SUNU ASSURANCES NIGERIA : QUARTER 4 - FINANCIAL STATEMENT FOR 2022

SUNU ASSURANCES NIGERIA PLC AND ITS SUBSIDIARY COMPANIES

UNAUDITED FINANCIAL STATEMENTS 31 DECEMBER, 2022

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, 2022.

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

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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

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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	-	Vice Chairman
Mr. Philippe Ayivor
Mr. Mohammed Bah
Mr Karim-Franck Dione
Mr Leke Hassan		ED, Technical & Operations
Mrs. Olajumoke Bakare		Appointed wef 23rd December, 2021
Mrs. Abubakar Aisha		Appointed wef 23rd December, 2021
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 Access Bank Plc Ecobank Nigeria Limited First Bank of Nigeria Limited First City Monument Bank Fidelity Bank Plc Guaranty Trust Bank Plc Heritage Bank Plc

Polaris Bank Plc

Sterling Bank Plc

Union Bank of Nigeria Plc United Bank for Africa Plc Unity Bank Plc

Wema Bank Plc

Zenith Bank Plc

ACTUARIES

Logic Professional Services 4th floor, Oshopey Plaza 17/19 Allen Avenue Ikeja, Lagos, Nigeria

EXTERNAL AUDITORS

SIAO Partners

18b Olu Holloway Road

Ikoyi,

Lagos, Nigeria.

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

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SUNU ASSURANCES NIGERIA PLC AND ITS SUBSIDIARY COMPANIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

FOR THE PERIOD ENDED 31 DECEMBER, 2022

1. 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, 2022 were approved for issue by the Board of Directors on 23 January, 2023
2. SHAREHOLDING PATTERN AS AT DECEMBER 31, 2022

S/N	HOLDERS TYPE	No of Shareholders	% holding	No of holdings	% holdings
1	Nigerian Shareholders	41,549	99.94	970,784,058	16.71
2	Foreign Shareholders	26	0.06	4,840,015,942	83.29
		41,575	100.00	5,810,800,000	100.00
SHAREHOLDING PATTERN AS AT DECEMBER 31, 2022
S/N	HOLDERS TYPE	No of Shareholders	% holding	No of holdings	% holdings
1	Individual	40,482	97.37	502,531,693	8.65
2	Corporate body	1,093	2.63	5,308,268,307	91.35
		41,575	100.00	5,810,800,000	100.00

3 BASIS OF PREPARATION

1. 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.

1. STATEMENT OF COMPLIANCE WITH IFRS

These interim financial statements have been prepared in accordance with IAS 34.

1. 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.

1. USE OF SIGNIFICANT ESTIMATES, ASSUMPTIONS AND MANAGEMENT JUDGEMENT

The presentation of the group's financial statements requires management to make estimates and judgement that affect the reported amount of assets and liabilities at the reporting date and the reported amount of income and expenses during the year ended.

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