SUNU ASSURANCES NIGERIA PLC AND ITS SUBSIDIARY COMPANIES
UNAUDITED FINANCIAL STATEMENTS
DECEM BER 31, 2021
SUNU ASSURANCES NIGERIA PLC
Introduction
Sunu Assurances Nigeria Plc's unaudited Interim Financial Statements complies with the applicable legal requirements of the Nigerian Securities and Exchange Commission regarding interim financial statements. These financial statements contain extract of the unaudited financial statements prepared in accordance with IAS 34 'Interim Financial Reporting' its interpretation issued by the International Accounting Standards and adopted by the Financial Reporting Council of Nigeria. Due to rounding numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
We confirmed that SUNU Assurances Nigeria Plc has:
a. adopted a code of conduct regarding securities transactions by its directors on terms no less exacting than the required standard set out in the Financial Reporting Council of Nigeria (FRC), International Financial Reporting Standards (IFRS) and provisions of Rule 17.15(d) of the Listings Rules;
b. made specific enquiry of all directors and hereby confirm that its directors have complied with the required standard set out in the Listings Rules and in the Company's code of conduct regarding securities transactions by directors
In line with the provisions of Rule 2.2 of the Rules Governing Free Float Requirements, the shareholding pattern of the Company is disclosed at page 4 of the unaudited Financial Statements for the period ended 31st December, 2021.
We confirm that the Company's free float is in compliance with the Exchange's free float requirements for the Main Board on which the Company is listed
1
SUNU ASSURANCES NIGERIA PLC | |
CONTENTS | PAGES |
Corporate information | 3 |
Summary of significant accounting policies | 4 |
Financial Statements: | |
Statement of Financial Position | 23 |
Statement of Profit or Loss and Other Comprehensive Income | 24 |
Statement of Changes in Equity - Group | 25 |
Statement of Changes in Equity - Company | 26 |
Statement of Cash Flows | 27 |
Notes to the Statement of Profit or Loss and Other Comprehensive | |
Income and the Statement of Financial Position | 28 |
2
SUNU ASSURANCES NIGERIA PLC AND ITS SUBSIDIARY COMPANIES
CORPORATE INFORMATION | ||
BOARD OF DIRECTORS | ||
Mr Kyari Bukar | - | Chairman |
Mr Samuel Ogbodu | - | MD /CEO |
Ms Taizir Ajala | ||
Mr. Philippe Ayivor | ||
Mr. Mohammed Bah | ||
Mr Karim-Franck Dione | ||
Mr Leke Hassan | ED, Technical & Operations | |
COMPANY SECRETARY | ||
Taiwo Kuku | ||
Plot 1196, Bishop Oluwole street | ||
Victoria Island, Lagos | ||
REGISTERED OFFICE | ||
Sunu Place | ||
Plot 1196, Bishop Oluwole Street | ||
Victoria Island, Lagos | ||
RC No: | - | 65443 |
FRC Registration no: | - | FRC/2012/0000000000408 |
REGISTRARS AND TRANSFER OFFICE
Crescent Registrars Limited ( formerly EDC Registrars Limited) 23 Olusoji Idowu Street
Ilupeju
Lagos
BANKERS | ACTUARIES |
Access Bank Plc | Logic Professional Services |
Ecobank Nigeria Limited | 4th floor, Oshopey Plaza |
First Bank of Nigeria Limited | 17/19 Allen Avenue |
First City Monument Bank | Ikeja, Lagos, Nigeria |
Fidelity Bank Plc | |
Guaranty Trust Bank Plc | |
Heritage Bank Plc | |
Polaris Bank Plc | EXTERNAL AUDITORS |
Sterling Bank Plc | SIAO Partners |
Union Bank of Nigeria Plc | 18b Olu Holloway Road |
United Bank for Africa Plc | Ikoyi, |
Unity Bank Plc | Lagos, Nigeria. |
Wema Bank Plc | |
Zenith Bank Plc | |
RE-INSURERS | SOLICITORS |
WAICA Reinsurance Corporation | TEMPLARS |
African Reinsurance Corporation | 5th floor, The Octagon |
Continental Reinsurance Plc | 13A AJ Marinho Drive |
Nigerian Reinsurance Corporation | Victoria Island, Lagos |
3
SUNU ASSURANCES NIGERIA PLC AND ITS SUBSIDIARY COMPANIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
FOR THE PERIOD ENDED 31ST DECEMBER, 2021
-
REPORTING ENTITY
These financial statements are the consolidated financial statements of Sunu Assurances Nigeria Plc, a Company incorporated in Nigeria and its subsidiaries, namely EA Capital Management Limited and Sunu Health Nigeria Limited (formerly Managed Health Care Services Limited) (hereafter referred to as ' the Group').
Sunu Assurances Nigeria Plc formerly Equity Assurance Plc (the Company) emerged as a result of the merger between Equity Indemnity Insurance Limited and First Assurance Plc. In the scheme of the merger arrangement, First Assurance Plc acquired the net assets of Equity Indemnity Insurance Limited and subsequently changed its name to Equity Assurance Plc.
Sunu Assurances Nigeria Plc (the Company) was incorporated in Nigeria as a private limited liability Company, on 13 December 1984 to carry out non-life insurance business and was converted to a Public Liability Company in 1985.
Sunu Assurances Nigeria Plc (the Company) has two subsidiaries namely: EA Capital Management Limited (wholly owned) which was incorporated on 29 October 2008 and Sunu Health Nigeria Limited (formerly Managed Health Care Services Limited )(67.3% owned) which was incorporated on 11 December 1997.
The principal activities of Sunu Assurances Nigeria Plc and its subsidiaries are mainly the provision of non-life insurance, health management, assets management and hospitality services.
The consolidated financial statements for the period ended December 31, 2021 were approved for issue by the Board of Directors on 21 January, 2022 - SHAREHOLDING PATTERN AS AT DECEMBER 31, 2021
S/N | HOLDERS TYPE | No of Shareholders | % holding | No of holdings | % holdings |
1 | Nigerian Shareholders | 41,741 | 99.94 | 970,784,058 | 16.71 |
2 | Foreign Shareholders | 26 | 0.06 | 4,840,015,942 | 83.29 |
41,767 | 100.00 | 5,810,800,000 | 100.00 | ||
SHAREHOLDERS STRUCTURE AS AT DECEMBER 31, 2021 | |||||
S/N | HOLDERS TYPE | No of Shareholders | % holding | No of holdings | % holdings |
1 | Individual | 40,638 | 97.30 | 490,785,970 | 8.45 |
2 | Corporate body | 1,129 | 2.70 | 5,320,014,030 | 91.55 |
41,767 | 100.00 | 5,810,800,000 | 100.00 |
3 BASIS OF PREPARATION
- GOING CONCERN
The directors assess the group's future performance and financial position on a going concern basis and have no reason to believe that the group will not be a going concern in the year ahead.
- STATEMENT OF COMPLIANCE WITH IFRS
These interim financial statements have been prepared in accordance with IAS 34.
- BASIS OF MEASUREMENT
These consolidated and separate financial statements have been prepared on the historical cost basis except for the following:
- Non-derivativefinancial instruments are measured at fair value through profit or loss.
- At fair value through Other Comprehensive Income and at fair value through profit or loss financial assets are measured at fair value.
- Investment property is measured at fair value.
- Insurance liabilities measured at present value of future cashflows.
- USE OF SIGNIFICANT ESTIMATES, ASSUMPTIONS AND MANAGEMENT JUDGEMENT
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SUNU Assurances Nigeria plc published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 14:42:10 UTC.