MUTUAL BENEFITS ASSURANCE PLC 1
MUTUAL BENEFITS ASSURANCE PLC
CORPORATE INFORMATION
FOR THE PERIOD ENDED 30 JUNE 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 |
7 | |
8 | |
Consolidated and Separate Statements of Cash Flows | 9 |
Notes to the Consolidated and Separate Financial Statements | 10 |
2
MUTUAL BENEFITS ASSURANCE PLC
FINANCIAL HIGHLIGHTS
FOR THE YEAR ENDED 30TH JUNE 2023
GROUP | COMPANY | |||||
in thousands of Nigerian Naira | JUNE 2023 ACTUAL YTD | JUNE 2022 ACTUAL YTD | % | JUNE 2023 ACTUAL YTD | JUNE 2022 ACTUAL YTD | % |
Gross premium written | 22,164,070 | 18,446,567 | 20 | 11,050,960 | 8,936,556 | 24 |
Gross premium income | 17,991,941 | 15,637,289 | 15 | 8,689,186 | 7,431,631 | 17 |
Net premium income | 16,036,086 | 13,746,830 | 17 | 7,179,580 | 5,970,666 | 20 |
Net underwriting income | 16,455,595 | 14,184,116 | 16 | 7,531,422 | 6,313,369 | 19 |
Underwriting profit | 4,638,648 | 5,307,944 | (13) | 2,247,818 | 2,330,114 | (4) |
Profit/(loss) before income tax | 3,958,148 | 3,934,990 | 1 | 1,750,981 | 1,241,210 | 41 |
Profit/(loss) for the year | 3,442,213 | 3,537,606 | (3) | 1,339,500 | 947,314 | 41 |
Earnings per share: Basic | 17 | 17 | 7 | 5 | ||
and diluted | ||||||
STATEMENTS OF FINANCIAL POSITION | ||||||
in thousands of Nigerian Naira | JUNE 2023 ACTUAL YTD | DECEMBER 2022 ACTUAL | % | JUNE 2023 ACTUAL YTD | DECEMBER 2022 ACTUAL | % |
YTD | YTD | |||||
Total assets | 103,897,573 | 92,952,894 | 12 | 33,308,060 | 29,300,440 | 14 |
Insurance contract liabilities | 30,667,834 | 26,094,699 | 18 | 13,519,251 | 11,008,862 | 23 |
Investment contract liabilities | 32,696,510 | 33,505,502 | 2 | - | - | - |
Shareholders' fund | 27,640,604 | 21,376,114 | 29 | 15,053,794 | 13,714,292 | 10 |
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MUTUAL BENEFITS ASSURANCE PLC
CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS
GROUP | COMPANY | ||||||||
in thousands of Nigerian Naira | Notes | June 2023 | June 2022 | JUNE 2023 | JUNE 2022 | June 2023 | June 2022 | JUNE 2023 | JUNE 2022 |
ACTUAL QTR | ACTUAL QTR | ACTUAL YTD | ACTUAL YTD | ACTUAL QTR | ACTUAL QTR | ACTUAL YTD | ACTUAL YTD | ||
Gross premium written | 3.1 | 9,408,239 | 7,459,462 | 22,164,070 | 18,446,567 | 4,944,844 | 3,838,049 | 11,050,960 | 8,936,556 |
Gross premium income | 3.1 | 10,973,500 | 6,978,017 | 17,991,941 | 15,637,289 | 4,545,237 | 4,026,758 | 8,689,186 | 7,431,631 |
Premiums ceded to reinsurers | 3.2 | (1,056,947) | (1,002,774) | (1,955,855) | (1,890,459) | (963,516) | (785,356) | (1,509,606) | (1,460,965) |
Net premium income | 3.3 | 9,916,553 | 5,975,243 | 16,036,086 | 13,746,830 | 3,581,721 | 3,241,402 | 7,179,580 | 5,970,666 |
Fees and commission income | 4 | 122,458 | 117,124 | 419,509 | 437,286 | 102,354 | 52,836 | 351,842 | 342,703 |
Net underwriting income | 10,039,011 | 6,092,367 | 16,455,595 | 14,184,116 | 3,684,075 | 3,294,238 | 7,531,422 | 6,313,369 | |
Net benefits and claims | 5 | 5,120,628 | 1,269,976 | 6,509,696 | 4,777,018 | 1,586,530 | 1,423,442 | 2,511,134 | 2,230,979 |
Changes in life fund | 32.1.2 | (3,735) | 380,742 | 262,164 | 380,742 | - | - | - | - |
Changes in annuity reserve | 32.1.2 | (10,469) | (10,477) | (20,946) | (20,954) | - | - | - | - |
Underwriting expenses | 6 | 2,594,891 | 1,624,165 | 5,066,033 | 3,739,366 | 1,590,472 | 800,670 | 2,772,470 | 1,752,276 |
Net underwriting expenses | 7,701,315 | 3,264,406 | 11,816,947 | 8,876,172 | 3,177,002 | 2,224,112 | 5,283,604 | 3,983,255 | |
Underwriting profit | 2,337,696 | 2,827,961 | 4,638,648 | 5,307,944 | 507,073 | 1,070,126 | 2,247,818 | 2,330,114 | |
Profit/(loss) on investment contracts | 7 | 349,550 | 201,703 | 712,521 | 215,295 | - | - | - | - |
Investment income | 8 | 845,682 | 703,091 | 1,730,884 | 1,122,400 | 412,322 | 269,875 | 832,415 | 536,875 |
Net fair value gain/(loss) on assets at FVTPL | 9 | 104,885 | (133,633) | (106,735) | 89,669 | 45,894 | (50,446) | (32,137) | 29,362 |
Other income | 10 | 35,826 | 33,731 | 55,615 | 123,577 | 9,741 | (425) | 19,511 | 10,340 |
Impairment reversal/(loss) on financial assets | 11 | (505,738) | 26,220 | (519,572) | 21,540 | - | - | - | - |
Employee benefit expenses | 12 | (573,538) | (598,580) | (1,098,888) | (1,075,174) | (258,018) | (301,153) | (526,838) | (536,562) |
Management expenses | 13 | (715,984) | (1,106,817) | (1,588,131) | (2,048,486) | (374,461) | (730,552) | (806,398) | (1,220,662) |
Net foreign exchange gains/(losses) | 14 | (3,658) | 62,879 | (26,571) | 119,689 | (4,579) | 63,047 | 16,610 | 112,042 |
Operating profit/(loss) | 1,874,721 | 2,016,555 | 3,797,771 | 3,876,454 | 337,972 | 320,472 | 1,750,981 | 1,261,509 | |
Finance costs | 15 | (25,924) | (20,068) | (54,217) | (52,348) | - | (3,822) | - | (20,299) |
Finance income | 16 | 123,525 | 63,447 | 214,594 | 110,884 | - | - | - | - |
Profit/(Loss) before income tax | 1,972,322 | 2,059,934 | 3,958,148 | 3,934,990 | 337,972 | 316,650 | 1,750,981 | 1,241,210 | |
Income tax (expense)/credit | 17 | (194,005) | (172,037) | (515,935) | (397,384) | (79,424) | (98,247) | (411,481) | (293,896) |
Profit/(Loss) for the year | 1,778,317 | 1,887,897 | 3,442,213 | 3,537,606 | 258,548 | 218,403 | 1,339,500 | 947,314 | |
Profit/(Loss) attributable to: | |||||||||
Owners of the parent | 1,634,066 | 1,801,059 | 3,373,512 | 3,433,333 | 258,548 | 218,403 | 1,339,500 | 947,314 | |
Non-controlling interests | 144,251 | 86,838 | 68,701 | 104,273 | - | - | - | - | |
1,778,317 | 1,887,897 | 3,442,213 | 3,537,606 | 258,548 | 218,403 | 1,339,500 | 947,314 | ||
Earnings/(Loss) per share: | |||||||||
Earnings/(Loss) per share for profit/(loss) | |||||||||
attributable to equity holders of parent | |||||||||
Basic and diluted (kobo) | 18 | 8 | 6 | 17 | 17 | 1 | 1 | 7 | 5 |
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
GROUPCOMPANY
in thousands of Nigerian Naira | Notes |
Profit/(loss) for the year
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 operations
Total other comprehensive income for the year, net of tax
Total comprehensive Income/(loss) for the year, net of tax
Total comprehensive income/(loss) attributable to: Owners of the parent
Non-controlling interests
JUNE 2023 | JUNE 2022 | JUNE 2023 | JUNE 2022 |
ACTUAL YTD | ACTUAL YTD | ACTUAL YTD | ACTUAL YTD |
3,442,213 | 3,537,606 | 1,339,500 | 947,314 |
3,465,288 | (78,523) | - | - |
3,465,288 | (78,523) | - | - |
3,468,606 | (78,523) | - | - |
6,907,502 | 3,459,083 | 1,339,500 | 947,314 |
3,539,533 | 1,339,500 | 947,314 | |
(80,450) | - | - | |
3,459,083 | 1,339,500 | 947,314 |
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 published this content on 30 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2023 22:30:10 UTC.
