Custodian Investment Balance Sheet

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
Investments in Debt Securities	208,068	155,659	107,292	50,640	43,526
Investments in Equity & Preferred Securities	219,589	18,018	10,540	6,062	6,324
Policy Loans	-	145.44	109.28	98.77	90.43
Total Investments	629,253	302,716	208,333	151,280	130,238
Cash & Equivalents	155,958	43,956	25,052	22,045	17,173
Reinsurance Recoverable	15,231	11,848	7,916	8,801	3,338
Other Receivables	141,439	3,103	4,309	4,472	2,965
Deferred Policy Acquisition Cost	-	-	-	-	784.69
Property, Plant & Equipment	23,526	14,724	13,900	13,308	4,766
Other Intangible Assets	323.79	277.27	231.81	239.71	172.49
Restricted Cash	-	33.35	6.85	-	3.67
Other Current Assets	27,384	26,599	6,860	9,395	22,732
Other Long-Term Assets	30,124	4,037	3,191	2,672	2,299
Total Assets	1,023,239	407,294	269,800	212,212	184,472
Accounts Payable	283,111	4,497	3,959	3,201	3,026
Accrued Expenses	3,743	21,404	5,058	6,777	5,155
Insurance & Annuity Liabilities	271,191	195,359	144,510	92,429	66,867
Unpaid Claims	-	-	-	10,900	9,755
Unearned Premiums	-	25,627	14,854	16,948	13,814
Reinsurance Payable	191.62	379.03	45.34	605.1	529.32
Short-Term Debt	177,902	3,380	2,147	2,179	2,517
Current Income Taxes Payable	8,035	4,310	1,876	3,346	1,942
Long-Term Deferred Tax Liabilities	4,727	10,105	7,057	2,067	2,134
Other Current Liabilities	35,151	4,799	6,588	5,704	3,014
Other Long-Term Liabilities	-0	-	-	-	8,616
Total Liabilities	802,435	272,767	188,334	147,311	120,134
Common Stock	2,941	2,941	2,941	2,941	2,941
Additional Paid-In Capital	6,412	6,412	6,412	6,412	6,412
Retained Earnings	165,422	107,532	59,970	45,030	44,614
Comprehensive Income & Other	26,745	6,680	2,222	1,108	1,189
Total Common Equity	201,519	123,565	71,545	55,492	55,157
Minority Interest	19,285	10,961	9,921	9,409	9,180
Shareholders' Equity	220,804	134,527	81,466	64,901	64,337
Total Liabilities & Equity	1,023,239	407,294	269,800	212,212	184,472
Filing Date Shares Outstanding	5,882	5,882	5,882	5,882	5,882
Total Common Shares Outstanding	5,882	5,882	5,882	5,882	5,882
Total Debt	177,902	3,380	2,147	2,179	2,517
Net Cash (Debt)	-21,944	40,576	22,905	19,866	14,656
Net Cash Growth	-	77.14%	15.30%	35.55%	114.06%
Net Cash Per Share	-3.73	6.90	3.89	3.38	2.49
Book Value Per Share	34.26	21.01	12.16	9.43	9.38
Tangible Book Value	201,196	123,288	71,313	55,252	54,984
Tangible Book Value Per Share	34.21	20.96	12.12	9.39	9.35
Machinery	11,332	5,683	4,843	4,358	3,421

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