Custodian Investment Cash Flow 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
Net Income	65,830	52,268	19,057	8,373	10,660
Depreciation & Amortization	1,373	1,043	759.05	639.8	481.51
Other Amortization	99.99	124.92	53.1	64.9	57.34
Gain (Loss) on Sale of Assets	-9,735	17.57	-8.76	1.62	-298.75
Gain (Loss) on Sale of Investments	-16,150	-16,540	6,067	5,204	735.07
Change in Accounts Receivable	328.39	123.55	839.05	-1,479	243.15
Reinsurance Recoverable	-3,383	-3,931	-4,332	-1,142	-374.17
Change in Accounts Payable	409,812	12,755	9,032	3,506	3,991
Change in Insurance Reserves / Liabilities	75,832	50,849	32,008	14,840	-1,962
Change in Other Net Operating Assets	11,547	155.99	676.77	1,813	-2,148
Other Operating Activities	-47,671	-31,191	-18,947	-13,634	-13,605
Operating Cash Flow	477,606	54,464	44,704	18,668	-6,370
Operating Cash Flow Growth	776.93%	21.83%	139.47%	-	-
Capital Expenditures	-8,714	-1,125	-723.38	-1,164	-697.81
Sale of Property, Plant & Equipment	135.6	11.89	65.78	53.37	30.66
Purchase / Sale of Intangible Assets	-146.51	-92.09	-45.19	-104.67	-70.72
Investment in Securities	-367,061	-68,515	-60,168	-27,045	-1,733
Other Investing Activities	49,557	36,799	22,214	15,532	11,783
Investing Cash Flow	-325,628	-32,921	-38,668	-12,755	10,691
Short-Term Debt Issued	-	1,950	-	-	-
Total Debt Issued	-	1,950	-	-	-
Total Debt Repaid	-	-724.06	-	-337.45	-
Net Debt Issued (Repaid)	-	1,226	-	-337.45	-
Common Dividends Paid	-7,941	-4,705	-4,117	-2,941	-3,235
Other Financing Activities	-29,183	-557.81	-572.73	-405.06	-110.08
Financing Cash Flow	-37,123	-4,038	-4,690	-3,683	-3,345
Foreign Exchange Rate Adjustments	-2,885	1,426	1,668	2,639	2,457
Net Cash Flow	111,969	18,930	3,014	4,869	3,433
Free Cash Flow	468,892	53,338	43,981	17,503	-7,068
Free Cash Flow Growth	779.09%	21.28%	151.27%	-	-
Free Cash Flow Margin	210.68%	32.49%	48.91%	23.47%	-15.78%
Free Cash Flow Per Share	79.72	9.07	7.48	2.98	-1.20
Cash Interest Paid	-	230.92	241.85	198.4	-
Cash Income Tax Paid	1,790	1,483	2,197	1,254	987
Levered Free Cash Flow	338,977	46,854	49,440	100,232	28,910
Unlevered Free Cash Flow	339,222	47,003	49,595	100,356	29,258
Change in Working Capital	499,862	54,451	40,303	18,366	-1,516

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