Year end - financial statement for 2025

INTERNATIONAL EhERGY INSURANCE 1'LC

Management Account

for the period emled 31st Dcccmbei 2025

Table of contents

Result at a Glance

hnarenolding structure ano Free float status

Statement of Profit or Loss and Other Comprehensive Income

Statement of Financial Position Statement of Cnanges in Equity Notes to the Financial Statements

Page

3

8

9

1

Financial Hig hlig hts

jar the perio I e.nde‹:I z›t December 7.ozs

FINANCIAL POSITION

Tn Lf1OUSLtI TdS fl'/ nGTrfj

Ca sh anal Cash ec]Uiva|ei1IS

Financial asSPts

PIern.um rere'ivab1es

Other receivables and preda yiJlents

INTERNA TIONAL EN£eG Y INSURANCE PL c

       3'-*  "S      3"Decz&    Chnges      X    

,6i ,IO S.3J1,37° ?,7O8,z 5) (32)

A,99*,ig6 i,o %g 9 , i, W J7 i8,ia I9,Q78 i6,ij 8i 309, 507 28o,;i 28, 6g3 io

Reinsura Ice comm act as*ets

Invest ment propertie 5 IntaiJgiLle assets

Prop°-rty, plant and equipment

Statutory deposit TOtdI Assets

Ir suranc e contract Iiahilities i,/9 , try 2, 67.•97 ($G@,§2O) (zg)

Current incpme raw pdyal›Ie a› . ‹s $/,oz6 (16,98i) ‹SJ

Deferred tax liabilities zoG,zog zo6,zog

Lease obligations {too)

Total Iiabilitl 's 6,8gy, izg zzt, 4§6, yo8

7otslEquig

share. capital Share premium Other Peserves

Total liabilities and equity

INCOME STATEMENT

Insurance Revenue Insurance Service expenses

Net.expenses on RensuraJce contracts Insurance Service Result

investment return

Ope‹atn9exp+rises and other expenses Profit on disposal of associate company

Profit befpre taxation Incume tax expense

E339,9 (9*WdD1) iq,57o¿8 t 8)

1§;8gt,]ll I6›8§4,§47

   g:L-Dec- S      3 -Dec-at      CA anges        %      

, o8§,Sg3 S. Go $,q§8 *.539 76d) (z/}

(***°'7*7)(", 75,771 (*34949)*3

G8b,9o8) O 7,6o) (S6,z#) 4

(2,16,8Q ) (j,> j,6z ) i,*Q , yr () )

- W34)8 53,478) (ioo

68B,8j§ l6t/§8 i,L°773*

(i37,767) Qo9,;9o) 7O,8z3 (3Q

3

5) areholding Structure and Free float Status

for the period ended 3 st December a ooh

Company nome Year end Reporting Periad

Share Price at end of reporting period

International Energy Insur4nc e Plc g1st Dece mber

1. Dec• 25

   • s•s ecember zoa4. NI-7^J

   			i*-Dec-zq
   Description	Units	Percentage (in relation to Issued 5hare Capital	Units	Percentage (in relation to Issued Share Capital
   Substantiated Shareholding (s% & above)
   NORRENBERG¿R ADVISORY PARTNERS	6 , og8,9cj	S+ +7	6¿/,u98,qg
   ENEH CHIN YERE		6. q"4	/87Mr S* ^^
   Substantial shareholding		57 3+	73Sr®93 ^S3
   Directors 5hareholdin9 ‹Oirect& Indirect), Excluding directors with Substantial interests
   		0.00%		0 . 'OOO^6
   Total Directors' Shareholding
   Details of Other influent al shareholdings, if any (G, g. Government, Promoters)
   8AYEL5A STATE GOVERNMENT	f, Sz,ooo		6j6zooo
   AIMS ASSET MANAGEMENT LIMITED	5,o6gyo8		o6g o8
   STANBIC NOM,/AMCON/BANK PH0 PLC	i,6oG,;8	0.l2§%	*, ›4 7
   Total of Other Influential Shareholdings				i.ojA
   Free Float in Units and percentage				4;66W
   Total	1,2b4,o6s. #9
   Free Float in value

   • ?9S%

   Declaration:

   1. Intei national Energy Insurance Plc with a free float percentage of q1 6E"A aS aL est Decerrtber z•› s. s coo pla‹ r wth The Ezrhange's Free Float requirements for companies listed on the Main Board

   2. international Energy h ›u'dnce PIC lgith a free foet value Of Nl,)37,28G,352 S°# es at j?st December zoz , is compWwnt with The Exchange's Free Float requirements for companies listed on the Main Board

Securities Trading Policy

In compl ance with Rule *7 1§ Disc IosLlre of Dealings in Issuers' Char+s, Rulebook of the Excha°se zotg (issuers Rule.) Inter ar anal Ere•qy insurance PIc maintains a SeC urity Trading Policy whiC|q gUid9S DirectnF5, Audit Committee members, em tJloyees end all individuals categorisecl as insiders a5 To their healings in the company's securities The poliCy iS periodicaily revrewecl by the Board and updated. Th=. Company has made specific inquiries tc all its director ‹and other insiders and is not ware of any infringement of the polity during the period Under revlevy.

Rules Governing Free F(Oat Requirements

In accordance with Rtse z,z -Rues Governing Free Float Requirement:

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

INTERNA 7YO/VAL ENERG Y INSURANCE PLC

Management AcCpunt 1st December aozs

Statement of Profit or Loss

for the period ended gust December soak

in thousands ofnaira

Insurance revenue Insurance service expense

Net expenses from reinsurance contracts held

Note     3••Dec- s  

7 (2,11O,7*7)

B (§88,gog)

   3•-Dec-zq

Insurance service result

Investment income

Net gains on FVTPL investments

Net gains on investment property

®333°°

*•957 &9

Net foreign exChange income/(expense)

Net investment income

Finance exPenses from insurance contracts issued Finance income from reinsurance contracts held Net insurance finance expenses

Net insurance and investment result

     2/,Z 1  

   %&7°979  

5 S^ 737

Other income

Credit loss reversal/(expense) Other finance cost

Operating expenses

Profit on disposal of associate companY Profit before income tax

Income tax expense

ProM for the end of period

Earnings per share

Basic earning per share (Kobo)

ii *S& io

*3 j66,ogz}

688,8$}

3°.*       (iG,y67)

     ssvo67  

(6i6qoa

   S*3&7#

3*#*‹9€#

   (•°%59°) 

   ° 9503r    

The accoun*“•s fi›*!icies and the accompanying notesform an integral part of thesefinancial statements.

5

INTERNATIONAL ENERifi Y INSURA A'CE PLC

Ivionayemei›t Account- ¿zs.* December sazg

Statement of Comprehensive Income

for the period ended yzst December a»s

in thousands of naira

Note     3 -Dec-•s 

   3z-Dec-•k

Profit/(Loss) for the year

Items thaI may be reclassified to profit or loss

                   Ssi,o62                

Net gains on investments in debt secvrities measured at FVOCI

Change in Fair value on e9ui*Y instrument designated at fair value through other comprehensive income

Other comprehensive income, net of tax

Total comprehensive income for the yea‹

Total comprehensive income attributable to: Owners of the Company

3 *7€,232  

                     (g6,859i            

(s6 ass)

zig8 k

The accountinypolicies and the accompanying notes/arm on integral part of thesefinancial statements.

6

Statement of Financial Position As at y›st December zoz$

In thousaiids of naira

Assets

Cash and cash eqUivaTents Financial assets

Fair value through profit or loss

Fair valve through other comprehensive income At Amortised cost

Premium receivable Reinsurance contract assets

Note

xg

20

20. 1

20.2

2Z

3 3,66y

6zz,ozg

zo8,s6s 718,8yj

-tz8, you

›9,97®

273,69z

Other receivables and prepaymenty Investment properties

Intangible assets Property and equipment Statutory deposit

Total assets

Liabilities and equity Liabilities

Insurance central liabilities Other Technical liabilities Provisions and other payables Current income tax liabilities Deferred tax liabilities

Lease obligations Borrowings Deposit for shares

Total liabilities

23 3°9 é°7

q,6;o,ooo

*5 3*7, 74

*7 z, 2z5, z76

z8 3zZ,§Oo  

*9 *.799, 577

273,5*9 , 494,5*9

33 zo6,zog

38

z8o7

%°#7,é77

jzz, oo

*,367 97

5,538

z,y6o,8zz

337 Oz6

zo6,zog

2,o66, 39

*‹.‹s6,yo8

Shurecapital 'Share premium

Statutory contingency reserve Capital reserve

Property revauaton reserve Fair value reserve

Retained Earnings/AccumUlated losses Total equity of the Company TotalGBbiliñesandequity

Non-Executive Director FRC/zoz$/PRO/FORM C 7* ^3/ •^ ^ ®**

37

37'*

39

33®r 97

3Aq6,s33

iqq,283

8,9r$,o8y

963 97

3.336,32a

7 9z6,399

z, zo6, §z8

6 8, 6z

(zz, z,Bio)

16, SI 747

Chief F-inancial Of•ficer

FR6/zoi6/lfiAN/ooooooi5/os

The accompanying accou nling poJicies and notes to the fin anr.ill staLe«erts form an nteg a ga I of these financta statements

7

INTER NATIONAL ENER GY INS URANCE F'LC

M:.ri,lgement Ac count - list D 'r:err her zo z

Statement of Chan ges in Equity

yor the period ended gust December nazi

In thousands of naira

Reatined

Statutory earnings/ Property

Share contingency Capital Accumulated revaluation Fair value Share capital premium reserve reserve losses reserve reserve

Total

As at z January zozz,

impact of initial application of IFRS •7 Restated balance as at z January zO24

Profit for the year

Other comprehensive income Total comprehensive income/loss

Transactions with owners of the Company Contributions and distributions

Transfer between resarves

*95.3

-

**9.874

3 *7$, 2§ 2

- tip 7A zip#74

See accompanying summary of significant accounting policies and notes to the financial statements which form an integral part of these financial statements.

ANTERNATIONAL ENRGY JMSURANCE PLC

Management Account 3st Dece=b•.r zo2s

Statement of Cash flows

for the period ended 3•st December zoos

In thousands Of naira

Operating activities

Premium received from policy holders Reinsurance premium paid

ConJmiSsion paid and other unde m'riting expenses Jrisurance L'enefits and Claims paici to customers Claims received front re-insu"ers

Cash paid to and an behalf of Employees Other operstng cashovt(ow

Cash used in operating activities Income tax paid

Net cash used in operating activities

Investing activities

PUrChase of property, plant and equipment Proceeds from disposal of Investment property

Proceeds ft orrt disposal of property, ptanl and equipment Purchase of investment propeNfes

Proceed from disposal of placements Purchase of ntB^9ibe assets Dividend received

Other income received

Proceeds from sale c'f associate company Interest received

P Jrchase of financial asset Purchase of equity investment

Cash provided by investing activities

Financing activities Payment of lease liabilities interest paid

Note

2o.1

7

8›

*7

S

z6 9

16

9

35

35

3t-Dec-•s

=N='OOO

3.3*.* 5

/qd,go8)

{1, Oa.78 )

{}3j,gi6)

(i,o6i,yq§)

f339.7 S)

q,ooo,ooo

+€.459 (96V)

(9447*)

3,yz6

(6,gqi) (zo63)

3i-Dec-zq

=N=’ooo

t6e8, 479)

253. 39

(8oS3*'9)

     (q6o,°7O)

f42g,66o) (zgq, z6i)

     fS79.9**)  

l397,6io)

l,#OO,DDQ

   4'S°7*4*  

Withdrawal/Repayment of deposit for shares Cash used in financing activities

37

(9,ooq)

Net decrease in cesh and cash •9UivaIents

Cash and cash equivalents at beginning af the year 21

Effect of foreign exchange differences

Cssh and cash equivalents at end of the period

7°8,z6q)

, zi, 6g

j,6 3,*o6

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

53

N0tes to the Financial Statements - Condnued

6 lrisur snte revenue

In thousands o/nokg

Insurance revenue fromcontracts measured under PAA(NoteGB) Total Ins'urance revenue

   3• Dec-z§ 

y Insurance service expenses

/n thousands o/noirn

*° n9rs th.or relate to past service - adjustments to the L'o bility frirurred Clairss

Incurred fiialms

Losres on onerous contract's end ‹eversol of tfiie losses

lnrtirorrce ocgursir/on cé's/i/gws qm|gytypppg

Qther d›'réctly att‹fibutobIe expenses (Note y)

Total Insurance Service Expenses for the year

B Net expenses from reiosurangt contracts held

In thousands afnaira

AllacatI0'n afreinsuranceprem›um

Net.expenses/rom re(nsuiance contacts t›eld

9 Investment income

Interest income -bank deposits Interest on statutory deposit

Interest on oeasury bills (within 9odsysj Interest on Commercial Papers

Dividend incorrle earned

Foreign exchange gain (cash and cash eqvivale t›

Net Realised gains/(loss} on financial asseM

Realised gain pinsafes of Ouoted equity securities see note zg.S)

(see note zg. )

set fair value gain/‹Ioss) on investment propertjes (see riote.z

> Other Income

Rental 1rcome 5undry income

GHIP 0 fi dl5 Qo@ 1pf I[X£•d 9$59t$

tz Net credlt Impairment lass

in thousands oj naira

CaSh and cash equivalents (see note ›9)

   ***°7*7  

     3i-Dec-*5  

,6po

*3*766

     3t-Dec-s5   

     e8o,rg6  

        ’Deczc   

^•8.‹79

   I  ,58o,8r8)

f9s’379)

   3z-Dec-zg

(zg,$§o}

*C7.*F

97

§O,O86

°3.9AS

   z,o  ,z88  

6o, B

           (**71   

/NTEANH HO/yA1 j=NEPBY WSUR4NCE PLC

Mcnogerner›l Xcrounr - JTsf fkcenr6er 2025

lotes to the Financial Statements - Continued i3 Pinarice costs

zz,.z Breakdown of Othe r operating expenses

In theusands of noirs

   3x-Dec-zz,  

Direc tors emoluments Auditors remuneration DepreEiation Amortisation

Legal fees and other fees

Consultancy and other professional Fees Motor running expenses

'Subscription

Donations

Brand and Communications Pepairs 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 subscripLion Bank charges

Electr laity arid utilities Fines and penalty Marketing expenses

Corporate strategy expenses Staff productivity bonus AGM Expenses

Bad Debt Provision

Group related expenses

Less:

Staff productivity bonus - "Provision no longer required"

z§. Total Operating Expenses ‹see Note z4)

In thousands oj'naira

Other directly attributable expen ses (Note y) Non - Attributable expenses

i ,ooo 'Q°.37J

i6, 8;

*3^,q29 4336a

x, zoa

*S 79

,8az

$,z8c

5* +7^ B, o8s

z3P

° >S9 §86

   (6s°° ;)  

   *,5°9,4oz  

z5,000 15,000

164,661

4,430

46,800

244,740

66,883

go,$e8

10,8oo

310,227

19,030

1,228

253,765

39,B66

9,354

10,390

38,702

3,64g

43,342

17,132

114,631

2,000

7,034

10

156,B37

6,584

22,5z9

30,566

300,3JS

25,150

11,840

650,Z02

94,148

1fI,56g

2'99° 575

   z, ggo,szs  

   z-Dec-zq z,z38,$6z,

   z,6 7r34^  

Notes to the Financial State ments - Continued

Directors and emp[oyees

Compe mation of key management personne! management.

The summ ary of compensation of key management personnel for the ye ar is a s follows:

In thousands of nalro

Short-*term employee benefits: S alari es and allowan Ees

Fees and other emolument disclosed above includes amount paid to’ chairman

The number of Directors who received fees and other emol um ents

         $,ooo 

(excluding pension contributions and ce nain be nefit) in the following ranges vvas-

The tab|e below shows the nunJbe^ of employees (excluding Directors) of the Company who earned emoluments in the following ranges:

=N=xo,ooo,ooz - and above

       -rg  

       *9  

                  8s

t6 PToGtoTlossondisposatofSssociateCompzwy

gonsidera cian sum

Carrying amount of Associate company disposed (see note z§) fair value gain on disposal of investment in associate company

a,g0O,O0o

(876,s»

     5*3 47  

12

//¥T£R /4TIONAt ENERGY INSURANCE Ptc

Moncpdme/tr Errol nr - JJst &cemlyer 2D2S

Notes to the Financial Statements - Continued

gasic and diluted loss per share

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

The fa\owirg reflects the loss and sh4re dnta used in the basic loss per share computations:

In thousands of nairo        y1-Dec-z$ 

Net profit/losses attributable to owners Weighted average number of shares for the year

   3*-Dec-2g

•.9S5,35

,e8q,o8g

Basic and diluted loss per share

s8 Change in fair valUe on equity in sLrument designated at fair valUe through other comprehensive income: In thousands of naira

Change in fair value gain/(loss) on financial assets PVOCI

   (9*‹ 591  

J3

ig cash endeaslj squivalantc

mxh »rrd benk t'ulsncm Shen term deposits Tie'astiry 8iils

. ° ^ •quivaI°nt ^pprexiinatas fair ""! Sh'•t-t•rm deporils are various” deposits with

periods .of<>a t• ninety dayG.{y-godaysI, depending

°f rhe 8-P°w. Short-term deposits are various deposits with commend banka qt varying^8*8^8 8 nces with benk deposit balances

on the imrñediate cash rcguiremanrs ofthe campsny.

T!!') ^ "+ 8^P^•'8 -nstst he. sum of I4z£.6.zomiIIion which represent the Uncf«lmaddividend” to awvnt was ptainterest yielding deposit, in aeaorde«ce with rhe exiagt jg g g„),

Of the “andc•sh aquivaIants,the following ¥T9 related ts insurawe.fundr Polkyholder Insurance funds

Shareholders' lands

AtBeginning of year gp

Changes doing the yearnote >z› At End oF period

Eash and bank bat>mas

Short Arm deposits.

S9.3 Treasury.Bills (Below go dcys tanor} At Beginning efyear

R•classifiwtion frem Oebrs in$trUtnent at amortised most Interest earned dufing the year

At Cnd of pined

Financfal assets

Fin'anoal assets at Fair Value through ProfTt or Apy# j #gg p g $gj j

Pinanoal assets at Fair Vefue thraDtfjer comprehensive¿ mp ( q gg $ t. j

Policyhe'Ider i'nsrranca £ursds 'shareholders’funds

ze.>Financial ascers at Fafr Value thrgur/h Ptojjt qp Lusc

PuxhasefiDlspaoaI}dudng the year Net realised gzdn#Ioyej (see puatg g#)

Net fair value usrealsiad gatn [sae neta aa}

q,998,ag6

14

Notes to the I"-inanciaI StaMoments • coniinued

A.¥ GRFIELT gB9t6 it F¥ig yalue @£O@h OFF comprahenaiva jgpmg;

Gquiry instruments designated at fair valve thfQlJghother corn rehendvc income

WAICA PE GAJPN

FJrst Aluminium

        yzDec-z   

37,V*

NCP/AT&T GLOBA,LINFOPMATION* UNION BANK OF NIGERJA”

she additions during the yaar were tha equioes sa>cIcs £ocmarly yg qgp g gqjtt y which have $pgq ¿* y- p z*^,873 Nigerian Stock Exchange, (MGX) ' ”' *

MovarTiant in FVOClfi r5

Fair value Gain/(loss} Maes nore ze)

*o.3 Financial assets and )oebts Instrument at amortised cost

RedassifcaGonmCelandCssh Eqvivalontr{SgsqQy@,ggg q@,„gj)

$CEnOfeeñod’

i Braakdswn of EfirianEial arsets at amortised caat:

At End of period —

{i} Than 'lac No premium received in advance during W y••r erldad, *hus, no impact on insUrancacontract IiabiIities+ f^) Age anaTyds of.Pre@um reae{yable

1. A'fifiin x$ • 3o pays

2. Within yz- go Days

S7,3°4

*A397

(b) ^ analysis ef Due from Beakers is as follows:

T°) Premium receivables are receivables from Insix'awa Br°kars •• at year end and these hava been ceIIe

Acaats farremaining cavyy.y}'

'” ”’*"’“*’” 15

Notes to the Financial Statements - Continued

INTERNATIONAL ENEPG Y IfiISURANCe PL C

lvionogement Acr0unt -$zst December work

Notes to the Financial Statements - Continued

33 Other receivables and prepayments in thousands ofnaira

a Sundry receivables (Note ay(i))

   x-Dec-z§    3•-Dec-ad

’53S7A

b Prepayments (Not9 •3(ii))

Less:

   )7,3 9  

c Provision for Impairment (Note 3 (iii))

At End of period

(i} Sundry receivables Intercompany Receivables

Sundry Debtors and other receivables Accrued Interest Income

tii) Prepaymeots Rent and rates

Insurance of Company's assets Legal and professional fees

Prepaid expenses on Staff HMO Scheme Brands project

ICT Consumables

Minimum and deposit premium IM&oJ

   (88,6ooj 

   3 9 4Oy

6z^s* ttO,8oO a,66g

*6,37°

33 7zg

   (*°,*791 

   zBo,¿zq  

8$,oBz

*9,5$O

   *53,S7€  

9a,6$9

   zo,goo  

Current Non-current

2t Investment in Associate Company

   *3L3gq  

   3°9 4°7  

’3N7•6

     8,oig  

     29* 705  

In thousands a] noira

   3 -Dec-•s      yt-Dec-z§ 

ti) The divestment arrangement was duly approved by the Board of Directors. (›i) The divestment was transparent and carried out on an arm's length.

1. The consideration for the divestment at Associate company was on cash basis.

2. The consideration sum was Na.gBillion, see note xd.

17

Notes to the Financial Statements - Continued

Investment properties

In thousands of naira

At Beginning of year lmproverrients (see not••s(b)) Reclassification fsee note zy{b))

Disposal during the year Net fair valUe adjustments At End of period

( , Boo,ooo)

  *®5 394  

  §,6.7o,ooo  

  3•-Dec-z§ 

W75,b5

zi3,)i6

” 9 7*3

a

  •r9S7‹848  

  8, zy5,o56  

Further analysis ano details ot tne investment properties including tAetr |ocatIons are stated delow. These includes the carrying amount and the corresponding'fair value adjustmenLS •‹ 9nizedin the probe or loss.

Descfiption ef properdes

In thousands of naira

tEt badan Esate, Liberty ftoad, Oke Ado, Jbadan z§, Aba Road, Port Harcourt, Rivers State

Plot yp Jjde Oki Street, V'

s. Swimming P•oI Road, GRA,. Near Gamji Gate, Kaduna, Xaduna State

Perfection

in progress p z•o,oeo

Perfection in progress

Assignment z,goo,ooo Perfection

in progress zyo,ooo

  z„6yo,ooo 

  3•-Dec-eg 

.°3° y6g

z,§0O,Ooo

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 atfair›atue, whithhasbeen determined based on valuations perfonned by a qualified estate surveyor. The investment properties were independently valued by Messrs Benson Omoruyi & Co( aregistered estate surveyor & value0 with FRC Number FRC/2 3/NJESV/ooooooo$$oz a• ^‹3°St December zozs, based on valuation model in accordance with that recommended by the International Valuation Standards Committee. The determination affair value of the investment property was supported by marlcet evidence.

(by The movemen't in investment properties are as follows;

At 1 January 2D24 Addisons durlng the y•ar

Ado, I6edan Kaduna. ‘* Ksdune State

1,384;61S 115,000

16,701 B92

flicteria Island, Balance

state

Lagas

3,15D$O7 1,6]0,o0o 6,373615

- 17,593

At 32 December ?024

T.ranaten durinB the year

Transtérs/D4spo*aI dMñng the year

629,453 2B,J9B

s5fiQ -

650,000

13.8D0.OO0l

650,000 i,Ps.B48

9,550

{3,8Oo,000[

At end of pertod

18

Notes to the Finantial Statements - Continued

zG lntagbe asets

in (/0vsondr o/nu/o

At 1 January zoa§

Additions

W.J.P C0re Applicat on At gT December coal, Additions

W.I.P Core Applicatio n At end of the year

Accuinulaterl amortisation:

Charge during the year At $z December zoz§ Charge dUring the year At end of the year

CBtT}/i0g BMoUrIt:

At 3•8t December zozs At zst December zoz§

   Company    

19

L nd

B Id”

Notes to the I=inanctaI Statements - Continued 2/ Property and equipment

Cost/valuation:

xt z January aoa§ Additio'ns

disposal Reclassification

At 2 December zoz§

Additaf1SgWgf0'wmentsI see note agi), below)

Disposals

eevaluatiori

Ai gust December nazi

Accumulated depreciation'

At t January aozg 'Change for the year Disposals

At z December zoz§ Chord for the'year Disposals

Revalua£lon

At 3 st December zozs

Car g value

At yzst De'cember zoz$ At list December zoa#

*o,ooo 6r,uoo S ,#3 S 97°**3S*8S7

OOO

xo,ooo

66 oJ

?9#é)

(

i6,y (j,6q}

6

33%76

(jj¿z8}

”'#”*34•****3V 57,

i),q6 954*° 6,iz# s6§,6Gi

zqj66 1O#7' 6i,jj6 zgop)

The CIDM

B }tQ°commenced the reconstruction and remodelling on the Land and®^!^**^9situated at r'Io. 8, Ohateo Street, Port Harcourt, Rivers State at mg gqgq

(i) Capital Work-in-|g£oqress-Improvement on the Land ar1d'8uilding property situated at No. e, €lhaeto Road, Port Harcourt, eivers state.

a8 Statutory deposit

  jz-Dec-zy  

Slatutory deposit represents the amount deposited wlth the CENTRIBank of Niyg'ria ill aCEordarge With Section g (T) and Sect'o,0 °Lfj {}) o8InsuranceAct Act ooo3. Tha ;s restricted

Certtral Bank ofNigeria.

cash as management does not have access to the balance 8 in its day to day activities. Statutory depose are measured at cost and aitracr interest date at p rate qgtt,mppg by the

Notes to the Financial Statements - Continued

*9 Insurance contract liabilities

In thousands afnaira

Liability for Remaining Coverage (see note zy.1 below) Liability for Incurred Claims (see nore z7.zbelow)

i^1 .Svmmnry•/iriruronceronirnrt fiosdities

Insurance contract liabilities excluding Insurance acquisition cashfJows and

other pre-recognition cash flows

Ir:Durance acquisition cash fiOw assets

INTCRNATIONAL ENERGY INSURANCE PLC

Management Account - 3zn December eoz§

z,y6p8

   j*-Dec-zp  

Insurance Contract Liabilities

!^50Nnce Contract Liabities under PAA:

2g.z LiabiJity for Remain ng Coverage Excluding losscomponent

Loss component

27.z Liability for [ncurredClaims

Estimates ofpresent value of fvture cash fllows Risk adjustment for non-financial risk

Total Insurance contract liabilities under PAA

   '.799.M  

_ i8a,8zi   

*OO #$

6]$,2Ol

_ ¥20 1_

   79L43*  

   *3#7,@7  

1,S6z,669

fiOJay5

Flotes to che Financial Statamenrs - Continued

$o Other Technical liabilities

Ar end of parlod

Sundpcxdicms(seenoTejig UMcamedBvde,d(seenote¿ii,beow

     3*-0•'-*S qo6*, 86

)93°C3

3z.* /tccnJ aly comprlse:

A‹c+dexpense*Ceenole onz,beBw} RentRz‹*oedneOvance

Audrfee

Erowas 8rown Cai d Group rebted ap.°nses

A cczued office rent ]°.7°°

Proc ixi nx arid other poles tcoiudl

Addict made during the year

* Recla •iFef Amount due to nAuL la Other Burning (wakmg cap*ai I"nancin } Noce Arend oFperiod

Cunenty+cNaqe(seenme o.*l Pamentmadedumgiñym

lnformat'en technology development levy Police Trust Fund Levy

DeGnedtaxcxpmnse

*naly l+ofta,*hengmfw(heyeaf

Tazable InEow

Police Trust Fed Levy

CunemiaxonTnconieEO*the DWarediaxcñ getempoca‹ydfemnce

3,pBo

*N,7*7

     *N.7*7   

M97*

*J7

        zoB,5go