35.1	642,043	642,043
Share premium	35.2	963,097	963,097
Statutory contingency reserve	36	3,472,143	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	(21,873,384)	(22,314,810)
Total equity of the Company		(7,024,713)	(7,601,961)

Total liabilities and equity		17,036,388	16,854,747

These financial statements were approved on 21st July 2025 and signed on its behalf by:

Uyi Osagie Olasupo Sogelola

Chief Financial Officer Managin 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 - 30th June 2025
Statement of Changes in Equity
for the period ended 30th June 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	-	-	-	-	577,250	-	-	577,250
Other comprehensive income	-	-	-	-	-	-	-	-
Total comprehensive profit/(loss)	-	-	-	-	577,250	-	-	577,250
Transactions with owners of the Company Contributions and distributions					-			-
Transfer between reserves	-	-	135,823	-	(135,823)	-	-	-
Share Capital Reconstruction		-		-	-	-		-
As at 30th June 2025	642,043	963,097	3,472,143	7,926,399	(21,873,384)	1,206,428	638,562	(7,024,712)

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

INTERNATIONAL ENRGY INSURANCE PLC

Management Account - 30th June 2025

Statement of Cash flows for the period ended 30th June 2025
In thousands of naira	Note	30-Jun-25 =N='000	31-Dec-24 =N='000
Operating activities Premium received from policy holders	19	2,034,765	4,322,871
Reinsurance premium paid		(340,026)	(640,332)
Fees and Commission received	8.1	94,090	130,734
Commission paid and other underwriting expenses	7	(414,964)	(2,599,894)
Insurance benefits and Claims paid to customers	7	(275,275)	(628,479)
Claims received from re-insurers	8.1	20,639	253,839
Cash paid to and on behalf of Employees	13	(422,095)	(805,329)
Other operating cashoutflow		(868,124)	(460,070)
Cash used in operating activities		(170,990)	(426,660)
Income tax paid		(40,000)	(153,261)
Net cash used in operating activities		(210,990)	(579,921)
Investing activities Purchase of property, plant and equipment	27	(268,210)	(397,616)
Purchase of equities measured at FVTPL		(89,744)	17,920
Proceeds from disposal of property, plant and equipment		22,970	3,914,823
Purchase of investment properties	25	(4,950)	(16,701)
Proceed from disposal of placements		-	(194,697)
Purchase of Intangible assets	26	(11,296)	13,945
Dividend received	9	3,166	42,440
Other income received	11	24,538	1,400,000
Proceeds from sale of associate company	16	-	415,515
Interest received	9	184,177	(646,678)
Purchase of financial asset		-	(41,710)
Cash provided by investing activities		(139,349)	4,507,241
Financing activities Payment of lease liabilities	35	(6,941)	(22,007)
Interest paid	35	(2,063)	(12,379)
Withdrawal/Repayment of deposit for shares	37	-	(3,000,000)
Cash used in financing activities		(9,004)	(3,034,385)
Net decrease in cash and cash equivalents		(359,343)	892,935
Cash and cash equivalents at beginning of the year	21	5,321,370	4,401,204
Effect of foreign exchange differences	12	317	27,231
Cash and cash equivalents at end of the period		4,962,344	5,321,370

The accounting policies and the accompanying notes form an integral part of these financial statements.

Notes to the Financial Statements - Continued

6 Insurance revenue	UnAudited	UnAudited
In thousands of naira	30-Jun-25	30-Jun-24
Insurance revenue from contracts measured under PAA	2,328,412	3,031,349
Total Insurance revenue	2,328,412	3,031,349
7 Insurance service expenses In thousands of naira	30-Jun-25	30-Jun-24
Incurred claims	214,555	(170,176)
Direct attributable expenses	414,964	604,844
Changes in risk adjustment	(102,733)	(7,574)
Other directly attributable expenses (Note 14.3)	359,277	391,988
Total Insurance Service Expenses for the period	886,063	819,082

Net expenses from reinsurance contracts held

In thousands of naira	30-Jun-25	30-Jun-24
Reinsurance income - contracts measured under the PAA	(94,090)	(19,636)
Reinsurance expenses - contracts measured under the PAA	299,502	175,924
Insurance Claims Recovered from Reinsurers	(20,639)	(9,214)
	184,773	147,073

Investment income

Interest income - bank deposits	144,324	201,150
Interest on statutory deposit	31,362	12,025
Interest on treasury bills	-	33,761
Interest on Commercial Papers	8,490	-
Dividend income earned	3,166	3,987
	187,343	250,923
Net Realised gains/(loss) on financial assets	30-Jun-25	30-Jun-24
In thousands of naira
Realised gain on sales of Quoted equity securities (see note 18.1)	2,554	-
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	1,352	-
(see note 18.1)	46,031	9,363
Net fair value gain/(loss) on investment properties (see note 27)	-	-
	49,937	9,363

In thousands of naira 30-Jun-25 30-Jun-24

Other income

In thousands of naira	30-Jun-25	30-Jun-24
Rental Income	21,438	19,637
Foreign exchange gain (cash and cash equivalent)	317	1,604
Sundry income	225	5,155
Gain on disposal of assets	2,874	10
	24,855	26,407

Net credit impairment loss

In thousands of naira 30-Jun-25 30-Jun-24

2025

Cash and cash equivalents (see note 17) - -

- -

2024

Cash and cash equivalents (see note 17) 15,243

Notes to the Financial Statements - Continued

13 Other Finance costs
In thousands of naira	30-Jun-25		30-Jun-24
Interest on lease obligations	2,063		3,936
Net Other finance cost	2,063		3,936
14 Operating Expenses
In thousands of naira	30-Jun-25		30-Jun-24
Employee benefit expenses (Note 14.1)	422,095		334,948
Other operating expenses (Note 14.2)	775,712	155,142.37	971,916
	1,197,806	126,628.35	1,306,864
14.1 Breakdown of Employee benefit expenses:
In thousands of naira	30-Jun-25		30-Jun-24
Wages and salaries	422,095		334,948
	422,095		334,948
14.2 Breakdown of Other operating expenses
In thousands of naira	30-Jun-25		30-Jun-24
Directors emoluments	12,500		12,500
Auditors remuneration	7,500		10,000
Depreciation	92,713		75,467
Amortisation	2,509		1,971
Legal and other professional fees	53,806		124,610
Motor running expenses	38,364		23,803
Subscription	16,171		20,213
Brand and Communications	123,453		169,527
Repairs and maintenance	30,686		4,580
AGM Exepnses	-		12,456
Rent and rates	62,332		84,532
Postage and telephone	423		461
Transport and travelling	67,854		179,968
Printing and stationery	4,707		17,612
Security expenses	8,318		4,453
Oil and diesel	2,881		1,095
Insurance and license	26,449		13,523
State and local government levy	1,912		1,258
NAICOM Levy (Regulatory)	21,536		26,171
Entertainment expenses	3,484		3,171
Board Expenses	64,750		128,019
Filing fees	4,801		1,938
Office Cleaning	8,837		4,254
Newspapers & Periodicals	6		54
ICT consumables	32,593		12,774
Internet subscription	8,051		1,989
Bank charges	145		5,662
Electricity and utilities	24,829		1,661
Fines and penalty	-		1,510
Marketing expenses	-		25,017
Corporate strategy expenses	-		1,667
Group related expenses	54,101
	775,712		971,916
14.3 Total Operating Expenses (See Note 14)
In thousands of naira	30-Jun-25		30-Jun-24
Other directly attributable expenses (Note 7)	359,277		391,988
Non - Attributable expenses	838,530		914,876
	1,197,806		1,306,864

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	30-Jun-25	30-Jun-24
Net profit/losses attributable to owners	577,250	843,281
Weighted average number of shares for the year	1,284,085	1,284,085
Basic and diluted profit/(loss) per share	44.95	65.67

Net (loss)/gain on available-for-sale financial assets

In thousands of naira 30-Jun-25 30-Jun-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	30-Jun-25	31-Dec-24
Cash in hand	869	670
Cash and bank balances	98,460	135,115
Short term deposits	1,169,443	1,053,200
Treasury Bills - (Note 17.3)	3,703,870	4,142,683
ECL impairment (note 17.1)	(10,299)	(10,299)
At End of period	4,962,344	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	98,460	135,785
Short term deposits	1,169,443	1,042,901
Treasury Bills below 90 days tenor (Note 17.3)	3,703,870	4,142,683
At End of period	4,971,774	5,321,370

ECL impairment on cash and cash equivalents

17.2

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 ..%.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.
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	(438,813)	-
At End of period	3,703,870	4,142,683

Financial assets

In thousands of naira 30-Jun-25 31-Dec-24

below)	718,873	718,873
Financial assets at Amortised Cost (see note 18.3, below)	118,478	118,701
At End of period	1,095,854	1,046,140

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

258,502 208,565

Notes to the Financial Statements - Continued

Financial assets at Fair Value through Profit or Loss

In thousands of naira 30-Jun-25 31-Dec-24

At Beginning of year	208,565	110,415
Purchase/(Disposal)during the year	-	-
Net realised gain/(loss) (see note 10)	49,937	60,669
Net fair value unrealsied gain (see note 10)	-	37,481
At End of period	258,502	208,565

Financial assets at Fair Value through Other comprehensive income

In thousands of naira	30-Jun-25	31-Dec-24
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	30-Jun-25	31-Dec-24
At Beginning of year	118,701	3,614,705
Movement during the year	(222)	646,678
	118,478	4,261,383
Reclassification to Cash and Cash Equivalents (See note ii) and (note 17.3)	-	(4,142,683)
At End of period	118,478	118,701

Trade receivables

In thousands of naira		30-Jun-25	31-Dec-24
	0	19,978	8,640
Gross Premium written		2,217,256	4,334,209
Premium Received from policy holders		(2,034,765)	(4,322,871)
Premium deposit received in previous year		-	-
At End of period		202,469	19,978
Age analysis of Premium receivable (i) Within 14 Days		1,123	289
		201,346 - - -	19,689 - - -
		202,469	19,978
All the outstanding premiums were paid on or before June 30, 2025

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

Reinsurance contract assets

In thousands of naira	30-Jun-25	31-Dec-24
Assets for remaining coverage (Note 20.1)	219,485	80,768
Assets for Incurred Claims (Note 20.1)	189,856	192,923
At End of period	409,341	273,691

Notes to the Financial Statements - Continued INTERNATIONAL ENERGY INSURANCE PLC

Management Account - 30th June 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	80,768	-	- 160,903	32,020	273,691
Reinsurance contract liabilities as of January 1, 2025	-	-	-	-	-
Net Reinsurance contracts as of January 1, 2025	80,768	-	160,903	32,020	273,691
Reinsurance premiums	(299,502)	-	-	-	(299,502)
Amounts recoverred from Reinsurance: Recoveries of Incurred claims and other attributable income	-	-	30,168	-	30,168
Recoveries/(reversals or recoveries) on onerous contracts	-	-	-	-	-
	(299,502)	-	30,168	-	(269,334)
Cash in/(Out) flows in the period Commission received	(94,090)				(94,090)
Reinsurance premiums paid	532,309	-	-	-	532,309
Amounts received under reinsurance contracts held	-	-	(17,546)	-	(17,546)
Net cash inflow	438,219	-	- (17,546)	-	420,673
Insurance Finance Income	-	-	(15,689)	-	(15,689)
Insurance finance reserve (changes in discount rate)	-	-	-	-	-
Reinsurance contracts assets as of June 30 2025	219,485	-	- 157,836	32,020	409,341
Reinsurance contracts liabilities as of June 30 2025	-	-	-	-	-
Net Reinsurance contracts as of June 30 2025	219,485	-	157,836	32,020	409,341
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 Component -	Estimate of PV.of future 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	(502,468)	-	-	-	(502,468.02)
Amounts recoverred from Reinsurance: Recoveries of Incurred claims and other attributable income	-	-	140,318	29,540	169,858.28
Recoveries/(reversals or recoveries) on onerous contracts	-	-	-	-	-
	(502,468)	-	140,318	29,540	(332,609.74)
Cash in/(Out) flows in the period				-
Commission received	(130,734)	-	-	-	(130,734)
Reinsurance premiums paid	640,332	-	-	-	640,332
Amounts received under reinsurance contracts held	-	-	(60,140)		(60,140)
Net cash inflow	509,598	-	- (60,140)	-	449,458
Insurance Finance Income	-	-	(96,850)	-	(96,850)
Insurance finance reserve (changes in discount rate) Reinsurance contracts assets as of December 31, 2024	80,768	-	- 160,903	32,020	273,691
Reinsurance contracts liabilities as of December 31, 2024	-	-	-	-	-
Net Reinsurance contracts as of December 31, 2024	80,768	-	- 160,903	32,020	273,691

Notes to the Financial Statements - Continued

Other receivables

In thousands of naira 30-Jun-25 31-Dec-24

(I) Financial assets:

Sundry receivables	197,113	153,573
	197,113	153,573
(ii) Non-financial assets:
Prepayments	94,472	137,319
	94,472	137,319
Less: impairment allowance on: Financial assets: Sundry receivables	(10,179)	(10,179)
	(10,179)	(10,179)

Net Other receivables and prepayments	281,406	280,714
Current	206,082	245,083
Non-current	75,324	35,324
	281,406	280,407

Investment in Associate Company - NPL

Company

In thousands of naira 30-Jun-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	30-Jun-25	31-Dec-24
At Beginning of year	8,275,056	6,373,615
Additions during the year (see note 23(b))	4,950	213,316
Transfer/Reclassification (see note 23(b))	-	(269,723)
Net fair value adjustments	-	1,957,848
At End of period	8,280,006	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	30-Jun-25	31-Dec-24
IEI Ibadan Estate, Liberty Road, Oke Ado, Ibadan	2,035,719	2,030,769
Rabbah Road, Kaduna, Kaduna State	144,287	144,287
14, Aba Road, Port Harcourt, Rivers State	3,800,000	3,800,000
Plot 294 Jide Oki Street, Victoria Island, Lagos	2,300,000	2,300,000
	8,280,006	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.

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 State

Line, Port

Harcourt,

Harcourt, Rivers State

Victoria Island, Lagos

Balance

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	4,950	-		-	-	4,950
Transfers during the year				-	-	-
Revaluation Gain/(loss			-	-	-	-
At end of period	2,035,719	144,287	-	3,800,000	2,300,000	8,280,006

Notes to the Financial Statements - Continued

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	11,296
W.I.P Core Application	0
At end of the period	255,864
Accumulated amortisation:
At 1 January 2024	12,317
Charge during the year	4,430
At 31 December 2024	16,747
Charge during the year	2,509
At end of the period	19,256
Carrying amount: At 30 June 2025	236,608
At 31st December 2024	239,117

Property, plant and equipment

In thousands of naira	Land	Buildings	Capital Work -in - Progress	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	64,000	195,723	179,667	570,168	756,367	1,775,925
Additions	-		191,592	18,178	36,205	22,235	268,210
Disposals	-	-		(209)	(25,154)	(2,858)	(28,221)
Revaluation	-	-		-	-	- -
At end of the period	10,000	64,000	387,315	197,636	581,219	775,743 2,015,913
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	-	-		9,225	52,496	30,992	92,713
Disposals	-	-		(209)	(7,923)	(2,858)	(10,990)
Write-off/retired	-	-		-	-	-	-
Revaluation	-	-		-	-	-	-
At end of the period	-	-		135,073	331,880	303,101	770,055
Carrying value At 30 June 2025	10,000	64,000	387,315	62,563	249,339	472,642	1,245,858
At 31st December 2024	10,000	64,000	195,723	53,611	283,000	481,400	1,087,733

Statutory deposit

In thousands of naira
	30-Jun-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.

Insurance contract liabilities

	In thousands of naira	30-Jun-25	31-Dec-24
	Liability for Remaining Coverage (see note 27.1(b) below)	1,532,334	1,643,490
	Liability for Incurred Claims (see note 27.1(b) below)	560,954	724,406
		2,093,288	2,367,897
27(a)	Summary of Insurance contract liabilities	30-Jun-25	31-Dec-24
	Insurance contract liabilities excluding Insurance acquisition cashflows, and other pre-recognition cash flows	2,093,288	2,367,897
	Insurance acquisition cash flow assets other pre-recognition cash flows	- -	- -
	Insurance Contract Liabilities	2,093,288	2,367,897
27(a)i	Insurance Contract Liabities under PAA:
	Liability for Remaining Coverage Excluding loss component	1,350,514	1,461,669
	Loss component	181,821	181,821
		1,532,335	1,643,490
	Liability for Incurred Claims Estimates of present value of future cash fllows	543,366	604,175
	Risk adjustment for non-financial risk	17,498	120,231
		560,864	724,406

	Total Insurance contract liabilities under PAA	2,093,198	2,367,897

27 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

30-Jun-25 31-Dec-24

Aggregated Aggregated

Opening Insurance Contract Liabilities Opening Insurance Contract Assets	Liabilities for Remaining Coverage Excluding Loss Loss Component Component 1,461,669 181,821 - -		Liabilities for Incurred Claims Estimats of Risk adjustment for Present Value of Non-Financial risk Future Cash Flows 604,175 120,231 - -		Total 2,367,897 -
Net Opening balance	1,461,669	181,821	604,175	120,231	2,367,897
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	- -2,328,412	- - -	- - -	- - -	- -2,328,412
Total Insurance revenue - All Transition Methods	2,328,412	-	-	-	2,328,412
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	- - -774,241	- - - -	203,062 46,009 (34,516) -	-(88,799) (13,934) -	203,062 (42,790) (48,450) 774,241
Insurance Service expenses	774,241	-	214,555	(102,733)	886,063
Insurance Service Result	1,554,171	-	(214,555)	102,733	1,442,349
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	1,554,171	-	(214,555)	102,733	1,442,349
Investment components	-	-	-	-	-
Cash Flows Premium received Claims and other directly attributable expenses paid Insurance acquisition cashflows deducted	2,175,068 -(732,053)	- - -	-(264,564) (10,800)	- - -	2,175,068 (264,564) (742,853)
Total Cash flows	1,443,015	-	(275,364)	-	1,167,651
Outstanding amounts transferred to LIC at end of cover
Net Closing balance	1,350,514	181,821	543,366	17,498	2,093,198
Closing insurance Contract Liabilities Closing Insurance Contract Assets	1,350,514 -	181,821 -	543,366 -	17,498 -	2,093,198 -
Net Closing balance	1,350,514	181,821	543,366	17,498	2,093,198

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
-	-	628,479	-	628,479
-	-	(1,580,858)	-	(1,580,858)
-	228,263	-	-	228,263
2,885,608	-	-	-	2,885,608
2,885,608	228,263	(952,379)	-	2,161,492
2,739,751	(228,263)	952,379	-	3,463,867
-	-	132,063.00	-	132,063.00
2,739,751	(228,263)	1,084,442	-	3,595,930
-	-	-	-	-
4,322,872	-	-	-	4,334,383
-	-	(266,451)	-	(266,451)
(2,914,999)	(66,226)	(240,270)	76,530	(3,156,476)
1,407,873	(66,226)	(506,721)	76,530	911,456

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 - 30th June 2025

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

In thousands of naira

30-Jun-25 31-Dec-24

FIRE FIRE

Opening Insurance Contract Liabilities Opening Insurance Contract Assets	Liabilities for Remaining Coverage Excluding Loss Loss Component Component 70,383 -	- -	Liabilities for Incurred Claims Estimats of Risk adjustment for Non-Present Value of Financial risk 45,113 8,978 - -		Total 124,473 -
Net Opening balance	70,383	-	45,113	8,978	124,473
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	- -204,155	- - -	- - -	- - -	- -204,155
Total Insurance revenue - All Transition Methods	204,155	-	-	-	204,155
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	98,662	- - -	14,593 (21,978)	-(3,766) -	14,593 (25,743) -98,662
Insurance Service expenses	98,662	-	(7,385)	(3,766)	87,512
Insurance Service Result	105,492	-	7,385	3,766	116,642
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	105,492	-	7,385	3,766	116,642
Investment components	-	-	-	-	-
Cash Flows Premium received Claims and other directly attributable expenses paid Insurance acquisition cashflows deducted	289,118 (98,662)		(14,593) -	- -	289,118 (14,593) (98,662)
Total Cash flows	190,455	-	(14,593)	-	175,862
Outstanding amounts transferred to LIC at end of cover
Net Closing balance	155,346	-	23,135	5,213	183,693
Closing insurance Contract Liabilities Closing Insurance Contract Assets	155,346 -	- -	23,135 -	5,213 -	183,693 -
Net Closing balance	155,346	-	23,135	5,213	183,693

Liabilities for Remaining Coverage Excluding Loss Loss Component Component 27,861 19,784 - -		Liabilities for Incurred Claims Estimats of Present Risk adjustment for Non-Financial Value of Future Cash 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
-	0	(8,138)	-	(8,138)
7,463	-19784	-	-	(12,321)
130,845	0	-	-	130,845
138,308	(19,784)	(3,040)	-	115,484
69,632	19,784	3,040	-	92,456
-	-	1,963.00	-	1,963.00
69,632	19,784	5,003	-	94,419
-	-	-	-	-
264,737	0		0	264,737
-	-	(67,499)	-	(67,499)
(152,583)	0	0	2954	(149,629)
112,154	-	(67,499)	2,954	47,609

70,383	-	45,113	8,978	124,473
70,383	-	45,113	8,978	124,473
-	-	-	-	-
70,383	-	45,113	8,978	124,473

Notes to the Financial Statements - Continued INTERNATIONAL ENERGY INSURANCE PLC

Management Account - 30th June 2025

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

In thousands of naira

30-Jun-25 31-Dec-24

MOTOR MOTOR

Opening Insurance Contract Liabilities Opening Insurance Contract Assets	Liabilities for Remaining Coverage Excluding Loss Loss Component Component 1,178,516 -	- -	Liabilities for Incurred Claims Estimats of Risk adjustment for Non-Present Value of Financial risk Future Cash Flows 61,793 12,297 - -		Total 1,252,606 -
Net Opening balance	1,178,516	-	61,793	12,297	1,252,606
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	1,506,118	-	-	-	1,506,118
Total Insurance revenue - All Transition Methods	1,506,118	-	-	-	1,506,118
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	299,645	- -	168,151 41,165	-(11,271)	168,151 29,894 -299,645
Insurance Service expenses	299,645	-	209,316	(11,271)	497,690
Insurance Service Result	1,206,473	-	(209,316)	11,271	1,008,428
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	1,206,473	-	(209,316)	11,271	1,008,428
Investment components	-	-	-	-	-
Cash Flows
Premium received	1,086,142				1,086,142
Claims and other directly attributable expenses paid			(229,653)	-	(229,653)
Insurance acquisition cashflows deducted	(313,491)		-	-	(313,491)
Total Cash flows	772,652	-	(229,653)	-	542,998
Outstanding amounts transferred to LIC at end of cover
Net Closing balance	744,695	-	41,456	1,026	787,176
Closing insurance Contract Liabilities	744,695	-	41,456	1,026	787,176
Closing Insurance Contract Assets	-	-	-	-	-
Net Closing balance	744,695	-	41,456	1,026	787,176

Liabilities for Remaining Coverage Excluding Loss Loss Component Component 2,695,890 -	- -		Liabilities for Incurred Claims Estimats of Present Risk adjustment for Non-Financial Value of Future Cash risk Flows 16,221 2,941 - -		Total 2,715,052 -
2,695,890	-		16,221	2,941	2,715,052
0		0		0	0
-	-			-	-
-	-			-	-
4,417,272	-		-	-	4,417,272
4,417,272	-		-	-	4,417,272
-	-		250,443	-	250,443
-		0	(8,484)	-	(8,484)
8,056		0	-	-	8,056
2,125,608		0	-	-	2,125,608
2,133,664	-		241,959	-	2,375,623
2,283,609	-		(241,959)	-	2,041,649
-	-		17,557.00	-	17,557.00
2,283,609	-		(224,402)	-	2,059,206
-	-		-	-	-
2,898,147		0	0	0	2,898,147
	-		(105,795)	-	(105,795)
(2,131,912)		0	-73035	9356	(2,195,591)
766,235	-		(178,830)	9,356	596,761

1,178,516	-		61,793	12,297	1,252,606
1,178,516	-		61,793	12,297	1,252,606
-	-		-	-	-
1,178,516	-		61,793	12,297	1,252,606

Notes to the Financial Statements - Continued INTERNATIONAL ENERGY INSURANCE PLC

Management Account - 30th June 2025

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

In thousands of naira

30-Jun-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 59,344 -	- -	Liabilities for Incurred Claims Estimats of Risk adjustment for Non-Present Value of Financial risk Future Cash Flows 62,965 12,530 - -		Total 134,839 -
Net Opening balance	59,344	-	62,965	12,530	134,839
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	326,347	-	-	-	326,347
Total Insurance revenue - All Transition Methods	326,347	-	-	-	326,347
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	264,191	- -	12,820 (12,494)	- -(11,969)	12,820 (12,494) (11,969) 264,191
Insurance Service expenses	264,191	-	326	(11,969)	252,548
Insurance Service Result	62,155	-	(326)	11,969	73,799
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	62,155	-	(326)	11,969	73,799
Investment components	-	-	-	-	-
Cash Flows
Premium received	533,151				533,151
Claims and other directly attributable expenses paid			(12,820)	-	(12,820)
Insurance acquisition cashflows deducted	(264,191)		-	-	(264,191)
Total Cash flows	268,960	-	(12,820)	-	256,140
Outstanding amounts transferred to LIC at end of cover
Net Closing balance	266,149	-	50,471	561	317,181
Closing insurance Contract Liabilities	266,149	-	50,471	561	317,181
Closing Insurance Contract Assets	-	-	-	-	-
Net Closing balance	266,149	-	50,471	561	317,181

Liabilities for Remaining Coverage Excluding Loss Loss Component Component 26,295 -	- -		Liabilities for Incurred Claims Estimats of Present Risk adjustment for Non-Financial Value of Future Cash 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
-		0	(22,508)	-	(22,508)
9,105		0		-	9,105
272,575		0		-	272,575
281,680	-		(3,564)	-	278,116
165,259	-		3,564	-	168,823
-	-		44,337.00	-	44,337.00
165,259	-		47,901	-	213,160
-	-		-	-	-
480,004		0	0	0	480,004
	-		(18,944)	-	(18,944)
(281,696)		0	44337	7393	(229,966)
198,308	-		25,393	7,393	231,094

59,344	-		62,965	12,530	134,839
59,344	-		62,965	12,530	134,839
-	-		-	-	-
59,344	-		62,965	12,530	134,839

Notes to the Financial Statements - Continued INTERNATIONAL ENERGY INSURANCE PLC

Management Account - 30th June 2025

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

In thousands of naira

30-Jun-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 8,178 -	Loss Component		Estimats of Present Value of Future Cash Flows 20,831 -	Risk adjustment for Non- Financial risk 4,145 -	33,154 -	Excluding Loss Loss Component			Estimats of Present Risk adjustment for Non-Financial
							Component			Value of Future Cash	risk
										Flows
							31,329	-		69,999		1,061	102,389
							-	-		-		-	-
Net Opening balance	8,178		-	20,831	4,145	33,154	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	164,419		-	-	-	164,419	507,671	-		-		-	507,671
Total Insurance revenue - All Transition Methods	164,419		-	-	-	164,419	507,671	-		-		-	507,671
Insurance Service expenses
incurred claims and other directly attributable expenses			-	-	-	-	-	-		5,803		-	5,803
Changes that relate to past service - adjustments to the LIC				(18,159)	(2,971)	(21,130)	-		0	(51,586)		-	(51,586)
Losses on onerous contracts and reversal of those losses						-	2,060		0	-			2,060
Insurance acquisition cashflows amortisation	97,835					97,835	212,400		0	-			212,400
Insurance Service expenses	97,835		-	(18,159)	(2,971)	76,706	214,460	-		(45,783)		-	168,678
Insurance Service Result	66,584		-	18,159	2,971	87,714	293,211	-		45,783		-	338,993
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							-	-		31,770.00		-	31,770.00
Total amounts recognized in comprehensive income	66,584		-	18,159	2,971	87,714	293,211	-		77,553		-	370,763
Investment components	-		-	-	-	-	-	-		-		-	-
Cash Flows
Premium received	266,657					266,657	480,174		0	0			480,174
Claims and other directly attributable expenses paid				-	-	-	-	-		(5,803)		-	(5,803)
Insurance acquisition cashflows deducted	(97,835)			-	-	(97,835)	(210,114)		0	34188		3084	(172,842)
Total Cash flows	168,822		-	-	-	168,822	270,060	-		28,385		3,084	301,528
Outstanding amounts transferred to LIC at end of cover
Net Closing balance	110,415		-	2,672	1,175	114,262	8,178	-		20,831		4,145	33,154
Closing insurance Contract Liabilities	110,415		-	2,672	1,175	114,262	8,178	-		20,831		4,145	33,154
Closing Insurance Contract Assets	-		-	-	-	-	-	-		-		-	-
Net Closing balance	110,415		-	2,672	1,175	114,262	8,178	-		20,831		4,145	33,154

In thousands of naira

30-Jun-25 31-Dec-24

Opening Insurance Contract Liabilities Opening Insurance Contract Assets	BONDS	181,821 -	Liabilities for Incurred Claims Estimats of Risk adjustment for Non-Present Value of Financial risk Future Cash Flows 56,984 11,340 - -	Total 385,089 -	BONDS
	Liabilities for Remaining Coverage Excluding Loss Loss Component Component 134,944 -				Liabilities for Remaining Coverage	Liabilities for Incurred Claims	Total
					Excluding Loss Loss Component	Estimats of Present Risk adjustment for Non-Financial
					Component	Value of Future Cash risk
						Flows
					2,403 -	112,738 2,852	117,993
					- -	- -	-
Net Opening balance	134,944	181,821	56,984 11,340	385,089	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	122,954	-	- -	122,954	34,717 -	- -	34,717
Total Insurance revenue - All Transition Methods	122,954	-	- -	122,954	34,717 -	- -	34,717
Insurance Service expenses
incurred claims and other directly attributable expenses		-	7,498 -	7,498	- -	- -	-
Changes that relate to past service - adjustments to the LIC			(14,738) -	(14,738)	-	(53,339) -	(53,339)
Losses on onerous contracts and reversal of those losses			(1,965)	(1,965)	6,661 181821	- -	188,482
Insurance acquisition cashflows amortisation	10,917			10,917	138,783 0	- -	138,783
Insurance Service expenses	10,917	-	(7,240) (1,965)	1,712	145,444 181,821	(53,339) -	273,926
Insurance Service Result	112,037	-	7,240 1,965	121,242	(110,727) (181,821)	53,339 -	(239,209)
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					- -	3,807.00 -	3,807.00
Total amounts recognized in comprehensive income	112,037	-	7,240 1,965	121,242	(110,727) (181,821)	57,146 -	(235,402)
Investment components	-	-	- -	-	- -	- -	-
Cash Flows
Premium received	-			-	200,502 0	0 0	200,502
Claims and other directly attributable expenses paid			(7,498) -	(7,498)		- -	-
Insurance acquisition cashflows deducted	(10,917)		- -	(10,917)	(178,688) 0	1392 8488	(168,808)
Total Cash flows	(10,917)	-	(7,498) -	(18,415)	21,814 -	1,392 8,488	31,694
Outstanding amounts transferred to LIC at end of cover
Net Closing balance	11,990	181,821	42,246 9,375	245,432	134,944 181,821	56,984 11,340	385,089
Closing insurance Contract Liabilities	11,990	181,821	42,246 9,375	245,432	134,944 181,821	56,984 11,340	385,089
Closing Insurance Contract Assets	-	-	- -	-	- -	- -	-

Net Closing balance 11,990 181,821 42,246 9,375 245,432 134,944 181,821 56,984 11,340 385,089

In thousands of naira

30-Jun-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 356,490 70,941 - -		Total 427,431 -
Net Opening balance	-	-	356,490	70,941	427,431
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	4,420	-	-	-	4,420
Total Insurance revenue - All Transition Methods	4,420	-	-	-	4,420
Insurance Service expenses
incurred claims and other directly attributable expenses		-	-	-	-
Changes that relate to past service - adjustments to the LIC			72,213	(70,792)	1,421
Losses on onerous contracts and reversal of those losses			(34,516)		(34,516)
Insurance acquisition cashflows amortisation	2,991				2,991
Insurance Service expenses	2,991	-	37,697	(70,792)	(30,105)
Insurance Service Result	1,429	-	(37,697)	70,792	34,524
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	1,429	-	(37,697)	70,792	34,524
Investment components	-	-	-	-	-
Cash Flows
Premium received	-				-
Claims and other directly attributable expenses paid			-	-	-
Insurance acquisition cashflows deducted	(2,991)		-	-	(2,991)
Total Cash flows	(2,991)	-	-	-	(2,991)
Outstanding amounts transferred to LIC at end of cover
Net Closing balance	(4,420)	-	394,187	149	389,916
Closing insurance Contract Liabilities	(4,420)	-	394,187	149	389,916
Closing Insurance Contract Assets	-	-	-	-	-
Net Closing balance	(4,420)	-	394,187	149	389,916

Liabilities for Remaining Coverage Excluding Loss Loss Component Component - - - -		Liabilities for Incurred Claims Estimats of Present Risk adjustment for Non-Financial Value of Future Cash 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)
32,881				32,881
5,398				5,398
38,279	-	(1,088,613)	-	(1,050,334)
(27,459)	-	1,088,613	-	1,061,154
-	-	32,629.00	-	32,629.00
(27,459)	-	1,121,242	-	1,093,783
-	-	-	-	-
10,820		0	0	10,820
		(68,409)	-	(68,409)
(38,279)		-247152	45255	(240,176)
(27,459)	-	(315,561)	45,255	(297,765)

-	-	356,490	70,941	427,431
-	-	356,490	70,941	427,431
-	-	-	-	-
-	-	356,490	70,941	427,431

Notes to the Financial Statements - Continued

28 Other Technical liabilities
In thousands of naira	30-Jun-25	31-Dec-24
Reinsurance payable	90,135	5,010
Deposit premium (see note 28.1 below)	98,938	210,555
	189,073	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	(111,617) -	(85,703) -

At End of period 98,938 210,555

(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	30-Jun-25	31-Dec-24
Staff pension	-	1,125
Accruals	2,101,956	2,260,256
Sundry creditors (see note 29.2)	447,252	435,219
Unclaimed dividend	64,211	64,211
	2,613,419	2,760,811
29.1 Provisions and other payables (contd)
In thousands of naira	30-Jun-25	31-Dec-24
29.2 Sundry creditors comprise:
Staff cooperative	8,037	8,036
Other creditors	439,216	427,183
	447,252	435,219

Current income tax liabilities

In thousands of naira	30-Jun-25	31-Dec-24
At Beginning of year	337,026	281,697
Current year charge (see note 30.1)	101,868	208,590
Payment made during the year	(40,000)	(153,261)
At End of period	398,894	337,026
30.1 Income tax expenses: Company income tax	101,868	84,971
Minimum tax	0	37,786
Education tax	-	27,312
Information technology development levy	-	137
Police Trust Fund Levy	-	1,349
Capital Gain Tax	0	52,348
Stamp Duty	0	4,689
	101,868	208,590
Deferred tax expense Origination and reversal of temporary differences	-	- -
	101,868	208,590
Reconciliation of effective tax rate In thousands of naira	30-Jun-25	31-Dec-24
Profit from continuing operations	567,178	3,162,948
Analysis of tax charge for the year Profit/(loss) before tax	577,250	3,162,948
Taxable Income	3,597,567	3,688,978
Tax free Income	(568,565)	(1,026,016)
Taxable Profit	3,029,002	2,662,962
Income tax	101,868	84,971
Education tax at 3%		37,786
Information technology development levy		27,312
Police Trust Fund Levy		137
Capital Gain Tax	-	52,348
Stamp Duty		4,689
Value added tax		1,349
Current tax on income for the year Deferred tax charge (temporary difference) Tax on profit on ordinary activities	101,868 - 101,868	208,590 - 208,590
Effective Tax Rate	3%	6%

Notes to the Financial Statements - Continued

Deferred taxation

In thousands of naira

30-Jun-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

In thousands of naira	30-Jun-25		31-Dec-24
At 1 January Addition Lease during the year Payment made during the year	9,004 - (9,004)		43,389 - (34,385)
At End of period	(0)		9,004
Borrowings In thousands of naira	30-Jun-25		31-Dec-24
Daewoo Securities (Europe) Limited (Note 36.1)	14,092,841		14,092,841
Other Borrowing (Working Capital Financing) (Note 36.2)	2,401,342		2,401,342
At End of year	16,494,183		16,494,183
Daewoo Securities (Europe) Limited
At 1 January At End of period	14,092,841 - 14,092,841	14,092,841 - 14,092,841
Other Borrowing (Working Capital Financing)
At 1 January	2,401,342	-
Reclassification of Amount due to NAML to Other Borrowing	-	1,797,319
Accrued Interest charged on Working Capital funding	-	604,023
At End of period	2,401,342	2,401,342

Lease obligation

33.1

33.2

Notes to the Financial Statements - Continued

In thousands of naira	30-Jun-25	31-Dec-24
Private placement - Norrenberger Advisory Partners Ltd	2,000,000	2,000,000
Private placement - Others	29,360	29,360
Non- staff (see note 28.1 for the movement)	2,029,360	2,029,360
Staff - (see note 28.2 for the movement) Conversion of deposit for shares	36,679	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) Conversion of deposit for shares	- -	(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	30-Jun-25	31-Dec-24
2024 Authorized 1,284,085,489 ordinary shares of 50 kobo each	642,043	642,043
Additional Share Capital increase
2025
At End of period	642,043	642,043
35.2 Share premium In thousands of naira	30-Jun-25	31-Dec-24
2024 Share premium	963,097	963,097
Additional Share premium	-	-
2025	-	-
At End of period	963,097	963,097

Notes to the Financial Statements - Continued

Statutory contingency reserve

In thousands of naira	30-Jun-25	31-Dec-24
At Beginning of year	3,336,320	2,745,448
Transfer from profit or loss	135,823	590,872
At End of period	3,472,143	3,336,320
37 Capital reserve In thousands of naira	30-Jun-25	31-Dec-24
At Beginning of year	7,926,399 -	7,926,399 -
	7,926,399	7,926,399

The balance of N7.9 billion on the Capital reserves was transferred to retained earnings as part of Capital reconstruction.

Property revaluation reserve

In thousands of naira

30-Jun-25

31-Dec-24

At Beginning of year Transfer from OCI

1,206,428

At End of period

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

The balance of N1.206 billion on the Property revaluation reserves was transferred to retained earnings as part of Capital reconstruction.

Fair value reserve

In thousands of naira	30-Jun-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	30-Jun-25	31-Dec-24
At Beginning of year	(22,314,810)	(24,678,296)
Transition adjustment	-	-
Restated opening balance	(22,314,810)	(24,678,296)
Transfer to contingency reserves (see note 36)	(135,823)	(590,872)
Transfer from profit or loss	577,250	2,954,358
At End of period	(21,873,383)	(22,314,810)

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