Sep 30, 2015 - (843,053). Contingency reserve. 668,251. 626,213. Asset revaluation reserve. 510,815. 510,812. Shareholde
Great Nigeria Insurance PLC Financial Statements Summary for the year ended 30 September 2015
GREAT NIGERIA INSURANCE PLC RC2107
Statements of Financial Position As at 30th September, 2015 In thousands of Naira Assets Cash and cash equivalents Financial assets Trade receivable Other receivables and prepayments Deferred Acquisition Cost Reinsurance assets Investment in Finance Lease Investment in Subsidiary Statutory deposit Intangible Assets Deferred tax Asset Investment properties Property, plant and equipments
30-Sep-15
30-Sep-14
2,038,154 1,144,203 281,570 275,580 132,185 428,252 8,025 225,000 500,000 81,650 6,033 4,453,516 742,600
2,230,153 1,162,739 27,290 92,744 97,826 428,252 90,705 225,000 500,000 121,167 4,453,517 762,634
10,316,767
10,192,026
Liabilities Insurance contract liabilities Investment contracts liabilities Trade payables Provisions and other payables Borrowings Current income tax liabilities Deferred tax Liabilities Finance Lease Obligations Employees Retirement Benefit
2,543,377 692,496 92,258 698,911 368,756 294,689 28,839 1,710
3,155,947 652,995 71,641 434,296 188,179 288,658 68,812 13,119
Total liabilities
4,721,036
4,873,648
Total assets
Net assets
5,595,731
5,318,378
Equity Equity attributable to owners of the parent Ordinary shares Share premium Retained earnings Contingency reserve Asset revaluation reserve
1,913,742 3,110,664 (607,741) 668,251 510,815
1,913,742 3,110,664 (843,053) 626,213 510,812
5,595,731
5,318,378
Shareholders' funds
GREAT NIGERIA INSURANCE PLC RC2107 MANAGEMENT ACCOUNT/UNAUDITED REPORT & FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2015 BUSINESS IFRS STATEMENT OF COMPREHENSIVE INCOME 30-Sep-15 In thousands of Naira Gross Premium Written
2,329,211
Gross Premium Earned Outward Re-ins. Premium Net Premium Earned
2,067,092 (253,051) 1,814,041
Fees Income: Insurance contracts: Total Fees Income Total U/w Income Claims Expenses (Gross) Claims Expenses Recovered Claims Expenses (Net)
43,522 43,522 1,857,562 (578,642) 23,320 (555,322)
Underwriting Expesnes Acquisition Cost Other expenses
(295,870) (31,924)
Total Underwriting Expenses
(883,117)
Underwriting Profit/(Loss)
974,446
Investment Income Net realised gains on fin. assets Net fair value gains/(loss) on fin assets.through profit or loss Other operating income Share of Associate's Profit Exceptional income Net Operating Income Administartion Expenses Other Operating expenses
229,874 (51,178) (12,977) 1,140,164 (673,747) (673,747)
Results of Operating activities
466,418
Finance Cost Profit before tax Income tax expenses/credit Profit after tax Contigency Reserve Profit for the period
466,418 (188,709) 277,708 (43,973) 233,735
NANCIAL STATEMENTS
30-Sep-14
2,038,787 2,247,716 (258,148) 1,989,568 40,965 40,965 2,030,532 (580,526) 40,501 (540,025) (285,258) (160,407) (985,691) 1,044,842 246,294 77,979 23,975 1,393,090 (678,797) (678,797)
714,292 714,292 (287,853) 426,440 (49,040) 377,399
GREAT NIGERIA INSURANCE PLC Statement of Changes in Equity Period Ending: 30th September, 2015 Scale Factor; In Thousands of Naira
Descriptions Changes in Equity for Prior Period Balance at Beginning of Prior Period Total Comprehensive Income for the period Issue of Share Capital Transfer from (to) Retained Earnings Decrease (increase) in Reserves Dividends Preferred Common Other Balance at End of Prior Period Changes in Equity for Current Period Total Comprehensive Income for the period Issue of Share Capital Transfer from (to) Retained Earnings
Decrease (increase) in Reserves Dividends Preferred Common Other Balance at End of Current Period
Share Capital
Contingency Reserves
1,913,742
624,277
1,913,742
624,277
43,973
1,913,742
668,250
Share Premium
Retained Earnigns
Assets Revaluation
3,110,664
(841,125)
510,815
3,110,664
(841,125)
510,815
277,358
-
3,110,664
(43,973)
(607,740)
510,815
Total - Owners of the Parent 5,318,373
5,318,373
277,358
Noncontrolling Interest
-
Total Equity -
5,318,373
5,318,373
277,358
-
5,595,731
0
-
5,595,731
Great Nigeria Insurance Plc Statement of Cash Flows For the period ended 30 September, 2015 In thousands of Naira
Operating profit for the year Adjustment to reconcile profit before taxation to net cash flow from operations: Allowances for impairment of trade receivables Allowances/ (write back) for other receivables and prepayments Depreciation on property, plant and equipment Amortization of intangible assets Dividend income on equity investments Rental income Interest Income Finance lease interest Fair value gain on investment property Net fair value gain on property, plant and equipment Profit from disposal of fixed assets Fair value changes on Financial Assets at FVTPL Changes in working capital: Trade receivables Changes in financial assets Other receivables and prepayment Re-insurance asset Deferred acquisition cost Statutory deposits Finance lease receivable Insurance contract liabilities Investment contract liabilities Trade and other payables Gratuity paid Provision and other payables Income tax paid Net cash provided by operating activities
Cash flows from investing activities: Purchases of property, plant and equipment Purchases of intangible assets Purchase of investment properties Proceed from the disposal of property, plant and equipment Finance lease repayment proceeds Dividend received Rent received Interest received Net cash (used in)/ provided by investing activities Cash flows from financing activities: Finance lease obligation Finance lease interest paid Finance lease repayment Net cash provided/ (used in) financing activities Cash and cash equivalent at beginning of year Net increase in cash and cash equivalent Cash and cash equivalent at end of period
Sept 30, 2015
Dec 31, 2014
466,418
(67,952)
38,734 46,044 (11,334) (1,605) (195,736) (19,594) 322,927 (254,280) 18,536 (17,712) (34,359) -
-
92,462 67,437 53,409 (29,340) (34,599) (264,195) (19,095) 72,651 (80) (274,604)
(515,636) 39,500 20,618 (11,409) 99,487 (420,405)
116,373 (148,556) (25,637) 26,569 48,378 374,347 4,146 22,116 (3,921) (93,095) 46,116
8,135 (412,270)
(43,774) 2,342
(24,584) (6,527) 82,679 11,334 1,605 195,736 260,244
(102,071) (42,324) 90 107,013 29,340 34,599 264,195 290,842
(39,973) (39,973)
(40,115) (40,115)
2,230,153 (191,999) 2,038,154
1,977,084 253,069 2,230,153
