AFRICAN ALLIANCE INSURANCE : QUARTER 5 - FINANCIAL STATEMENT FOR 2021

AFRICAN ALLIANCE INSURANCE PLC

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

31 DECEMBER 2021

	African Alliance Insurance Plc
	Consolidated and Separate Financial Statements
	For the year ended 31 December 2021
Table of contents	Page
Corporate information	3
Vision, Mission and Values	5
Certification by company secretary	6
Statement of directors' responsibilities	7
Risk declaration	8
Enterprise risk management	9
Certificate Pursuant to Section 60 (2) of Investment and Securities Act No. 27 of 2007	12
Directors' report	13
Audit Committee's Report	18
Management's discussion and analysis	19
Corporate governance	20
Certification of consolidated and separate financial statements	24
Nigeria Stock Exchange free float report	25
Result at a glance	26
Independent auditor	27
Statement of significant accounting policies	32
Consolidated Statement of Comprehensive income	62
Consolidated Statement of financial position	63
Statement of changes in equity - Group	64
Statement of changes in equity - Company	65
Statement of cash flows	66
Notes to the financial statements	67
Other national disclosure:
a. Value added statement	137
b. Financial summary	138

African Alliance Insurance Plc

Consolidated and Separate Financial Statements

For the year ended 31 December 2021

CORPORATE INFORMATION

Membership of the Board of Directors during the year ended 31 December, 2021

1	Anthony Okocha	Non-Executive Director	Chairman	Retired September 2021
2	Joyce Ojemudia	Managing Director	Member
3	Olabisi Adekola	Executive Director	Member
4	Sylva Ogwemoh (SAN)	Non-Executive Director	Chairman	Appointed October 2022
5	Dr Abatcha Bulama	Non-Executive Director	Member
6	Dr Adiele Ekechukwu	Non-Executive Director	Member
7	Mr Macauly Atasie	Non-Executive Director	Member

COMPANY SECRETARY

Tope Adebayo LLP

FRC/2013/NBA/0000000001586

RE-INSURERS

African Reinsurance Corporation

WAICA Reinsurance Corporation Plc

Nigeria Reinsurance Corporation

Continental Reinsurance Plc

REGISTERED OFFICE

54 Awolowo Road, Ikoyi

Lagos.

RC NO: 2176

[e-mail]

HEAD OFFICE

54 Awolowo Road, Ikoyi

Lagos

ACTUARIES

Ernst & Young

FRC/2012/NAS/00000000738

(Consulting Actuaries & Chartered Insurers)

10th & 13th Floors, UBA House

57, Marina

Lagos, Nigeria

REGISTRARS

Carnation Registrars Limited

2a Gbagada Expressway

Anthony Village

Lagos.

ESTATE SURVEYOR AND VALUER

A.C Otegbulu & Co.

FRC/2013/NIESV/00000001582

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African Alliance Insurance Plc

Consolidated and Separate Financial Statements

For the year ended 31 December 2021

BANKERS

Ecobank Nigeria Limited

Guaranty Trust Bank Limited

First Bank of Nigeria Limited

Fidelity Bank Plc

Access Bank Limited

Keystone Bank Limited

Sterling Bank Plc

Union Bank of Nigeria Plc

First City Monument Bank Limited

AUDITORS

Deloitte & Touche

(Chartered Accountants)

Civic Towers

Ozumba Mbadiwe Avenue,

Victoria Island,

Lagos.

REGULATORY AUTHORITY

National Insurance Commission (NAICOM)

4

African Alliance Insurance Plc

Consolidated and Separate Financial Statements

For the year ended 31 December 2021

VISION

''To be the most preferred life insurance specialist''

MISSION

'We improve the quality of life of our clients and add value to our shareholders'

CORE VALUES

Accountability

We are responsible

Accessibility

We are within your reach

Integrity

We keep our words

Professionalism

We provide quality service

Loyalty

We are committed to our stakeholders

Creativity

We are innovative

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