GUINEA INSURANCE PLC SEPTEMBER 2016 MANAGEMENT …...GUINEA INSURANCE PLC NOTES TO THE FINANCIAL STATEMENTS 1 Net insurance premium revenue 30/09/2016 30/09/2015 =N=000 =N=000 1.1

GUINEA INSURANCE PLC

SEPTEMBER 2016

MANAGEMENT ACCOUNT


MANAGEMENT ACCOUNT FOR PERIOD ENDED SEPTEMBER 30,2016

FINANCIAL HIGHLIGHTS

30/09/2016 30/09/2015

N'000 N'000

Major Statement Of Financial Position Items

As At 30 SEPTEMBER 2016

Total Assets 3,969,875 4,635,007

Total liabilities 1,026,474 1,697,471

Insurance Contract liabilities 686,386 602,544

Shareholder's Funds 2,943,402 2,937,536

Major Statement Of Profit Or Loss Items

For The Period Ended 30th September 2016

Gross Premium Written 664,005 711,283

Gross Premuim Income 661,143 809,184

Net Premuim Income 466,368 633,281

Claims Expenses (63,289) -118,430

Profit/ (Loss) Before Tax 54,567 -20,987

Taxation (17,462) (20,987)

Profit (Loss) For The Year 43,449 40,940

1


STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30TH SEPTEMBER 2016 30/09/2016 30/09/2015

Notes =N=000 =N=000

Gross premium written 1 664,005 711,283

Changes in unearned premuim 1 (2,862) 97,901

Gross premium income 1 661,143 809,184

Reinsurance expenses 1.2 (194,775) (175,903)

Net premium income 1.2 466,368 633,281

Fees and commission income 2 47,659 39,927

Net underwriting Income 514,027 673,207

Claims expenses 3 (63,289) (118,430)

Underwriting expenses 4 (153,358) (189,077)

Underwriting result 297,381 365,700

Investment Income 5 182,593 183,527

Net realized gains and losses 6 80 439

Net fair value gains 7 - -

Other operating income 8 3,412 1,410

Impairment loss 9.1 - -

Finance cost (2,044) 2,340

Management expenses 9 (426,854) (483,154)

Profit/(Loss) before taxation 54,567 65,583

Income tax expenses 11 (17,462) (20,987)

Profit/Loss after taxation 37,106 44,597

Other comprehensive income

Net gain/(loss) on available-for-sale financial assets 13 6,343 (3,657)

Remeasurement gains on defined benefit

Income tax relating to OCI Total comprehensive( loss)/Profit for the year, net of tax 43,449 40,940

Contigency Reserve 19,920 21,338

Earning/(Loss) per share

Basic(kobo) 12 0.6 0.7

2


STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30TH SEPTEMBER 2016

Note 30/09/2016 30/09/2015

=N=000 =N=000

Operating activities:

Premium received 663,606 711,283

Commission received 47,659 39,927

Commission paid (85,120) (128,449)

Reinsurance premium paid (160,550) (175,903)

Gross claim paid net of recoveries (63,289) (118,430)

Payments to employees (224,246) (239,154)

Other operating cash receipts/(payments) (301,742) (282,247)

Other income received 3,492 1,850

Tax paid (68,773) (135,267)

Net cash flow from operating activities (188,962) (326,391)

Investing activities:

Investment income received 182,593 183,527

Purchase of property and equipment (4,812) (1,558)

Proceed from sale of property and equipment 80 439

Purchase of investments property

Proceed from loans and recievables(chrome and starcrest) 65,863 300,000

Cash and cash equivalents absorbed from life business - -

Addtions to investment properties - -

Net cash flows from investing activities 243,724 482,409

Financing activities:

Deposit for shares - 400,000

Interest repayment on finance lease (2,044) (2,340)

principal repayment on finance lease (10,750) (8,941)

Net cash flows from financing activities (12,794) 388,719

Net increase in cash and cash equivalents 41,968 544,737

Effect of exchange rate changes on cash and cash equivalent

Cash and cash equivalents at 1 January 886,970 1,048,755

Cash and cash equivalents at 30th September , 2016 928,938 1,593,492

4


STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30TH SEPTEMBER 2016

For the period ended 31st September , 2016

Issued share

capital

Retained

earnings

Share

premium

Contingen

cy reserve

Available-

for-sale

financial

assets Total equity

=N=000 =N=000 =N=000 =N=000 =N=000 =N=000

As at 1 January 2016 3,070,000 (918,993) 337,545 365,300 46,101 2,899,953

Profit for the year - 37,106 - - 37,106

Transfer to contingency reserve - (19,920) - 19,920 - -

Other comprehensive income - - - 6,343 6,343

Issues - - - -

As At 30 SEPTEMBER 2016 3,070,000 (901,808) 337,545 385,220 52,444 2,943,402

For the period ended 3oth September 2015

=N=000 =N=000 =N=000 =N=000 =N=000 =N=000

As at 1 January 2015

Profit for the year 3,070,000 (856,851) 337,545 306,389 39,347 2,896,430

Transfer to contingency reserve - 44,597 - - 44,597

Issues - (21,338) - 21,338 - -

Other comprehensive income - - -

Issues - - - (3,491) (3,491)

As at 30th September 2015 3,070,000 (833,593) 337,545 327,727 35,856 2,937,536

5


NOTES TO THE FINANCIAL STATEMENTS

1 Net insurance premium revenue 30/09/2016 30/09/2015

=N=000 =N=000

1.1 Gross premium income on insurance contracts

Gross premium written in the year 664,005 711,283

Change in unearned premiums provision (2,862) 97,901

Total gross premium income 661,143 809,184

1 Gross Premium Income

Gross premium

written

Increase/

(Decrease) in

Unearned

premium

Gross premium

Income

30/09/2016 30/09/2016 30/09/2016

N’000 N’000 N’000

Motor 142,145 160 141,985

Fire 157,682 (30,886) 188,568

Marine & Aviation 48,682 6,498 42,184

Miscellaneous General Accident 315,496 27,090 288,406

664,005 2,862 661,143

1.1

Changes In unearned Premium per class of insurance

business

Unearned

Premium As At

Increase/

(Decrease) in

Unearned

premium

Unearned

Premium As At

01/01/2016 30/09/2016

N’000 N’000 N’000

Motor 65,059 160 65,219

Fire 73,818 (30,886) 42,932

Marine & Aviation 12,001 6,498 18,499

Miscellaneous General Accident 127,511 27,090 154,601

278,389 2,862 281,251

Gross premium

written

Increase/

(Decrease) in

Unearned

premium

Gross premium

Income

30/09/2015 30/09/2015 30/09/2015

N’000 N’000 N’000

Motor 151,577 5,085 146,492

Fire 167,371 (26,581) 193,952

Marine & Aviation 35,367 (47,775) 83,142

Miscellaneous General Accident 356,968 (28,630) 385,598

711,283 -97,901 809,184

7

1.2 Re-insurance expenses 30/09/2016 30/09/2015

=N=000 =N=000

Total reinsurance expenses (194,775) (175,903)

Total net insurance premium revenue 466,368 633,281

2 Fees and commission income

Reinsurance commission income 47,659 39,927

Total fees and commission income 47,659 39,927

3 Claims expenses

Gross claims paid 170,533 174,832

Claims ceded to reinsurers (28,611) 2,065

Gross change in outstanding claims (116,186) (58,466)

Change in outstanding cliams ceded to reinsurers 37,553

63,289 118,430

4 Underwriting expenses

Note Fire Motor General accident Marine and

aviationTotal 2016 2015

2016

Amortised aquisition cost (Note 18) 38,286 16,033 41,299 8,105 103,723 128,449

Maintenace cost 2,608 17,814 28,193 1,019 49,635 60,628

40,894 33,847 69,492 9,125 153,358 189,077

5 Investment income

Rental income from investment properties 1,297 2,900

Rental income from land and building 9,908 3,695

Available-for-sale financial assets:

Dividend income 10,220 13,813

Interest income on statutory deposit 5,667 23,411

Interest income on cash and cash equivalents 155,500 139,708

182,593 183,527

5.1 Interest income on cash and cash equivalents

Due to Policy holders 113,318 29,555

Due to shareholders 42,183 110,153

155,500 139,708

7

6 Gain on sale of property, plant and equipment 2016 2015

=N=000 =N=000

Property, plant and equipment:

Realised gains on disposal 80 439

Total net realised gains and losses 80 439

7 Net fair value gains on investment properties

Fair value gains on investment properties (Note 20) -

8 Other operating income

Recoveries from trade receivables and sundry income 3,377 1,407

Travel insurance income 34 3

3,412 1,410

9.1 Impairment charge

Trade receivables

Availaible for sale financial assets (Note 16b)

Revaluation deficit on Investment property -

Revaluation deficit on building

Reclassification adjustment on gains (note 14)

- -

9 Management expenses

Depreciation on property, plant and equipment 77,636 86,491

Armotisation of Software 2,873 20,358

Auditors’ remuneration 6,750 7,180

Employee benefits expense (Note 9.2) 224,246 239,154

Exchange differentials - -

Legal and professional fees 7,416 12,443

Rent and Rates 11,048 6,738

Administrative 96,886 110,789

Total management expenses 426,854 483,154

9.2 Employee benefits expense

Wages and salaries 215,964 230,933

Defined benefit plan cost -

Pension costs 8,281 8,221

Total employee benefits expense 224,246 239,154

9.3 Finance cost

2,044 2,340

2,044 2,340

NOTES TO THE FINANCIAL STATEMENTS - Continued


8i



10 Income tax Notes 2016 2015

=N=000 =N=000

The major components of income tax

expense for the period are

10 Income tax expense

Per profit or loss

Current income tax:

Company income tax 16,370 19,675

Education tax 1,091 1,312

Underprovision for tax in the prior years

17,462 20,987

Deferred tax

Fair value gains/losses on investment

properties

Employee benefits

Property, plant and equipment

Revaluation loss on building

-

Income tax expense reported in profit or

loss 17,462 20,987

Reported in other comprehensive income

Deferred tax relating to items

recorgnised in other comprehensive

income (OCI) during the year:

Re-measurement gains on defined

benefit plans

- -

Income tax expense charged to OCI - -

10 Reconciliation of tax charge

N'000 N'000

Profit/(Loss) before taxation 54,567 65,583

Tax at Nigerian's statutory income tax

rate of 30%

16,370 19,675

Income not subject to tax

Non–deductible expenses

Minimum tax - -

Tax effect of capital allowance

Education tax @ 2% of assessable profit 1,091 1,312

Unused tax losses

Tax rate differencial on fair value gains - - Total tax charge for the year 17,462 20,987

11 Dividends paid and proposed

No dividend was proposed or paid by the

Company for the period ended

September 30, 2016

9



12 (Loss)/earnings per share (LPS)/EPS

Basic (LPS)/EPS amounts are calculated by dividing the (loss)/profit

for the period attributable to ordinary shareholders by the

weighted average number of ordinary shares outstanding at the

reporting date.

The following reflects the income and share data used in the basic

and diluted (LPS)/EPS computations:

2016 2015

(loss)/profit attributable to ordinary shareholders (N'000) 37,106 44,597

Weighted average number of ordinary shares for basic EPS ('000)

6,140,000 6,140,000

Basic and diluted (loss)/earnings per ordinary share (kobo) 0.6 0.7

13 Net unrealized (loss)/gains on available-for-sale finacial assets

2016 2015

=N=000 =N=000

Unrealised (loss)/gains on available-for-sale financial assets 6,343 (3,657)

Reclasification adjustments to gains included in profit or loss

6,343 -3,657

- -

Total net unrealised (loss)/gains on available-for-sale financial assets 6,343 -3,657

10



14 Cash and cash equivalents 2016 2015

=N=000 =N=000

Cash at banks and on hand 6,992 175,313

Short-term deposits (including demand and time deposits) 934,902 1,418,179

Total cash and cash equivalents 941,894 1,593,492

Representing:

Policyholder's fund 686,386 602,544

Shareholder's fund 255,508 990,948

941,894 1,593,492

Short–term deposits are made for varying periods of

between one day and three months, depending on the

immediate cash requirements of the Company. All

placements are subject to an average variable interest rate

obtainable in the market.

The carrying amounts disclosed above reasonably approximate fair value at the reporting date.

15 Financial assets

2016 2015

=N=000 =N=000

Available-for-sale financial assets 149,805 129,156

Total financial instruments 149,805 129,156

15 Available-for-sale financial assets comprises:

2016 2015

=N=000 =N=000

Listed equity securities at fair value 112,001 91,352

Unlisted equity securities at cost 37,803 37,803

Total available-for-sale financial assets 149,805 129,156

11



15 Financial assets - continued 2016

15.2 Carrying values of financial instruments

Available-for-

sale Total

=N=000 =N=000

At 1 January 2015 132,812 132,812

Fair value loss recorded in OCI 10,650

At 1 January 2016 143,462 143,462

Impairment - -

Fair value loss recorded in OCI 6,343 6,343

- -

As At September 30, 2016 149,805 149,805

Unquoted investments carried at cost

15.3

Fair value of financial assets and financial liabilities not carried at fair values

The following describes the methodologies and assumptions used to determine fair values for those

financial instruments which are not already recorded at fair value in the financial statements.

Certain unquoted investments for which fair values could not be reliably estimated have been

carried at cost less impairment. There are no active markets for these financial instruments, fair

value information are therefore not available, this makes it impracticable for the Company to fair

value these investments. They have therefore been disclosed at cost less impairment. The carrying

amount is the expected recoverable amount on these investments.The Company does not intend to

dispose of these investments.

► Level 3: Techniques which use inputs which have a signifcant effect on the recorded fair value

that are not based on observable market data.

The Company uses the following hierarchy for determining and disclosing the fair value of financial

instruments by valuation technique:

► Level 1: Quoted (unadjusted) prices in active markets for identical assets

Assets for which fair value approximates carrying value

For financial assets and financial liabilities that have less than three month’s maturity such as

demand deposits and those without specified maturity such as statutory deposit, other receivables

and other payables, the carrying amounts approximate to their fair value.

Determination of fair value and fair values hierarchy

► Level 2: Other techniques for which all inputs which have a significant effect on the recorded

fair value are observable, either directly or indirectly, and

12



15 Financial assets - continued

As At 30th September 2016 Level 1 Level 2 Level 3 Total

=N=000 =N=000 =N=000 =N=000

Available-for-sale financial assets:

Equity securities 112,001 - - 112,001

Total financial assets 112,001 - - 112,001

16 Trade receivables 2016 2015

=N=000 =N=000

Gross insurance receivables 10,297 13,417

Impairment allowance-9,898 -10,812

Total trade receivables 399 2,605

16 Movement in impairment allowance:

At begining of the year 9,898 10,812

Additions - -

Impairment written off - -

At end of the year 9,898 10,812

2016 2015

17 Reinsurance asset =N=000 =N=000

Reinsurers's share of reserve for

outstanding claims63,399 16,393

Prepaid reinsurance 92,673 82,648

Total reinsurance asset 156,072 99,041

The carrying amounts disclosed above approximate fair value at the

reporting date and are net of impairment charges.

Reinsurance assets are not impaired as balances are set-off against

payables from retrocession at the end of every quarter.

13



18 Deferred acquisition cost

These represents commission paid to brokers on unearned premium relating to the unexpired tenure of risks.

Fire Motor General

accident

Marine and

aviation

Total

=N=000 =N=000 =N=000 =N=000 =N=000

At 1 January 2016 14,800 7,172 17,933 2,436 42,341

Commission incured during the

year

32,261 16,291 43,557 9,248 101,357

Amortisation (Note 4) (38,286) (16,033) (41,299) (8,105) (103,723)As At September 30th 2016 8,775 7,431 20,190 3,579 39,975

At 1 January 2015 16,336 5,916 29,592 14,015 65,860

Commission incured during the year 34,207 17,393 51,488 6,758 109,846

Amortisation (Note 4) (40,651) (14,482) (57,080) (16,236) (128,449)

As At September 30th 2015 9,891 8,827 24,000 4,538 47,256

14



2016 2015

19 Other receivables and prepayment =N=000 =N=000Loan to Guinea coop -

Staff upfront and advances 4,547 13,158

Accrued interest 5,667

Due from Global Scansystems 217,444 283,307

Deposit for computerization

93,691 93,002

Others 3,931 2,202

Prepayments 12,493 22,777

337,773 414,447 Impairment charged on other

receivables (93,291) (93,291)

Impairment on staff salary advances

-

244,482 321,156

2016 2015

20 Investment properties =N=000 =N=000

At the beginning of the year 1,420,500 1,310,000

Fair value adjustments -

At the end of the year 1,420,500 1,310,000

The carrying amounts disclosed above reasonable approximate the fair value at the reporting date. All other

receivable amounts are collectible within one year and the prepayment utilisable within one year.

Investment properties are stated at fair value, which has been determined based on

valuations performed by Yinka Kayode&Co.(FRCN/2013/00000000001197), accredited

independent valuers,The valuer is a specialist in valuing these types of investment properties.

The determination of fair value ofthe investment property was supported by market evidence.

The modalities and process of valuationutilized extensive analysis of market data and other

sectors specific peculiarities corroborated withavailable data derived from previous

experiences.

Valuations are performed on an annual basis and the fair value gains and losses were

recorded withinthe profit or loss.

15I

Representing: 2016 2015

N’000 N’000

Policyholders’ funds 400,000 400,000

Shareholders’ funds 1,020,500 910,000

1,420,500 1,310,000

2016 2015

N’000 N’000

Opening balance at 1 January 1,420,500 1,310,000

Fair value adjustments - -

Closing balance as at September 30,

2016

1,420,500 1,310,000

2016 2015

N'000 N'000

Rental income derived from investment

properties 2,900

Direct operating expenses (including

repairs & maintenance)

- -

Profit arising from investment properties

carried at fair value

- 2,900

Description of valuation techniques used and key inputs to valuation on

investment properties

The valuation of the properties is based on the price for which comparable land and properties

are being exchanged hands on or are being marketed for sale. (investment method )

By nature, detailed information on concluded transactions is difficult to come by. We have

thereforerelied on past transactions and recent adverts in deriving the value of the subject

properties. At least,eight properties were analysed and compared with the subject property.

There are no restrictions on the reliability of investment property or the remittance of income

and proceeds of disposal. The Company has no contractual obligations to purchase, construct

or develop investment property or for repairs or enhancement.

15I



21 Taxation 2016 2015

=N=000 =N=000

21.1 Current tax payable

At the beginning of the year 103,769 297,700

Amounts recorded in the income statements 17,462 20,987

Tax on extra-ordinary item - -

Payments made on-account during the year -68,773 -135,267

WHT Tax Asset

At the end of the year 52,457 183,420

Deferred tax expense/(credit)

Accelerated depreciation for tax purposes

Revaluation loss on building

Fair value gains/(losses) on investment properties

Employee benefit obiligation

Total deferred tax expense/(credit) - -

21.2 Deferred tax liabilities/(assets)

Fair value gains/(losses) on investment properties 90,081 78,073

Tax credit /expense

Tax expense during the period through OCI -

Deferred tax liabilities 90,081 78,073

Reconciliation of deferred tax liabilities is

as shown below:

At the beginning of the year 90,081 78,073

Amounts recorded in the income statement -

Reclassified to/from deferred tax asset

At the end of the period 90,081 78,073

Reconciliation of deferred tax asset is as

shown below:

At the beginning of the year

Amounts recorded in the income statement -

Reclassified from/to deferred tax asset -

At the end of the period - -

21.3 Intangible Asset 2016 2015

=N=000 =N=000

Opening 8,439 36,149

Amounts recorded in the income statement (2,873) (20,358)

As at 30th September 2016 5,566 15,791

Income Statement

Statement of financial position

16



22 Property, Plant and equipmentNote

Motor

Vehicles

Land &

Building

Computer

Equipmen

t

Household

Equipment,

Office

Furniture

and Fittings Total

Cost =N=000 =N=000 =N=000 =N=000 =N=000

At 1st January 2016 211,393 700,000 102,618 89,715 1,103,726

Additions 225 0 1,224 3,363 4,812

Disposals 0 0 0 0

As At 30th September 2016 211,618 700,000 103,842 93,078 1,108,538

Accumulated depreciation

At 1st January 2016 164,543 30,556 81,815 46,489 323,402

Depreciation for the period 8 20,229 22,854 19,474 13,441 75,997

As At 30th September 2016 184,772 53,409 101,289 59,929 399,399

Disposals 0 - - 0


Carrying amount


As at 30th September 2015 53,872 671,971 27,740 47,926 801,510

17



23 Statutory deposit

2016 2015

=N=000 =N=000

Statutory deposit 315,000 315,000

2016 2015

24 Insurance contract liabilities =N=000 =N=000

Insurance contract liabilities consist of the

following:

Provision for reported claims by policyholders 365,425 210,504

Provisions for claims incurred but not reported

(IBNR) 39,710 69,939

Outstanding claims provisions (Note

24.1) 405,135 280,443

Provision for unearned premiums (Note 24.2) 281,251 322,101

Total insurance contract liabilities 686,386 602,544

This represents the amount deposited with the Central Bank of Nigeria as at September

30th 2016 ( September 30th 2015 N315,000,000) in accordance with Section 10 (3) of

Insurance Act 2003. Interest income was earned at an average rate of 11% per annum

(2015: 15%) and this has been included within investment income.

18

The cash and cash equivalents as

described in Note 14 serves as a cash

cover for the insurance contract

liabilities.

24 Outstanding claims provision 2016 2015

=N=000 =N=000

At 1 January 519,871 338,953

Claims incurred in the current accident period

year

55,798

116,321

Claims paid during the year (170,533) (174,832)


24 Provision for unearned premiums 2016 2015

=N=000 =N=000

At 1 January 278,389 420,002

Premiums written in the year (Note 1) 664,005 711,283

Premums earned during the period (Note 1) (661,143) (809,184)


25 Trade payables 2016 2015

Due to brokers 12,719 141

Due to agents 424 424

Due to insurance companies -

Due to reinsurance companies - local 19,089 95,402

32,233 95,968

26 Other payables and accruals

Accrued expenses 57,407 71,136

Deferred revenue (Note 26.1) 4,881 17,908

Unearned Commission 15,602 12,853

Other payables (Note 26.2) 76,782 106,569

154,673 208,466

26

The carrying amounts disclosed above reasonably approximate fair value at the reporting date. All amounts

are payable within one year (with the exception of deferred revenue).

This represents the amount payable to insurance and reinsurance companies

Other payables represent outstanding NAICOM charges, PAYE, NSITF, ITF, NHF, union dues, witholding

tax, VAT, travel insurance, stale cheque, unclaimed dividend and other creditors.

18



26.1 Deferred Revenue

Rental Income 2016 2015

=N=000 =N=000

At the beginning 10,333 13,730

Amount deferred 8,753 10,773

Amount released to the income statement (14,205) (6,595)

Total deferred revenue 4,881 17,908

27 Employee benefit obligations

2016 2015

=N=000 =N=000

At the begining of the year 18,794 10,815

Movement in the period

18,794 10,815

Rental income arising from operating lease on investment properties is accounted for on a straight line basis

over the lease terms and is included in investment income.

The amounts recognised in the statement of financial position at the reporting date are, as follows:

20



28 Deposit for shares 2016 2015

=N=000 =N=000

As at 30th September 2016 0 500,000

500,000

29 Issued share capital

Authorised and issued share capital 2016 2015

=N=000 =N=000

Authorised share capital 3,200,000 3,200,000

6.4 billion Ordinary shares of N0.50k each

Ordinary shares issued and fully paid

2016 2015

=N=000 =N=000

At 1 January 3,070,000 3,070,000

Issued during the period -

As at 30th September 2016 3,070,000 3,070,000

30 Share premium

2016 2015

=N=000 =N=000

At 1 January 337,545 337,545

0


20

20

31 Contingency reserve

2016 2015

=N=000 =N=000

At the beginig of the period 365,300 306,389

For the period 19,920 21,338


Retained Earnings 2016 2015

=N=000 =N=000

At the beginig of the period (918,993) (864,122)

For the period 37,106 44,597

Contigency reserve (19,920) (21,338)

As at 30th September 2016 (901,808) (840,863)

32 Available-for-sale Financial Assets

Reserve

2016 2015

=N=000 =N=000

At the begining of the period 46,101 39,347

For the period 6,343 -3,657


33 Financial Liabilities .

At the begining of the period 15,556 27,126

For the period (10,750) (8,941)


Contingency reserve in respect of non-life business is the higher of 20% of net profit and 3% of

premium as specified in Section 21(2) of the Insurance Act 2003.


NOTES TO THE FINANCIAL STATEMENTS -

Continued

22

Documents

GUINEA INSURANCE PLC SEPTEMBER 2016 MANAGEMENT …...GUINEA INSURANCE PLC NOTES TO THE FINANCIAL STATEMENTS 1 Net insurance premium revenue 30/09/2016 30/09/2015 =N=000 =N=000 1.1