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Prestige Inner Layout 2017 A22nnu00al R11ep77ort & Accounts 2017 Prestige Assurance Plc (A Subsidiary of The New India Assurance Co. Ltd. Mumbai India) Prestige...Compasionate and Caring Prestige Assurance Plc (A Subsidiary of The New India Assurance Co. Ltd. Mumbai India) Prestige Assurance Plc's Financial Statements comply with the applicable legal requirements of the Companies and Allied Matters Act, CAP C20 LFN 2004 regarding financial statements. The financial statements have been prepared in compliance with IAS 1 'Presentation of the Financial statements', its interpretation issued by the International Accounting Standards Board and adopted by the Financial Reporting Council of Nigeria. 01 Annual Report & Accounts 2017 Prestige Assurance Plc (A Subsidiary of The New India Assurance Co. Ltd. Mumbai India) 02 Annual Report & Accounts 2017 Prestige...Compasionate and Caring Prestige Assurance Plc (A Subsidiary of The New India Assurance Co. Ltd. Mumbai India) Vision, Mission and Core Values 4 Corporate Information 5 Results at a Glance 6 Performance Indicator 7-8 Notice of 48th Annual General Meeting 10 Board of Director 11 Board of Directors Profile 12-14 Management Team 15 Chairman’s Statement 19-20 Managing Director Report 21-17 Statement of Directors' Responsibilities in Relation to the Preparation 21 Report of the Directors 22-26 Corporate Governance Report 27-31 Certificate Pursuant to Section 60(2) of Investment and Securities Act 32 Report of Audit and Compliance Committee 33 Sustainability and Corporate Responsibility Report 34-36 Management Complaints Policy 37-42 Management Discussion and Analysis 43-44 Independence Auditor’s Report 45-48 Summary of Significant Accounting Policies 49-73 Statement of Profit or Loss and Other Comprehensive Income 74 Statement of Financial Position 75 Statement of Changes in Equity 76 Statement of Cash Flows 77 Notes to the Financial Statements 78-118 Revenue Accounts 119 Statement of Value Added 120 Five-Year Financial Summary 121-122 Analysis of Shareholdings 123 Share Capital 124 E-Dividend Form 125 Proxy Form 127 Unclaimed Dividend 129-162 Events 163-164 03 Annual Report & Accounts 2017 Prestige...Compasionate and Caring Prestige Assurance Plc (A Subsidiary of The New India Assurance Co. Ltd. Mumbai India) OUR VISION OUR MISSION To build a reputable brand To be the preferred and that remains ahead in most reliable risk carrier providing timely service providing quality insurance delivery and customised products and services to insurance products customers and creating value to all stakeholders CORE VALUES Core Values Values Professionalism We always produce high quality output free of error Reliability Our customers can depend on our timely service delivery Empathy We are compassionate and caring to our customers Services We are committed to serving the community Transparency We are open in our transactions We constantly deploy products to meet our Innovation customers challenging needs Goal Oriented We are committed to achieve our set objectives Excellence We exhibit excellence in our behaviour and actions 04 Annual Report & Accounts 2017 Prestige...Compasionate and Caring Prestige Assurance Plc (A Subsidiary of The New India Assurance Co. Ltd. Mumbai India) Corporate Information Directors Mr. Hassan T. M. Usman (Nigerian) - Chairman Dr. Balla Swamy (Indian) - Managing Director/CEO Mr. Sarbeswar Sahoo (Indian) - Executive Director Mr. Gopalan Srinivasan (Indian) - Non-Executive Director Mr. Muftau Olakunle Oyegunle (Nigerian) - Non-Executive Director Mr. Gopalan Raghu (Indian) - Non-Executive Director Mr. Hermant G. Rokade (Indian) - Non-Executive Director (Retired 05 May, 2017) Mr. Sidharth Pradhan - Non-Executive Director (Appointed 05 May, 2017) Registered Number 6753 NAICOM Reg. Number 033 Company Secretary Abayomi Odulana FRC/2013/ICSAN/000000003201 Registered Office Ligali Ayorinde Street Victoria Island, Lagos P.O.Box 650 Marina, Lagos [email protected] www.prestigeassuranceplc.com Actuaries Zamara Consulting Actuaries Nigeria Limited FRC/2017/NAS/000000016912 70 Adetokunbo Ademola Street Victoria Island Lagos Registrars First Registrars & Investors Services Limited Plot 2, Abebe Village Road Iganmu, Lagos FRC/2013/00000000001946 Auditors Ernst & Young 10th & 13th Floors, UBA House 57, Marina Lagos Bankers Access Bank Plc Bank of India Limited Citi Bank Nigeria Limited Fidelity Bank Plc First Bank of Nigeria Limited Guaranty Trust Bank Plc Heritage Bank Plc Keystone Bank Limited Providus Bank Limited Skye Bank Plc Stanbic IBTC Bank Limited Sterling Bank Plc Union Bank Plc United Bank for Africa Plc Re-insurers African Reinsurance Coporation Aveni Reinsurer Continental Reinsurance Zep Reinsurer NCA Reinsurer 05 Annual Report & Accounts 2017 Prestige...Compasionate and Caring Prestige Assurance Plc (A Subsidiary of The New India Assurance Co. Ltd. Mumbai India) Result at a Glance For the year Ended 31 December 2017 2017 2016 ?’000 ? ’000 Gross premium written 3,808,516 2,614,264 Net premium income 1,448,481 1,101,808 Underwriting expenses 1,615,034 1,213,657 Investment income 830,939 417,824 Other operating income 30,774 146,361 Result from operating activities 706,215 350,996 Profit for the year 531,841 221,992 Net assets 7,508,121 6,228,262 Total assets 11,775,553 9,689,587 Basic earnings per share (Kobo) 9.90 4.13 Diluted earnings per share (Kobo) 9.90 4.13 06 Annual Report & Accounts 2017 Prestige...Compasionate and Caring Prestige Assurance Plc (A Subsidiary of The New India Assurance Co. Ltd. Mumbai India) Performance Indicator Gross Premium (GP) & Profit before Tax (PBT) Income (N’Million) 5,000.00 4,800,000 4,600,000 4,400,000 4,222 4,200,000 4,000,000 3,809 ) 3,600,000 2,614 0 0 3,200,000 0 ’ 2,800,000 ( 2,654 2,431 A 2,400,000 R I 2,000,000 A 1,600,000 N 1,200,000 800,000 698 177 400,000 127 21 340 0 2013 2014 2015 2016 2017 Shareholders Funds (N’Million) 8,000,000 7,508 7,000,000 6,228 6,000,000 5,809 ) 5,000,000 4,576 0 4,413 0 0 ’ 4,000,000 ( A 3,000,000 R I A 2,000,000 N 1,000,000 0 2013 2014 2015 2016 2017 07 Annual Report & Accounts 2017 Prestige...Compasionate and Caring Prestige Assurance Plc (A Subsidiary of The New India Assurance Co. Ltd. Mumbai India) Performance Indicator Total Assets (N’ Millions) 12,000,000 11.776 11.894 10,368 9.689 10.134 9,500,000 8,000,000 ) 0 6,500,000 0 0 ’ ( 5,000,000 A R I 3,500,000 A N 2,000,000 0 2013 2014 2015 2016 2017 Investment & Other Income (N’ Million) 1,400,000 1,200,000 ) 0 1,000,000 0 869 862 0 ’ ( 800,000 710 A R I 600,000 558 564 A N 400,000 200,000 0 2013 2014 2015 2016 2017 08 Annual Report & Accounts 2017 Prestige...Compasionate and Caring Prestige Assurance Plc (A Subsidiary of The New India Assurance Co. Ltd. Mumbai India) Notice of 48th Annual General Meeting Notice is hereby given that the Forty-Eight (48TH) Annual General Meeting of Prestige Assurance Plc will be held at the AGIP Recital Hall Muson Centre, Onikan, Lagos on the 11th of June 2018 at 11am for the following purposes: ORDINARY BUSINESS 1. To lay before Members the Report of the Directors, the Financial Statements of the Company for the year ended 31st December 2017, the Report of the Auditors and Report of the Audit Committee thereon. 2. To elect/re-elect Directors. 3. To re-appoint the Auditors of the Company and to authorize the Directors to fix their remuneration. 4. To elect members of the Audit Committee SPECIAL BUSINESS 5. To approve the remuneration of the Directors. 6. To consider and if thought fit, pass the following resolutions as ordinary Resolution: “That pursuant to Section 102 of the Companies and Allied Matters Act (CAMA) Cap C20, Laws of the Federation of Nigeria, 2004 and the Articles of Association of the Company the authorised Share Capital of the company be increased from N2,223,489,000 to N3,000,000,000 by the creation of 1,553,022,000 ordinary shares of N.50k each. 7 That the Directors be and are hereby authorized to issue bonus shares from its share premium account in the sum of N782,569,517.00; being 41 new shares for every 100 Shares held thereby increasing the issued share capital of the Company from N1,908,706,140 to N2,691,275,658 by issuing 1,565,139,035 ordinary shares of N0.50 Kobo each to Shareholders who are on the Register of Members at a date to be determined. 8. That, Clause 6 of the Memorandum of Association of the Company be and is hereby deleted in its entirety and replaced with the following: “The share capital of the Company is N3,000,000,000 divided into 6,000,000,000 ordinary shares of fifty kobo (N0.50k) each.” 9. That the Board of Directors and the company secretary be and is hereby authorized to do all such acts, deeds, matters and things as the Board may deem necessary to give effect to the aforementioned resolutions of the company. BY ORDER OF THE BOARD ABAYOMI O. ODULANA Company Secretary/Chief Compliance Officer FRC/2013/ICSAN/00000003201 Dated this day 10th Day of May 2018 NOTES: (i) Proxy A member of the Company entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and vote instead. A proxy need not be a member of the Company. A proxy form is attached and if it is so be valid for the meeting, it must be executed and deposited with the Registrar of the Company not less than 48 hours before the time of holding the meeting.
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