PRESTIGE ASSURANCE: 1ST QUARTER – 2022 FINANCIAL STATEMENTS

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UNAUDITED FINANCIAL STATEMENTS

FIRST QUARTER

MARCH 31, 2022

PRESTIGE INSURANCE PLC

DIRECTORS’ REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED MARCH 31, 2022

Content

Page

Results at a glance

2

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3

Management discussion and analysis

4-5

Summary of Significant Accounting Policies

6-36

Statement of profit or loss

38

Syouayouandmandnotyou of Oyouhandr VSomprandhandnotif Vand Inotvsomand

39

Statement of financial position

40

Statement of changes in equity

41

Cash flow statement

42

Notes to the financial statements

43-48

Prestige… Compassionate and caring

Gross written premium

Net sales

Subscription fees

interest income

Other investment income

Other exploitation products

Profit before tax

Profit for the period ended

Net assets

Total assets

Basic earnings per share (Kobo)

Diluted earnings per share (Kobo)

4,277,033

1,569,057

(1,423,550)

215,494

62,055

12,001

622,034

622,034

599 604

13,396,550

22,980,288

4.52

4.52

4.52

2022

2021

%

000

000

Changes

3,004,081

42.37

1,523,816

2.97

(886,380)

60.60

165,681

30.07

24,763

150.60

3,473

245.56

888 289

(29.97)

710 631

(15.62)

12,782,711

4.80

19,085,470

8:41 p.m.

5.36

(15.59)

5.36

(15.59)

We, the undersigned, certify the following with respect to our unaudited financial statements for the year ended March 31, 2022

that:

  • (a) We have reviewed the financial statements.

  • (b) To our knowledge, the financial statements do not:

    • Contain any misrepresentation of a material fact, or

    • Omitting to state a material fact that would make the statements misleading in light of the circumstances in which these financial statements were prepared.

      (vs) To the best of our knowledge, the financial statements and other financial information included in the present fairly, in all material respects, the financial condition and results of operations of the Company as of the dates and for the period presented in the report.

      (D) We:

    • Arand randsponsible For andsyouahappinesshInotg aD mainyouaining InotyouandrnotaI vshaverols.

    • Have designed such internal controls to ensure that material information relating to the Company is brought to the attention of such officers by others within the entity, particularly during the period in which periodic reports are in preparation.

    • Have evaluated the effectiveness of Business internal controls from the date within 90 days prior to the report.

    • Having presented in the report our conclusions on the effectiveness of our internal controls based on our valuation on that date.

  • (e) We have communicated to the audit committee:

  • Any material deficiencies in the design or operation of internal controls that would adversely affect the

    Company capacity to record, process, synthesize and report financial data and to have identified for

    Business Audit Committee any material weaknesses in internal controls, and.

  • Any fraud, material or otherwise, involving management or other employees with rold in youhand VSomPennsylvanianottheres inyouandrnotaI vshaverols.

  • We have identified in the report whether or not there have been material changes in internal controls or other factors that could materially affect internal controls after the date of our assessment, includingany corrective action regarding material deficiencies and material weaknesses.

…… …………………………..…………..

………………………………………….. …..

Mr. Rajesh Kamble Managing Director/CEO

Mr. Oluwadare Emmanuel

Financial director

April 27, 2022

PRESTIGE INSURANCE PLC

MANAGEMENT DISCUSSION AND ANALYSIS FOR THE PERIOD ENDED MARCH 31, 2022

Pursuant to the provisions of Section 359(6) of the Companies and Related Matters Act, CAP C20, Laws of Federation of Nigeria, 2004, management has reviewed the unaudited financial statements of the Company for the year ended 31 March 2022 and issued the following report:

The Company’s accounting and reporting policies comply with legal requirements and agreed ethical standards. practices.

Internal audit scope and planning were adequate.

The Company maintained effective accounting and internal control systems during the period.

The nature of the business

Prestige Assurance Plc is notlife insurance company with more than sixty years’ experience in Nigeria. the Business major areas of business include automotive, marine, bond, engineering, fire, aviation, oil and gas, and general accident.

The company is known for providing expertise, especially in high-risk sectors such as aviation, marine, oil and gas.

Our company is known to the public for the prompt settlement of claims and other necessary support measures. the

Most of our business comes from the broker market.

Management objectives

  • I. To be at the forefront of risk taking in the Nigerian insurance market, with a penchant for quality products and efficient service delivery to our esteemed clients.

  • II. To position the Company among the best insurance companies in Nigeria.

  • III. Ensure that values ​​are created for stakeholders.

IV.

To be an ethical business among listed institutions in Nigeria and the world at large.

Our strategies

In order to achieve the above objectives, the Company’s management has implemented the following strategies.

I.

The Company has implemented sound corporate governance to guide both the internal process and the working environment.

II. Adequate reinsurance has been put in place to absorb the impact of high risk that may arise due to to the company’s area of ​​specialization.

III.

Apart from the normal activities, the company also provides complementary services such as customer education, policy audit and leasing financing.

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