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1. Head Office:
19, Ligali
Ayorinde Street,
Victoria Island,
P. O. Box
650,
Marina, Lagos.
Tel: 234-01-4610641-2, 2713713, 7615938.
Fax: 234-01-2713713; Telex: 28516 PRESTG NG.
2. Nature of Business:
Non-Life Insurance Business.
3. Date of Incorporation:
6th January, 1970
4. Date Listed on The Exchange:
3rd December, 1990
5. NSE Classification:
Insurance
6. Board of Directors:
Chief (Dr.) C. S. Sankey - (Chairman)
Mr. Yugandhara Rao. Sunkara, (MD/CEO)
Mr. O. Hassan-Odukale
Mr. J. O. Adewole
Chief H. B. Chanrai
Mr. Bimalendu Chakrabarti
Mr. Ramesh Hathiramani
Mr. J. Kumar Gupta
Mr. Hassan T. M. Usman
Mr. Tunde Hassan-Odukale (Alternate)
Mr. G. Raghu (Alternate)
Mr. B. M. Umashankar (Alternate)
7. Company Secretary:
Mrs. E. T. Folorunsho
Lennap Services Limited.
Toloye House,
362, Ikorodu
Road,
Lagos.
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8. Auditors:
PKF-Pannell Kerr Forster
(Chartered Accountants)
Toloye House, 362, Ikorodu Road, Lagos.
G.P.O. 2047, Marina, Lagos.
Tel: 234-01-8042074, 7734940,
Fax: 234-01-7748366.
E-mail: pkfnig@hyperia.com
9. Company Registrars:
First Registrars Limited,
Plot 2, Abebe
Village Road,
Iganmu, Lagos.
Tel: 234-01-7743309, 2701078-9
www.firstregistrarsnigeria.com
10. Subsidiaries/Associates:
The New India
Ass. Co. Ltd, Bombay, India
11. End of Accounting Year
31st December.
12. Number of Employees
69
13. Capital Structure
i. Authorised: N2,000,000,000.00
ii. Paid-Up N859,993,864.00
14. Analysis of Shareholding
New India
Ass. Co. Ltd. Mumbai - 51.00%
Leadway Assurance Co.
Limited - 12.09%
Other Nigerian Citizens & Asso. - 36.91%
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FIVE-YEAR FINANCIAL SUMMARY
2007 2006 2005 2004 2003
N‘000 N‘000 N‘000 N‘000 N‘000
ASSETS EMPLOYED:
Net Current Assets 2,629,351 2,697,986 865,222 803,512 679,650
Investments 1,609,824 768,055 496,768 339,448 80,424
Statutory Deposit 300,000 20,000 20,000 20,000 10,500
Fixed Assets 555,405 495,627 348,043 327,950 178,684
———— ———— ———— ———— ———
5,094,580 3,981,669 1,730,033 1,490,910 949,258
Insurance Funds (343,170) (298,041) (268,784) (252,710) (276,192)
Deferred taxation (69,491) (66,272) (40,697) (50,375) (19,081)
———— ———— ———— ———— ———
4,681,919 3,617,356 1,420,552 1,187,825 653,985
====== ====== ====== ====== ======
FINANCED BY:
Share capital 859,994 797,652 366,122 244,081 164,531
Bonus issue reserve 214,998 - 91,530 122,041 41,133
Share premium 1,564,984 1,335,829 94,174 186,903 181,330
Statutory Contingency reserve 585,261 404,947 284,850 200,000 157,944
Investment Revaluation Reserve 859,909 466,928 259,196 221,872 -
General Reserve 811,771 611,999 324,681 212,928 109,047
---------- ---------- ---------- ---------- ----------
Shareholders’ Funds 4,896,917 3,617,356 1,420,552 1,187,824 653,985
====== ====== ====== ====== ======
INCOME AND PROFIT:
Gross Premium 2,260,710 1,539,098 1,269,048 903,478 732,747
Net Premium 1,180,858 889,602 627,968 373,906 364,179
Premium Earned 1,163,192 881,121 608,473 344,179 399,710
Investment & other
income 752,780 488,677 387,470 322,533 159,159
====== ====== ====== ====== ======
Profit before tax 901,569 600,484 424,250 311,958 149,079
Taxation (263,485) 193,068 139,778 110,081 57,705
Profit after tax 638,084 407,416 284,472 201,877 91,374
Dividend 343,998 257,998 87,869 55,941 55,941
Statutory contingency reserve 180,314 120,097 84,850 42,057 29,816
Retained profit 457,770 287,319 111,753 103,880 5,618
---------- ---------- ---------- ---------- ----------
Earnings per 50k share
(actual) 39.48 41.91 38.85 41.35 27.77
Earnings per 50k share
(adj.) - - 38.85 27.57 12.48
Dividend per 50k share
(actual) - - 12.00 11.46 17.00
Dividend per 50k share
(adj.) - - 12.00 7.64 7.64
NOTE:
During the five years
period, the following bonus shares were approved for allotments:
20 January, 2004, one for
every four shares N41,132,813
23 August, 2005, one for
every two shares N122,040,564
27 July, 2006, one for every
four shares N91,530,423
Earnings per share is
calculated by dividing the net profit after tax attributable to ordinary
shareholders by the number of ordinary shares in issue during the year.
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