MUTUAL BENEFITS ASSURANCE : QUARTER 4 - FINANCIAL STATEMENT FOR 2021

UNAUDITED INTERIM FINANCIAL

STATEMENTS

AS AT

31 DECEMBER, 2021

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MUTUAL BENEFIT ASSURANCE PLC

CONSOLIDATED AND SEPERATE STATEMENT OF PROFIT OR LOSS

			GROUP				COMPANY
		DECEMBER	DECEMBER	DECEMBER	DECEMBER 2020		DECEMBER	DECEMBER	DECEMBER	DECEMBER 2020
in thousands of Nigerian Naira	Notes	2021 ACTUAL	2020 ACTUAL	2021 ACTUAL		2021 ACTUAL	2020 ACTUAL	2021 ACTUAL
ACTUAL YTD		ACTUAL YTD
		QTR	QTR	YTD		QTR	QTR	YTD
Gross premium written	1.1	6,959,286	5,168,096	29,416,128	19,983,843		1,944,379	2,604,978	13,615,879	9,207,506
Gross premium income	1	4,889,018	5,402,261	24,779,639	19,428,373	1,159,329	2,377,609	11,398,024	8,398,764
Premium ceded to reinsurers	1.2	(1,140,684)	(1,220,811)	(3,664,962)	(3,349,341)	(683,067)	(784,831)	(2,722,969)	(2,262,009)
Net premium income	1.3	3,748,334	4,181,450	21,114,677	16,079,032		476,262	1,592,778	8,675,055	6,136,755
Fee and commission income	2	140,846	238,807	688,692	721,205		93,788	213,996	606,854	519,547
Net underwriting income		3,889,180	4,420,257	21,803,369	16,800,237		570,050	1,806,774	9,281,909	6,656,302
Net benefits and claims	3	1,943,565	2,491,022	9,094,463	7,995,711	390,186	1,307,184	3,795,649	3,556,150
Increase in life fund		-	(57,058)	250,000	192,942	-	-	-	-
Decrease in annuity reserve		(10,477)	39,526	(42,374)	3,996	-	-	-	-
Underwriting expenses	4	1,388,739	1,467,149	5,975,143	4,931,501	745,455	519,066	3,092,674	2,147,094
Net underwriting expenses		3,321,827	3,940,639	15,277,232	13,124,150		1,135,641	1,826,250	6,888,323	5,703,244
Underwriting profit		567,353	479,618	6,526,137	3,676,087	(565,591)	(19,476)	2,393,586	953,058
Profit/(loss) on investment contracts	5	(238,667)	(647,604)	(680,164)	416,303	-	-	-	-
Investment income	6	909,970	849,730	2,189,147	2,599,288	280,574	207,052	784,042	1,135,155
Net fair value (loss)/gain on assets at	7	(172,708)	1,387,749	(5,688,435)	3,292,431	(41,926)	374,504	(1,544,916)	1,127,088
FVTPL
Other income	8	35,934	1,652,127	79,677	1,697,590	11,212	1,584,561	44,332	1,616,965
Write-back on financial assets/	9	381,533	(918,783)	382,386	(921,635)	(920)	(86,123)	(920)	(86,123)
Impairment (charge)
Employee benefit expenses	10	(468,340)	(543,338)	(2,021,299)	(1,917,481)	(213,244)	(248,285)	(1,034,847)	(989,293)
Management expenses	11	(1,739,016)	(1,671,991)	(4,466,364)	(3,959,046)	(799,494)	(829,687)	(2,389,587)	(2,011,304)
Net foreign exchange differences	11.1	(240,854)	1,796,593	(574,842)	149,869	(240,854)	1,796,593	(574,842)	149,869
Result of operating activities		(964,795)	2,384,101	(4,253,757)	5,033,406	(1,570,243)	2,779,139	(2,323,152)	1,895,415
Finance costs	12	(15,677)	(14,056)	(144,113)	(23,351)	10,569	(13,088)	(112,649)	(13,088)
Finance incomes	13	107,167	9,848	164,397	31,970	-	-	-	-
Profit before income tax		(873,305)	2,379,893	(4,233,473)	5,042,025	(1,559,674)	2,766,051	(2,435,801)	1,882,327
Income tax credit/ (expense)	14	110,494	336,012	(70,061)	67,184	-	26,033	(63,991)	(19,471)
Profit after tax		(762,811)	2,715,905	(4,303,534)	5,109,209		(1,559,674)	2,792,084	(2,499,792)	1,862,856

Profit attributable to:
Owners of the parent		(771,946)	2,757,138	(4,443,793)	5,131,816
Non-controlling interests	-	9,135	(41,233)	140,259	(22,607)
		(762,811)	2,715,905	(4,303,534)	5,109,209

Earnings per share:

(1,559,674)	2,792,084	(2,499,792)	1,862,856
-	-	-	-
(1,559,674)	2,792,084	(2,499,792)	1,862,856

Basic and diluted (kobo)

15

(22)

26

(12)

9

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MUTUAL BENEFIT ASSURANCE PLC

CONSOLIDATED AND SEPERATE STATEMENT OF COMPREHENSIVE INCOME

		GROUP		COMPANY
		DECEMBER	DECEMBER		DECEMBER	DECEMBER
		2021 ACTUAL	2020 ACTUAL		2021 ACTUAL	2020 ACTUAL
		YTD	YTD		YTD	YTD
in thousands of Nigerian Naira	Notes
Profit for the year	(4,303,534)	5,109,209	(2,499,792)	1,862,856
Other comprehensive income (net of tax):
Items that may be reclassified to the profit or loss account in
subsequent periods:	1,089,757	478,319	-	-
Foreign currency translation differences
Revaluation surplus			-
	1,089,757	478,319	-	-
Other comprehensive income not to be reclassified to profit
or loss in subsequent periods (net of tax)	6,452	(205,326)	14,954	2,166
Net Revaluation gains on Equity Instruments at FVOCI
	6,452	(205,326)	14,954	2,166
Total other comprehensive income for the year, net of tax	1,096,209	272,993	14,954	2,166
Total comprehensive income for the year, net of tax	(3,207,325)	5,382,202	(2,484,838)	1,865,022
Total comprehensive income attributable to:	(3,466,547)	5,149,271	(2,484,838)	1,865,022
Owners of the parent
Non-controlling interest	259,222	232,931	-	-
	(3,207,325)	5,382,202	(2,484,838)	1,865,022

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MUTUAL BENEFIT ASSURANCE PLC

CONSOLIDATED AND SEPERATE STATEMENT OF FINANCIAL POSITION

		GROUP		COMPANY
		DECEMBER	DECEMBER 2020		DECEMBER 2021	DECEMBER
in thousands of Nigerian Naira	Notes	2021 ACTUAL	ACTUAL YTD		ACTUAL YTD	2020 ACTUAL
YTD				YTD
ASSETS
Cash and cash equivalents	16	14,064,722	11,420,144	2,700,449	4,761,993
Financial assets			-
Equity instruments at fair value through OCI	17.1	147,095	140,641	74,962	60,008
Financial assets at fair value through profit or loss	17.2	3,239,653	21,899,279	1,499,610	5,879,688
Loans and receivables	17.3	14,998,174	12,849,870	169,560	250,916
Financial Assets at amortised cost	17.4	33,227,624	18,824,128	11,032,574	7,625,685
Financial assets held for trading pledged as collateral	18	137,283	140,648	137,283	140,648
Trade receivables	19	499,561	348,618	16,287	182,138
Reinsurance assets	20	5,570,304	4,311,840	2,765,115	1,885,227
Other receivables and prepayments	21	1,263,577	865,217	530,603	267,111
Deferred acquisition costs	22	1,048,804	587,978	754,973	432,422
Finance lease receivables	23	2,961	657	2,961	657
Inventories	24	169,799	169,799	-	-
Investment properties	25	6,320,620	6,721,000	56,000	56,000
Investments in subsidiaries	26	-	-	6,120,000	6,120,000
Intangible assets	27	208,455	46,853	66,891	12,706
Property, plants and equipment	28	3,376,942	3,423,421	2,139,549	2,219,816
Statutory deposit	29	500,000	500,000	300,000	300,000
Deposit for shares	30	7,238	7,238	107,238	29,238
Deferred tax assets	38	612,077	612,077	91,556	91,556
Total assets		85,394,889	82,869,408	28,565,611	30,315,809
LIABILITIES
Insurance contract liabilities	31	23,087,382	17,572,283	10,406,122	7,428,602
Investment contract liabilities	32	29,995,802	28,447,267	-	-
Trade payables	33	2,961,590	2,127,006	594,779	756,603
Other liabilities	34	2,500,213	3,409,284	1,630,797	1,954,097
Deposit liabilities	35	1,327,001	301,618	-	-
Borrowings	36	2,340,492	3,890,130	2,340,492	3,890,130
Current income tax liabilities	37	687,691	904,704	504,072	616,987
Deferred tax liabilities	38	1,112,132	1,528,578	662,992	659,568
Total liabilities		64,012,303	58,180,870	16,139,254	15,305,987
EQUITY
Share Capital	39.1.2	10,030,811	5,586,367	10,030,811	5,586,367
Share premium	39.2	256,931	-	256,931	-
Treasury shares	40	(250)	(250)	(250)	(250)
Deposit for shares	41	-	4,800,000	-	4,800,000
Foreign currency translation reserve	42	2,132,396	1,161,602	-	-
Contingency reserve	43	4,696,698	4,172,059	3,526,517	3,118,041
Fair Value Reserve	44	(872,485)	(878,937)	(118,946)	(133,900)
Revaluation reserve	45	1,520,131	1,520,131	1,339,395	1,339,395
Retained earnings/(Accumulated losses)	46	2,025,354	6,993,787	(2,608,101)	300,169
Shareholders' fund		19,789,586	23,354,760	12,426,357	15,009,822
Total equity attributable to the:
Owners of the parent		19,789,586	23,354,760	12,426,357	15,009,822
Non-controlling interests in equity	47	1,593,000	1,333,778	-	-
Total equity		21,382,586	24,688,538	12,426,357	15,009,822
Total liabilities and equity		85,394,889	82,869,408	28,565,611	30,315,809

These financial statements were approved by the Board on the 28th January, 2022 and signed on its behalf by:

Mr. Abayomi Ogunwo		Mr Olufemi Asenuga
FRC/2015/ICAN/00000011225		FRC/2013/CIIN/00000003104
Chief Finance Officer		Managing Director/CEO

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MUTUAL BENEFIT ASSURANCE PLC

CONSOLIDATED AND SEPERATE STATEMENT OF CHANGES IN EQUITY

Company								Retained earnings/
For the year ended 31 December 2021	Share	Share	Treasury	Deposit	Contingency	Revaluation	Fair Value	(Accumulated
	capital	premium	shares	for shares	reserve	reserve	Reserve	losses)	Total
in thousands of Nigerian Naira	Note
As at 1 January 2020	5,586,367		(250)	-	2,745,470	1,339,395	(136,066)	(1,279,313)	8,255,603
Total comprehensive income for the year:
Profit for the year	-		-	-	-	-		1,862,856	1,862,856
Other comprehensive income	-		-	-	-	-	2,166	-	2,166
Total comprehensive income for the year	-		-	-	-	-	2,166	1,862,856	1,865,022
Transactions with owners of equity:			-	4,800,000	-	-		-	4,800,000
Deposit for shares
Unclaimed dividends	-		-	-	-	-		89,197	89,197
Transfer to contingency reserve	-		-	-	372,571	-		(372,571)	-
Total transactions with owners of equity	-		-	4,800,000	372,571	-	-	(283,374)	4,889,197
DECEMBER 2020 ACTUAL YTD	5,586,367		(250)	4,800,000	3,118,041	1,339,395	(133,900)	300,169	15,009,822
As at 1 January 2021	5,586,367		(250)	4,800,000	3,118,041	1,339,395	(133,900)	300,169	15,009,822
Total comprehensive income for the year:
Profit for the year	-		-	-	-			(2,499,792)	(2,499,792)
Other comprehensive income	-		-	-	-	-	14,954	-	14,954
Total comprehensive income for the year	-		-	-	-	-	14,954	(2,499,792)	(2,484,838)
Transactions with owners of equity:	4,444,444	355,556		(4,800,000)	-	-			-
Private placement issue
Private placement issue expenses	-	(98,625)	-	-	408,476		-	-	(98,625)
Transfer to contingency reserve				(408,476)	-
Total transactions with owners of equity	4,444,444	256,931	-	(4,800,000)	408,476	-	-	(408,476)	(98,625)
DECEMBER 2021 ACTUAL YTD	10,030,811	256,931	(250)	-	3,526,517	1,339,395	(118,946)	(2,608,099)	12,426,359

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