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1. Central Control Office:
Equity Place
Plot 1196, Bishop
Oluwole Street,
Victoria Island, Lagos.
Tel: 234-01-8118698, 8907919, 4740507;
Fax: 234-01-2701007.
Hotlines: 0806-07-9000, 0803-335-2258, 0803-318-5949,
0805-410-1676, 0802-301-4095
Registered Office:
49, Tinubu
Street,
Ita-Eko, Ibara
Abeokuta, Ogun State.
Tel: 234-039-241698, 24323.
2. Nature of Business:
General Insurance
3. Date of Incorporation:
1984
Merged with Equity Indemnity Limited in 2007
4. Date Listed on The Exchange:
First Assurance Plc 1995
Equity Assurance Plc on July 18, 2007
5. NSE Classification:
Insurance
6. Board of Directors:
Mr. Olufemi Somolu, (Chairman)
Mr. Ibidolapo Balogun, (MD/CEO)
Mr. Pius I. Olarewaju
Mr. Ayodele Talabi
Mr. Francis Olajide Ogunbanjo
Alhaji Baba Othman Tofa
Mr. Michael Olayemi Cardoso
Mr. Adegboyega Isiaka
Mrs. Ola Adeola
Dr. Olufemi Oni
Alhaji Bello
Dan Bappa
7. Company Secretary:
BST Nominees Limited
Marble House (7th Floor)
1, Kingsway
Road,
Ikoyi, Lagos.
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8. Auditors:
Segun Oyegbola & Co.,
(Chartered Accountants)
10th Floor, Unity House
3, Campbell
Street,
Lagos.
Balogun Badejo & Co.,
(Chartered Accountants)
6, Ilupeju Bye-Pass
Lagos.
9. Company Registrars:
Sterling Registrars Limited
Knight Frank House,
3, Campbell
Street,
Lagos.
10. End of Accounting Year
31st December
11. Number of Employees
97
12. Capital Structure
i. Authorised: N4,000,000,000.00
ii. Paid-Up N3,853,941,520.00
13. Stucture of Shareholding
Gateway Holdings Limited -
16.4%
KTY Investments Limited - 6.50%
I.A. Balogun - 6.08%
Life Care Ventures Limited - 5.11%
Others Nigerian Citizens and Asso.- 65.91%
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FIVE-YEAR FINANCIAL SUMMARY
ASSETS 2007 2006 2005 2004 2003
EMPLOYED N‘000 N‘000 N‘000 N‘000 N‘000
Fixed assets 966,538 170,840 190,716 18,714 25,844
Statutory deposit 300,000 20,000 20,000 20,000 10,500
Investments 2,926,977 48,412 65,568 134,035 30,972
Current assets 1,064,786 246,128 84,421 52,012 60,733
Goodwill 959,890 - - - -
-------------- ------------- ------------ ------------ ------------
6,218,191 485,380 360,705 224,761 128,049
Current liabilities (442,330) (72,285) (26,484) (58,040) (57,621)
-------------- ------------- ------------ ------------ ------------
5,775,861 413,095 334,221 166,721 70,428
======== ======== ======== ======== ========
FINANCED BY:
CAPITAL AND RESERVE
Share capital 3,853,941 240,127 224,118 224,118 100,000
Reserves 610,682 35,449 37,553 (105,608) (67,541)
Contingency reserve 117,379 19,808 11,051 8,269 7,193
Share premium 674,400 - 15,505 15,505 10,121
Insurance funds 519,459 117,711 45,994 24,437 20,655
-------------- ------------- ------------ ------------ ------------
5,775,861 413,095 334,221 166,721 70,428
======== ======== ======== ======== ========
PROFIT AND LOSS ACCOUNT
Net premium written 1,293,016 223,604 88,111 33,050 23,358
Profit/(Loss) before tax 498,705 55,872 15,711 (35,746) (38,063)
Taxation (53,664) (1,741) (1,657) (759) (285)
-------------- ------------- ------------ ------------ ------------
Profit/(Loss) after tax 445,041 54,131 14,054 (36,505) (38,348)
Contingency reserve (97,571) (8,756) (2,782) (1,076) (701)
-------------- ------------- ------------ ------------ ------------
Profit/(Loss) transferred to
revenue reserve 347,470 45,375 11,272 (37,581) (39,049)
======== ======== ======== ======== ========
PER 50K SHARE DATA
Earnings per share (k)
- Actual 6 11 3 (8) (19)
- Adjusted 6 1 0.18 0.47 0.50
Dividend per share (k) - - - - -
Net assets per share (k)
- Actual 65 86 75 37 35
- Adjusted 65 5 4 2 0.91
Stock quotation (k) 235 84 84 84 88
NOTE:
Earnings per share, dividend
per share and net assets per share are based on the issued ordinary shares
of 50k each at each year end while the adjusted figures are based on
7,707,882,600 ordinary shares of 50k in issue as at December 31, 2007.
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