GUINEA INSURANCE : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

Guinea Insurance Plc

Management Accounts

30th June 2023

GUINEA INSURANCE PLC

FINANCIAL STATEMENTS, 30 TH JUNE 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 Un-Audited Financial Statements for the year ended 30th June 2023 that:

• We have reviewed the report;
• To the best of our knowledge, the report 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;
• 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 operations of the Company as of, and for the periods 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 is made known to such officers by others within the Company particularly during the period 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 deficiency in the design or operation of internal controls which would adversely affect the Company's ability to record, process, summarise 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 involved management or other employees who have significant role 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.

Mr. Ademola Abidogun	Mr. Pius Edobor
Managing Director	Executive Director
FRC/2016/CIIN/00000014549	FRC/2013/ICAN/0000000046

Statement of Financial Position
As at 30th June, 2023
	30-Jun-23	30-Jun-22
Assets	N'000	N'000
Cash and cash equivalents	605,214	404,539
Financial assets:	1,828,292	1,876,402
Trade receivables	0	0
Reinsurance assets	358,773	425,312
Other receivables and prepayments	342,338	46,519
Investment properties	113,000	106,300
Intangible Asset	29,576	4,294
Property and equipment	853,997	902,618
Statutory deposit	333,654	333,654
Total assets	4,464,845	4,099,639
Liabilities
Insurance contract liabilities	1,342,477	957,062
Trade payables	35,471	12,917
Other payables and accruals	127,438	119,452
Employee benefit obligations	4,662	8,340
Current tax payable	26,204	22,744
Deferred tax liabilities	110,011	110,011
Deposit for shares	901,400	901,400
Total liabilities	2,547,663	2,131,926
Equity
Issued share capital	3,070,000	3,070,000
Share premium	337,545	337,545
Contingency reserve	659,023	614,018
Accumulated losses	(2,428,282)	(2,240,074)
Reserve-FVTOCI	213,208	120,536
Other reserves	65,688	65,688
Total equity	1,917,182	1,967,714
Total liabilities and equity	4,464,845	4,099,639

These financial statements were approved by the Board of Directors on 21st July 2023 and signed on behalf o

Ademola Abidogun

Managing Director/Chief Executive Officer

FRC/2016/CIIN/00000014549

Pius Edobor

Executive Director, Finance

FRC/2013/ICAN/00000004638

	Statement of Comprehensive income
	As at 30th June, 2023
		30-Jun-23	30-Jun-22
		N'000	N'000
	Insurance Contract Revenue	874,349	640,374
	Insurance Service Expenses	(407,001)	(336,621)
	Net Expenses From Reinsurance Contracts Held	(131,628)	(89,709)
	Insurance Service Result	335,720	214,044
	Interest income calculated using the effective interest
	method	66,287	45,856
	Net fair value gains/(losses) on financial assets at FVTPL	-
	Net fair value gains on derecognition of financial assets measu	-
	Fair Value Gain on Investment Property	-
	Net credit impairment losses	-
	Net foreign exchange income/(expense)	-
	Net Investment Income	66,287	45,856
	Finance expenses from insurance contracts issued	(799)	(1,515)
	Finance income from reinsurance contracts held	302	861
	Net Insurance and Investment Income	401,509	259,246
	30th June 2023
	Other Operating Expenses	(397,811)	(420,913)
	Other Income	37,974	30,782
	Profit Before Income Tax	41,673	(130,884)
	Income Tax Expense	(6,685)	(3,667)
	Profit For the Year	34,988	(134,552)
	Other Comprhensive Income
	Net fair value gains/(losses) on financial assets at FVTOCI	3,388	(17,490)
	Other Comprhensive Income for the Year	3,388	(17,490)
	Total Comprhensive Income	38,376	(152,042)
	Contigency Reserve	26,230.48	19,211.22
	Earnings/(Loss) per share - Basic and Diluted
	(kobo)	0.01	(0.02)

Statement of Changes in Equity As at 30th June, 2023

As at 1st January 2022 Loss for the year

Fair Value Gain - FVTOCI Transfer to Contingency Adjustment to Retained Earnings As at 31st December 2022

Issued share	Retained	Share	Contingency	Reserve for	Asset
capital	earnings	premium	reserve	FVTOCI	revaluation	Total
3,070,000	(2,394,265)	337,545	592,015	138,025	65,688	1,809,008
-	(38,765)	-	-	-	-	(38,765)
-	-	-	-	71,795	-	71,795
-	(40,777)	-	40,777	-	-	-
-	170,354	-	-	-	-	170,354
3,070,000	(2,303,453)	337,545	632,792	209,820	65,688	2,012,393

As at 1st January 2023 Profit for the Year

Fair Value Gain - FVTOCI Transfer to Contingency Adjustment to Retained Earnings As at 31st March 2023

Issued share	Retained	Share	Contingency	Reserve-	Asset
capital	earnings	premium	reserve	FVTOCI	revaluation	Total
3,070,000	(2,303,453)	337,545	632,792	209,820	65,688	2,012,393
-	34,988	-	-	-	-	34,988
-		-	-	3,388	-	3,388
-	(26,230)	-	26,230	-	-	-
-	(133,587)	-	-	-	-	(133,587)
3,070,000	(2,428,282)	337,545	659,023	213,208	65,688	1,917,182