Mutual Benefits Assurance 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	20,054	10,751	5,847	954.62	-5,575
Depreciation & Amortization	-	561.12	303.28	350.87	323.87
Other Amortization	-	109.7	65.56	21.44	3,134
Gain (Loss) on Sale of Assets	-	-25.76	-35.47	-3.19	139.15
Gain (Loss) on Sale of Investments	-	-56.2	109.98	172.62	5,621
Change in Accounts Receivable	-	-389.95	-463.82	-584.59	-77.29
Reinsurance Recoverable	-	-8,136	1,227	-2,070	-344.63
Change in Accounts Payable	-	952.23	-780.74	846.84	18.73
Change in Unearned Revenue	-	-	-	-	3,170
Change in Insurance Reserves / Liabilities	-	15,679	4,894	5,093	2,722
Change in Other Net Operating Assets	-	800.37	1,880	4,280	1,892
Other Operating Activities	-16,790	-10,001	-5,511	-4,915	-5,563
Operating Cash Flow	3,264	9,689	7,662	4,253	1,811
Operating Cash Flow Growth	-66.31%	26.44%	80.18%	134.87%	-21.56%
Capital Expenditures	-522.7	-1,104	-451.64	-260.65	-240.11
Sale of Property, Plant & Equipment	8.46	25.82	35.47	3.57	2.74
Purchase / Sale of Intangible Assets	-49.74	-118.35	-248.84	-70.31	-403.38
Investment in Securities	-117,259	-7,656	-994.95	-2,511	-669.43
Other Investing Activities	102,305	9,401	6,558	4,722	3,574
Investing Cash Flow	-11,120	618.49	4,623	2,424	3,270
Total Debt Repaid	-	-	-	-1,845	-2,050
Net Debt Issued (Repaid)	-	-	-	-1,845	-2,050
Common Dividends Paid	-401.23	-	-	-	-
Other Financing Activities	-	-	-	-513.44	-79.07
Financing Cash Flow	-401.23	-	-	-2,358	-2,129
Foreign Exchange Rate Adjustments	-573.09	5,256	2,565	267.79	-207.35
Miscellaneous Cash Flow Adjustments	-	-	0	-	-
Net Cash Flow	-9,788	15,563	14,851	4,586	2,744
Free Cash Flow	2,741	8,584	7,211	3,992	1,571
Free Cash Flow Growth	-68.07%	19.05%	80.63%	154.18%	-25.84%
Free Cash Flow Margin	2.97%	10.85%	15.21%	11.09%	7.48%
Free Cash Flow Per Share	0.14	0.43	0.36	0.20	0.10
Cash Income Tax Paid	-	800.68	440.34	281.79	445.61
Levered Free Cash Flow	18,456	-1,106	11,984	-21,353	-7,396
Unlevered Free Cash Flow	18,482	434.71	15,267	-18,550	-6,415
Change in Working Capital	-	9,448	7,115	7,609	4,001

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