Investor Relations

Operating under the foregoing environment, the company in 2008 recorded gross written premium of N1.3 billion against N992 million in 2007, an increase of 35% over the previous year. Group earnings increased by 32% from N2.01 billion in 2007 to N2.7 billion in 2008. It is worthy of note that the company consolidated the results of its second subsidiary company, the VGC Recreational Investment Trust Limited for the first time. This is in addition to the results of Critical Rescue International (CRI), which we have been consolidating in prior years.

Despite the increase in gross written premium, the company's operating profit after tax was N219 million, down from N397 million recorded in the previous year. Group profit after tax was N151 million down from N265 million recorded in the previous year. Extraordinary item of N95 million being run-off costs incurred on discontinued general business was charged against company's profit after tax bringing profit after tax and extraordinary item to N123.8 million.

The decrease in profit after taxation for the company was attributed largely to:
  • Increase in level of claims incurred from N559 million in 2007 to N952 million in 2008, an increase of 70%
  • Provision for outstanding premium receivable in line with regulatory requirement
  • Provision of N103 million for unexpired risk, based on time on risk of the health policies, in 2007 we wrote back N126 million unexpired risk.
Financial Results
RESULTS FOR THE YEAR ENDED 31st DECEMBER, 2008

The directors of UNIC INSURANCE PLC are pleased to publish the Company's audited result for the year ended 31st December, 2008.
GROUP PROFIT AND LOSS for the year ended 31st December, 2008.
  2008
=N='000		 2007
=N='000
Gross earnings  2,742,002 2,079,549
Underwriting results
Investment and other income
  24,965
1,426,839		 117,045
1,230,837
Write back on doubtful investments
Management expenses
  1,451,804
3,000
(1,160,213)		 1,347,882
16,796
(960,853)
Profit on ordinary activities before taxation
Taxation		  294,591
(48,072)		 403,825
(37,046)
Profit after taxation and before extraordinary item
Extraordinary item		  246,519
(95,381)		 366,779
(101,470)
Profit after extraordinary item
Statutory contingency reserve		  151,138
(21,917)		 265,309
(59,207)
Retained profit for the year transferred
to general reserve		  129,221 206,102
Earnings per share(kobo)-Basic
Net assets per share(kobo)		  10
186		 14
185
BALANCE SHEET 31st December, 2007.
GroupCompany
 2008
=N='000		 2007
=N='000		2008
=N='000		 2007
=N='000
ASSETS
Bank balances and cash 79,546 445,497 75,342
 395,569
Short term investments 436,752 530,482 436,752 530,482
Debtors and prepayments 2,021,512 3,553,262 2,021,512 3,553,262
Loans to policy holders 5,612 6,358 5,612 6,358
Long term investments 1,294,233 1,122,316 1,309,233 1,127,316
Investment properties 678,000 678,000 678,000 678,000
Statutory deposit 220,000 220,000 220,000 220,000
Advances under finance lease 116,930 35,420 116,930 39.694
Fixed assets 3,302,563 1,123,461 1,609,547 920,231
Total assets 8,155,150 7,714,796 7,362,572 6,973,151
LIABILITIES
Bank overdrafts 386,759 152,439 333,433 152,439
Bank loans 1,029,750 1,239,894 715,876 823,838
Creditors and accruals 1,055,777 924,151 780,405 726,075
Outstanding claims 133,747 171,048 133,747 171,048
Insurance funds 239,922 106,570 239,922 106,570
Liability for administered deposits 258,453 319,626 258,453 319,626
Liability for investment products funds 113,800      
Dividend payable 6,738 12,847 6,738 12,847
Taxation 88,010 63,047 59,485 29,667
Information technology levy 5,493 3,081 5,493 3,081
Deferred taxation 39,575 58,684 - 19,109
3,358,024 2,951,387 2,647,352 2,264,300
CAPITAL AND RESERVES
Share capital 1,291,148 1,291,148 1,291,148 1,291,148
Share premium 878,055 878,055 878,055 878,055
Statutory contingency reserve 468,701 443,317 468,701 443,317
General reserve 682,599 682,493 600,693 627,935
Core capital 3,320,503 3,295,013 3,238,597 3,240,455
Investment reservation surplus 8,227 - 8,227 -
Investment properties revaluation reserve 386,362 386,362 386,362 386,362
Fixed assets revaluation reserve 1,082,034 1,122,634 1,082,034 1,122,634
Shareholders' funds 4,797,126 4,763,409 4,715,220 4,708,851
Total liabilities 8,155,150 7,714,796 7,362,572 6,973,151

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF UNIC INSURANCE PLC
Report on the Financial Statemants
We have audited the accompanying financial statements of Unic Insurance Plc as at 31st December 2008 which have been prepared on the basis of the significant accounting policies.
Directors' responsibility for the financial Statements
The Directors are responsible for the prparation and fair presentation of these financial statements in accordance with the Companies and Allied Matters Act CAP C20 LFN 2004. This responsibility includes: designing, implementation and maintainig internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditors' Responsibility
Our responsibility is to express an opinion of these final statement based on our audit. We conducted our audit in accordance with the international standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depends on the auditors' judgement,including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal controls relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by directors as well as evaluating the overall presentation of financial statements.
Opinion
In our opinion, the group and the company have kept proper accounting records and the financial statements are in agreement with the records in all material aspects and giving the prescribed manner, information required by the Companis and Allied Matters Act CAP 117 LFN 2004, The financial statements give a true and fair view of the financial position of Unic Insurance Plc as at 31st December 2008, and of it's financial performance and its cash flows for the year ended in accordance with the statement of Accounting standards issued by the Nigerian Accounting Standards Board and relevant International Financial Reporting Standards.
Chartered Accountants
Lagos, Nigeria


25th September, 2009

Audit tax, Consulting, Financial Advisory.
Member of
Deloitte Touche Tohmatsu

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