STATEMENT
OF COMPREHENSIVEN INCOME |
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|
|
for year ended Dec 31 2013 |
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|
in thousands of Nigerian Naira |
|
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2013 |
|
2012 |
|
% Change |
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|
|
|
|
|
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: |
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|
|
|
|
Other comprehensive income to
be |
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|
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|
reclassified to profit and
loss: |
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|
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|
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% |
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|
|
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|
Key financial information |
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|
Basic & Diluted (loss) /earnings per
share (kobo) |
14 |
|
-39 |
|
-135.90% |
STATEMENT OF
COMPREHENSIVE INCOME |
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|
|
For first quarter ended 31 March 2014 |
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in thousands of Nigerian Naira |
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|
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|
MARCH
2014 |
|
MARCH 2013 |
|
% Change |
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|
|
|
|
|
Gross premium wrritten |
1,760,069 |
|
1,193,055 |
|
47.53% |
Gross premium income |
1,042,393 |
|
900,442 |
|
15.76% |
Premium ceded to reinsurers |
-293,718 |
|
-227,511 |
|
29.10% |
Net Premium income |
748,675 |
|
672,931 |
|
11.26% |
Commission income |
52,949 |
|
50,520 |
|
4.81% |
Net Underwriting income |
801,624 |
|
723,451 |
|
10.81% |
Net benefits and claims |
-106,181 |
|
-187,812 |
|
-43.46% |
Underwriting expenses |
-228,131 |
|
-151,454 |
|
50.63% |
Underwriting Profit |
467,312 |
|
384,185 |
|
21.64% |
Investment income |
76,743 |
|
65,577 |
|
17.03% |
Fair value gain/(loss) |
|
|
|
|
|
Net realised losses |
|
|
|
|
|
Other operating income |
5,230 |
|
2,038 |
|
156.62% |
General administrative expenses |
-321,039 |
|
-375,602 |
|
-14.53% |
Result of operating activities |
228,246 |
|
76,198 |
|
199.54% |
Finance cost |
-445 |
|
-753 |
|
-40.90% |
Profit/(loss) before taxation |
227,801 |
|
75,445 |
|
201.94% |
Income tax benefit/(expenses) |
-34,170 |
|
-22,633 |
|
50.97% |
Profit/(loss) after taxation |
193,631 |
|
52,812 |
|
266.64% |
Other comprehensive income: |
|
|
|
|
|
Other comprehensive income to
be |
|
|
|
|
|
reclassified to profit and
loss: |
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|
|
|
|
Net gain on available-for-sale assets |
-43,687 |
|
90,665 |
|
-148.19% |
Other comprehensive income for
the year,net of tax |
-43,687 |
|
90,665 |
|
-148.19% |
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|
|
|
|
|
Total comprehensive income for
the year,net of tax |
149,944 |
|
143,477 |
|
4.51% |
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