INCOME STATEMENT

STATEMENT OF COMPREHENSIVEN INCOME
for year ended Dec 31 2013
in thousands of Nigerian Naira
2013 2012 % Change
Gross premium wrritten 3,443,575   4,163,370 -17.29%
Gross premium income 3,768,603 4,033,952 -6.58%
Premium ceded to reinsurers -815,796 -923,384 -11.65%
Net Premium income 2,952,807   3,110,568 -5.07%
Commission income 156,017   224,484 -30.50%
Net Underwriting income 3,108,824 3,335,052 -6.78%
Net benefits and claims -743,863 -982,231 -24.27%
Underwriting expenses -709,160 -938,094 -24.40%
Underwriting Profit 1,655,801   1,414,727 17.04%
Investment income 251,710 200,578 25.49%
Fair value gain/(loss) 638 -179,135 -100.36%
Net realised losses -20,758 -9,402 120.78%
Other operating income 69,179 44,505 55.44%
General administrative expenses -1,492,361 -2,658,141 -43.86%
Result of operating activities 464,209   -1,186,868 -139.11%
Finance cost -4,271 -3,932 8.62%
Profit/(loss) before taxation 459,938   -1,190,800 -138.62%
Income tax benefit/(expenses) 25,494 -146,380 -117.42%
Profit/(loss) after taxation 485,432   -1,337,180 -136.30%
Other comprehensive income:
Other comprehensive income to be 
reclassified to profit and loss:
Net gain on available-for-sale assets 164,268 94,362 74.08%
Other comprehensive income for the year,net of tax 164,268   94,362 74.08%
Total comprehensive income for the year,net of tax 649,700 -1,242,818 -152.28%
Key financial information
Basic & Diluted (loss) /earnings per share (kobo) 14 -39 -135.90%
 
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