Mar 31, 2018 - Change. 31/12/2017. Note. =N=000. =N=000. %. =N=000. Assets. Cash and cash equivalents. 14. 910,606. 854,
GUINEA INSURANCE PLC MARCH 31, 2018 MANAGEMENT ACCOUNT
GUINEA INSURANCE PLC MANAGEMENT ACCOUNT FOR PERIOD ENDED MARCH 31, 2018 FINANCIAL HIGHLIGHTS
Major Statement Of Financial Position Items As At 31 March 2018 Total Assets Total liabilities Insurance Contract liabilities Shareholder's Funds Major Statement Of Profit Or Loss Items For The Period Ended 31 March 2018 Gross Premium Written Gross Premuim Income Net Premuim Income Claims Expenses Profit/ (Loss) Before Tax Taxation Profit/ (Loss) For The Year
3/31/2018 N'000
% 3/31/2017 Change N'000
4,320,423 913,002 444,221 3,407,421
3,922,269 1,066,598 606,069 2,855,671
281,589 295,074 268,141 9,694 1,891 (605) 1,286
270,914 206,870 141,746 (9,020) -31,590 (14,450) (41,755)
1
10 14 27 19
4 43 89 -207 -106 96 -103
GUINEA INSURANCE PLC STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 March, 2018 3/31/2018 3/31/2017
Notes
=N=000
=N=000
% VARIANCE ACTUAL 2018 TO ACTUAL 2017
Gross premium written Changes in unearned premuim Gross premium income Reinsurance expenses
1 1 1 1.2
281,589 13,485 295,074 (26,933)
270,914 (64,043) 206,870 (65,124)
4 (121) 43 59
Net premium income Fees and commission income
1.2 2
268,141 5,468
141,746 14,228
89 (62)
273,609 9,694 (73,351)
155,974 (9,020) (48,472)
75 207 (51)
98,482 23,383 (737) (152,718)
113 34
9
209,952 31,243 377 78 (239,759)
(100) 57
10
1,891 (605)
(31,590) (14,450)
(106) (96)
1,286
(46,040)
(103)
4,285
(100)
1,286
(41,755)
(103)
8,448
8,127
Net underwriting Income Claims expenses Underwriting expenses Underwriting result Investment Income Net realized gains and losses Net fair value gains Other operating income Impairment reversal / charge Finance cost Management expenses Profit/(Loss) before taxation Income tax expenses
3 4
5 6 7 8 9.1
Profit/Loss after taxation Other comprehensive income Net gain/(loss) on available-for-sale financial 13.1 assets Net (loss)/gains on ppe - land & building 13.2 Remeasurement gains on defined benefit Income tax relating to OCI Total comprehensive( loss)/Profit for the year, net of tax Contigency Reserve Earning/(Loss) per share Basic(kobo)
-
12
0.0
2
(0.7)
4
GUINEA INSURANCE PLC STATEMENT OF FINANCIAL POSITION As At 31 March 2018
Note Assets Cash and cash equivalents Financial assets: Available-for-sale financial assets Trade receivables Reinsurance assets Deferred acquisition costs Other receivables and prepayments Investment properties Intangible Asset Property, plant and equipment Statutory deposit
31-03-18 =N=000
31-03-17 =N=000
% Change %
31/12/2017 =N=000
14
910,606
854,280
15 16 17 18 19 20 21 22 23
394,196 651 145,269 32,874 26,408 1,770,000 799 705,967 333,654
138,059 23,801 134,434 55,086 126,572 1,572,500 1,607 700,930 315,000
186 -97 8 -40 -79 13 -50 1 6
394,196 24,027 205,047 32,241 37,914 1,770,000 998 715,864 333,654
4,320,423
3,922,269
10
4,402,946
444,221 23,295 90,066 24,818 118,552 75,649 136,400 913,002
606,069 51,508 127,356 16,114 159,089 106,463 1,066,598
27 55 29 -54 25 29
14
540,047 41,738 122,376 23,652 117,947 75,651 75,400 996,811
3,070,000 337,545 451,354 (712,126) 260,647
3,070,000 337,545 373,427 (975,687) 50,386
0 0 21 -27 417
3,070,000 337,545 442,907 (704,964) 260,647
Total equity
3,407,421
2,855,671
19
3,406,135
Total liabilities and equity
4,320,423
3,922,269
10
4,402,946
Total assets
Liabilities and Equity Liabilities Insurance contract liabilities Trade payables Other payables and accruals Employee benefit obligations Current tax payable Deferred tax liabilities Financial liabilities Deposit for shares Total liabilities Equity Issued share capital Share premium Contingency reserve Retained losses Available-for-sale reserve and others
24 25 26 27 21 21
29 30 31
______________________
MR. PIUS EDOBOR ED, FINANCE & ADMIN FRC/2013/ICAN/000000004638
3
7
889,005
______________________________
MR. BABATUNDE OSHADIYA MANAGING DIRECTOR FRC/2013/CIIN/00000002257
GUINEA INSURANCE PLC STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 March, 2018 3/31/2018 =N=000 Operating activities: Premium received Commission received Commission paid Reinsurance premium paid Gross claim paid Recoveries Payments to employees Other operating cash receipts/(payments) Other income received Tax paid Net cash flow from operating activities
3/31/2017 =N=000
304,965 5,468 (45,903) (26,933) (30,534) 1,171 (81,202) (133,395) 455 (5,909)
247,113 14,228 (48,382) (65,124) (35,347) 4,081 (71,265) (65,970) (10,949) (31,614)
Investing activities: Investment income received Purchase of property and equipment Proceed from sale of equipment Purchase of Intangible Assets Proceed from loans and recievables Addtions to investment properties Net cash flows from investing activities
31,243 (4,110) 377
23,383 (8,513) -
27,510
14,870
Financing activities: Deposit for shares Interest repayment on finance lease principal repayment on finance lease Net cash flows from financing activities
-
(737) (797) (1,534)
21,601
(18,279)
889,005
872,559
Net increase in cash and cash equivalents Effect of exchange rate changes on cash and cash equivalent Cash and cash equivalents at 1 January Cash and cash equivalents at 31 March, 2018
910,606
4
854,280
GUINEA INSURANCE PLC STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 March, 2018
Issued share capital
Retained earnings
Share premium
Contingenc y reserve
=N=000
=N=000
=N=000
=N=000
For the period ended 31 December, 2017
As at 1 January 2017 Profit / Loss for the year Transfer to contingency reserve Other comprehensive income Issues/ reclassification As At 31 March 2018
3,070,000 -
(704,964) 1,286 (8,448)
3,070,000
(712,126)
=N=000
=N=000
337,545 337,545
442,907 8,448 451,354
Availablefor-sale financial assets =N=000
Asset revaluatio n =N=000
243,693
10,000
243,693
10,000
=N=000
=N=000
-
Total equity =N=000 3,389,181 1,286 3,390,467
For the period ended 31 March 2017
As at 1 January 2017 Profit for the year Transfer to contingency reserve Other comprehensive income Issues As at 31 March 2017
3,070,000 -
(921,520) (46,040) (8,127)
3,070,000
(975,687)
=N=000
337,545 337,545
5
=N=000
365,300 8,127 373,427
46,102
-
4,285
-
50,387
-
=N=000 2,897,427 (46,040) 4,285 2,855,672
GUINEA INSURANCE PLC NOTES TO THE FINANCIAL STATEMENTS 1 Net insurance premium revenue
1
3/31/2018 =N=000
Gross premium income on insurance contracts Gross premium written in the year 281,589 Change in unearned premiums provision 13,485 Total gross premium income 295,074
Increase/ (Decrease) in Unearned premium
Gross premium Income
3/31/2018
3/31/2018
3/31/2018
N’000 Motor Fire Marine & Aviation Miscellaneous General Accident Oil and Gas
Changes In unearned Premium per class of 1 insurance business
78,322 30,631 27,413 100,072 45,151 281,589
Unearned Premium As At 1/1/2017 N’000
Motor Fire Marine & Aviation Miscellaneous General Accident Oil and Gas
Motor Fire Marine & Aviation Miscellaneous General Accident
270,914 (64,043) 206,870
Gross premium written
1
Gross Premium Income
3/31/2017 =N=000
N’000
N’000
(1,890) (7,518) 12,598 8,463 (25,137) -13,485
80,212 38,149 14,815 91,610 70,288 295,074
Increase/ (Decrease) in Unearned premium
Unearned Premium As At
N’000
3/31/2018 N’000
66,420 30,699 8,713 56,306 56,279 218,416
(1,890) (7,518) 12,598 8,463 (25,137) -13,485
64,530 23,180 21,311 64,769 31,142 204,931
Gross premium written 3/31/2017 N’000
Increase/ (Decrease) in Unearned premium 3/31/2017 N’000
Gross premium Income 3/31/2017 N’000
53,708 62,716 5,959
8,393 6,229 301
45,316 56,488 5,658
130,678 17,851 270,914
78,572 -29,451 64,043
52,107 47301.82283 206,870
7
1.2 Re-insurance expenses
31/3/2018
31/3/2017
(26,933) 268,141
(65,124) 141,746
Total reinsurance expenses Total net insurance premium revenue
2 Fees and commission income Reinsurance commission income Total fees and commission income
5,468 5,468
14,228 14,228
30,534 (1,171) (82,338) 43,281 (9,694)
35,347 (4,081) (58,353) 36,107 9,020
Fire
Motor
General accident
3 Claims expenses Gross claims paid Claims ceded to reinsurers Gross change in outstanding claims Change in outstanding cliams ceded to reinsurers
4
Underwriting expenses Note 2017 Amortised aquisition cost (Note 18) Maintenace cost
5
Marine and aviation
7,918
9,781
24,670
2,882
45,251
32,391
6,377 16,158
13,719 38,389
615 3,497
28,100 73,351
16,081 48,472
(0) 245
(0) 1,425
1,417
54
9,128
20,453 31,243
5 Interest income on cash and cash equivalents Due to Policy holders Due to shareholders
2017
7,389 15,307
Investment income Rental income from investment properties Rental income from land and building Available-for-sale financial assets: Dividend income Interest income on statutory deposit Interest income on cash and cash equivalents
Total 2018
21,904 23,383
9,978 10,475
15,540 6,364
20,453
21,904
7
GUINEA INSURANCE PLC NOTES TO THE FINANCIAL STATEMENTS 6
Gain on sale of property, plant and equipment 2018 =N=000
7
Property, plant and equipment: Realised gains on disposal
377
Total net realised gains and losses
377
-
-
Other operating income Recoveries from other receivables and sundry Income Provision no longer required Exchange gain Travel insurance/ Sundry Income
9.1
42
-
35 78
-
-
9.2
Management expenses Depreciation on property, plant and equipment Armotisation of Software Auditors’ remuneration Employee benefits expense (Note 9.2) Exchange differentials Legal and professional fees Rent and Rates Administrative Total management expenses
-
14,413
22,196
2,250 81,202 74,573 2,631 64,690 239,759
2,750 71,265 6,449 3,131 46,926 152,718
78,102 3,100 81,202
68,324 2,941 71,265
Employee benefits expense Wages and salaries Defined benefit plan cost Pension costs Total employee benefits expense
9.3
-
Impairment charge/reversal Trade receivables Availaible for sale financial assets (Note 16b) Available for sale for sale financial asset Impairment Impairment of other recievables
9
-
Net fair value gains on investment properties Fair value gains on investment properties (Note 20)
8
2017 =N=000
Finance cost
2018 -
8
2017 737 737
GUINEA INSURANCE PLC NOTES TO THE FINANCIAL STATEMENTS - Continued 10 Income tax
Notes
The major components of income tax expense for the period are 10 Income tax expense Per profit or loss Current income tax: Company income tax minimum Education tax Underprovision for tax in the prior years Deferred tax Fair value gains/losses on investment properties Employee benefits Property, plant and equipment Revaluation loss on building
Income tax expense reported in profit or loss Reported in other comprehensive income Deferred tax relating to items recorgnised in other comprehensive income (OCI) during the year: Re-measurement gains on defined benefit plans Income tax expense charged to OCI
2018 =N=000
2017 =N=000
(605) -
(14,450)
(605)
(14,450) -
-
-
(605)
-
-
-
-
-
N'000 1,891
N'000 (31,590) -
10 Reconciliation of tax charge Profit/(Loss) before taxation Tax at Nigerian's statutory income tax rate of 30% Income not subject to tax Non–deductible expenses Minimum tax Tax effect of capital allowance Education tax @ 2% of assessable profit Unused tax losses Tax rate differencial on fair value gains Total tax charge for the year
(14,450) -
-
-
-
-
-
11 Dividends paid and proposed No dividend was proposed or paid by the Company for the period ended March 31, 2018
9
GUINEA INSURANCE PLC NOTES TO THE FINANCIAL STATEMENTS - Continued 12
(Loss)/earnings per share (LPS)/EPS Basic (LPS)/EPS amounts are calculated by dividing the (loss)/profit for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding at the reporting date. The following reflects the income and share data used in the basic and diluted (LPS)/EPS computations: 2018
(loss)/profit attributable to ordinary shareholders (N'000) Weighted average number of ordinary shares for basic EPS ('000)
1,286
6,140,000
Basic and diluted (loss)/earnings per ordinary share (kobo) 0.0
2017
(46,040)
6,140,000
(0.7)
13.1 Net unrealized (loss)/gains on available-for-sale finacial assets 2018 2017 =N=000 =N=000 Unrealised (loss)/gains on available-forsale financial assets Reclasification adjustments to gains included in profit or loss
Total net unrealised (loss)/gains on available-for-sale financial assets
-
4,285
-
4,285
-
4,285
13.2 Net unrealized (loss)/gains on ppe - land & building 2018 =N=000 Unrealised (loss)/gains on ppe - land & building Reclasification adjustments to gains included in profit or loss
-
Total net unrealised (loss)/gains on ppe - land & building -
10
-
2017 =N=000 -
-
GUINEA INSURANCE PLC NOTES TO THE FINANCIAL STATEMENTS - Continued 14 Cash and cash equivalents
Cash at banks and on hand Short-term deposits (including demand and time deposits) Total cash and cash equivalents
2018 =N=000 49,961
2017 =N=000 (53,580) 907,860
860,645 910,606
854,280
444,221 466,385 910,606
606,069 248,211 854,280
Representing: Policyholder's fund Shareholder's fund
Short–term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Company. All placements are subject to an average variable interest rate obtainable in the market. The carrying amounts disclosed above reasonably approximate fair value at the reporting date.
15 Financial assets
Available-for-sale financial assets Total financial instruments
2018 =N=000
2017 =N=000
394,196 394,196
138,059 138,059
15 Available-for-sale financial assets comprises:
Listed equity securities at fair value Unlisted equity securities at cost Total available-for-sale financial assets
2017 =N=000 99,768 294,428 394,196
11
2016 =N=000 100,256 37,803 138,059
GUINEA INSURANCE PLC NOTES TO THE FINANCIAL STATEMENTS - Continued 15 Financial assets - continued
2017 Available-forsale =N=000 133,775 4,285 394,196
15.2 Carrying values of financial instruments At 1 January 2017 Fair value loss recorded in OCI At 1 January 2018 Impairment reversal Fair value gain /(loss) recorded in OCI Addition As At March 31, 2018
394,196
Total =N=000 133,775 4,285 394,196 394,196
Fair value of financial assets and financial liabilities not carried at fair values The following describes the methodologies and assumptions used to determine fair values for those financial instruments which are not already recorded at fair value in the financial statements. Assets for which fair value approximates carrying value For financial assets and financial liabilities that have less than three month’s maturity such as demand deposits and those without specified maturity such as statutory deposit, other receivables and other payables, the carrying amounts approximate to their fair value. Unquoted investments carried at cost Certain unquoted investments for which fair values could not be reliably estimated have been carried at cost less impairment. There are no active markets for these financial instruments, fair value information are therefore not available, this makes it impracticable for the Company to fair value these investments. They have therefore been disclosed at cost less impairment. The carrying amount is the expected recoverable amount on these investments.The Company does not intend to dispose of these investments. 15.3 Determination of fair value and fair values hierarchy The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: ► Level 1: Quoted (unadjusted) prices in active markets for identical assets ► Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly, and ► Level 3: Techniques which use inputs which have a signifcant effect on the recorded fair value that are not based on observable market data.
12
GUINEA INSURANCE PLC NOTES TO THE FINANCIAL STATEMENTS - Continued 15 Financial assets - continued Level 1 Level 2 As At 31 March 31, 2018 =N=000 =N=000 Available-for-sale financial assets: 99,768 Equity securities Total financial assets
16 Trade receivables
Gross insurance receivables Impairment allowance Total trade receivables
99,768
-
2018 =N=000
2017 =N=000
10,549
33,699
(9,898) 651
(9,898) 23,801
The carrying amounts disclosed above approximate fair value at the reporting date and are net of impairment charges. 16 Movement in impairment At begining of the year Additions
9,898 -
9,898 -
Impairment Reversal
-
-
At end of the year
9,898
9,898
17 Reinsurance asset
2018 =N=000
2017 =N=000
71,045 74,224 145,269
45,990 88,444 134,434
Reinsurers's share of reserve for outstanding claims Prepaid reinsurance Total reinsurance asset
Reinsurance assets are not impaired as balances are set-off against payables from retrocession at the end of every quarter.
13
Level 3 =N=000
Total =N=000
294,428
394,196
294,428
394,196
GUINEA INSURANCE PLC NOTES TO THE FINANCIAL STATEMENTS - Continued 18
Deferred acquisition cost These represents commission paid to brokers on unearned premium relating to the unexpired tenure of risks. Fire
Motor
General accident
Marine and aviation
Total
At 1 January 2018 Commission incured during the year Amortisation (Note 4) As At March 31, 2018
6,257 6,301
7,998 9,915
16,308 24,161
1,660 5,525
32,222 45,903
(7,918) 4,641
(9,781) 8,131
(24,670) 15,799
(2,882) 4,303
(45,251) 32,874
At 1 January 2017 Commission incured during the year Amortisation (Note 4) As At March 31, 2017
13,634 12,690
10,602 6,149
13,819 28,523
1,040 1,019
39,095 48,382
(11,540) 14,784
(5,277) 11,475
(14,123) 28,219
(1,451) 609
(32,391) 55,086
14
GUINEA INSURANCE PLC NOTES TO THE FINANCIAL STATEMENTS - Continued 19 Other receivables and prepayment
2018 =N=000
2017 =N=000
0 -
0 -
2,312 12,099 217,444
1,808 7,004 217,444
96,367 6,355 6,028 340,606 (314,198)
93,609 3,785 8,397 332,047 (205,476)
-
-
26,408
126,572
Due from starcrest Loan to Guinea coop Staff upfront and advances Accrued interest Due from Global Scansystems Deposit for computerization and others Others Prepayments Impairment charged on other receivables Impairment on staff salary advances
The carrying amounts disclosed above reasonable approximate the fair value at the reporting date. All other receivable amounts are collectible within one year and the prepayment utilisable within one year.
20 Investment properties At the beginning of the year Disposal Fair value adjustments At the end of the year
2018 =N=000 1,770,000 1,770,000
2017 =N=000 1,572,500 1,572,500
Investment properties are stated at fair value, which has been determined based on valuations performed by Ubosi Eleh & Co.(FRCN/2014/NIESV/00000003997), accredited independent valuers,The valuer is a specialist in valuing these types of investment properties. The determination of fair value ofthe investment property was supported by market evidence. The modalities and process of valuationutilized extensive analysis of market data and other sectors specific peculiarities corroborated withavailable data derived from previous experiences. Valuations are performed on an annual basis and the fair value gains and losses were recorded within the profit or loss.
16
2018 N’000
2017 N’000
1,770,000
0 1,572,500
1,770,000
1,572,500
Opening balance at 1 January Fair value adjustments
2018 N’000 1,770,000 -
2017 N’000 1,572,500 -
Closing balance as at March 31, 2018
1,770,000
1,572,500
Representing:
Policyholders’ funds Shareholders’ funds
Description of valuation techniques used and key inputs to valuation on investment properties The valuation of the properties is based on the price for which comparable land and properties are being exchanged hands on or are being marketed for sale. (investment method ) By nature, detailed information on concluded transactions is difficult to come by. We have thereforerelied on past transactions and recent adverts in deriving the value of properties. least,eight properties property were analysed There arethe nosubject restrictions on the At reliability of investment or theand remittance of income and proceeds of disposal. The Company has no contractual obligations to purchase, construct or develop investment property or for repairs or enhancement. 2018 N'000
2017 N'000
-
-
-
-
Rental income derived from investment properties Direct operating expenses (including repairs & maintenance) Profit arising from investment properties carried at fair value
16
GUINEA INSURANCE PLC NOTES TO THE FINANCIAL STATEMENTS - Continued 21
Taxation
21.1 Current tax payable At the beginning of the year Amounts recorded in the income statements Tax on extra-ordinary item Payments made on-account during the year Deferred Tax Asset Write back of over provision At the end of the year
2018 =N=000
117,947
2017 =N=000
605
155,588 14,450
-
(10,949) 159,089
118,552
Income Statement Deferred tax expense/(credit) Accelerated depreciation for tax purposes Revaluation loss on building Fair value gains/(losses) on investment properties Employee benefit obiligation Total deferred tax expense/(credit)
-
-
-
-
Statement of financial position 21.2 Deferred tax liabilities/(assets) Fair value gains/(losses) on investment properties Tax assets Tax expense during the period through OCI Deferred tax liabilities
75,649
106,463 106,463
75,649 -
106,463 -
75,649
106,463
75,649
-
Reconciliation of deferred tax liabilities is as shown below: At the beginning of the year Amounts recorded in the income statement Reclassified to/from deferred tax asset At the end of the period Reconciliation of deferred tax asset is as shown below: At the beginning of the year Amounts recorded in the income statement Reclassified from/to deferred tax asset At the end of the period 21.3 Intangible Asset Opening Additions Amounts recorded in the income statement As at 31 December, 2017
-
-
2018 =N=000 998 (199) 799
17
2017 =N=000 1,607 1,607
GUINEA INSURANCE PLC NOTES TO THE FINANCIAL STATEMENTS - Continued 22 Property, Plant and equipment Note
Motor Vehicles =N=000 216,487 310 216,797
Building =N=000 520,000 520,000
211,039 1,633 212,671 212,671
8,544 8,544 8,544
Carrying amount As At 31 March 2018
4,126
511,456
160,000
As at 31 March 2017
16,505
506,915
150,000
Cost At 1st January 2018 Additions Impairment Disposals As At 31 March 2018 Accumulated depreciation At 1st January 2018 Depreciation for the period 8 As At 31 March 2018 Disposals As At 31 March 2018
Land =N=000 160,000 160,000
ELEVAT Computer OR Equipment =N=000 =N=000 105,907 15,578 1,753 15,578
-
-
-
-
15,578
18
Office Furniture and Fittings =N=000 95,441 420
Work in progress =N=000 13,950 -
167 107,827
95,861
(13,950) -
103,483 439 103,922 (39) 103,883
81,399 3,599 84,998 84,998
-
3,944
10,864
-
1,745
25,766
-
Total =N=000 1,111,785 18,060 (13,783) 1,116,062
395,921 14,214 410,135 (39) 410,096
705,967 700,930
GUINEA INSURANCE PLC NOTES TO THE FINANCIAL STATEMENTS - Continued 23
Statutory deposit This represents the amount deposited with the Central Bank of Nigeria as at March 31, 2018 ( March 31, 2017 N315,000,000) in accordance with Section 10 (3) of Insurance Act 2003. Interest income was earned at an average rate of 11% per annum (2017: 12.39%) and this has been included within investment income. 2018 2017 =N=000 =N=000 Statutory deposit 315,000 333,654
24
Insurance contract liabilities Insurance contract liabilities consist of the following: Provision for reported claims by policyholders Provisions for claims incurred but not reported (IBNR) Outstanding claims provisions (Note 24.1) Provision for unearned premiums (Note 24.2) Total insurance contract liabilities
2018 =N=000
239,290
239,290
204,931 444,221
20
2017 =N=000
270,311
270,311
335,758 606,069
The cash and cash equivalents as described in Note 14 serves as a cash cover for the insurance contract liabilities. 2018 =N=000
2017 =N=000
321,631
328,664
(51,807) (30,534) 239,290
(23,006) (35,347) 270,311
2018 =N=000 218,416 281,589
2017 =N=000 212,565 270,914
(295,074) 204,931
(206,870) 276,609
2018
2017
Due to reinsurance and insurance companies -23,295 local 23,295
51,508 51,508
24.1 Outstanding claims provision
At 1 January Claims incurred in the current accident period year Claims paid during the year At the end of the period 24.2 Provision for unearned premiums At 1 January Premiums written in the year (Note 1) Premums earned during the period (Note 1) At the end of the period
25
Trade payables
This represents the amount payable to insurance and reinsurance companies
26
Other payables and accruals Accrued expenses Deferred revenue (Note 26.1) Unearned Commission Other payables (Note 26.2)
36,724 6,120 13,675 33,548 90,066
50,290 2,867 19,689 57,919 127,356
Other payables represent outstanding NAICOM charges, PAYE, NSITF, ITF, NHF, union dues, witholding tax, VAT, travel insurance, stale cheque, unclaimed dividend and other creditors. 26.2 The carrying amounts disclosed above reasonably approximate fair value at the reporting date. All amounts are payable within one year (with the exception of deferred revenue).
20
GUINEA INSURANCE PLC NOTES TO THE FINANCIAL STATEMENTS - Continued 26.1 Deferred Revenue Rental Income
2018 =N=000
2017 =N=000
At the beginning 664 4,292 Amount deferred 5,700 Amount released to the income statement (1,425) (245) Total deferred revenue 6,120 2,867 Rental income arising from operating lease on investment properties is accounted for on a straight line basis over the lease terms and is included in investment income. 27 Employee benefit obligations The amounts recognised in the statement of financial position at the reporting date are, as follows:
Defined Contribution payable Defined benefit grautity payable
2018 =N=000
2017 =N=000
21,020 3,798 24,818
8,947 7,167 16,114
GUINEA INSURANCE PLC NOTES TO THE FINANCIAL STATEMENTS - Continued 28 Deposit for shares
2018
2017
=N=000
=N=000
136,400 136,400
-
Authorised and issued share capital
2018 =N=000
2017 =N=000
Authorised share capital 6.4 billion Ordinary shares of N0.50k each
3,200,000
3,200,000
2018 =N=000 3,070,000 3,070,000
2017 =N=000 3,070,000 3,070,000
2018 =N=000
2017 =N=000
337,545
337,545
As at 31 March 2018
29 Issued share capital
Ordinary shares issued and fully paid
At 1 January Issued during the period As at 31 March 2018
30 Share premium
At 1 January As at 31 March 2018
337,545
337,545
21
GUINEA INSURANCE PLC NOTES TO THE FINANCIAL 31
Contingency reserve Contingency reserve in respect of non-life business is the higher of 20% of net profit and 3% of premium as specified in Section 21(2) of the Insurance Act 2003.
At the beginig of the period For the period As at 31 March 2018 Retained Earnings At the beginig of the period For the period Contigency reserve As at 31 March 2018
32
Available-for-sale Financial Assets Reserve At the begining of the period For the period Reclassification from quoted to unquoted As at 31 March 2018
33
34
Employment benefit reserve At the begining of the period For the period
2018 =N=000 442,907
2017 =N=000 365,300
8,448
8,127
451,354
373,427
2018 =N=000 (704,964) 1,286 (8,448) (712,126)
2017 =N=000 (921,520) (46,040) (8,127) (975,687)
2018
2017
=N=000 243,693 -
=N=000 46,101 -
243,693
. 6,954 -
As at 31 March 2018
6,954
Asset revaluation At the begining of the period For the period
10,000 -
Reclassification from quoted to unquoted
46,101
10,000
22
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-
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