Custodian Investment Income Statement

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

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	134,920	141,446	96,228	65,190	57,304	40,881
Total Interest & Dividend Income	54,961	27,247	27,922	18,751	13,657	12,235
Gain (Loss) on Sale of Investments	39,281	17,046	16,718	-4,593	-6,605	-14,854
Non-Insurance Activities Revenue	12,914	12,914	11,629	5,344	5,897	825.4
Other Revenue	-11,430	10,776	6,748	5,222	4,339	5,696
Total Revenue	230,645	209,429	159,244	89,913	74,591	44,784
Revenue Growth (YoY)	23.11%	31.51%	77.11%	20.54%	66.56%	-38.24%
Policy Benefits	121,850	129,068	103,433	69,217	53,732	15,351
Policy Acquisition & Underwriting Costs	-	-	-	-	-	5,424
Amortization of Goodwill & Intangibles	87.44	87.44	101.29	51.91	40.44	86.87
Depreciation & Amortization	1,054	1,054	601.05	736.46	672.71	559.92
Selling, General & Administrative	16,002	11,354	9,735	6,077	5,012	5,600
Provision for Bad Debts	289.24	289.24	-	-	-	-
Non-Insurance Activities Expense	9,730	9,286	7,985	3,442	4,289	685.13
Other Operating Expenses	-1,498	-1,498	-385.3	-795.71	-742.51	478.42
Total Operating Expenses	156,075	158,200	127,465	82,293	65,898	31,803
Operating Income	74,570	51,229	31,780	7,620	8,693	12,981
Interest Expense	-19,070	-5,064	-238.3	-248.3	-198.4	-555.85
Earnings From Equity Investments	1,651	1,887	1,861	1,233	233.07	308.48
Currency Exchange Gain (Loss)	-2,781	-2,781	23,248	17,578	2,639	315.33
Other Non Operating Income (Expenses)	-858.58	-858.58	836.56	-192.4	149.59	-726.28
EBT Excluding Unusual Items	53,512	44,412	57,487	25,991	11,517	12,322
Gain (Loss) on Sale of Investments	-232.2	-232.2	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-41.08	-
Asset Writedown	23,822	23,830	4,915	-	-	-
Other Unusual Items	9,342	9,342	-	-	-	-
Pretax Income	86,444	77,352	62,402	25,991	11,476	12,322
Income Tax Expense	11,906	9,721	7,129	6,314	2,614	2,151
Earnings From Continuing Ops.	74,538	67,630	55,273	19,677	8,861	10,171
Earnings From Discontinued Ops.	-	-	-	-	-	-116.29
Net Income to Company	74,538	67,630	55,273	19,677	8,861	10,055
Minority Interest in Earnings	-3,761	-1,791	-1,276	-620.25	-488.58	605.11
Net Income	70,777	65,839	53,997	19,057	8,373	10,660
Net Income to Common	70,777	65,839	53,997	19,057	8,373	10,660
Net Income Growth	42.13%	21.93%	183.34%	127.61%	-21.45%	-6.63%
Shares Outstanding (Basic)	5,881	5,882	5,882	5,882	5,882	5,882
Shares Outstanding (Diluted)	5,881	5,882	5,882	5,882	5,882	5,882
Shares Change (YoY)	-0.02%	-	-	-	-	-
EPS (Basic)	12.04	11.19	9.18	3.24	1.42	1.81
EPS (Diluted)	12.04	11.19	9.18	3.24	1.42	1.81
EPS Growth	35.14%	21.93%	183.34%	127.61%	-21.45%	-6.63%
Free Cash Flow	28,218	22,362	53,338	43,981	17,503	-7,068
Free Cash Flow Per Share	4.80	3.80	9.07	7.48	2.98	-1.20
Dividend Per Share	2.250	2.250	1.250	0.800	0.650	0.500
Dividend Growth	80.00%	80.00%	56.25%	23.08%	30.00%	-9.09%
Operating Margin	32.33%	24.46%	19.96%	8.48%	11.65%	28.98%
Profit Margin	30.69%	31.44%	33.91%	21.20%	11.22%	23.80%
Free Cash Flow Margin	12.23%	10.68%	33.50%	48.91%	23.47%	-15.78%
EBITDA	78,109	54,273	32,794	8,359	9,275	13,412
EBITDA Margin	33.87%	25.91%	20.59%	9.30%	12.44%	29.95%
D&A For EBITDA	3,539	3,044	1,015	739.08	581.74	431.15
EBIT	74,570	51,229	31,780	7,620	8,693	12,981
EBIT Margin	32.33%	24.46%	19.96%	8.48%	11.65%	28.98%
Effective Tax Rate	13.77%	12.57%	11.43%	24.29%	22.78%	17.46%

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.