MUTUAL BENEFITS ASSURANCE : QUARTER 3 - FINANCIAL STATEMENT FOR 2023

1

MUTUAL BENEFITS ASSURANCE PLC

CORPORATE INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2022

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

2

MUTUAL BENEFITS ASSURANCE PLC

CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS

				GROUP				COMPANY
	Notes	September	September	SEPTEMBER 2023 SEPTEMBER 2022		September	September	SEPTEMBER	SEPTEMBER
in thousands of Nigerian Naira	2023 ACTUAL	2022 ACTUAL		2023 ACTUAL 2022 ACTUAL	2023 ACTUAL
		QTR	QTR	ACTUAL YTD	ACTUAL YTD		QTR	QTR	YTD	2022 ACTUAL YTD
Gross premium written	3.1	12,182,743	7,892,062	34,346,813	26,338,629		7,364,287	3,810,019	18,415,247	12,746,575

Gross premium income	3.1	11,363,614	9,299,852	29,355,555	24,937,141
Premiums ceded to reinsurers	3.2	(1,747,305)	(1,249,881)	(3,703,160)	(3,140,340)
Net premium income	3.3	9,616,309	8,049,971	25,652,395	21,796,801
Fees and commission income	4	353,428	216,824	772,937	654,110
Net underwriting income		9,969,737	8,266,795	26,425,332	22,450,911
Net benefits and claims	5	6,113,818	4,432,009	12,623,514	9,209,027
Changes in life fund	31.1.2	269,570	457,379	531,734	838,121
Changes in annuity reserve	31.1.2	(10,460)	(10,478)	(31,406)	(31,432)
Underwriting expenses	6	3,262,216	2,578,116	8,328,249	6,317,482
Net underwriting expenses		9,635,144	7,457,026	21,452,091	16,333,198
Underwriting profit		334,593	809,769	4,973,241	6,117,713
Profit/(loss) on investment contracts	7	721,438	205,426	1,433,959	420,721
Investment income	8	1,118,745	437,483	2,849,629	1,559,883
Net fair value gain/(loss) on assets at FVTPL	9	105,127	(252,308)	(1,608)	(162,639)
Other income	10	24,325	(53,151)	79,940	70,426
Impairment reversal/(loss) on financial assets	11	-	(68,283)	(519,572)	(46,743)
Employee benefit expenses	12	(806,673)	(704,219)	(1,905,561)	(1,779,393)
Management expenses	13	(1,227,477)	(416,657)	(2,815,608)	(2,465,143)
Net foreign exchange gains/(losses)	14	1,488,279	18,566	1,461,708	138,255
Operating profit/(loss)		1,758,357	(23,374)	5,556,128	3,853,080
Finance costs	15	(55,512)	(67,438)	(109,729)	(119,786)
Finance income	16	167,528	252,862	382,122	363,746
Profit/(Loss) before income tax		1,870,373	162,050	5,828,521	4,097,040
Income tax (expense)/credit	17	(317,907)	(91,668)	(833,842)	(489,052)
Profit/(Loss) for the year		1,552,466	70,382	4,994,679	3,607,988
Profit/(Loss) attributable to:		1,445,302	57,135	4,818,814	3,490,468
Owners of the parent
Non-controlling interests	46	107,164	13,247	175,865	117,520
		1,552,466	70,382	4,994,679	3,607,988

Earnings/(Loss) per share:

Earnings/(Loss) per share for profit/(loss) attributable to equity holders of parent

5,981,817	3,880,597	14,671,003	11,312,228
(1,137,210)	(1,047,816)	(2,646,816)	(2,508,781)
4,844,607	2,832,781	12,024,187	8,803,447
272,369	184,569	624,211	527,272
5,116,976	3,017,350	12,648,398	9,330,719
2,401,639	1,037,979	4,912,773	3,268,958
-	-	-	-
-	-	-	-
2,469,349	1,251,600	5,241,819	3,003,876
4,870,988	2,289,579	10,154,592	6,272,834
245,988	727,771	2,493,806	3,057,885
-	-	-	-
816,767	221,379	1,649,182	758,254
129,392	(118,121)	97,255	(88,759)
5,303	14,867	24,814	25,207
-	-	-	-
(377,611)	(362,429)	(904,449)	(898,991)
(591,696)	60,204	(1,398,094)	(1,160,458)
842,846	14,058	859,456	126,100
1,070,989	557,729	2,821,970	1,819,238
-	-	-	(20,299)
-	-	-	-
1,070,989	557,729	2,821,970	1,798,939
(265,792)	(87,941)	(677,273)	(381,837)
805,197	469,788	2,144,697	1,417,102
			-
805,197	469,788	2,144,697	1,417,102
-	-	-	-
805,197	469,788	2,144,697	1,417,102

Basic and diluted (kobo)

18

7

0

24

17

4

2

11

7

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.

3

MUTUAL BENEFITS ASSURANCE PLC

CONSOLIDATED AND SEPARATE STATEMENTS OF OTHER COMPREHENSIVE INCOME

		GROUP		COMPANY
		SEPTEMBER	SEPTEMBER		SEPTEMBER	SEPTEMBER
in thousands of Nigerian Naira	Notes 2023 ACTUAL	2022 ACTUAL		2023 ACTUAL	2022 ACTUAL
		YTD	YTD		YTD	YTD
		Restated*	Restated*		Restated*	Restated*

Profit/(loss) for the year		4,994,679	3,607,988
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		2,784,079	(309,609)
operations
		2,784,079	(309,609)
Other comprehensive income not to be
reclassified to profit or loss in subsequent periods
(net of tax)
Finance income (expenses) from insurance		-	-
contracts issued
Finance income (expenses) from reinsurance		-	-
contracts held
Net revaluation gains/(losses) on equity
instrument at FVOCI	20.1	3,318	-
Revaluation gain on land and building (net of		-	-
tax)
Effect of tax at 30%		-	-
		3,318	-
Total other comprehensive income for the
year, net of tax		2,787,397	(309,609)
Total comprehensive Income/(loss) for the
year, net of tax		7,782,076	3,298,379
Total comprehensive income/(loss) attributable to:
Owners of the parent		7,057,174	3,340,938
Non-controlling interests	46	724,902	(42,559)
		7,782,076	3,298,379

3,867,074 1,417,102

--

--

-	-
-	-
-	-
-	-
-	-
-	-
-	-
3,867,074	1,417,102
3,867,074	1,417,102
-	-
3,867,074	1,417,102

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.

4

MUTUAL BENEFITS ASSURANCE PLC

CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION

		GROUP				COMPANY
		SEPTEMBER	DECEMBER 2022				SEPTEMBER	DECEMBER 2022
in thousands of Nigerian Naira	Notes	2023 ACTUAL				2023 ACTUAL
ACTUAL YTD				ACTUAL YTD
		YTD				YTD
ASSETS	19	25,468,849	18,750,562	#		7,924,138	3,027,375
Cash and cash equivalents
Equity instruments at fair value through OCI	20.1	124,352	417,911	#		82,646	82,338
Financial assets at fair value through profit or loss	20.2	1,828,924	3,152,044	#		167,661	1,447,716
Financial assets at amortised cost	20.3	58,310,567	51,268,931	#		13,419,840	10,850,341
Financial assets held for trading pledged as collateral	21	282,543	130,358	#		282,543	130,358
Trade receivables	22	5,239,367	839,744	#		1,787,177	494,409
Reinsurance assets	23	5,844,180	6,372,088	#		2,343,100	3,250,170
Other receivables and prepayments	24	1,756,420	785,057	#		249,497	322,617
Deferred acquisition costs	25	1,442,754	1,008,899	#	1,182,444	765,211
Finance lease receivables	25	10,800	9,788	#		10,800	9,788
Investment properties	26	4,766,364	5,320,000	#	75,000	75,000
Investments in subsidiaries	27	-	-	#	6,120,000	6,120,000
Intangible assets	28	559,443	383,299	#	192,997	113,654
Property, plant and equipment	29	4,174,551	3,437,944		E	2,166,403	2,150,142
Statutory deposit	30	500,000	500,000	#	300,000	300,000
Deferred tax assets	38.1	475,801	576,269	#	161,321	161,321
Total assets		110,784,915	92,952,894				36,465,567	29,300,440
LIABILITIES	31	33,619,761	26,094,699	#	15,106,379	11,008,862
Insurance contract liabilities
Investment contract liabilities	32	32,708,905	33,505,502	#	-	-
Trade payables	33	6,732,308	3,053,011				1,929,282	1,104,251
Other liabilities	34	3,134,763	3,045,626				1,892,065	1,764,028
Deposit liabilities	35	1,733,871	2,233,191				-	-
Borrowings	36	400,870	400,870				400,870	400,870
Current income tax liabilities	37	1,415,253	769,870				1,232,207	586,884
Deferred tax liabilities	38.2	1,492,684	1,442,504				721,253	721,253
Total liabilities		81,238,415	70,545,273				21,282,056	15,586,148

EQUITY	39.2	10,030,811	10,030,811
Share capital
Share Premium	43.3	276,486	276,486
Treasury shares	40	(250)	(250)
Foreign currency translation reserve	41	4,317,886	1,533,807
Contingency reserve	42	6,466,577	5,362,165
Fair value reserve	43	(1,277,148)	(601,668)
Revaluation reserve	44	1,536,428	1,536,428
Retained Earnings/(accumulated losses)	45	6,439,301	3,238,335
Total shareholders' fund		27,790,091	21,376,114

10,030,811 10,030,811

276,486276,486

1. (250)
   --

4,888,3384,004,353

(787,051)(111,570)

1,355,6931,355,693

(580,516) (1,841,231)

15,183,511 13,714,292

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.

5

MUTUAL BENEFITS ASSURANCE PLC

CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION - Continued

		GROUP
	Notes	SEPTEMBER	DECEMBER
in thousands of Nigerian Naira	2023 ACTUAL	2022 ACTUAL
		YTD	YTD
Total equity attributable to the:
Owners of the parent		27,790,091	21,376,114
Non-controlling interests in equity	46	1,756,409	1,031,507
Total equity		29,546,500	22,407,621
Total liabilities and equity		110,784,915	92,952,894
		(0)	(0)

COMPANY

SEPTEMBER	DECEMBER 2022
2023 ACTUAL
ACTUAL YTD
YTD
15,183,511	13,714,292
-	-
15,183,511	13,714,292
36,465,567	29,300,440
-	-

The consolidated and separate financial statements and accompanying summary of significant accounting policies and notes to the consolidated and separate financial statements were approved and authorised for issue by the Board of Directors on 27th October

2023 and were signed on its behalf by:

Dr. Akin Ogunbiyi		Mr. Olufemi Asenuga
FRC/2013/CIIN/00000003114	FRC/2013/CIIN/00000003104
Chairman	Managing Director/ CEO

Mr. Abayomi Ogunwo

FRC/2015/ICAN/00000011225

Chief Finance Officer

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.

6

MUTUAL BENEFITS ASSURANCE PLC

CONSOLIDATED AND SEPARATE STATEMENT OF CHANGES IN EQUITY

Group					Attributable to equity holders of the Company
						Foreign
						currency						Non -
		Share	Share	Treasury	Deposit	translation	Contingency	Fair value	Revaluation	Retained	Total	controlling	Total
in thousands of Nigerian Naira	Notes	capital	premium	shares	for shares	reserve	reserve	reserve	reserve	earnings		interests	equity
As at 1 January 2022		10,030,811	276,486	(250)	-	1,551,085	4,702,054	(559,729)	1,520,131	888,420	18,409,008	1,466,869	19,875,877
Total comprehensive income for the year:
Profit for the year		-	-	-	-	-	-	-	-	3,010,025	3,010,025	131,323	3,141,348
Other comprehensive income		-	-	-	-	(17,278)	-	(41,939)	16,297	-	(42,920)	(53,250)	(96,170)
Total comprehensive income for the year,
net of tax		-		-	-	(17,278)	-	(41,939)	16,297	3,010,025	2,967,105	78,073	3,045,178
Transactions with owners of equity
Dividend paid		-	-	-	-	-	-	-	-	-	-	(513,435)	(513,435)
Transfer to contingency reserve	42	-	-	-	-	-	660,111	-	-	(660,111)	-	-	-
Total transactions with owners of equity		-	-	-	-	-	660,111	-	-	(660,111)	-	(513,435)	(513,435)
As at 31 December 2022		10,030,811	276,486	(250)	-	1,533,807	5,362,165	(601,668)	1,536,428	3,238,335	21,376,114	1,031,507	22,407,621
As at 1 January 2023		10,030,811	276,486	(250)	-	1,533,807	5,362,165	(601,668)	1,536,428	3,238,335	21,376,114	1,031,507	22,407,621
Total comprehensive income for the year:										(3,898,446)
Profit for the year		-	-	-	-	-	-	-	-	4,818,814	4,818,814	175,865	4,994,679
Other comprehensive income		-	-	-	-	2,784,079	-	(675,480)	-	-	2,108,599	549,036	2,657,635
Total comprehensive income for the year,
net of tax		-		-	-	2,784,079	-	(675,480)	-	4,818,814	6,927,414	724,902	7,652,314
Transactions with owners of equity
Transfer to contingency reserve	42	-	-	-	-	-	1,104,412	-	-	(1,104,412)	-	-	-
Total transactions with owners of equity		-	-	-	-	-	1,104,412	-	-	(1,617,849)	(513,437)	-	(513,437)
As at 31 September 2023		10,030,811	276,486	(250)	-	4,317,886	6,466,577	(1,277,148)	1,536,428	6,439,300	27,790,091	1,756,409	29,546,500

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.

7

MUTUAL BENEFITS ASSURANCE PLC

CONSOLIDATED AND SEPARATE STATEMENT OF CHANGES IN EQUITY

Company
								Retained earnings/
		Share	Share	Treasury	Contingency	Fair value	Revaluation	(Accumulated
in thousands of Nigerian Naira	Notes	capital	premium	shares	reserve	reserve	reserve	losses)	Total
As at 1 January 2022		10,030,811	276,486	(250)	3,531,871	(114,887)	1,339,395	(2,561,147)	12,502,279
Total comprehensive income for the year:
Profit for the year		-	-	-	-	-	-	1,192,399	1,192,399
Other comprehensive income		-	-	-	-	3,317	16,298	-	19,615
Total comprehensive income for the year, net of tax		-	-	-	-	3,317	16,298	1,192,399	1,212,014
Transactions with owners of equity
Transfer to contingency reserve		-	-	-	472,482	-	-	(472,482)	-
Total transactions with owners of equity		-	-	-	472,482	-	-	(472,482)	-
As at 31 December 2022		10,030,811	276,486	(250)	4,004,353	(111,570)	1,355,693	(1,841,231)	13,714,292
As at 1 January 2023		10,030,811	276,486	(250)	4,004,353	(111,570)	1,355,693	(1,841,231)	13,714,292
IFRS 17 transition adjustments		-	-	-	-	-	-		-
Restated Balance as at 1 January 2023		10,030,811	276,486	(250)	4,004,353	(111,570)	1,355,693	(1,841,231)	13,714,292
Total comprehensive income for the year:
Profit for the year		-	-	-	-	-	-	2,144,697	2,144,697
Other comprehensive income		-	-	-	-	(675,481)	-	-	(675,481)
Total comprehensive income for the year, net of tax		-	-	-	-	(675,481)	-	2,144,697	1,469,216
Transactions with owners of equity
Transfer to contingency reserve		-	-	-	883,985	-	-	(883,985)	-
Total transactions with owners of equity		-	-	-	883,985	-	-	(883,985)	-
As at 31 September 2023		10,030,811	276,486	(250)	4,888,338	(787,051)	1,355,693	(580,516)	15,183,511

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.

8

MUTUAL BENEFITS ASSURANCE PLC

CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOWS

			GROUP
	Notes	SEPTEMBER	SEPTEMBER
in thousands of Nigerian Naira	2023 ACTUAL	2022 ACTUAL
			YTD	YTD
Cash flows from operating activities
Cash received from insurance contract policy holders			30,961,853	25,498,921
Cash received from investment contract policy holders	32		9,668,046	10,701,988
Cash withdrawal by investment contract policy holders	32		(11,948,573)	(10,593,675)
Commission received			956,756	739,923
Reinsurance paid	23.2		(2,254,914)	(2,902,734)
Claims paid	5		(12,700,333)	(10,007,996)
Claims recovered from reinsurers	23.2		2,209,728	2,461,476
Commission paid			(4,375,473)	(3,007,637)
Payments to employees	12		(1,905,561)	(1,779,393)
Maintenance expenses	6		(4,521,050)	(3,305,844)
Other cash received			462,062	897,767
Cash paid to brokers, suppliers and other providers of			(4,472,193)
services
Income tax paid	37		(26,356)	(153,101)
Net cash flows from operating activities	47		2,053,992	1,269,831
Investing activities:
Purchase of intangible assets	28		(107,451)	(67,651)
Purchase of property, plants and equipments	29		(185,976)	(152,634)
Investment income received				3,883,177
Receipts on finance lease recievables	25.1		(118,821)	2,332
Loans and recievables granted	21.3.1.1		(890,124)	-
Receipts on loans and recievables	21.3.1.1		(1,118,266)	-
Purchase of treasury bill	21.3.2.1		(93,574)	(23,332,612)
Purchase of commercial paper	20.3		(889,818)	(310,149)
Redemption of treasury bills	21.3.2.1		(1,174,630)	22,450,303
Redemption of quoted bonds	21.2.1.1		1,220,915	137,818
Redemption of commercial paper	21.3.3.1		158,341	95,501
Proceeds from sale of investment properties			553,636	525,000
Net cash flows from/(used in) investing activities			3,716,024	3,231,085
Financing activities
Repayments of borrowings			-	(1,845,000)
Net cash flows used in financing activities			(513,437)	(1,845,000)
Net increase/(decrease) in cash and cash equivalents			5,256,579	2,655,916
Effects of exchange rate changes on cash and cash			1,461,708	(112,760)
equivalents
Cash and cash equivalents as at 1 January			18,750,562	14,164,438
Cash and cash equivalents as at 31 December	19		25,468,849	16,707,594
			25,468,849
			0
	-	513,436

COMPANY

	SEPTEMBER	SEPTEMBER
2023 ACTUAL	2022 ACTUAL
	YTD	YTD
	16,839,858	12,044,437
	-	-
	-	-
	802,382	618,037
	(2,262,609)	(2,702,341)
	(4,548,061)	(4,548,460)
	1,266,287	1,218,270
	(2,846,253)	(1,956,183)
	(904,449)	(898,991)
	(2,788,273)	(1,251,791)
	24,814	25,207
	(3,551,588)	(1,102,105)
	(31,950)	(13,805)
	2,000,158	1,432,275
	(85,661)	(39,182)
	(109,565)	(93,501)
		498,368
	482	2,332
	(27,066)	-
	46,178	-
	(2,927)	(6,635,566)
	(889,818)	(214,648)
	72,878	6,371,303
	1,225,125	46,206
	158,341	-
	-	-
	2,037,148	(64,688)
	-	(1,845,000)
	-	(1,845,000)
	4,037,307	(477,413)
	859,456	(112,760)
	3,027,375	2,716,367
	7,924,138	2,126,194
	7,924,138
	(0)
-	675,478

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.

9

MUTUAL BENEFITS ASSURANCE PLC

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

3 Gross premium income
			GROUP	COMPANY
			SEPTEMBER	SEPTEMBER 2022	SEPTEMBER	SEPTEMBER 2022
	in thousands of Nigerian Naira	Notes 2023 ACTUAL	2023 ACTUAL
	ACTUAL YTD	ACTUAL YTD
			YTD	YTD

3.1 Gross premium written

	Non-life		22,393,971	15,696,594	18,415,247	12,746,575
	Life (Group life and individual life)		11,952,842	10,642,035	-	-
			34,346,813	26,338,629		18,415,247	12,746,575
			-	-		-	-
	Changes in unearned premium		526,714
	Non-life		(4,146,620)	(2,064,545)	(3,744,244)	(1,434,347)
	Life (Group life and individual life)		(844,638)	663,057	-	-
	Annuity
			(4,991,258)	(1,401,488)		(3,744,244)	(1,434,347)
	Gross premium income	32.3.i	29,355,555	24,937,141	14,671,003	11,312,228
			-	-		-	-
3.2	Premiums ceded to reinsurers		(124,121)		(123,261)
			124,121		123,261
	Outward premium - Non life		3,017,473	2,715,678	3,017,473	2,670,506
	Outward premium - life		1,056,344	637,400	-	-
	Changes in prepaid re-insurance		(370,657)	(212,738)	(370,657)	(161,725)
		23.3	3,703,160	3,140,340		2,646,816	2,508,781
			-	-		-	-
3.3	Net premium income		25,652,395	21,796,801	12,024,187	8,803,447
			-	-		-	-
4	Fees and commission income
	Commission received from reinsurance		772,937	652,995	624,211	527,129
	Commission received from co-insurance		-	1,115	-	143
			772,937	654,110		624,211	527,272
			-	-		-	-
5	Net benefits and claims		3,922,491
	Claims paid		12,700,333	10,007,996	4,548,061	4,548,460
	Change in outstanding claims		1,042,483	2,538,362	476,534	814,623
	Claims recoveries	23.2	(2,774,194)	(2,461,476)	(1,324,755)	(1,218,270)
	Change in outstanding claims - Reinsurers	23.1.1	1,654,892	(875,855)	1,212,933	(875,855)
			12,623,514	9,209,027		4,912,773	3,268,958
			-	-		-	-
6	Underwriting expenses
	Amortisation of deferred acquisition costs	25.1	3,807,199	3,011,638	2,453,546	1,752,085
	Maintenance costs	6.1	4,521,050	3,305,844	2,788,273	1,251,791
			8,328,249	6,317,482		5,241,819	3,003,876
			-	-		-	-

Underwriting expenses can be sub-divided into commission expenses (acquisition costs) and maintenance costs. Commission expenses are those incurred in obtaining and renewing insurance contracts. They include commissions or brokerage paid to agents or brokers and any other indirect expenses. Maintenance costs are those incurred in servicing existing policies/contracts. These include processing costs, preparation of statistics and reports, and other incidental costs attributable to maintenance.

6.1	Maintenance costs
			GROUP
			SEPTEMBER	SEPTEMBER 2022
	in thousands of Nigerian Naira	Notes	2023 ACTUAL
	ACTUAL YTD
			YTD
	Superintending and surveyors fees		650,244	379,724
	Marketing expenses		368,857	616,649
	Management Fees		234,678	124,699
	Agency allowance		180,254	368,015
	Training and Forum for marketers		2,551,336	700,914
	Agency unit manager allowance		161,939	579,305
	Tracking expenses on insured vehicles		13,114	99,594
	Agency expenses on travel insurance business		37,072	75,807
	Stamp duty expenses		9,442	10,074
	Administrative charges-Group Life		44,014	23,515
	Agency expenses on vehicle insurance business		7,282	121,663
	Agency training		1,038	1,628
			261,272	203,638
	Underwriting medical expenses		508	619
			4,521,050	3,305,844
			-	-
7	Profit / (loss) on investment contracts
	Interest income		3,074,860	2,335,314
	Surrender fee		463,030	451,440
	Rental income derived from investment properties		25,861	36,033
	Investment related expenses		-	(107,989)
	Acquisition cost on investment policies		(645,862)	(848,054)
	Guaranteed interest		(1,483,930)	(1,446,023)
			1,433,959	420,721
			-	-
8	Investment income

COMPANY

SEPTEMBER	SEPTEMBER 2022
2023 ACTUAL
ACTUAL YTD
YTD
620,051	205,198
73,297	111,618
234,678	124,699
133,060	68,015
1,501,107	348,188
-	-
13,114	99,594
37,072	75,807
4,045	3,701
-	-
7,282	121,663
-	-
164,567	93,308
-	-
2,788,273	1,251,791
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-

		Interest income on loans and advances		1,777	5,320	887	3,367
		Dividend income		1,141	2,846	1,141	2,846
		Interest income on fixed term deposits		768,501	408,639	221,141	68,509
		Interest income from commercial papers		26,898	14,429	26,898	9,930
		Interest income on bonds		806,552	132,461	806,552	132,461
		Interest income on statutory deposit		19,412	16,265	7,382	12,581
		Interest income on lease		1,494	8,905	1,494	8,905
		Interest from current accounts with banks		10,191	5,844	18	157
		Interest income from treasury bills		1,207,484	954,911	577,490	509,234
		Rental income		6,179	10,264	6,179	10,264
				2,849,629	1,559,883		1,649,182	758,254
				-	-	-	-
	* All interest income are calculated using effective interest method.
9				-	-	(438,394)	-
	Net fair value gain/(loss) on assets at FVTPL
				GROUP		COMPANY
				SEPTEMBER	SEPTEMBER 2022		SEPTEMBER	SEPTEMBER 2022
		in thousands of Nigerian Naira	Notes	2023 ACTUAL		2023 ACTUAL
		ACTUAL YTD		ACTUAL YTD
				YTD		YTD
		Fair value gains/(loss) on quoted equity shares	21.2.2	72,525	(8,770)	72,525	(8,770)
		Fair value gains/(losses)on financial assets held for trading pledged as collateral	21	152,185	(18,416)	152,185	(18,416)
		21.2.1.1	(226,318)		(127,455)
		Fair value gains/(losses) on Quoted Bonds	(135,453)	(61,573)
				(1,608)	(162,639)		97,255	(88,759)
				-	0		-	-
10		Other income
		Profit on sale of property, plant and equipment		10,040	1,596	-	400
		Micro finance fees and commission income		45,086	44,023	-	-
		Management fee on licensing business		25,140	24,807	25,140	24,807
		Insurance claim received		(326)	-	(326)	-
				79,940	70,426		24,814	25,207
				-	-		-	-

11 Impairment (reversal)/loss on financial assets

Loans and receivables	21.3.1.3	(519,572)	(46,743)	-	-
		(519,572)	(46,743)		-	-
		-	-		-	-

10