INTERNATIONAL ENERGY INSURANCE : AUDITED FINANCIAL STATEMENT FOR 2019

INTERNATIONAL ENERGY INSURANCE PLC

Lagos, Nigeria

REPORT OF THE DIRECTORS

AND

CONSOLIDATED AND SEPARATE FINANCIAL

STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2019

DOYIN OWOLABI & CO.

(Chartered Accountants)

14, Falolu Street,

Surulere,

Lagos.

INTERNATIONAL ENERGY INSURANCE PLC
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2019
Contents	Page
Corporate Information	3
Financial Highlights	4
Report of the Directors	5 - 7
Management Discussion and Analysis	8
Corporate Governance Report	9 - 12
Certificate Pursuant to Section 60(2) of Investment and Securities Act	13
Risk Management Declaration	14
Report of the Audit Committee	15
Statement of Directors' Responsibilities in Relation to the
Preparation of the Consolidated and Separate Financial Statements	16
Independent Auditor's Report	17 - 21
Summary of Significant Accounting Policies	22 - 45
Consolidated and Separate Statements of Financial Position	46
Consolidated and Separate Statements of Profit or Loss	47
Consolidated and Separate Statements of Other Comprehensive Income	48
Consolidated and Separate Statements of Changes in Equity	49 - 50
Consolidated and Separate Statements of Cash Flows	51
Notes to the Consolidated and Separate Financial Statements	52 - 118
Other National Disclosures
Non-life Revenue Account	119
Consolidated and Separate Statements of Value Added	120
Five-Year Financial Summary - Group	121
Five-Year Financial Summary - Company	122

2

INTERNATIONAL ENERGY INSURANCE PLC

CORPORATE INFORMATION

FOR THE YEAR ENDED DECEMBER 31, 2019

DIRECTORS
Mr. Muhammad K. Ahmad (OON)	-	Interim Chairman
Mr. Peter Irene	-	Interim Managing Director (Resigned on 20th Dec' 2020)
Mr. Ebunolu Ayeni	-	Ag. Managing Director (Appointed on 20th Dec' 2020)
Ms. Ibiyemi B. Adeyinka	-	Interim Non-Executive Director
Ms. Daisy Ekineh	-	Interim Non-Executive Director
SECRETARY
H. Michael & Co
48B, Lasode Crescent
Victoria Island, Lagos
REGISTRATION NO.
RC No. 6126
REGISTERED OFFICE
Plot 294, Jide Oki Street
Victoria Island, Lagos
SOLICITORS
Bayo Osipitan & Co.
2A Ireti Street
Off Thorburn Avenue, Yaba

Solola & Akpana

3B, Tokunbo Omisore Street,

Off Wole Olateju, Lekki Phase 1, Lagos

AUDITORS

Doyin Owolabi & Co. (Chartered Accountants)

14, Falolu Street,

Surulere, Lagos.

BANKERS

Access Bank Plc

United Bank for Africa Plc

Zenith Bank Plc

Diamond Bank Plc

Keystone Bank Limited

Wema Bank Plc

Fidelity Bank Plc

ACTUARIES

Brian Karidza (FIA FASSA CERA)

FRC/2017NAS/00000016625

Alexander Forbes Nigeria Limited

Plot 235, Muri Okunola Street,

Rio Plaza, 2nd Floor, Victoria Island, Lagos

3

INTERNATIONAL ENERGY INSURANCE PLC

FINANCIAL HIGHLIGHTS

FOR THE YEAR ENDED DECEMBER 31, 2019

	Group			Company
	2019	2018		2019	2018
	N'000	N'000	%	N'000	N'000	%
Major statement of financial position items
As at December 31:
Total assets	8,755,366	7,598,656	15	8,636,224	7,551,962	14
Insurance contract liabilities	4,053,715	3,956,877	2	4,053,715	3,956,877	2
Total deficit	(10,634,447)	(11,870,643)	(10)	(10,575,108)	(11,797,474)	(10)
Major statement of profit or loss items
For the year ended December 31:
Gross written premium	525,947	459,596	14	525,947	463,059	14
Underwriting results	103,296	(157,693)	(166)	103,296	(154,387)	(167)
Investment and other operating income, net realized, fair value
changes and Interest Revenue	1,719,279	848,517	103	859,121	53,223	1514
Profit/(loss) before income tax expense	308,115	(3,995,596)	(108)	276,230	(3,981,220)	(107)
Income tax expense	(32,726)	(183,111)	(82)	(8,816)	(183,866)	(95)
Profit/(loss) for the year	275,399	(4,178,707)	(107)	267,414	(4,165,086)	(106)
Net liabilities per share (kobo)	(824)	(938)		(820)	(918)
Loss Per Share:
Basic and Diluted loss per share (Kobo)	24	(325)		24	(324)

4

INTERNATIONAL ENERGY INSURANCE PLC

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED DECEMBER 31, 2019

The Directors submit their Report on the affairs of International Energy Insurance Plc ("the Company") and its subsidiary, (collectively "the Group") together with the consolidated and separate financial statements for the year ended December 31, 2019.

PRINCIPAL ACTIVITIES AND BUSINESS REVIEW

The principal activities of International Energy Insurance Plc are the provision of general business risk underwriting and related financial services to corporate and retail customers. The Company has 81% shareholding in IEI Anchor Pensions Managers Limited. IEI Anchor Pensions Managers Limited is engaged in Pension Fund Administration for employees in the private and public sector.

RESULTS FOR THE YEAR		Group				Company
	N	'000	N	'000	N	'000	N	'000
Profit/(loss) before income tax expense	308,115	(3,995,596)	276,230	(3,981,220)
Income tax expense	(32,726)	(183,111)	(8,816)	(183,866)
	-----------------	----------------	-----------------	-----------------
Profit/loss for the year	275,399	(4,178,707)	267,414	(4,165,086)
Other comprehensive income/(loss)
for the year, net of tax	469,804	(71,645)	469,804	(71,645)
	-----------------	----------------	------------------	----------------
Total comprehensive profit/(loss)for the year	745,193	(2,319,906)	737,218	(2,357,199)
	==========	=========	==========	=========
DIVIDEND

The Directors do not recommend payment of any dividend for the year ended December 31, 2019 (2018: Nil).

EVENTS AFTER REPORTING DATE

There are no events after the reporting date, which could have had a material effect on the financial position of the Group and the Company as at December 31, 2019 and the profit for the year then ended.

BOARD OF DIRECTORS

The following are members of the Interim board of Directors who held office during the year and at the date of this report, these directors were appointed by NAICOM:

Mr. Muhammad K. Ahmad, OON	-	Interim Chairman
Mr. Peter Irene	-	Interim Managing Director (Resigned on 20th Dec 2020)
Mr. Ebunolu Ayeni	-	Ag. Managing Director (Appointed on 20th Dec 2020)
Ms. Ibiyemi B. Adeyinka	-	Interim Non-Executive Director
Ms. Daisy Ekineh	-	Interim Non-Executive Director

DIRECTORS' INTEREST IN CONTRACTS

In accordance with Section 277 of the Companies and Allied Matters Act of Nigeria, CAP C20 Laws of the Federation of Nigeria, none of the Directors has notified the Company of any declarable interest in contracts during the year.

DIRECTORS' INTEREST IN SHARES

The Directors' direct and indirect interests in the issued share capital of the Company are as follows:

Directors	2019	2018
Mr. Muhammad K. Ahmad (OON)	-	-
Mr. Peter Irene	-	-
Mr. Ebunolu Ayeni	-	-
Ms. Ibiyemi B. Adeyinka	38,888	38,888
Ms. Daisy Ekineh	-	-
	5