AFRICAN ALLIANCE INSURANCE : QUARTER 3 - FINANCIAL STATEMENT FOR 2022

RC 2176

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2022

Table of contents
Statement of directors' responsibilities	3
Certification Pursuant to Section 60(2) of Investment and	4
Securities Act No.27 of 2007
Statement of significant accounting policies	6
Statement of financial position	29
Statement of Comprehensive income	30
Statement of changes in equity - Group	31
Statement of changes in equity - Company	32
Statement of cash flows	33
Notes to the financial statements	34

Statement of Directors' Responsibilities in Relation to the Financial Statements

The Directors of African Alliance Insurance plc are responsible for the preparation of financial statements that give a true and fair view of the financial position of the company as at 30 September 2022, and the results of its operations, cash flows and changes in equity for the period ended, in compliance with International Financial Reporting Standards ("IFRS"), and in the manner required by the Companies and Allied Matters Act of Nigeria, the Insurance Act, CAP I17 LFN 2004, relevant guidelines and circulars issued by the National Insurance Commission (NAICOM) and Financial Reporting Council Act 2011.

In preparing the financial statements, the Directors are responsible for:

• Properly selecting and applying accounting policies
• Presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable

information

• Providing additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to

understand the impact of particular transactions, other events and conditions on the Group's and Company's financial position and

financial performance; and

• Making an assessment of the Group's and Company's ability to continue as a going concern. The Directors are responsible for:
• Designing, implementing and maintaining an effective and sound system of internal controls throughout the Group's and Company's; Maintaining adequate accounting records that are sufficient to show and explain the company's transactions and disclose with

reasonable accuracy at any time the financial position of the Group and Company, and which enable them to ensure that the Consolidated and Separate financial statements of the company comply with IFRS;

• Maintaining statutory accounting records in compliance with the legislation of Nigeria and IFRS;
• Taking such steps as are reasonably available to them to safeguard the assets of the Group and Company; and
• Preventing and detecting fraud and other irregularities

By order of the Board

Joyce Ojemudia	Olabisi Adekola
MD/CEO	Chief Financial Officer
FRC/2015/CIIN/00000012042	FRC/2013/ICAN/00000001179

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CERTIFICATION PURSUANT TO SECTION 60(2) OF INVESTMENT AND SECURITIES ACT NO. 27 OF 2007

We the undersigned hereby certify the following with regards to our unaudited report for the period ended 30 September

2022 that:

1. We have reviewed the report:
2. To the best of our knowledge, the report does not contain:

1. Any untrue statement of a material fact, or

1. Omit to state a material fact, which would make the statements, misleading in the light of circumstances under which such statements were made;

1. To the best of our knowledge, the financial statement and other financial information included in the report fairly present in all material respects the financial condition and results of operation of the company as of, and for the periods presented in the report.
2. We;

1. Are responsible for establishing and maintaining internal controls.
2. Have designed such internal controls to ensure that material information relating to the company and its consolidated subsidiary is made known to such officers by others within those entries particularly during the period in which the periodic reports are being prepared;
3. Have evaluated the effectiveness of the company's internal controls as of date within 90 days prior to the report;
4. Have, present in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;

e. We have disclosed to the auditors of the company and audit committee:

(i). All significant deficiency in the design or operation of internal controls which would adversely affect the company's ability to record, process, summarise and report financial data and have identified for the company's auditors any material weakness in internal controls, and

(ii). Any fraud, whether or not material, that involves management or other employees who have significant role in the company's internal controls.

1. We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

On behalf of the Directors of the Group and Company

Joyce Ojemudia	Olabisi Adekola
MD/CEO	Chief Financial Officer
FRC/2015/CIIN/00000012042	FRC/2013/ICAN/00000001179

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Company Name:	African Alliance Insurance Plc
Board Listed:	Main Board
Year End:	December
Reporting Period:	Period End 30 September 2022
Share Price At End of Reporting Period:	N0.20 (2021: N0.20)
Shareholding Structure/Free Float Status
		30-Sep-22			30-Sep-21
Description	Unit		Percentage	Unit		Percentage
Issued Share Capital		20,585,000,000	100%		20,585,000,000	100%
Substantial Shareholdings (5% and above)
Conau Limited		11,868,700,000	57.66%		11,835,900,000	57.50%
Universal Insurance Plc		1,200,000,000	5.83%		1,200,000,000	5.83%
Total Substantial Shareholding		13,068,700,000	63.49%		13,035,900,000	63.33%
Directors Shareholdings (direct and indirect) excluding directors with substantial holdings
Dr Anthony Okocha		-	0.00%		50,000	0.00%
Mr Sylva Ogwemoh (SAN)		-	-		-	-
Mrs Funmi Omo		-	0.00%		-	0.00%
Mrs Olabisi Adekola		500,000	0.00%		500,000	0.00%
Total Directors Shareholding		500,000	0.00%		550,000	0.00%
Other Shareholdings
African Alliance Staff Scheme		23,652,673	0.11%		23,652,673	0.11%
Total Other Shareholdings		23,652,673	0.11%		23,652,673	0.11%
Free Float in Units and Percentage		7,492,147,327	36.40%		7,524,897,327	36.56%
Free Float in Value	₦	1,498,429,465.40		₦	1,504,979,465.40

Declaration:

1. African Alliance Insurance Plc with a free float percentage of 36.40% as at 30 September 2022, is compliant with the Exchange's free float requirements for companies listed on the Main Board.
2. African Alliance Insurance Plc with a free float value of N1,498,429,465.40 as at 30 September 2022, is compliant with the Exchange's free float requirements for companies listed on the Main Board.

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