PROFIT & LOSS ACCOUNT
For the year ended 31st December, 2007
|
|
|
|
2007 |
2006 |
|
|
Non-life |
Life |
Total |
Total |
|
Note |
N'000 |
N'000 |
N'000 |
N'000 |
INCOME |
|
|
|
|
|
Gross premium written |
|
5,428,833 |
1,678,096 |
7,106,929 |
6,045,968 |
Outward re-insurance |
|
(2,530,989) |
(167,575) |
(2,698,564) |
(3,760,049) |
|
|
|
|
|
|
Net premium |
|
2,897,723 |
1,510,521 |
4,408,365 |
2,285,919 |
Unexpired premium reserve |
15 |
(169,121) |
- |
(169,121) |
85,676 |
|
|
|
|
|
|
Earned premium |
|
2,728,723 |
1,510,521 |
4,239,244 |
2,371,595 |
Commission received |
|
225,678 |
41,312 |
266,990 |
202,640 |
|
|
|
|
|
|
LESS: |
|
|
|
|
|
Transfer to general reserve fund |
|
- |
377,630 |
377,630 |
192,527 |
Claims incurred and provision |
|
214,052 |
207,700 |
421,752 |
193,354 |
Surrender |
|
- |
103,044 |
103,044 |
104,130 |
Underwriting expenses |
|
1,119,181 |
383,262 |
1,502,443 |
959,829 |
|
|
1,333,233 |
1,071,636 |
2,404,869 |
1,449,840 |
|
|
|
|
|
|
Underwrting profit |
|
1,621,168 |
480,197 |
2,101,365 |
1,124,395 |
Investment income |
|
1,066,054 |
242,919 |
1,308,973 |
790,390 |
Other income |
26 |
1,200,303 |
107,697 |
1,308,000 |
265,290 |
|
|
3,887,525 |
830,813 |
4,718,338 |
2,180,075 |
EXPENSES |
|
|
|
|
|
Interest on administered deposits |
|
- |
145,353 |
145,353 |
311,847 |
Provision for doubtful debts |
27 |
561,840 |
135,338 |
697,178 |
331,363 |
Overhead expenses |
|
610,553 |
387,656 |
998,209 |
616,553 |
Information Technology levy |
9 |
27,151 |
151 |
27,302 |
- |
Transfer to life fund |
15 |
- |
147,210 |
147,210 |
(55,335) |
|
|
1,199,544 |
815,708 |
2,015,252 |
1,204,428 |
|
|
|
|
|
|
Profit before taxation |
28 |
2,687,981 |
15,105 |
2,703,086 |
975,647 |
Taxation |
12 |
(365,821) |
- |
(365,821) |
(141,916) |
|
|
|
|
|
|
Profit after taxation |
|
2,322,160 |
15,105 |
2,337,265 |
833,731 |
Appropriation: |
|
|
|
|
|
Transfer to contingency reserve |
21 |
(464,432) |
(15,105) |
(479,537) |
(172,907) |
|
|
|
|
|
|
Retained profit for the year |
|
1,857,727 |
- |
1,857,728 |
660,824 |
Retained profit at 1 January |
|
9,019 |
0 |
9,019 |
7,282 |
Earnings per share (kobo)- Basic |
|
|
|
20 |
24 |
|
|
|
|
|
|
The statement of accounting policies on pages 9 to 12 and the notes on pages 18 to 26 form part of these financial statements
|
|
|
