INTERNATIONAL ENERGY INSURANCE : QUARTER 2 - FINANCIAL STATEMENT FOR 2022

INTERNATIONAL ENERGY INSURANCE PLC

Management Accounts

for the period ended 30th June 2022

INTERNATIONAL ENERGY INSURANCE PLC

UNAUDITED/MANAGEMENT ACCOUNTS

FOR THE PERIOD ENDED 30TH JUNE 2022

Contents	Page(s)
Statement of Financial Position	3
Statement of Profit or loss	4
Statement of Cash Flows	6
Statement of Changes in Equity	8
Notes to the Financial Statements	9
Supplementary financial information:
Revenue Account

INTERNATIONAL ENERGY INSURANCE PLC
Statement of Financial Position as at 30th June 2022
		30-Jun-22	31-Dec-21
Assets:	Notes	N'000	N'000
Cash and cash equivalents	1	239,507	126,709
Financial assets
- Fair value through profit or loss	2.1	93,772	92,255
- Fair value through other comprehensive income	2.2	247,281	247,281
- Debt instruments at amortised cost	2.3	519	759
Trade receivables		-	-
Other receivables and prepayments	4	3,512	1,692
Reinsurance assets	5	262,377	262,377
Deferred acquisition costs	6	16,382	9,148
Investment in subsidiary	7	1,000,000	1,000,000
Investment properties	8	3,822,250	3,822,250
Property, plant and equipment	10	3,038,878	3,047,490
Statutory deposit	11	322,500	322,500
Total assets		9,046,979	8,932,461
Liabilities:
Insurance contract liabilities	12	4,274,608	4,247,655
Trade payables	13	34,986	27,919
Provision and other payables	14	1,481,204	1,321,887
Current income tax payable	15	507,641	509,459
Deferred tax liabilities	16	206,209	206,209
Borrowings	17	14,092,843	14,092,843
Deposit for shares	18	317,233	317,233
Total Liabilities		20,914,724	20,723,205
Net Assets/(liabilities)		(11,867,745)	(11,790,744)
Capital and Reserves:
Share capital	19	642,043	642,043
Share premium	20	963,097	963,097
Statutory contingency reserve	21	1,616,206	1,603,755
Capital reserve	22	7,926,399	7,926,398
Accumulated losses	23	(24,650,689)	(24,561,237)
Property revaluation reserve	24	1,482,917	1,482,917
Fair value reserve	25	152,283	152,283
Shareholders' funds		(11,867,745)	(11,790,744)

These financial statements were signed on behlaf of the Board on 25th July, 2022 by:

Mr. Emmanuel Bassey
Mr. Ebunolu Ayeni
Chief Financial Officer	Managing Director/CEO
FRC/2013/ICAN/00000000635	FRC/2015/C11N/00000011052

See accompanying summary of significant accounting policies and notes to the financial statements form an integral part of these financial statements.

INTERNATIONAL ENERGY INSURANCE PLC
Statement of Profit or loss
for the period ended 30th June 2022
		3 months to	6 months to	3 months to	6 months to
		30-Jun-22	30-Jun-22	30-Jun-21	30-Jun-21
	Notes	=N='000	=N='000	=N='000	=N='000
Gross written premium	27	238,650	415,041	135,121	302,323
Gross premium income	27	196,021	387,470	25,154	323,677
Reinsurance expenses	28	(3,976)	(13,778)	(5,963)	(35,478)
Net premium income		192,045	373,692	19,191	288,199
Commission income	29	642	2,784	2,109	2,949
Net underwriting income		192,687	376,476	21,300	291,148
Underwriting expenses
Claims expenses	30	(49,642)	(33,730)	(173,709)	(96,991)
Acquisition costs	31	(4,753)	(15,291)	(247)	(12,650)
Maintenance costs	32	(38,680)	(85,419)	(33,285)	(74,649)
Total underwriting expenses		(93,075)	(134,440)	(207,241)	(184,289)
Underwriting results		99,612	242,036	(185,941)	106,859
Interest Income	33.1	1,191	7,340	-	3,394
Net fair value gain/(loss)	33.2	295	295	-	297
Net fair value loss	35	-	1,517	1,934	(4,094)
Other income	36	12,511	18,061	2,130	63,156
Management expenses	38	(195,612)	(343,722)	(116,781)	(243,546)
Results from operating activities		(82,003)	(74,472)	(298,659)	(73,934)
Finance costs	39	-	-	-	-
Profit/(Loss) before income tax expense		(82,003)	(74,472)	(298,659)	(73,934)
Income tax expense/credit	15	-	(2,234)	-	(14,017)
Profit/(Loss) After Taxation		(82,003)	(76,706)	(298,659)	(87,950)
Loss per share:
Basic and diluted loss for the year attributable
to equity holders of the parent	40		(5.97)		(6.85)

INTERNATIONAL ENERGY INSURANCE PLC
Statement of Changes in Equity
for the month of 30th June 2022
			Attributable to owners of the parent
			Statutory			Property
	Share	Share	contingency	Capital	Accumulated	revaluation	Fair value
	capital	premium	reserve	reserve	losses	reserve	reserve	Total
Company	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000

As at 1 January 2021

Loss for the year

Other comprehensive income Total comprehensive loss Transfer between reserves Adjustment made to write off Balances

At 31 December 2021

Restated opening balance

Loss for the year

Other comprehensive income Total comprehensive loss Transfer between reserves

At 30 June 2022

642,043	963,097	1,583,143	7,926,398	(23,825,671)	1,482,917	152,283	(11,075,790)
-	-	-	-	(714,953)	-	-	(714,953)
-	-	-	-	-	-	-	-
-	-	-	-	(714,953)	-	-	(714,953)
-	-	20,612	-	(20,612)	-	-	-
				-			-
642,043	963,097	1,603,755	7,926,398	(24,561,237)	1,482,917	152,283	(11,790,743)
-	-	-	-	-	-	-	-
642,043	963,097	1,603,755	7,926,398	(24,561,237)	1,482,917	152,283	(11,790,743)
-	-	-	-	(76,706)	-	-	(76,706)
-	-	-	-	-	-	-	-
-	-	-	-	(76,706)	-	-	(76,706)
-	-	12,451	-	(12,451)	-	-	-
642,043	963,097	1,616,207	7,926,398	(24,650,394)	1,482,917	152,283	(11,867,449)

See accompanying summary of significant accounting policies and notes to the financial statements which form an integral part of these financial statements.