| Income
Statement |
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| for the financial YEAR ENDED
31 MARCH 2013 |
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Group |
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31-Mar |
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31-Mar |
|
% Change |
|
2013 |
|
2012 |
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|
N'000 |
|
N'000 |
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|
| Gross premium wrritten |
3,760,515 |
|
4,178,285 |
|
-10.00% |
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|
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| Gross premium income |
3,736,345 |
|
4,246,325 |
|
-12.01% |
| Reinsurance Assets |
-1,074,432 |
|
-733,405 |
|
46.50% |
| Net Premium income |
2,661,913 |
|
3,512,920 |
|
-24.23% |
| Fee and Commision |
181,110 |
|
127,200 |
|
42.38% |
| Net underwriting income |
2,843,023 |
|
3,640,120 |
|
-21.90% |
| Claims expenses |
2,988,822 |
|
1,985,449 |
|
50.54% |
| Claims expenses recoverable |
-857,024 |
|
-466,377 |
|
83.76% |
| Net Claims expense |
2,131,798 |
|
1,519,072 |
|
40.34% |
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| Underwriting expense |
816,935 |
|
685,853 |
|
19.11% |
| Total underwriting expenses |
2,948,733 |
|
2,204,925 |
|
33.73% |
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| Total underwriting
(loss)/Profit |
-105,710 |
|
1,435,195 |
|
-107.37% |
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| Investment income |
1,522,165 |
|
1,225,527 |
|
24.20% |
| Net realised (loss) /gain on financial
assets |
-1,186 |
|
59,545 |
|
-101.99% |
| At fair value through profit or loss |
702,177 |
|
-7,169 |
|
-9894.63% |
| Other operating income |
57,543 |
|
70,950 |
|
-18.90% |
|
2,280,699 |
|
1,348,853 |
|
69.08% |
| Net Income |
2,174,989 |
|
2,784,048 |
|
-21.88% |
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| Impairment /(reversal of impairment) on
trade receivables |
110,958 |
|
612,195 |
|
-81.88% |
| Impairment /(recoveries) on other loan
and receivables |
1,324 |
|
111,991 |
|
-98.82% |
| Impairment on reinsurance assets |
22,735 |
|
0 |
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|
| Employee benefit expense |
865,847 |
|
560,490 |
|
54.48% |
| Other operating expenses |
1,803,254 |
|
946,987 |
|
90.42% |
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|
| Expense |
2,804,118 |
|
2,231,663 |
|
25.65% |
| (Loss) / profit before mimum tax and
income tax |
-629,129 |
|
552,385 |
|
-213.89% |
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| Minimum tax |
-90,738 |
|
-12,200 |
|
643.75% |
| Income tax credit/(expense) |
511,740 |
|
-157,153 |
|
-425.63% |
| (loss)/profit after tax for
the year |
-208,127 |
|
383,032 |
|
-154.34% |
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| Source - NSE Website / Wapic Insurance
Plc |
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