COMPANY

AFRICAN ALLIANCE INSURANCE PLC

AUDITED (Dec, 2011)
CURRENT
PRIOR PERIOD
Statement of Comprehensive Income
31/12/2011
31/12/2010
N
000
N
000
Gross Premiums Written
1,827,926
1,368,277
Reinsurance Cost
(22,682)
(16,861)
Net Premiums Income
1,805,244
1,351,416
Commission Received
5,774
3,056
Income from restaurant Operations
265,839
258,470
Air freight Income
346,519
226,165
Share of Associated Profits
118,856
66,647
Investment and Other Income
178,203
49,376
Net Claims Incurred
(792,650)
(651,543)
Acquisition Expenses
(38,862)
(28,603)
Maintenace Expenses
(279,805)
(269,057)
Guaranteed Interest on deposit admin
(144,719)
(156,005)
Cost of Sales- Restaurant
(158,398)
(143,276)
Direct Operating Cost -Air freight
(383,283)
(230,471)
Management Expenses
(1,012,200)
(969,257)
Impairment of goodwill
(54,158)
(89,322)
Interest on Overdrafts
(51,892)
(36,726)
Loss on disposal of Investment
(55,294)
Provision for doubtful accounts
(1,078,576)
(2,428,930)
Loss(Profit)/before tax
(1,274,108)
(3,103,354)
Taxation
179,130
12,624
Loss(Profit)/after tax
(1,094,978)
(3,090,730)
Transfer to contingency Reserve
18,279
13,683
Loss transfer to general reserve
(1,113,257)
(3,104,413)
Loss per share (k)
(5.32)
(15.01)

Statement of Financial Position

Cash & bank bank balances
Placement with banks
Treasury Bills
Long term Investments
Loans on Policies
Investment in associated compnay
Investment properties
Debtors and Prepayments
Due from related Company
Statutory Deposit
Property, Plant and Equipment
Goodwill on consolidation
Total Assets
Bank overdrafts
Due to Reinsurance
Due to related company
Creditors and accruals
Life Insurance Funds
Tax Payable
Deferred Taxation
Term Loans
Liabilities for administered deposits
Investment link fund
Total Liabilities
Net Assets
Statement of Cash Flow
Net Cash Generated From Operating Activities
Net Cash Flow From Investing Activities
Net Cash Flow From Financing Activities
Net Decrease in Cash and Cash Equivalents
Cash/ Bank Balance at the Beginning of the Period
Cash/ Bank Balance at the End of the Period

31/12/2011
158,077
207,036
20,000
2,202,192
26,463
489,932
5,103,276
388,003
200,000
4,066,093
12,861,072
217,146
21,824
307,162
744,886
1,540,166
170,102
8,346
28,333
3,241,755
151,339
6,431,059
6,430,013
31/12/2011
377,701
(139,785)
(80,344)
157,572
27,404
184,976

31/12/2010
47,605
109,698
2,279,873
70,874
199,086
4,117,059
668,145
196,118
200,000
5,183,095
54,158
13,125,711
150,394
16,333
476,918
1,160,320
155,854
201,724
48,333
3,082,033
109,497
5,401,406
7,724,305
31/12/2010
(288,337)
(39,665)
4,791
(323,211)
350,615
27,404