MUTUAL BENEFITS ASSURANCE : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

UNAUDITED INTERIM FINANCIAL

STATEMENTS AS AT 31ST MARCH, 2023

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MUTUAL BENEFITS ASSURANCE PLC

CORPORATE INFORMATION

FOR THE YEAR ENDED 31 MARCH 2023

CONTENTS	PAGE
Summary of Significant Accounting Policies	2
Consolidated and Separate Statements of Profit or Loss	3
Consolidated and Separate Statements of Other Comprehensive Income	4
Consolidated and Separate Statements of Financial Position	5
Consolidated Statement of Changes in Equity - Group	7
Separate Statement of Changes in Equity - Company	8
Consolidated and Separate Statements of Cash Flows	9
Notes to the Consolidated and Separate Financial Statements	10

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MUTUAL BENEFITS ASSURANCE PLC

FINANCIAL HIGHLIGHTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR THE PERIOD ENDED 31 MARCH 2023
STATEMENTS OF PROFIT OR LOSS
	GROUP			COMPANY
in thousands of Nigerian Naira	MARCH 2023 ACTUAL YTD	MARCH 2022 ACTUAL YTD		%	MARCH 2023 ACTUAL YTD	MARCH 2022 ACTUAL YTD	%
Gross premium written	12,755,831	10,987,105		16	6,106,116	5,098,507	20
Gross premium income	7,018,441	8,659,272	-	19	4,143,949	3,404,873	22
Net premium income	6,119,533	7,771,587	-	21	3,597,859	2,729,264	32
Net underwriting income	6,416,584	8,091,749	-	21	3,847,347	3,019,131	27
Underwriting profit	2,300,952	2,479,983	-	7	1,740,745	1,259,988	38
Profit/(loss) before income tax	1,985,826	1,875,056		6	1,413,009	924,560	53
Profit/(loss) for the year	1,663,896	1,649,709		1	1,080,952	728,911	48
Earnings per share: Basic	9	8			5	4
and diluted
STATEMENTS OF FINANCIAL POSITION
in thousands of Nigerian Naira	MARCH 2023 ACTUAL YTD	DECEMBER 2022 ACTUAL		%	MARCH 2023 ACTUAL YTD	DECEMBER 2022 ACTUAL	%
YTD		YTD
Total assets	95,765,567	92,952,894		3	32,094,140	29,300,440	10
Insurance contract liabilities	30,002,707	26,094,699		15	12,350,986	11,008,862	12
Investment contract liabilities	32,739,278	33,505,502		2	-	-	-
Shareholders' fund	22,736,382	21,376,114		6	14,795,244	13,714,292	8

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MUTUAL BENEFITS ASSURANCE PLC

CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS

		GROUP		COMPANY
in thousands of Nigerian Naira	Notes	MARCH 2023	MARCH 2022		MARCH 2023	MARCH 2022
ACTUAL YTD	ACTUAL YTD		ACTUAL YTD	ACTUAL YTD
Gross premium written	3.1	12,755,831	10,987,105		6,106,116	5,098,507

Gross premium income	3.1	7,018,441	8,659,272
Premiums ceded to reinsurers	3.2	(898,908)	(887,685)
Net premium income	3.3	6,119,533	7,771,587
Fees and commission income	4	297,051	320,162
Net underwriting income		6,416,584	8,091,749

4,143,949 3,404,873

(546,090) (675,609)

3,597,859 2,729,264

249,488289,867

3,847,347 3,019,131

Net benefits and claims	5	1,389,068	3,507,042
Changes in life fund	32.1.2	265,899	-
Changes in annuity reserve	32.1.2	(10,477)	(10,477)
Underwriting expenses	6	2,471,142	2,115,201
Net underwriting expenses		4,115,632	5,611,766
Underwriting profit		2,300,952	2,479,983

924,604	807,537
-	-
-	-
1,181,998	951,606
2,106,602	1,759,143
1,740,745	1,259,988

Profit/(loss) on investment contracts	7	362,971	13,592	-	-
Investment income	8	885,202	419,309	420,093	267,000
Net fair value gain/(loss) on assets at FVTPL	9	(211,620)	223,302	(78,031)	79,808
Other income	10	19,789	89,846	9,770	10,765
Impairment reversal/(loss) on financial assets	11	(13,834)	(4,680)	-	-
Employee benefit expenses	12	(525,350)	(476,594)	(268,820)	(235,409)
Management expenses	13	(872,147)	(941,669)	(431,937)	(490,110)
Net foreign exchange gains/(losses)	14	(22,913)	56,810	21,189	48,995
Operating profit/(loss)		1,923,050	1,859,899	1,413,009	941,037

Finance costs	15	(28,293)	(32,280)
Finance income	16	91,069	47,437
Profit/(Loss) before income tax		1,985,826	1,875,056
Income tax (expense)/credit	17	(321,930)	(225,347)
Profit/(Loss) for the year		1,663,896	1,649,709
Profit/(Loss) attributable to:
Owners of the parent		1,739,447	1,632,274
Non-controlling interests	47	(75,551)	17,435
		1,663,896	1,649,709
Earnings/(Loss) per share:
Earnings/(Loss) per share for profit/(loss)
attributable to equity holders of parent
Basic and diluted (kobo)	18	9	8

• (16,477)
• -
  1,413,009924,560
  (332,057) (195,649)
  1,080,952728,911

1,080,952728,911

--

1,080,952728,911

54

The accompanying summary of significant accounting policies and notes to the consolidated and separate financial statements are an integral part of these consolidated and separate financial statements.

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MUTUAL BENEFITS ASSURANCE PLC

CONSOLIDATED AND SEPARATE STATEMENTS OF OTHER COMPREHENSIVE INCOME

		GROUP		COMPANY
in thousands of Nigerian Naira	Notes	MARCH 2023	MARCH 2022		MARCH 2023	MARCH 2022
ACTUAL YTD	ACTUAL YTD		ACTUAL YTD	ACTUAL YTD
Profit/(loss) for the year		1,663,896	1,649,709	1,080,952	728,911
Other comprehensive income (net of tax):

Items that may be reclassified to the profit or loss account in subsequent periods:

Exchange differences on translation of foreign	(606,335)	(286,807)
operations
	(606,335)	(286,807)
Total other comprehensive income for the
year, net of tax	(606,335)	(286,807)
Total comprehensive Income/(loss) for the
year, net of tax	1,057,561	1,649,709

Total comprehensive income/(loss) attributable to:

--

--

--

1,080,952 728,911

Owners of the parent		1,360,268	1,781,674	1,080,952	728,911
Non-controlling interests	47	(302,707)	(131,966)		-	-
		1,057,561	1,649,709		1,080,952	728,911

The accompanying summary of significant accounting policies and notes to the consolidated and separate financial statements are an integral part of these consolidated and separate financial statements.

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