AXA MANSARD INSURANCE PLC AXA Mansard Insurance Plc and Subsidiary Companies
Unaudited Financial Statements
31 March 2023
CERTIFICATION PURSUANT TO SECTION 60(2) OF INVESTMENT AND SECURITIES ACT NO.29 OF 2007
We the undersigned hereby certify the following with regards to our financial statements for the year ended 31 March
2023 that:
- We have reviewed the financial statement;
- To the best of our knowledge, the financial statement does not contain:
- Any untrue statement of a material fact, or
- Omit to state a material fact, which would make the statements, misleading in the light of circumstances under which such statements were made;
(c ) To the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operation of the Company and its consolidated subsidiaries as of, and for the period presented in the report.
- We:
- Are responsible for establishing and maintaining internal controls.
- Have designed such internal controls to ensure that material information relating to the Company and its consolidated subsidiaries is made known to such officers by others within those entries particularly during the year in which the periodic reports are being prepared;
- Have evaluated the effectiveness of the Company's internal controls as of date within 90 days prior to the report;
- Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;
- We have disclosed to the auditors of the Company and Audit Committee:
- All significant deficiencies in the design or operation of internal controls which would adversely affect the Company's ability to record, process, summarize and report financial data and have identified for the Company's auditors any material weakness in internal controls, and
- Any fraud, whether or not material, that involves management or other employees who have significant roles in the Company's internal controls;
- We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Mrs. Ngozi Ola-Israel | Mr. Adekunle Ahmed |
FRC/2017/ANAN/00000017349 | FRC/2017/CIIN/00000017019 |
Chief Financial Officer | Chief Executive Officer |
2
Consolidated Statement of Financial Position | |||||||
as at 31 March 2023 | |||||||
(All amounts in thousands of Naira) | |||||||
Group | Group | Group | Parent | Parent | Parent | ||
Notes | 31-Mar-23 | 31-Dec-22 | 1-Jan-22 | 31-Mar-23 | 31-Dec-22 | 1-Jan-22 | |
Restated* | Restated* | Restated* | Restated* | ||||
ASSETS | |||||||
Cash and cash equivalents | 5 | 15,996,439 | 13,469,877 | 17,343,344 | 11,336,575 | 11,107,664 | 14,227,012 |
Investment securities: | |||||||
- Fair value through profit or loss | 6.1 | 9,500,158 | 8,700,392 | 8,942,514 | 7,455,415 | 7,394,124 | 6,593,983 |
- Fair value through OCI | 6.2 | 35,349,869 | 34,764,986 | 29,818,546 | 33,776,214 | 33,932,595 | 27,924,118 |
Financial assets designated at fair value | 6.3 | 2,688,469 | 2,505,441 | 4,374,805 | 2,688,469 | 2,505,441 | 4,374,805 |
Insurance contract assets | 7 | 13,032,133 | 7,791,782 | 7,013,359 | 3,519,802 | 454,081 | 1,196,454 |
Reinsurance contract assets | 8 | 18,046,911 | 11,800,941 | 11,025,344 | 17,867,790 | 11,625,002 | 10,725,042 |
Other receivables | 9 | 3,845,573 | 3,507,639 | 3,929,886 | 3,192,192 | 2,945,247 | 2,981,536 |
Loans and receivables | 10 | 5,996,728 | 3,773,985 | 1,655,345 | 4,605,114 | 4,229,583 | 2,666,719 |
Investment properties | 11 | 14,005,567 | 14,009,209 | 14,560,934 | - | - | - |
Investment in subsidiaries | 12 | - | - | - | 1,652,000 | 1,652,000 | 1,652,000 |
Intangible assets | 13 | 438,711 | 445,595 | 400,647 | 380,872 | 391,201 | 354,896 |
Property and equipment | 18 | 3,169,405 | 3,099,565 | 2,802,458 | 2,776,360 | 2,717,465 | 2,404,365 |
Right of use | 14 | 942,571 | 783,504 | 797,757 | 838,567 | 672,176 | 654,074 |
Statutory deposit | 15 | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 | 500,000 |
TOTAL ASSETS | 123,512,535 | 105,152,916 | 103,164,939 | 90,589,370 | 80,126,579 | 76,255,004 | |
LIABILITIES | |||||||
Insurance contract liabilities | 16 | 69,019,153 | 55,100,255 | 46,718,805 | 49,606,120 | 41,436,385 | 35,126,944 |
Reinsurance contract liabilities | 17 | 3,791,151 | 1,693,854 | 564,587 | 3,790,610 | 1,693,717 | 562,947 |
Investment contract liabilities: | |||||||
- At amortised cost | 17.5 | 3,725,731 | 4,211,201 | 6,868,168 | 3,725,731 | 4,211,201 | 6,868,168 |
- Liabilities designated at fair value | 17.7 | 2,688,469 | 2,505,441 | 4,374,805 | 2,688,469 | 2,505,441 | 4,374,805 |
Other liabilities | 19 | 6,404,243 | 3,604,878 | 4,513,365 | 4,054,158 | 2,740,545 | 3,141,531 |
Current income tax liabilities | 20 | 1,416,266 | 1,129,928 | 1,962,020 | 892,003 | 674,216 | 645,958 |
Borrowings | 21 | 2,230,280 | 2,180,878 | 2,454,143 | - | - | - |
Deferred tax liability | 22 | 839,049 | 855,631 | 932,573 | - | - | - |
TOTAL LIABILITIES | 90,114,342 | 71,282,066 | 68,388,466 | 64,757,091 | 53,261,505 | 50,720,353 | |
(0) | (1) | 0 | 1 | (2) | (0) | ||
EQUITY | - | ||||||
Share capital | 23 | 18,000,000 | 18,000,000 | 18,000,000 | 18,000,000 | 18,000,000 | 18,000,000 |
Share premium | 24.1 | 78,255 | 78,255 | 78,255 | 78,255 | 78,255 | 78,255 |
Contingency reserve | 24.2 | 5,192,461 | 5,118,869 | 4,816,716 | 5,192,461 | 5,118,869 | 4,816,716 |
Treasury shares | 24.3 | (111,476) | (111,476) | (111,476) | (111,476) | (111,476) | (111,476) |
Fair value reserves | 24.4 | (3,983,437) | (1,753,434) | (391,274) | (3,935,922) | (1,601,768) | (441,570) |
Insurance finance reserve | 24.6 | 245,083 | 112,982 | 57,180 | 192,966 | 110,340 | 45,743 |
Retained earnings | 24.7 | 10,084,298 | 8,318,704 | 8,006,181 | 6,415,996 | 5,270,853 | 3,146,981 |
SHAREHOLDERS' FUNDS | 29,505,185 | 29,763,899 | 30,455,582 | 25,832,280 | 26,865,073 | 25,534,651 | |
Total equity attributable to the owners of the parent | 29,505,185 | 29,763,899 | 30,455,582 | 25,832,280 | 26,865,073 | 25,534,651 | |
Non-controlling interest in equity | 25 | 3,893,007 | 4,106,949 | 4,320,891 | - | - | - |
TOTAL EQUITY | 33,398,192 | 33,870,848 | 34,776,473 | 25,832,279 | 26,865,073 | 25,534,651 | |
TOTAL LIABILITIES AND EQUITY | 123,512,535 | 105,152,916 | 103,164,939 | 90,589,370 | 80,126,579 | 76,255,004 |
Signed on behalf of the Board of Directors on April 28, 2023 | ||
Mrs. Ngozi Ola-Israel | Mr. Adekunle Ahmed | Mrs. Rashidat Adebisi |
FRC/2017/ANAN/00000017349 | FRC/2017/CIIN/00000017019 | FRC/2012/ICAN/00000000497 |
Chief Financial Officer | Chief Executive Officer | ED Technical & Client Services |
3
Consolidated Statement of Comprehensive Income
for the period ended 31 March 2023
Notes | Group | Group | Parent | Parent | |
31-Mar-23 | 31-Mar-22 | 31-Mar-23 | 31-Mar-22 | ||
Continuing operations | Restated* | Restated* | |||
Insurance revenue | 27 | 19,433,328 | 17,258,610 | 12,073,146 | 11,309,121 |
Insurance service Expenses | 28 | (10,149,438) | (11,031,958) | (3,456,244) | (5,151,201) |
Net expenses from reinsurance contracts held | 29 | (5,490,467) | (4,305,285) | (5,462,078) | (4,217,863) |
Insurance service result | 3,793,423 | 1,921,367 | 3,154,824 | 1,940,057 | |
Interest Income calculated using effective interest rate method | 31 | 1,376,888 | 1,483,692 | 957,280 | 892,641 |
Net gain or loss on financial assets at fair value through profit or loss | 32 | 80,198 | (191,395) | 84,200 | 129,554 |
Net credit impairment losses | 9.1 | (40,675) | (36,251) | (39,860) | (36,156) |
Profit on investment contracts | 33 | 177,962 | 40,126 | 177,961 | 40,126 |
Net Investment income | 1,594,373 | 1,296,172 | 1,179,581 | 1,026,165 | |
Other income | 34 | 17,861 | 4,037 | 5,966 | 4,589 |
Finance income/(expense) from insurance contract issued | 42 | (223,336) | (118,322) | (180,193) | (98,123) |
Finance income/(expense) from reinsurance contract held | 43 | 133,341 | 28,404 | 132,561 | 44,485 |
Expenses for marketing and administration | 35 | (507,247) | (307,968) | (560,897) | (380,155) |
Employee benefit expense | 36 | (1,635,341) | (1,136,674) | (1,052,571) | (565,508) |
Other operating expenses | 37 | (1,176,071) | (1,076,727) | (1,090,807) | (953,367) |
Results of operating activities | 1,997,003 | 610,289 | 1,588,464 | 1,018,143 | |
Finance cost | 38 | (91,705) | (62,272) | (62,134) | (31,764) |
Profit before tax | 1,905,298 | 548,017 | 1,526,330 | 986,379 | |
Income tax expense | 39 | (320,729) | (84,170) | (267,734) | (30,257) |
Profit from discontinued operations (net of tax) | - | - | |||
Profit for the year | 1,584,569 | 463,847 | 1,258,596 | 956,122 | |
Profit attributable to: | |||||
Owners of the parent | 1,798,511 | 470,425 | 1,258,596 | 956,122 | |
Non-controlling interest | 25 | (213,942) | (6,578) | - | - |
1,584,569 | 463,847 | 1,258,596 | 956,122 | ||
Other comprehensive income: | |||||
Items that may be subsequently reclassified to the profit or loss account: | |||||
Changes in FVTOCI financial assets (net of taxes) | 24.4 | (2,230,003) | 1,216,254 | (2,334,154) | 2,032,451 |
Impairment reversal/charges on FVTOCI | 24.7 | (40,675) | (36,251) | (39,860) | (36,156) |
Net finance expense from insurance contracts issued (OCI) | 40 | 257,486 | (126,336) | 207,203 | (137,874) |
Net finance expense from reinsurance contracts held (OCI) | 41 | (125,384) | 84,595 | (124,578) | 84,646 |
Items that will not be subsequently reclassified to profit or loss account | - | - | - | - | |
Other comprehensive income for the year | (2,057,226) | 1,210,764 | (2,211,669) | 2,015,379 | |
Total comprehensive income for the year | (472,657) | 1,674,611 | (953,073) | 2,971,501 | |
Attributable to: | |||||
Owners of the parent | (258,715) | 1,681,189 | (953,073) | 2,971,501 | |
Non-controlling interests | 25 | (213,942) | (6,578) | - | - |
Total comprehensive income for the year | (472,657) | 1,674,611 | (953,073) | 2,971,501 | |
Earnings per share: | |||||
Basic (kobo) | 44 | 20 | 5 | 14 | 11 |
Diluted (kobo) | 44 | 20 | 5 | 14 | 11 |
4
Consolidated Statements of Changes in Equity (All amounts in thousands of Naira unless otherwise stated)
for the period ended 31 March 2023
Capital and | ||||||||||||
Share | Share | Contingency | other statutory | Share scheme | Treasury | Fair value | Retained | Insurance finance | Total | Non Controlling | Total | |
Capital | premium | reserve | reserves | reserves | shares | reserves | earnings | reserve | interest | equity | ||
Balance at 1 January 2023 | 18,000,000 | 78,255 | 5,118,869 | - | - | (111,476) | (998,976) | 6,907,660 | - | 28,994,331 | 4,106,949 | 33,101,279 |
IFRS 9 transition adjustments | - | - | - | - | - | - | (754,458) | 754,458 | - | - | - | |
IFRS 17 transition adjustments | - | - | - | - | - | - | - | 656,586 | 112,982 | 769,567 | - | 769,567 |
Restated Balance as at 1 January 2023 | 18,000,000 | 78,255 | 5,118,869 | - | - | (111,476) | (1,753,434) | 8,318,704 | 112,982 | 29,763,898 | 4,106,949 | 33,870,849 |
Total comprehensive income for the year | ||||||||||||
Profit for the year | - | - | - | - | - | - | - | 1,798,511 | 1,798,511 | (213,942) | 1,584,569 | |
Transfer to contingency reserves | - | - | 73,592 | - | - | - | - | (73,592) | - | - | - | |
Other comprehensive income | 132,101 | 132,101 | 132,101 | |||||||||
Impairment reversal/charges on FVTOCI | 40,675 | 40,675 | 40,675 | |||||||||
Changes in fair value of available-for-sale financial assets | - | - | - | - | - | - | (2,230,003) | (2,230,003) | - | (2,230,003) | ||
Total comprehensive income for the year | - | - | 73,592 | - | - | - | (2,230,003) | 1,765,594 | 132,101 | (258,715) | (213,942) | (472,657) |
Transactions with owners, recorded directly in equity | ||||||||||||
Dividends to equity holders | - | - | - | - | - | - | - | - | - | - | - | |
Impact of vesting of shares in the equity settled share based | ||||||||||||
payment | - | - | - | - | - | - | - | - | - | - | - | |
Bonus issue expenses | - | - | - | - | - | - | - | - | - | |||
Recapitalization | - | - | - | - | - | - | - | - | - | - | ||
Additional subsidiary investment with NCI | - | - | - | - | - | - | - | - | - | - | - | |
Total transactions with owners of equity | - | - | - | - | - | - | - | - | - | - | - | - |
Balance at 31 March, 2023 | 18,000,000 | 78,255 | 5,192,461 | - | - | (111,476) | (3,983,437) | 10,084,298 | 245,083 | 29,505,182 | 3,893,007 | 33,398,192 |
(All amounts in thousands of Naira unless otherwise stated) | ||||||||||||
Capital and | ||||||||||||
Share | Share | Contingency | other statutory | Share scheme | Treasury | Fair value | Retained | Total | Non Controlling | Total | ||
Capital | premium | reserve | reserves | reserves | shares | reserves | earnings | interest | equity | |||
Balance at 1 January 2022 | 18,000,000 | 78,255 | 4,816,716 | - | - | (111,476) | (62,329) | 7,351,131 | 30,072,297 | 4,320,891 | 34,393,189 | |
Total comprehensive income for the year | ||||||||||||
Profit for the year | - | - | - | - | - | - | - | 392,858 | 392,858 | (6,578) | 386,280 | |
Transfer to contingency reserves | - | - | 56,104 | - | - | - | - | (56,104) | - | - | - | |
Transfer to statutory reserves | - | - | - | - | - | - | - | - | - | - | - | |
Other comprehensive income | ||||||||||||
Changes in fair value of available-for-sale financial assets | - | - | - | - | - | - | 1,074,511 | 1,074,511 | - | 1,074,511 | ||
Total comprehensive income for the year | - | - | 56,104 | - | - | - | 1,074,511 | 336,754 | 1,467,369 | (6,578) | 1,460,791 | |
Transactions with owners, recorded directly in equity | ||||||||||||
Dividends to equity holders | - | - | - | - | - | - | - | - | - | - | - | |
Impact of vesting of shares in the equity settled share based | ||||||||||||
payment | - | - | - | - | - | - | - | - | - | - | - | |
Recapitalization | - | - | - | - | - | - | - | - | - | - | ||
Additional subsidiary investment with NCI | - | - | - | - | - | - | - | - | - | - | - | |
Total transactions with owners of equity | - | - | - | - | - | - | - | - | - | - | - | |
Changes in ownership interest | - | |||||||||||
- | ||||||||||||
Acquisition of subsidiary with NCI | - | - | - | - | - | - | - | - | - | - | - | |
Disposal of subsidiary | - | - | - | - | - | - | - | - | - | - | - | |
Total changes in ownership interests | - | - | - | - | - | - | - | - | - | - | - | |
Balance at 31 March, 2022 | 18,000,000 | 78,255 | 4,872,820 | - | - | (111,476) | 1,012,182 | 7,687,885 | 31,539,666 | 4,314,313 | 35,853,980 |
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AXA Mansard Insurance plc published this content on 30 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2023 19:37:06 UTC.
