| NIGER
INSURANCE PLC |
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| STATEMENT OF
COMPREHENSIVE INCOME |
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| FOR THE YEAR ENDED 31
DECEMBER 2013 |
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Group |
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Group |
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Dec,2013 |
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Dec,2012 |
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% Change |
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=N= '000 |
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=N='000 |
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Gross Premium Written |
10,443,205 |
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10,330,471 |
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1.09% |
| Unearned Premium |
204,111 |
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-1,624,570 |
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-112.56% |
| Gross Premium Income |
10,647,316 |
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8,705,901 |
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22.30% |
| Reinsurance Expense |
-987,529 |
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-573,943 |
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72.06% |
| Net Premium Income |
9,659,787 |
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8,131,958 |
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18.79% |
| Fees and Commission Income |
654,311 |
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642,833 |
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1.79% |
| Net underwriting Income |
10,314,098 |
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8,774,791 |
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17.54% |
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| Claims Expenses |
-3,535,604 |
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-2,599,513 |
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36.01% |
| Changes in outstanding claim |
-714,791 |
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450,041 |
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-258.83% |
| Claims expenses recovered from
reinsurance |
521,131 |
|
116,972 |
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345.52% |
| Net claim expenses |
-3,729,264 |
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-2,932,582 |
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27.17% |
| Underwriting Expense |
-1,825,015 |
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-2,353,982 |
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-22.47% |
| Total underwriting expenses |
-5,554,279 |
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-5,286,565 |
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5.06% |
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| Underwriting Profit |
4,759,819 |
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3,488,226 |
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36.45% |
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| Investment Income |
667,608 |
|
221,249 |
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201.75% |
| Net fair value gains Investment property |
16,495 |
|
1,154,015 |
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-98.57% |
| Other Operating Income |
106,439 |
|
130,120 |
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-18.20% |
| Management Expenses |
-4,688,951 |
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-3,290,144 |
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42.52% |
| Impairment loss on investment |
78,002 |
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-214,352 |
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-136.39% |
| Impairment on trade receivables |
0 |
|
-610,120 |
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-100.00% |
| Depreciation and amortisation |
-223,304 |
|
-175,495 |
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27.24% |
| Net operating profit before tax |
716,108 |
|
703,499 |
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1.79% |
| Information technology levy |
-6,743 |
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-9,414 |
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-28.37% |
| income Tax Expense |
-81,940 |
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-82,208 |
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-0.33% |
| Retained Profit after tax
transferred to reserve |
627,425 |
|
776,293 |
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-19.18% |
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| Other comprehensive income |
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| Items not to be reversed
throught income statement: |
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| Gain on revaluation of Property,Plant and
Equipment |
31,553 |
|
342,370 |
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-90.78% |
| Net fair value gain on a available for
sale financial assets |
163,596 |
|
175,726 |
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-6.90% |
Total comprehensive income for the year |
822,574 |
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1,294,389 |
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-36.45% |
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Earning Per Share |
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| Profit for
the year attributable to ordinary equity holders |
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| Basic and Diluted (in Kobo) |
8.11 |
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10.03 |
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-19.14% |
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| Source - NSE Website / Niger Insurance
Plc |
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