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1. 2, Ebun Street,
Gbagada Expressway,
Gbagada
Lagos.
2. Nature of Business:
General Insurance
3. Date of Incorporation:
16th June 1993
4. Date Listed on The Exchange:
27th May, 2008
5. NSE Classification:
Insurance
6. Board of Directors:
Admiral Augustus Aikhomu, GCON (Chairman)
Mr. Biyi Otegbeye, (MD/CEO)
Mr. Akin Adelakun
Mr. Sammy Olaniyi
Chief Bayo Adejumo
Lady Mary Anegbode-Eromosele
Hon. Justice A. G. Karibi-Whyte, CON
Mr. Mohammed Sambo Dasuki
Chief Wale Taiwo
7. Company Secretary:
Anuoluwapo
I. Shobo
8. Auditors:
Dele Dina & Co.,
(Chartered Accountants)
47A, Itafaji
Road,
Dolphin Estate,
Ikoyi, Lagos.
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9. Company Registrars:
Meristem Registrars Limited
305 Herbert
Macaulay Way
Sabo Yaba, Lagos
P.O.Box
51585
Falomo, Lagos
10. Subsidiaries/Associates:
Benefit Insurance Co. Ltd, Ghana
RIC Properties & Investment Ltd
11. Number of employees
85
12. End of Accounting Year
31st December
13. Analysis of Shareholding:
Treasury Gate Nig. Ltd - 9.84%
Mr. Lateef Adeola - 5.33%
Akpene Holdings Ltd - 9.14%
G.Q.Saritan Ventures Ltd - 8.14%
Chief Wale Taiwo - 8.47%
Other Nigerian Citizens and Asso. - 59.08%
14. Capital Structure
i. Authorised:
N6,000,000,000.00
ii. Paid-Up:
N2,425,000,000.00
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FIVE-YEAR FINANCIAL SUMMARY
ASSETS
REVENUE/ YEAR YEAR YEAR YEAR YEAR
PROFIT AND ENDED ENDED ENDED ENDED ENDED
LOSS ACCOUNT 2007 2006 2005 2004 2003
N‘000 N‘000 N‘000 N‘000 N‘000
Premium income less
Re-Insurance 993,076 556,805 382,867 82,867 88,313
======== ======= ======= ======= ======
Underwriting results 670,661 270,962 102,613 55,077 (745)
Investment and other income 113,214 61,388 48,359 15,255 6,333
Profit/(loss) before
taxation 262,540 236,075 98,431 22,321 5,588
======== ======= ======= ======= ======
Taxation (25,000) (20,846) (9,449) (2,669) (992)
Profit after taxation 237,540 215,229 88,981 19,652 4,596
Transfer to contingency
reserve (111,874) (35,871) (11,486) (6,741) -
Profit retained brought
forward 591,291 89,234 2,734 4,823 227
Prior year adjustment - - 9,005 - -
Reserve for bonus shares - - - (10,000) -
Dividend - - - (5,000) -
Profit retained carried
forward 716,958 268,591 89,234 2,734 4,883
ASSETS
Statutory deposit 300,000 35,000 35,000 35,000 35,000
Investments 2,826,270 1,598,189 350,683 414,716 418,798
Fixed assets 553,776 144,705 159,239 69,754 11,136
Current assets 641,748 287,444 279,409 58,326 66,059
Liabilities and provisions (321,861) (325,914) (66,887) (57,329) (42,457)
————— ————— ————— ————— ————
3,999,933 1,739,424 757,444 515,469 488,536
======== ======= ======= ======= ======
FINANCED BY
Share capital 1,075,000 350,000 350,000 350,000 102,000
Deposit for shares 921,976 700,277 1,608 1,500 256,853
Reserve for bonus issue 10,000 10,000 10,000 10,000 -
Share premium 582,453 8,853 8,853 8,853 -
Contingency reserve 308,471 89,043 52,296 40,376 33,341
Asset revaluation reserve 89,039 89,039 89,039 - -
Profit and loss account 716,958 268,591 89,234 2,734 4,823
Non-life insurance funds 296,036 142,902 84,446 58,784 74,740
Life fund - 80,719 71,968 43,221 16,780
————— ————— ————— ————— ————
3,999,933 1,739,424 757,444 515,469 488,536
======== ======= ======= ======= ======
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