AXA Mansard Insurance plc

2019 HALF YEAR UNAUDITED RESULTS

Consolidated Statement of GROUP GROUP COMPANY COMPANY Consolidated Statement of GROUP GROUP COMPANY COMPANY
Financial Position 30 June 31 Dec 30 June 31 Dec Comprehensive Income 30 June 30 June 30 June 30 June
as at 30 June, 2019. 2019 2018 2019 2018 for the period ended 30 June, 2019. 2019 2018 2019 2018
(All amounts in thousands of Naira unless otherwise stated) N'000 N'000 N'000 N'000 (All amounts in thousands of Naira unless otherwise stated) N'000 N'000 N'000 N'000

ASSETS
Gross written premium 29,358,625 23,544,428 20,419,029 17,000,330
Cash and cash equivalents 7,042,413 5,238,705 5,570,147 4,218,348
Gross premium income 19,679,224 16,133,227 13,594,113 11,969,941
Investment securities: Re-insurance expenses (7,598,338) (6,568,272) (7,532,443) (6,514,120)
– Fair value through profit or loss 6,950,769 3,266,048 6,950,769 3,266,048 Net premium income 12,080,886 9,564,955 6,061,670 5,455,821
– Available-for-sale assets 22, 871, 546 22,313,670 16,562,162 17,888,088 Fee and commission income:
Insurance contracts 1,107,483 941,859 1,107,483 941,859
Financial assets designated at fair value 3,675,881 3,073,457 3,675,881 3,073,457
Net underwriting income 13,188,369 10,506,814 7,169,153 6,397,680
Trade receivables 7,764,518 3,615,646 3,237,397 572,586
Claims expenses (Gross) (6,805,640) (9,044,634) (1,685,050) (5,582,800)
Reinsurance assets 11,384,251 12,549,017 11,271,266 12,504,524 Claims expenses recovered from reinsurers (1,735,710) 2,729,638 (1,779,195) 2,719,322
587,499 Underwriting expenses (1,877,951) (1,795,919) (1,673,939) (1,623,055)
Deferred acquisition cost 436,772 552,162 415,213
Change in individual life reserves (227,061) (84,837) (227,061) (84,837)
Other receivables 3,375,257 1,507,844 2,416,155 779,072 (102,750)
Change in annuity reserves (102,750) (52,166) (52,166)
Loans and receivables 649,741 311,449 1,061,769 323,287 Net underwriting expenses (10,749,112) (8,247,918) (5,467,995) (4,623,536)
Investment property 15,876,634 17,525,962 1,520,000 3,040,000 Total underwriting profit 2,439,257 2,258,896 1,701,158 1,774,144
Investment in subsidiaries - - 4,997,374 4,997,374
Investment income 2,657,442 2,657,275 2,112,565 1,434,765
Intangible assets 1,554,610 1,588,175 172,787 190,086 Net gains on financial assets 188,269 168,724 48,516 120,616
Property, plant and equipment 1,856,261 1,843,362 1,669,560 1,667,654 Net (losses)/gains on investment property (129,328) 167,502 - -
Profit on investment contracts 160,453 205,904 160,453 205,903
Statutory deposit 500,000 500,000 500,000 500,000
Other income 37,500 84,747 43,681 311,796
Total assets 84,089,381 73,770,107 60,157,430 53,435,737 Total investment income 2,844,336 3,284,152 2,365,215 2,073,080
Expenses for marketing and administration (975,465) (880,503) (848,434) (733,440)
LIABILITIES (1,312,515) (1,344,870) (737,311) (883,947)
Employee benefit expense
Insurance liabilities 29,649,540 22,538,993 21,097,747 16,964,677 Other operating expenses (1,232,443) (1,267,337) (1,111,319) (1,126,543)
(Impairment)/writeback of premium receivables 491 (23,121) - -
Investment contract liabilities:
– At amortised cost 3,940,628 3,691,424 3,940,628 3,691,424 Results of operating activities 1,763,661 2,027,217 1,369,309
2,532,222 1,103,294
Finance cost (191,788) (149,722) - -
– Liabilities designated at fair value 3,675,881 3,073,457 3,675,881 3,073,457
Profit before tax 1,571,873 1,877,495 1,369,309 1,103,294
Trade payables 11,782,906 11,180,754 11,692,141 11,108,223
Income tax expense (153,610) (333,656) (129,416) (100,029)
Current income tax liabilities 548,293 773,819 297,151 257,967
Profit for the period 1,418,263 1,543,839 1,239,893 1,003,265
Other liabilities 3,514,155 2,658,787 1,279,663 1,572,156
Profit attributable to:
Borrowings 2,893,108 3,493,234 - -
Owners of the parent 1,283,604 1,437,717 1,239,893 1,003,265
Deferred tax liability 845,951 837,061 - - Non-controlling interest 134,659 106,122 - -
Total liabilities 56,850,462 48,247,529 41,983,211 36,667,904 1,418,263 1,543,839 1,239,893 1,003,265
Other comprehensive income:
EQUITY
Items that may be subsequently reclassified to
Share capital 5,250,000 5,250,000 5,250,000 5,250,000 the profit or loss account:
Changes in available-for-sale financial assets
Share premium 4,443,453 4,443,453 4,443,453 4,443,453
(net of taxes) 298,078 202,501 166,493 157,346
Contingency reserve 4,222,326 4,139,090 4,222,326 4,139,090 Other comprehensive income for the period 298,078 202,501 166,493 157,346
Other reserves 2,682,782 2,663,582 2,634,904 2,634,904 T otal comprehensive income for the period 1,716,341 1,746,340 1,406,386 1,160,611
Treasury shares (304,924) (304,924) (304,924) (304,924) Attributable to:
Fair value reserves (252,148) (550,226) (383,413) (549,906) Owners of the parent 1,581,682 1,640,218 1,406,386 1,160,611

Retained earnings 6,443,547 5,262,379 2,311,873 1,155,216 Non-controlling interests 134,659 106,122 - -
T otal comprehensive income for the period 1,716,341 1,746,340 1,406,386 1,160,611
Shareholders' funds 22,485,036 20,903,354 18,174,219 16,767,833
Earnings per share
T otal equity attributable to the owners of 22,485,036 20,903,354 18,174,219 16,767,833 Basic (Kobo) 12.43 13.84 12.01 9.72
the parent Diluted (Kobo) 12.24 13.63 11.82 9.57
Non-controlling interest in equity 4,753,883 4,619,224 - -

Total equity 27,238,919 25,522,578 18,174,219 16,767,833

Total equity and liabilities 84,089,381 51,207,026

73,770,107 60,157,430 53,435,737

The interim financial statements were approved by the board of directors on July 25, 2019 and signed on behalf of the directors by:

Mrs. Ngozi Ola-Israel Mr. Kunle Ahmed Mr. Olusola Adeeyo

Chairman
FRC/2017/ANAN/00000017349 FRC/2017/CIIN/00000017019 FRC/2013/NIM/00000001919