Custodian Investment Income Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Premiums & Annuity Revenue	141,446	96,228	65,190	57,304	40,881
Total Interest & Dividend Income	27,247	27,922	18,751	13,657	12,235
Gain (Loss) on Sale of Investments	40,876	21,634	-4,593	-6,605	-14,854
Non-Insurance Activities Revenue	12,914	11,629	5,344	5,897	825.4
Other Revenue	10,776	6,748	5,222	4,339	5,696
Total Revenue	233,259	164,160	89,913	74,591	44,784
Revenue Growth (YoY)	42.09%	82.58%	20.54%	66.56%	-38.24%
Policy Benefits	129,068	103,433	69,217	53,732	15,351
Policy Acquisition & Underwriting Costs	-	-	-	-	5,424
Amortization of Goodwill & Intangibles	87.44	101.29	51.91	40.44	86.87
Depreciation & Amortization	1,054	601.05	736.46	672.71	559.92
Selling, General & Administrative	11,354	9,735	6,077	5,012	5,600
Provision for Bad Debts	289.24	-	-	-	-
Non-Insurance Activities Expense	9,286	7,985	3,442	4,289	685.13
Other Operating Expenses	-1,498	-385.3	-795.71	-742.51	478.42
Total Operating Expenses	158,200	127,465	82,293	65,898	31,803
Operating Income	75,059	36,695	7,620	8,693	12,981
Interest Expense	-5,064	-238.3	-248.3	-198.4	-555.85
Earnings From Equity Investments	1,887	1,861	1,233	233.07	308.48
Currency Exchange Gain (Loss)	-2,781	23,248	17,578	2,639	315.33
Other Non Operating Income (Expenses)	-858.58	836.56	-192.4	149.59	-726.28
EBT Excluding Unusual Items	68,242	62,402	25,991	11,517	12,322
Gain (Loss) on Sale of Investments	-232.2	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-41.08	-
Other Unusual Items	9,342	-	-	-	-
Pretax Income	77,352	62,402	25,991	11,476	12,322
Income Tax Expense	9,721	7,129	6,314	2,614	2,151
Earnings From Continuing Ops.	67,630	55,273	19,677	8,861	10,171
Earnings From Discontinued Ops.	-	-	-	-	-116.29
Net Income to Company	67,630	55,273	19,677	8,861	10,055
Minority Interest in Earnings	-1,791	-1,276	-620.25	-488.58	605.11
Net Income	65,839	53,997	19,057	8,373	10,660
Net Income to Common	65,839	53,997	19,057	8,373	10,660
Net Income Growth	21.93%	183.34%	127.61%	-21.45%	-6.63%
Shares Outstanding (Basic)	5,882	5,882	5,882	5,882	5,882
Shares Outstanding (Diluted)	5,882	5,882	5,882	5,882	5,882
EPS (Basic)	11.19	9.18	3.24	1.42	1.81
EPS (Diluted)	11.19	9.18	3.24	1.42	1.81
EPS Growth	21.93%	183.34%	127.61%	-21.45%	-6.63%
Free Cash Flow	22,362	53,338	43,981	17,503	-7,068
Free Cash Flow Per Share	3.80	9.07	7.48	2.98	-1.20
Dividend Per Share	2.250	1.250	0.800	0.650	0.500
Dividend Growth	80.00%	56.25%	23.08%	30.00%	-9.09%
Operating Margin	32.18%	22.35%	8.48%	11.65%	28.98%
Profit Margin	28.23%	32.89%	21.20%	11.22%	23.80%
Free Cash Flow Margin	9.59%	32.49%	48.91%	23.47%	-15.78%
EBITDA	78,103	37,710	8,359	9,275	13,412
EBITDA Margin	33.48%	22.97%	9.30%	12.44%	29.95%
D&A For EBITDA	3,044	1,015	739.08	581.74	431.15
EBIT	75,059	36,695	7,620	8,693	12,981
EBIT Margin	32.18%	22.35%	8.48%	11.65%	28.98%
Effective Tax Rate	12.57%	11.43%	24.29%	22.78%	17.46%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.