CORONATION INSURANCE : QUARTER 4 - FINANCIAL STATEMENT FOR 2022

Coronation Insurance Plc

Unaudited Interim Financial Statements the period ended 31 December 2022

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 of the audited financial statements 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 31st December, 2022.

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

	31-Dec-22
Description	Unit	Percentage
Issued Share Capital	23,991,679,506	100%
Substantial Shareholdings (5% and above)
CORONATION CAPITAL, (MAURITIUS) LTD	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)	86,030,893	0.36
MR. AIGBOJE AIG-IMOUKHUEDE(Indirect Representing CORONATION CAPITAL, (MAURITIUS) LTD)	0	-
MR. AIGBOJE AIG-IMOUKHUEDE(Indirect Representing REUNION ENERGY, LIMITED - MAIN	0	-
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	0.00
OLISE BARNABAS, (Direct)	10,835,394	0.00
OSIME IFEYINWA (Direct)	656,693	0.00
UFOEZE CHIZOBA,	89,459,500	0.00
OGBONNEWO SEGUN, (LIEN-ARPS)	3,360,567	0.00
OLAJOLO OLAMIDE	30,000	0.00
OSUNTOKI TITILAYO	56,092	0.00
MR. PETER EHIMHEN	0	-
MUTIU SUNMONU	0	-
MR. BABABODE OSUNKOYA	0	-
Total Directors' Shareholdings	2,212,083,161	8.76
Other Influential Shareholdings
NIL	0	0.00%
NIL	0	0.00%
Total Other Influential Shareholdings	0	0.00%
Free Float in Units and Percentage	5,730,768,670	24.71
Free Float in Value	₦ 2,292,307,468.00

Declaration:

1. Coronation Insurance Plc with a free float percentage 24.71% as at 31 December 2022, is compliant with the Exchange's free float
2. Coronation Insurance Plc with a free float value of N2,292,307,468 as at 31 December 2022, 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 December 31st 2022 is as stated below:

31 December 2022

						% of number		% of
		Number of				of		number of
Range		Shareholders		No. of shares held		shareholders		shares held
1 - 1,000		650,329		127,690,881		79.38		0.53
1,001 - 5,000		122,982		263,102,284		15.01		1.10
5,001 - 10,000		21,039		152,474,403		2.57		0.64
10,001 - 50,000		19,591		401,303,643		2.39		1.67
50,001 - 100,000		2,496		171,920,256		0.30		0.72
100,001 - 500,000		2,117		425,811,042		0.26		1.77
500,001 - 1,000,000		317		227,031,219		0.04		0.95
1,000,001 - 5,000,000		311		608,682,606		0.04		2.54
5,000,001 - 10,000,000		52		370,431,822		0.01		1.54
10,000,001 - 50,000,000		40		831,483,109		0.00		3.47
50,000,001 - 100,000,000		7		548,036,133		0.00		2.28
100,000,001 - 500,000,000		9		1,412,793,404		0.00		5.89
500,000,001 - 1,000,000,000		2		1,383,055,466		0.00		5.76
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
		819,296		23,991,679,506		100.00		100.00

Consolidated and Seperate Statements of Financial Position
	Group	Group		Company	Company
2022	2021	2022	2021
	31-Dec	31-Dec		31-Dec	31-Dec
	N'000	N'000		N'000	N'000

	Notes
ASSETS
Cash and cash equivalents	9	5,696,161	7,058,446	2,806,455	4,221,508
Financial assets	10	12,162,379	9,727,383	3,129,450	1,879,313
Trade receivables	11	239,548	184,633	234,317	178,560
Reinsurance assets	12	4,413,169	5,548,949	3,144,208	4,110,000
Deferred acquisition cost	13	258,424	276,629	114,924	151,576
Other receivables & prepayments	14	3,404,134	757,920	3,051,775	446,639
Investment property	17	82,976	82,976	82,976	82,976
Investment in associates	15	9,276,747	11,216,496	5,423,440	5,423,440
Investment in subsidiaries	16	-	-	9,259,506	9,259,506
Intangible assets	19	865,514	444,887	299,475	319,818
Property and equipment	18a	3,552,304	3,406,549	3,145,946	3,175,602
Right of use asset	14b	45,434	132,908	-	-
Current income tax asset	14	-	-	-	-
Deferred tax asset	23a	239,052	239,052	239,052	239,052
Statutory deposit	20	823,136	725,064	300,000	300,000
TOTAL ASSETS		41,058,977	39,801,890	31,231,523	29,787,989
LIABILITIES
Insurance contract liabilities	25	13,947,983	13,636,718	8,445,685	9,174,769
Investment contract liabilities	26	1,349,132	1,034,638	-	-
Trade payables	21	630,351	330,085	482,765	158,738
Other payables	22	3,628,154	2,928,145	2,536,795	2,962,042
Lease liability	22b	-	23,488	882,797	-
Current income tax	24	338,283	260,039	109,008	134,896
Deferred tax liabilities	25	-	-	-	-
TOTAL LIABILITIES		19,893,903	18,213,113	12,457,051	12,430,445
EQUITY
Equity attributable to owners
Share capital	27	11,995,952	11,995,952	11,995,952	11,995,952
Share premium	28	4,612,938	4,612,938	4,612,938	4,612,938
Contingency reserves	29	4,267,427	3,659,242	3,406,510	2,989,058
Other reserves	30	1,870,027	1,752,455	1,401,140	1,393,020
Retained earnings	31	(1,581,271)	(431,810)	(2,642,068)	(3,633,423)
TOTAL EQUITY		21,165,074	21,588,777	18,774,472	17,357,544
Total equity attributable to the owners of the parent
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY		41,058,977	39,801,890	31,231,523	29,787,989

These financial statements were approved by the board of directors (BOD) on 19th January 2023 and signed on behalf of the board of directors by the directors listed below:

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.