 | | 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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| | 2004
N'000 | 2003
N'000 | 2002
N'000 | 2001
N'000 | 2000
N'000 |
| ASSETS | | | | | |
| Cash and bank balances | 72,459 | 40,908 | 20,005 | 8,657 | 9,788 |
| Short-term investments | 333,032 | 222,308 | 80,709 | 71,025 | 73,151 |
| Debtors and prepayment | 720,545 | 495,733 | 432,984
| 334,697 | 252,867 |
| Long-term investments
| 43,076 | 30,403 | 31,279 | 30,312 | 31,514 |
| Statutory deposit
| 35,000 | 22,500 | 22,500 | 22,500 | 22,500 |
| Fixed assets
| 98,182 | 91,124 | 92,785 | 23,720 | 20,276 |
| TOTAL | 1,302,294
| 902,976 | 680,262 | 490,911 | 410,096 |
| | | | | | | LIABILITIES | | | | | |
| Creditors and accruals | 205,589 | 155,456 | 132,209 | 90,056 | 74,836 |
| Reinsurance funds | 410,737 | 327,313 | 245,008 | 156,773 | 125,620 |
| TOTAL | 616,326 | 482,769 | 377,217 | 246,829 | 200,456 |
| | | | | | | CAPITAL AND RESERVES
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| Share Capital | 386,767 | 165,000 | 165,000 | 150,000 | 150,000 |
| Contingency reserve | 137,006 | 101,026 | 75,887 | 60,564 | 48,211 |
| Deposit for shares | - | 60,578 | - | - | - |
| Revaluation reserves | 55,849 | 55,849 | 55,849 | - | - |
| Reserves for script issue | 96,699 | - | - | - | - |
| General reserve | 9,647 | 37,754 | 6,309 | 33,518 | 11,429 |
| Shareholders’ fund
| 685,968 | 420,207 | 303,045 | 244,082 | 209,640 |
| TOTAL | 1,302,294 | 902,976 | 680,262 | 490,911 | 410,096 |
| INCOME AND PROFIT
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| Gross underwriting premium | 1,109,885 | 908,526 | 571,220 | 398,296
| 320,442 |
| Profit before taxation | 148,673 | 87,066 | 24,301 | 58,469
| 55,040 |
| Profit after taxation | 137,572 | 79,803 | 22,958 | 49,442
| 54,554 |
| Transfer to contingency reserve | (35,980) | (25,139) | (15,323) | (12,353) | (8,753) |
| Reserve for script issue | (96,699) | - | - | - | - |
| Proposed dividend | - | (19,800) | (19,800) | (15,000) | (15,000) |
| Transfer to general reserve | 4,893 | 34,864 | (12,165) | 22,089 | 30,801 |
| Per N1 share data (actual):
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| Earnings | 36k | 48k | 14k | 33k | 36k |
| Dividend | - | 12k | 12k | 10k | 10k |
| Net assets | 177k | 230k | 184k | 163k | 150k |
| Per N1 share data (adjusted):
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| Earnings | 36k | 48k | 14k | .33k | 36k |
| Dividend | - | 12k | 12k | 10k | 10k |
| Net assets | 177k | 230k | 184k | 163k | 150k |
| 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 2004.
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