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	65,839	53,997	19,057	8,373	10,660
Depreciation & Amortization	3,111	1,043	759.05	639.8	481.51
Other Amortization	2,185	124.92	53.1	64.9	57.34
Gain (Loss) on Sale of Assets	-1.5	17.57	-8.76	1.62	-298.75
Gain (Loss) on Sale of Investments	-16,135	-16,540	6,067	5,204	735.07
Change in Accounts Receivable	-302.35	123.55	839.05	-1,479	243.15
Reinsurance Recoverable	-3,168	-3,931	-4,332	-1,142	-374.17
Change in Accounts Payable	-8,707	12,755	9,032	3,506	3,991
Change in Insurance Reserves / Liabilities	75,541	50,849	32,008	14,840	-1,962
Change in Other Net Operating Assets	-15,416	155.99	676.77	1,813	-2,148
Other Operating Activities	-55,575	-31,191	-18,947	-13,634	-13,605
Operating Cash Flow	27,144	54,464	44,704	18,668	-6,370
Operating Cash Flow Growth	-50.16%	21.83%	139.47%	-	-
Capital Expenditures	-4,782	-1,125	-723.38	-1,164	-697.81
Sale of Property, Plant & Equipment	136.39	11.89	65.78	53.37	30.66
Purchase / Sale of Intangible Assets	-2,117	-92.09	-45.19	-104.67	-70.72
Cash Acquisitions	-29,004	-	-	-	-
Investment in Securities	95,004	-68,515	-60,168	-27,045	-1,733
Other Investing Activities	55,790	36,799	22,214	15,532	11,783
Investing Cash Flow	115,626	-32,921	-38,668	-12,755	10,691
Short-Term Debt Issued	-	1,950	-	-	-
Total Debt Issued	-	1,950	-	-	-
Total Debt Repaid	-2,285	-724.06	-	-337.45	-
Net Debt Issued (Repaid)	-2,285	1,226	-	-337.45	-
Common Dividends Paid	-7,941	-4,705	-4,117	-2,941	-3,235
Other Financing Activities	-960.72	-557.81	-572.73	-405.06	-110.08
Financing Cash Flow	-11,187	-4,038	-4,690	-3,683	-3,345
Foreign Exchange Rate Adjustments	-1,390	1,426	1,668	2,639	2,457
Net Cash Flow	130,194	18,930	3,014	4,869	3,433
Free Cash Flow	22,362	53,338	43,981	17,503	-7,068
Free Cash Flow Growth	-58.08%	21.28%	151.27%	-	-
Free Cash Flow Margin	9.59%	32.49%	48.91%	23.47%	-15.78%
Free Cash Flow Per Share	3.80	9.07	7.48	2.98	-1.20
Cash Interest Paid	742.79	230.92	241.85	198.4	-
Cash Income Tax Paid	3,765	1,483	2,197	1,254	987
Levered Free Cash Flow	313,661	46,854	49,440	100,232	28,910
Unlevered Free Cash Flow	316,826	47,003	49,595	100,356	29,258
Change in Working Capital	53,463	54,451	40,303	18,366	-1,516

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