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1. Head Office:
48/50, Odunlami Street,
P. O. Box
2718, Lagos.
Tel: 234-01-2630862, 2630887, 2630928, 2632343.
2. Nature of Business:
Life and General Insurance Businesses.
3. Date of Incorporation:
29th August, 1962
4. Date Listed on The Exchange:
1st September, 1993
5. NSE Classification:
Insurance
6. Board of Directors:
Alhaji Bala
Zakariya’u - (Chairman)
Justus Clinton Uranta - (MD/CEO)
Mr. Dauda Kolapo
Adedeji
Mr. Andrew Onyenweuwa Nwaujo
Mr. Osa Osunde
Alhaji Idris
Onalapo Sulaimon
Mr. Frederick Nnamdi Udechukwu
Hajia Amina
Abubakar
7. Company Secretary:
Taiwo A. Otuneye
Esq.,
8. Auditors:
Oyelami Soetan
Adeleke & Co.
(Chartered Accountants)
Kresta Laurel Complex, (4th
Floor)
376, Ikorodu Road,
Maryland
- Ikeja
P. O. Box
15016, Lagos.
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9. Company Registrars:
NIC Securities and Trust Limited
3/5, Customs
Street,
Lagos.
P. O. Box
60276, Lagos.
Tel: 234-01-2663287.
10. Subsidiaries/Associates:
NIC Properties Limited
NIC Securities and Trustee Limited
River
Plaza and Mall
Limited
11. End of Accounting Year
31st December
12. Number of Employees
472
13. Capital Structure
i. Authorised: N2,000,000,000.00
ii. Paid-Up N1,975,418,321.25
14. Analysis of Shareholding
Management Alliance Co. Limited - 20%
Fidelity Finance Company Limited - 12%
Chrome Oil Services -
13%
Other Nigerian Individuals and Asso.-
55%
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FIVE-YEAR FINANCIAL SUMMARY
CAPITAL
EMPLOYED 2006 2005 2004 2003 2002
N‘000 N‘000 N‘000 N‘000 N‘000
Share Capital 1,580,330 750,000 500,000 400,000 350,000
Share premium 2,304,591 47,221 308,201 100,607 100,607
Capital reserve 465,629 465,629 465,629 465,629 465,629
Contingency reserve 342,831 33,039 190,012 143,437 108,992
Reserve for bonus share
issue - 250,000 250,000 - 50,000
General reserve 794,084 317,524 145,763 130,844 106,047
———— ———— ———— ———— ————
5,487,465 2,063,413 1,859,605 1,240,517 1,181,275
======= ====== ======= ====== =======
USE OF FUNDS:
Fixed Assets 1,344,908 1,316,939 1,311,826 1,281,998 1,141,378
Investments 8,105,360 5,650,037 5,753,273 4,829,588 3,377,366
Statutory Deposit 35,000 35,000 35,000 13,500 13,500
Other assets 1,669,613 1,399,006 1,148,884 1,057,239 763,532
———— ————— ———— ———— ————
11,154,881 8,400,982 8,248,983 7,182,325 5,295,776
Deduct:
Current liabilities 700,030 712,895 690,364 820,496 359,857
———— ———— ———— ———— ————
10,454,851 7,688,087 7,558,619 6,361,829 4,935,919
Deposit administration 3,649,881 4,416,461 4,512,560 4,086,050 2,805,624
———— ———— ———— ———— ————
6,804,970 3,271,626 3,046,059 2,275,779 2,130,295
Deduct:
Insurance fund reserve 1,317,505 1,208,213 1,186,454 1,035,262 949,020
———— ———— ———— ———— ————
5,487,465 2,063,413 1,859,605 1,240,517 1,181,275
======= ======= ====== ====== ======
TURNOVER AND PROFITS:
Premium (net) 1,664,414 1,002,613 917,974 866,776 635,703
Profit before taxation 734,196 312,672 285,332 192,160 176,235
Profit after taxation 575,821 280,041 252,390 171,203 155,766
Dividend - 75,000 200,000 120,000 105,000
Financial Ratios:
Earnings per 50k share 18.22k 8.86k 7.99k 5.42k 4.93k
Dividend per share - 2.37k 6.33k 3.80k 3.32k
Dividend cover (times) - 3.74 1.26 1.43 1.48
Net assets per share N1.74 N0.65 N0.59 N0.39 N0.37
NOTE:
* Financial ratios for
previous years have been adjusted for purposes of comparability.
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