CORONATION INSURANCE : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

Coronation Insurance Plc

Unaudited Interim Financial Statements the period ended 30 June 2023

CORONATION INSURANCE PLC

INTRODUCTION

Coronation Insurance Plc's unaudited Interim Financial Statements complies with the applicable legal requirements of the Nigerian Securities and Exchange Commission regarding interim financial statements. These financial statements contain extract prepared in accordance with IAS 34 'Interim Financial Reporting' its interpretation issued by the International Accounting Standards and adopted by the Financial Reporting Council of Nigeria. Due to rounding numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

We confirmed that Coronation Insurance Plc has:

1. adopted a code of conduct regarding securities transactions by its directors on terms no less exacting than the required standard set out in the Financial Reporting Council of Nigeria (FRC), International Financial Reporting Standards (IFRS) and provisions of Rule 17.15(d) of the Listings Rules;
2. made specific enquiry of all directors and hereby confirm that its directors have complied with the required standard set out in the Listings Rules and in the Company's code of conduct regarding securities transactions by directors

In line with the provisions of Rule 2.2 of the Rules Governing Free Float Requirements, the shareholding pattern of the Company is disclosed at page 3 of the unaudited Financial Statements for the period ended 30th June, 2023.

We confirm that the Company's free float is in compliance with the Exchange's free float requirements for the Main Board on which the Company is listed

Shareholding Structure/Free Float Status

	30-Jun-23
Description	Unit	Percentage
Issued Share Capital	23,991,679,506	100%
Substantial Shareholdings (5% and above)
Coronation Insurance Plc's unaudited Interim Financial Statements complies with the applicable legal requirements	9,794,561,952	40.82%
REUNION ENERGY, LIMITED - MAIN	5,011,809,066	20.89%
CORONATION ASSET, MANAGEMENT	1,242,456,657	5.18%
Total Substantial Shareholdings	16,048,827,675	66.89%
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests
MR. AIGBOJE AIG-IMOUKHUEDE(Direct)	5,495,785	0.02
MR. AIGBOJE AIG-IMOUKHUEDE(Indirect Representing CORONATION CAPITAL, (MAURITIUS) LTD)	-	-
MR. AIGBOJE AIG-IMOUKHUEDE(Indirect Representing REUNION ENERGY, LIMITED - MAIN	-	-
MR. AIGBOJE AIG-IMOUKHUEDE(Indirect) TRUST AND, CAPITAL LIMITED	1,019,035,563	4.25
MR. AIGBOJE AIG-IMOUKHUEDE(Indirect) MARINA SECURITIES, LIMITED (MARS III)	642,125,079	2.68
MR. AIGBOJE AIG-IMOUKHUEDE(Indirect)UNITED ALLIANCE COMPANY OF NIG.LTD.	281,844,333	1.17
MR. AIGBOJE AIG-IMOUKHUEDE(Indirect) UNITED ALLIANCE COMPANY OF NIG.LTD.	71,177,164	0.30
MR. ADAMU ATTA (Direct)	7,471,883	0.03
OLISE BARNABAS, (Direct)	10,835,029	0.05
OSIME IFEYINWA (Direct)	656,693	0.00
UFOEZE CHIZOBA,	89,459,500	0.37
OGBONNEWO SEGUN, (LIEN-ARPS)	3,360,567	0.01
OLAJOLO OLAMIDE	32,272	0.00
OSUNTOKI TITILAYO	56,092	0.00
MR. PETER EHIMHEN	-	-
MUTIU SUNMONU	-	-
MR. BABABODE OSUNKOYA	-	-
Total Directors' Shareholdings	2,131,549,960	8.88
Other Influential Shareholdings
NIL	-	0.00%
NIL	-	0.00%
Total Other Influential Shareholdings	0	0.00%
Free Float in Units and Percentage	5,811,301,871	24.22
Free Float in Value	₦ 4,823,380,552.93

Declaration:

1. Coronation Insurance Plc with a free float percentage of 24.22% as at 30 June 2023, is compliant with the Exchange's free float
2. Coronation Insurance Plc with a free float value of N 4,823,380,552.93 as at 30 June 2023, is compliant with the Exchange's free float requirements for companies listed on the Main Board.

Analysis of shareholders

The shareholding pattern of the Company as at June 30th 2023 is as stated below:

30 June 2023

					% of number of		% of number of
Range	Number of Shareholders		No. of shares held		shareholders		shares held
Coronation Insurance Plc's unaudited Interim	651,181		127,929,478		79.30		0.53
1,001 - 5,000	123,488		264,319,384		15.04		1.10
5,001 - 10,000	21,237		153,981,427		2.59		0.64
10,001 - 50,000	19,807		405,873,419		2.41		1.69
50,001 - 100,000	2,550		176,136,793		0.31		0.73
100,001 - 500,000	2,145		433,164,178		0.26		1.81
500,001 - 1,000,000	322		232,219,771		0.04		0.97
1,000,001 - 5,000,000	326		631,337,817		0.04		2.63
5,000,001 - 10,000,000	49		340,399,428		0.01		1.42
10,000,001 - 50,000,000	41		825,023,995		0.00		3.44
50,000,001 - 100,000,000	10		771,039,371		0.00		3.21
100,000,001 - 500,000,000	7		1,188,668,158		0.00		4.95
500,000,001 - 1,000,000,000	2		1,373,723,049		0.00		5.73
1,000,000,001 - 5,000,000,000	2		2,261,492,220		0.00		9.43
5,000,000,001 & Above	2		14,806,371,018		0.00		61.71
	821,169		23,991,679,506		100.00		100.00

Consolidated Statements of Financial Position

as at 30 June 2023

	Group		Company
	30 JUN 2023		31 DEC 2022	30 JUN 2023	31 DEC 2022
	N'000	N'000	N'000	N'000
ASSETS
Cash and cash equivalents	10,310,801			5,838,196	6,715,691			2,968,272
Financial assets	14,217,463			11,063,031	4,145,081			3,035,745
Trade receivables	286,884			241,300	258,939			236,069
Reinsurance assets	8,966,220			4,873,511	5,804,235			3,670,514
Deferred acquisition cost	1,113,849			357,032	673,110			114,920
Other receivables & prepayments	1,151,880			665,066	671,130			557,591
Investment property	89,750			89,750	89,750			89,750
Investment in associates	8,401,342			9,029,592	5,423,440			5,423,440
Investment in subsidiaries	-			-	9,259,506			9,259,506
Intangible assets	931,300			839,444	301,663			299,475
Property and equipment	3,816,631			3,582,384	3,159,008			3,145,956
Right of use asset	22,698			45,434	-			-
Current income tax asset	-			-	-			-
Deferred tax asset	235,112			235,112	235,112			235,112
Statutory deposit	955,643			813,038	300,000			300,000
Total assets	50,499,574			37,672,890	37,036,665			29,336,350
LIABILITIES
Insurance contract liabilities	19,283,576			12,819,459	12,187,566			8,672,640
Investment contract liabilities	1,790,482			1,348,822	-			-
Trade payables	3,768,478			624,208	3,558,917			489,451
Other payables	2,698,952			2,777,011	1,824,867			1,598,774
Lease liability	26,457			20,666	868,558			882,797
Current income tax	538,873			385,361	194,909			215,020
Deferred tax liabilities	-			-	-			-
Total liabilities	28,106,817			17,975,527	18,634,817			11,858,683
EQUITY
Equity attributable to owners
Share capital	11,995,952			11,995,952	11,995,952			11,995,952
Share premium	4,612,938			4,612,938	4,612,938			4,612,938
Contingency reserves	4,271,858			3,334,764	3,723,567			3,406,510
Other reserves	4,897,609			796,127	2,391,862			1,419,383
Retained earnings	(3,385,601)			(1,042,418)	(4,322,470)			(3,957,116)
Total equity	22,392,756			19,697,363	18,401,848			17,477,667
Total equity attributable to the owners of the parent	22,392,756			19,697,363	18,401,848			17,477,667
Total equity	22,392,756			19,697,363	18,401,848			17,477,667
Liabilities and equity	50,499,574			37,672,890	37,036,665			29,336,350

Mutiu Sunmonu

FRC/2014/IODN/00000006187

Chairman

Olamide Olajolo

FRC/2013/CIIN/00000000877

Managing Director

The statement of significant accounting policies and the accompanying notes form an integral part of these financial statements.