 | | CONTACT
Akuro House,
24, Campbell Street,
P. O. Box 7365 Marina - 101231
Lagos, Nigeria.
Tel: 234 1 2601160-2, 2601164-5
Fax: 2634409
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|  | | 2003
N'000 | 2002
N'000 | 2001
N'000 | 2000
N'000 | 1999
N'000 |
| ASSETS | | | | | |
| Cash and bank balances
| 40,908 | 20,005 | 8,657 | 9,788 | 16,100 |
| Short-term investments | 222,308 | 80,709 | 71,025 | 73,151 | 63,600 |
| Debtors and prepayment | 495,733 | 432,984 | 334,697
| 252,867 | 162,221 |
| Long-term investments
| 30,403 | 31,279 | 30,312 | 31,514 | 25,639 |
| Statutory deposit
| 22,500 | 22,500 | 22,500 | 22,500 | 22,500 |
| Fixed assets
| 91,124 | 92,785 | 23,720 | 20,276 | 22,765 |
| | 902,976
| 680,262 | 490,911 | 410,096 | 312,825 |
| LIABILITIES | | | | | |
| Creditors and accruals | 155,456 | 132,209 | 90,056 | 74,836 | 44,926 |
| Reinsurance funds | 327,313 | 245,008 | 156,773 | 125,620 | 110,500 |
| | 482,769 | 377,217 | 246,829 | 200,456 | 155,426
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| CAPITAL AND RESERVES | | | | | |
| Paid-up share capital | 165,000 | 165,000 | 150,000 | 150,000 | 138,000 |
| Contingency reserve | 101,026 | 75,887 | 60,564 | 48,211 | 38,771
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| Deposit for shares | 60,578 | - | - | - | - |
| General reserve | 37,754 | 6,309 | 33,518 | 11,429 | -19,372 |
| Revaluation reserve | 55,849 | 55,849 | - | - | - |
| Shareholders’ fund | 420,207 | 303,045 | 244,082 | 209,640 | 157,399 |
| | 902,976 | 680,262 | 490,911 | 410,096 | 312,825 |
| INCOME AND PROFIT
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| Gross underwriting premium | 908,526 | 571,220 | 398,296 | 320,442
| 280,821 |
| Profit/(loss) before taxation | 87,066 | 24,301 | 58,469 | 55,040
| 27,881 |
| Profit/(loss) after taxation | 79,803 | 22,958 | 49,442 | 54,554
| 25,881 |
| Transfer to contingency reserve | (25,139) | (15,323) | (12,353) | (8,753) | (8,737) |
| Proposed dividend | (19,800) | (19,800) | (15,000) | (15,000) | - |
| Transfer to/(from) general reserve | 34,864 | (12,165) | 22,089 | 30,801 | 17,144 |
| Per N1 share data (actual):
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| Earnings | N0.48 | N0.14 | N0.33 | N0.36 | N0.19 |
| Dividend | N0.12 | N0.12 | N0.10 | N0.10 | - |
| Net assets | N2.30 | N1.84 | N1.63 | N1.50 | N1.14 |
| Per N1 share data (adjusted):
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| Earnings | N0.48 | N0.14 | N0.30 | N0.33 | N0.16 |
| Dividend | N0.12 | N0.12 | N0.10 | N0.10 | - |
| Net assets | N2.30 | N1.84 | N1.48 | N1.27 | N1.95 |
| NOTE:
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Adjusted earnings per share and dividend per share are based on profit after taxation and on paid-up share capital as at 31 December 2003.
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