MANAGEMENT ACCOUNT

For The Period Ended 30,June 2024

Universal Insurance Plc

RC 2460

Universal Insurance Plc

Shareholding Structure/Free Float Status

for the period ended 30th JUNE 2024

Description

30-Jun-24

30-Jun-23

Unit

percentage

Unit

percentage

Issued Share Capital

16,000,000,000

100%

16,000,000,000

100%

Substantial Shareholding (5% and above)

African Alliance Plc

3,900,000,000

24.38%

4,155,106,088

25.97%

Stanbic Nominees Nig, Ltd

1,763,191,383

Apel Asset Ltd Nominees

2,454,981,235

15.34%

9.30%

Total Substantial Shareholdings

6,354,981,235

40%

5,918,297,471

35%

Director’s Shareholdings (direct and indirect), excluding directors with substantial interest

Lt. Gen. J.N. Dogonyaro (Retd), CFR, Mni

Nil

Nil

Nil

Nil

Mr. Benedict Ujoatuonu

Nil

Nil

Nil

Nil

Mr. Reginald Anyanwu

150,000

0.0000094

150,000

0.0000094

Dr. Anthony Okocha

–

–

Mr. Paulinus Offorzor

Nil

Nil

Nil

Nil

Mr. Jasper Nduagwuike

360,000

0.000023

–

Total Director’s Shareholdings

510,000

0

150,000

–

Total Other Shareholdings

9,644,508,765

60%

10,081,552,529

65%

Free Float in Units and Percentage

9,644,508,765

60%

10,081,552,529

Nil

Free Float in Value

3,279,132,980

–

2,016,310,506

–

Declaration:

Universal Insurance Plc with a free float percentage of 60% as at 30th June 2024, is compliant with the Exchange’s free float requirement for companies listed on the

Universal Insurance Plc with a free float Value of N3,279,132,980 as at 30th June 2024, is compliant with the Exchange’s free float requirement for companies listed on

UNIVERSAL INSURANCE PLC.

Q2 2024 MANAGEMENT ACCOUNT

UNIVERSAL INSURANCE PLC

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS AT 30TH JUNE, 2024

NOTES

30-Jun-24

30-Jun-23

Assets

N’000

N’000

Cash and Cash Equivalents

6

2,419,471

941,783

Financial Assets

7

2,533,409

3,142,732

Trade Receivable

8

811,335

689,178

Reinsurance Contract Assets

9

970,622

817,107

Deferred Acquisition cost

10

548,901

619,478

Deferred tax assets

23.a

403,685

403,685

Other Receivables

11

468,749

416,250

Investment in Subsidiaries

12

2,800,302

2,692,232

Investment Properties

13

2,408,229

1,923,414

Intangible Asset

14

200,187

64,939

Property, Plant and Equipment

15

3,952,677

2,587,741

Statutory Deposits

16

335,000

335,000

Total Assets

17,852,568

14,633,539

Liabilities

Insurance Contract Liabilities

17

4,236,010

3,449,342

Borrowings

18

–

–

Trade payable

19

38,662

72,370

Other payable

20

578,028

114,725

Employee benefit liability

21

–

–

Income Tax liabilities

22

3,678

25,411

Deferred tax liabilities

23

296,875

296,875

Total Liabilities

5,153,253

3,958,722

Equity

Issued and paid Share capital

24.

1

8,000,000

8,000,000

Share Premium

24.

2

825,018

825,018

Contingency Reserves

24.

3

2,254,388

1,039,917

Fair value reserve

24.

4

6,460

6,460

Non Current assets revaluation reserve

24.

5

768,329

768,329

Retained earnings

24.

6

845,119

35,094

Shareholders funds

12,699,314

10,674,817

Other equtiy instruments

–

–

Non – controlling interests

TOTAL EQUITY & LIABILITIES

17,852,568

14,633,539

Signed on behalf of the Board of Directors on, July 15, 2024

BENEDICT UJOATUONU

EKEOPARA DORIS

CHIEF EXECUTIVE OFFICER

CHIEF FINANCE OFFICER

FRC/2013/CIIN/0000003282

FRC/2014/ICAN/00000009074

The accounting policies and the accompanying notes form an integral part of

UNIVERSAL INSURANCE PLC.

Q2 2024 MANAGEMENT ACCOUNT

UNIVERSAL INSURANCE PLC

STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE 2024

Gross Premium written

Decrease/(increase) in unearned premium

Gross Premium Earned

Reinsurance Premium Expense

Net Insurance Premium Income

Fees and Commission income

Total Underwriting Income

Insurance benefits

Claims expenses

Increase/(Decrease) in claims and IBNR reserves per actuarial valuation

Claims Expense Recovery from Reinsurance

Change in contract liabilities

Net insurance benefit and claims

Underwriting Expenses

Acquisition expenses

Maintenance expenses

Total Underwriting Expenses

Underwriting Profit/(Loss)

Investment income

Other operating income

Total investment income

Net Income

Unrealised fair value gain/(loss)

Net realised gains/(loss) on financial assets

Deferred tax derecognised on reclassification of financial assets

Net fair value gain/(loss) on investment properties Other operating and administrative expenses

Total Expenses

Result of operating activities

Interest expense

Profit or (Loss) before Taxation

Income Tax (Expense)/ Credit

Profit or Loss after Taxation

Profit/(Loss) to Equity holder

Other comprehensive income /(loss)

Revaluation surplus on PPE

Total other comprehensive income

Total comprehensive income / (loss) for the year Profit attributable to:

Equity holders of the Company

Non-controlling interest

Profit/(loss) for the period

Other Comprehensive income

Items within OCI that may be reclassified to the profit or loss; Fair value changes in AFS financial assets

Deferred tax impact of changes in AFS financial assets

Items within OCI that will not be reclassified to the profit or loss;

2020 impairment gain/loss on Financial Assets PPE revaluation gains

Deferred tax impact of revaluation gains Other comprehensive income for the period

Total comprehensive income

Total comprehensive income attributable to:

Equity holders of the company

Non-controlling interests

Total comprehensive income for the period

Earnings per share-(basic and diluted)(Kobo)

Notes

1/04/2024-

30-Jun-24

30/06/2024

30-Jun-23

N’000

N’000

25

8,308,739

3,674,633

5,201,000

(2,375,728)

(1,255,876)

(2,208,708)

5,933,012

2,418,756

2,992,291

26

(1,256,204)

(749,643)

(713,811)

4,676,808

1,669,113

2,278,480

27

134,740

21,156

71,428

4,811,548

1,690,269

2,349,908

–

28

(248,897)

(48,226)

(139,107)

28

–

–

–

28

349,161

193,034

275,795

28

–

–

–

100,264

144,808

136,688

–

–

29

(1,553,240)

(718,854)

(581,414)

29

(747,336)

(96,911)

(627,391)

(2,300,576)

(815,764)

(1,208,804)

2,611,236

1,019,313

1,277,792

–

30

37,937

18,516

109,817

–

–

–

37,937

18,516

109,817

2,649,173

1,037,828

1,387,610

–

(516,156)

(188,268)

610,245

31 (i)

–

–

23

–

–

–

–

–

–

32

(1,530,039)

(957,468)

(1,024,266)

0

(2,046,195)

(1,145,736)

(414,021)

–

602,978

(107,907)

973,588

33

–

–

–

602,978

(107,907)

973,588

22.1a

(3,678)

658

(25,411)

599,300

(107,249)

948,178

–

0

599,300

(107,249)

948,178

–

–

–

–

–

–

–

–

–

–

–

–

–

–

599,300

(107,249)

948,178

0

–

–

–

599,300

(107,249)

948,178

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

599,300

(107,249)

948,178

–

–

599,300

(107,249)

948,178

–

–

–

599,300

(107,249)

948,178

34

3.75

5.93

UNIVERSAL INSURANCE PLC.

Q2 2024 MANAGEMENT ACCOUNT

UNIVERSAL INSURANCE PLC

STATEMENT OF CASHFLOWS

FOR THE PERIOD ENDED 30th JUNE 2024

30-Jun-24

30-Jun-23

Cash flows from operating activities

N’000

N’000

Insurance premium received from policy

8,186,582

5,360,783

holders,Brokers & Agents,Cedants

Commission received

134,740

71,428

Reinsurance receipts in respect of claims

(277,055)

(295,952)

Reinsurance premium paid

(1,256,204)

(713,811)

Prepaid Minimum and Deposit on Oil & Gas

–

(11,276)

Other operating cash payments

(1,955,308)

(1,590,704)

Insurance benefits and Claims paid

(931,527)

(1,022,722)

Payments to intermediaries to acquire insurance

(1,647,694)

(1,001,866)

contracts

(747,336)

(627,391)

Maintenance expenses

Interest Received

32,633

9,232

Dividend Income Received

–

93,244

Cash generated from operations

1,538,833

270,966

Interest Paid

–

–

Company Income Tax paid

(19,254)

(19,254)

Net cash provided by operating activities

1,519,579

251,712

Cash Flows from Investing Activities

Purchase of property, plant and equipment

(16,484)

(21,256)

Purchase of Intangible Assets

(30,709)

(4,323)

Purchase of Listed Equities

–

0

Investment income and other receipts

5,304

7,341

Universal Hotel Income

–

Repayment of Staff Debtors

–

Unlisted AFS Disposed

–

Net Cash provided by investing activities

(41,890)

(18,238)

Cash Flows from Financing Activities

–

Proceeds from borrowings

–

–

Net cash provided by financing activities

–

–

Net Increase/(decrease) in cash and cash equiv.

Cash and Cash equivalent at the beginning

941,782

708,308

Net increase/decrease in cash and cash equivalents

1,477,689

233,474

Cash and Cash equivalent at the end of period

2,419,471

941,782

UNIVERSAL INSURANCE PLC.

Q4 2023 MANAGEMENT ACCOUNT

UNIVERSAL INSURANCE PLC

STATEMENTS Of CHANGES IN EQUITY

FOR THE PERIOD ENDED 30TH JUNE 2024

In thousands of Nigerian naira

Balance at 1st January 2024

Total comprehensive income

Profit and loss

Other comprehensive income

Gain on the revaluation of land and buildings Foreign currency translation diferrence

Fair value reserve (available-for-sale) financial assets Net change in fair value

Net amount transferred to profit or loss

Gain on the revaluation of land and buildings Net Fair value changes in AFS financial assets

Net gain/loss on previous AFS reclassified to FVTPL Fair value reserve derecognised on disposal Transfer to contingency reserve

Other comprehensive income

Total comprehesive income for the period

Transfer during the year Dividends to equity holders

Total contribution and distributions to owners

Balance at 30th June 2024

Balance at 1st January 2023

Total comprehensive income

Profit and loss

Share

Share

Revaluation

Contingency

Fair

Retained

Total

Capital

Premium

reserve

reserve

value

earnings

reserves

N’000

N’000

N’000

N’000

N’000

N’000

N’000

8,000,000

825,018

768,329

2,254,388

6,460

245,819

12,100,014

–

8,000,000

825,018

768,329

2,254,388

6,460

245,819

12,100,014

–

–

–

–

–

599,300

599,300

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

599,300

599,300

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

8,000,000

825,018

768,329

2,254,388

6,460

845,119

12,699,314

–

8,000,000

825,018

768,329

883,887

6,460

(757,054)

9,726,640

–

–

–

–

–

948,178

948,178

UNIVERSAL INSURANCE PLC.

Q2 2024 MANAGEMENT ACCOUNT

23

Deferred Tax Liability

At beginning of year

296,875

296,875

Derecognised on Reclassication of AFS FA

–

–

Charged to profit and loss

–

–

At year end

296,875

296,875

To be recovered after more than 12 months

296,875

296,875

To be recovered in 12 months

23a

Deferred Tax Assets

Deferred Tax derecognized from the conversion of MTN from unquoted to quoted

403,685

403,685

24

EQUITY

403,685

403,685

24a

Share capital

The share capital comprises:

30-Jun-24

30-Jun-23

Authorised –

N’000

N’000

30,000,000,000 Ordinary shares of 50k each

15,000,000

15,000,000

Issued and fully paid –

16,000,000,000 Ordinary shares of N0.50k each

8,000,000

8,000,000

24b

Share premium

Share premium is made up of payments in excess of par value of paid-in capital. This reserve is not ordinarily available for distribution.

24c

Contingency Reserve

Balance, beginning of period

2,254,388

883,887

Transfer from profit and loss

–

156,030

Balance, end of period

2,254,388

1,039,917

Gross Written Premiun

8,308,739

5,201,000

Percentage Rate for transfer

3%

3%

Increase in Contingency

249,262

156,030

20% of Profit after tax

119,860

189,636

In accordance with the Insurance act, a contigency reserve is credited with the greater of 3% of total premiums or 20% of total profits after tax. This shall accumulate until it reaches the amount of greater of minimum paid- up capital or 50 percent of net premium.

24d Fair Value Reserve

This is the net accummulated change in the fair value of available for sale asset until the investment is derecognised or impaired.

Balance, beginning of period

0

6,460

equity

–

–

Net Fair Value decrecognised at reclassification

–

–

UNIVERSAL INSURANCE PLC.

Q2 2024 MANAGEMENT ACCOUNT

Balance as at period end

0

6,460

24e Revaluation Reserve

30-Jun-24

30-Jun-23

N’000

N’000

Balance, beginning of period

768,329

768,329

Revaluation Surplus

–

–

Balance as at period end

768,329

768,329

24f Retained earnings

The retained earnings represents the amount available for dividend distribution to the equity holders of the company. See statement of changes in equities for movement in retained earnings.

24g

Contingencies and Commitments

The Company operates in the Insurance industry and is subject to legal proceedings in the normal course of business.

There were 16 (2022 = (16)) outstanding legal proceedings against the Company as at 31, December 2023 with claims totalling

NXXX ( 2022 = N1,020,230,067). While it is not practicable to forecast or determine the final results of all pending or

threatened legal proceedings, professional legal advice showed that there will be no contingent liabilities resulting from the

various litigations involving the Company.

The Company is also subject to Insurance solvency regulations and has complied with all the solvency regulations.

There are no contingencies associated with the Company’s compliance or lack of compliance with such regulations.

COMPANY

25

Gross Premium Income

30-Jun-24

30-Jun-23

Gross premium written

N’000

N’000

Direct Premium:

Motor

806,949

384,066

Fire

1,008,018

690,317

General Accident

805,915

411,539

Bond

511,269

453,632

Engineering

225,086

111,793

Oil & Gas

2,162,044

1,150,218

Aviation

402,874

Agric Insurance

14,849

11,030

Marine

638,853

395,341

6,575,858

3,607,937

Inward Reinsurance Premium:

Motor

69,553

63,895

Fire

242,605

241,297

UNIVERSAL INSURANCE PLC.

Q2 2024 MANAGEMENT ACCOUNT

General Accident

34,976

47,186

Bond

33,203

19,420

Engineering

44,627

37,492

Oil & Gas

1,141,087

1,083,104

Aviation

–

Agric Insurance

16,687

14,377

Marine

150,144

86,292

1,732,882

1,593,063

Gross premium written

8,308,739

5,201,000

–

–

Changes in unearned premium

–

–

Motor

105,358

(183,802)

Fire

(172,192)

(300,089)

General Accident

(231,233)

(101,463)

Bond

(382,210)

(154,818)

Engineering

101,947

68,361

Oil & Gas

(1,283,551)

(1,470,002)

Aviation

(179,397)

(22,426)

Agric Insurance

(1,274)

967

Marine

(333,176)

(45,435)

Net change in unearned premium

(2,375,728)

(2,208,708)

–

Change in UPR per Actuarial Valuation

–

–

–

Net change in unearned premium

(2,375,728)

(2,208,708)

Gross premium earned

5,933,012

2,992,291

Reinsurance expenses

(1,256,204)

(713,811)

Net insurance premium income

4,676,808

2,278,480

–

–

25a Net Premium Income

COMPANY

30-Jun-24

30-Jun-23

N’000

N’000

Gross Premium Written

8,308,739

5,201,000

Changes in Unearned Premium

(2,375,728)

(2,208,708)

Gross Premium Earned

5,933,012

2,992,291

Reinsurance expenses

–

–

Net Insurance Premium Income

5,933,012

2,992,291

26 Reinsurance expenses Reinsurance costs

Motor

22,901

155,337

Fire

140,050

46,214

General Accident

82,671

24,018

Bond

25,843

3,609

UNIVERSAL INSURANCE PLC.

Q2 2024 MANAGEMENT ACCOUNT

Engineering

48,675

5,309

Oil & Gas

827,816

473,513

Aviation

32,057

Agric Insurance

4,906

–

Marine

71,285

5,812

Reinsurance expenses for the year

1,256,204

713,811

Movement in Reinsurance Share of UPR

–

1,256,204

713,811

30-Jun-24

30-Jun-23

27 Fees and Commission Income

N’000

N’000

Motor

4,008

53,920

Fire

42,117

8,681

General Accident

28,608

6,907

Bond

7,753

722

Engineeering

15,481

53

OIL & GAS

12,102

–

Agric Insurance

1,104

–

Aviation

6,411

Marine

17,156

1,145

134,740

71,428

Fee income represents commission received on direct business and transactions ceded to re-insurance during the year under review.

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Universal Insurance Company plc published this content on
31 July 2024 and is solely responsible for the information contained therein. Distributed by
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31 July 2024 23:16:00 UTC.