AIICO INSURANCE : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

This document is classified as: PUBLIC

AIICO INSURANCE PLC

UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2023

This document is classified as: PUBLIC	AIICO INSURANCE PLC
UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
	31 MARCH 2023
Table of contents	Page
Corporate Information	2
Consolidated Results at a Glance - The Group	4
Results at a Glance - The Company	5
Shareholding structure and free float status	6
Certification Pursuant to Section 60(2) of Investment & Securities Act No. 29 of 2007 and
Statement of Directors' Responsibilities in Relation to the Financial Statements	7
Material Accounting Policies	8
Condensed Consolidated and Separate Statements of Financial Position	36
Condensed Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Incom	37
Condensed Consolidated Statement of Changes in Equity - the Group	38
Condensed Statement of Changes in Equity - the Company	39
Condensed Consolidated and Separate Statements of Cash Flows	40
Notes to the Condensed Consolidated and Separate Financial Statements	41

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This document is classified as: PUBLIC	AIICO INSURANCE PLC
	UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
	31 MARCH 2023

Corporate Information
Directors		Mr. Kundan Sainani (Indian)	Chairman
		Mr. Babatunde Fajemirokun	Group MD / CEO
		Mr. Adewale Kadri	Executive Director
		Mr. Samaila Zubairu	Director/Independent
		Mr. Ademola Adebise	Director
		Mrs. Oluwafolakemi Edun (nee Fajemirokun)	Director
		Mr. Olalekan Akinyanmi	Director
		Mr. Raimund Snyders (South African)	Director
		Mr Rotimi Okpaise	Director
Company Secretary	Mr. Donald Kanu
		AIICO Insurance Plc AIICO Plaza
		Plot PC 12, Churchgate Street
		Victoria Island, Lagos
Registered Office	AIICO Plaza
		Plot PC 12, Churchgate Street
		Lagos
RC No.		7340
TIN		00401332-0001
Corporate Head Office	AIICO Plaza
		Plot PC 12, Churchgate Street Victoria Island
		Lagos
		Tel: [phone]
		0700AIIContact (0700 2442 6682 28)
		Fax: [phone]
		Website: //www.aiicoplc.com
		E-mail: [e-mail]
Registrar		Coronation Registrars (formerly, United Securities Limited)
		09, Amodu Ojikutu Street Off
		Bishop Oluwole Street, Victoria Island
		P.M.B. 12753
		Lagos
Independent Auditor	Ernst & Young
		10th & 13th Floors, UBA House
		57, Marina Road
		Lagos Island
		Lagos
		website: www.ey.com/ng
Bankers		Access Bank Plc
		Ecobank Plc
		First Bank of Nigeria Limited
		First City Monument Bank Limited
		Guaranty Trust Bank Limited
		Stanbic IBTC Bank
		Standard Chartered Bank Nigeria Limited
		Union Bank of Nigeria Plc
		United Bank of Africa Plc
		Wema Bank Plc
Actuary	Firm Name:	Zamara Consulting Actuaries Nigeria Limited
	Firm FRCN:	FRC/2019/00000012910
	Life Valuation	Nikhil Dhodia
	FRCN	FRC/2021/004/00000024023
	Firm Name:	Zamara Consulting Actuaries Nigeria Limited
	Non life Valuation	Jay Kosgei
	FRCN	FRC/2021/004/00000023786

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This document is classified as: PUBLIC	AIICO INSURANCE PLC
	UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
	31 MARCH 2023

Corporate information (continued)
Reinsurers		Africa Reinsurance Corporation
		Continental Reinsurance Plc
		Swiss Reinsurance
		WAICA Reinsurance
		Nigerian Reinsurance
		Trust Reinsurance
		Zep Reinsurance
		Arig Reinsurance
		Aveni Reinsurance
		NCA Reinsurance
Estate Valuer	Firm Name:	Niyi Fatokun & Co.
	Firm FRCN:	FRC/2019/00000012894
	Partner	Niyi Fatokun
	FRCN	(Chartered Surveyors & Valuer)
		FRC/2013/NIESV/70000000/1217
Regulatory Authority	National Insurance Commission (NAICOM)

Branch Networks
1. Port Harcourt	2. Kaduna
11 Ezimgbu Link Road (Mummy B Road)	Yaman Phone House
Off Stadium Road	1, Constitution Road
G.R.A Phase 4, Port Harcourt	Kaduna, Kaduna State
Rivers State	Tel: [phone];
Tel: [phone]	[phone]
[phone]

3. Abuja Area Office	4. Kano
No 44 Durban Street,	8, Post Office Road
Off Adetokunbo Ademola Crescent, Wuse II	Kano
FCT, Abuja.	Kano State
Tel: [phone]	Tel: [phone]
[phone]	[phone]

5. Abeokuta	6. Lagos, Ikeja
46, Tinubu Street	AIICO House
Ita Eko, Abeokuta	Plot 2, Oba Akran Avenue
Ogun State	Opp. Dunlop, Ikeja, Lagos
Tel: [phone]	Tel: [phone]
	[phone]

7. Aba	8. Lagos, Isolo
7, Factory Road	203/205, Apapa-Oshodi Expressway
Aba, Abia State	Isolo, Lagos
Tel: [phone]	Tel: [phone]

9. Enugu	10. Lagos, Ilupeju
55-59, Chime Avenue	AIICO House
Gbuja's Plaza New Haven	36/38, Ilupeju Industrial Avenue
Enugu State	Ilupeju, Lagos
Tel: [phone]	Tel: [phone]
	[phone]

11. Benin	12. Onitsha
28, Sakponba Road	Noclink Plaza, 41 New Market Road
Benin City	Opp UBA Bank, Onitsha
Edo State	Anambra State
Tel: [phone]	Tel: [phone]
[phone]	[phone]

13. Jos	14. Owerri
4, Beach Road	46, Wetheral Road
Jos, Plateau State.	Owerri, Imo State
Tel: [phone]	Tel: [phone]
[phone]	[phone]

15. Ibadan	16. Warri
12, Moshood Abiola Way	60, Effurun/Sapele Road
Challenge Area	Warri.
Ibadan, Oyo State	Delta State.
Tel: [phone]	Tel: [phone]
[phone]	[phone]

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This document is classified as: PUBLIC				AIICO INSURANCE PLC
	UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
				31 MARCH 2023
Results at a Glance - The Group
Profit or Loss and Other Comprehensive Income				Increase/	Increase/
			(decrease) (decrease)
In thousands of naira		31-Mar-23	31-Mar-22	Changes	%
Gross written premium		31,739,824	24,663,743	7,076,081	29
Insurance revenue
	14,754,420	11,836,872	2,917,548	25
Insurance service expense	(10,647,405)	(9,762,418)	(884,986)	9
Net Expenses from reinsurance contracts		(2,156,138)	(1,607,717)	(548,421)	34
Insurance service result	1,950,877	466,737	1,484,141	318
Net investment income before fair value changes	5,829,009	3,198,784	2,630,224	82
Net fair value (loss)/income	(9,705,753)	1,450,998	(11,156,751)	(769)
Net insurance finance expenses		6,673,322	(590,692)	7,264,014	1230
Net insurance and investment result	4,747,455	4,525,827	221,628	5
Operating expenses		(3,376,259)	(2,962,479)	(413,780)	(14)
Profit after tax from discontinued operations	1,371,196	1,563,347	(192,151)	(12)
Taxes	8,339	(11,109)	19,448	175
Disconitnued operations		-	3,389,839	(3,389,839)	(100)
Profit for the period	1,379,535	4,942,078	(3,562,543)	(72)
Total other comprehensive loss		(550,250)	470,614	(1,020,864)	(217)
Total comprehensive income for the period	829,285	5,412,692	(4,583,407)	(85)
Basic and diluted earnings per share (kobo)	4	13
Financial Position
In thousands of naira		31-Mar-23	31-Dec-22	Changes	%
Assets
Cash and cash equivalents	29,872,303	15,915,258	13,957,045	88
Financial assets	219,510,734	225,460,028	(5,949,294)	(3)
Trade receivables	1,072,143	866,977	205,166	24
Contracts assets	13,560,993	16,139,023	(2,578,030)	(16)
Deferred acquisition costs	1,651,146	928,558	722,588	78
Other receivables and prepayments	4,397,882	4,685,425	(287,543)	(6)
Deferred tax assets	14,334	21,501	(7,167)	(33)
Investment properties	708,000	760,000	(52,000)	(7)
Property and equipment	8,340,061	8,359,520	(19,459)	(0)
Statutory deposits	500,000	500,000	-	-
Right of use assets	47,675	60,055	(12,379)	(21)
Goodwill and other intangible assets	920,173	928,672	(8,499)	(1)
Total assets	280,595,444	274,625,016	5,970,428	2
Liabilities
Insurance contract liabilities	190,357,359	192,579,273	(2,221,914)	(1)
Investment contract liabilities	320,674	313,373	7,301	2
Trade payables	8,744,519	6,461,628	2,282,891	35
Other payables and accruals	8,237,913	8,088,876	149,037	2
Fixed income liabilities	27,744,482	22,781,598	4,962,884	22
Current income tax payable	637,652	669,543	(31,891)	(5)
Deferred tax liabilities	498	7,666	(7,168)	(94)
Total liabilities	236,043,097	230,901,956	5,141,141	2
Equity
Share capital	18,302,638	18,302,638	-	-
Share premium	64,745	64,745	-	-
Revaluation reserve	2,764,016	2,764,016	-	-
Fair value reserve	(3,304,037)	(2,796,624)	(507,413)	18
Contingency reserve	10,255,642	9,710,046	545,596	6
Retained earnings	16,060,136	15,255,837	804,299	5
Shareholders' funds	44,143,140	43,300,658	842,482	2
Non-controlling interests	409,206	422,402	(13,196)	(3)
Total equity	44,552,346	43,723,060	829,286	2
Total liabilities and equity	280,595,444	274,625,016	5,970,427	2

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