Sovereign Trust Insurance 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	798.75	2,340	1,298	1,387	974.73
Depreciation & Amortization	-	386.13	186.65	102.17	199.34
Other Amortization	-	44.16	45.4	30.76	0.92
Gain (Loss) on Sale of Assets	-	-11.36	-	-	-
Gain (Loss) on Sale of Investments	-	-322.72	-1.04	-	-219.43
Change in Accounts Receivable	-	-341.63	-598.53	-	-131.5
Reinsurance Recoverable	-	-282.04	-99.57	-	370.75
Change in Accounts Payable	-	-272.18	-23.56	-	224.23
Change in Unearned Revenue	-	-	-	-	229.76
Change in Income Taxes	-	-	-71.19	-	-
Change in Insurance Reserves / Liabilities	-	1,820	533.05	-	-30.81
Change in Other Net Operating Assets	-	-289.15	50.71	-	-63.67
Other Operating Activities	388.41	-121.33	-634.73	29.57	272.87
Operating Cash Flow	1,187	2,846	574.95	1,549	1,726
Operating Cash Flow Growth	-58.28%	394.93%	-62.89%	-10.22%	472.65%
Capital Expenditures	-157.09	-600.7	-199.07	-91.21	-57.87
Sale of Property, Plant & Equipment	-	26	-	1.3	-
Purchase / Sale of Intangible Assets	-8	-	-41.94	-90.52	-
Investment in Securities	-1,304	-710.52	-381.14	-61.39	-926.47
Other Investing Activities	-482.93	0.89	341.01	-	-
Investing Cash Flow	-1,952	-1,284	-281.13	-239.49	-978.97
Long-Term Debt Issued	-	130.5	53.49	-	-
Total Debt Repaid	-404.66	-	-20.54	-14.16	-43.51
Net Debt Issued (Repaid)	-404.66	130.5	32.95	-14.16	-43.51
Issuance of Common Stock	-	50	1,432	-	-
Other Financing Activities	-	-36.57	-99.61	-232.7	-
Financing Cash Flow	-404.66	143.93	1,365	-246.86	-43.51
Foreign Exchange Rate Adjustments	-	487.8	1,526	-	-
Miscellaneous Cash Flow Adjustments	-	-	-	-517.25	195.94
Net Cash Flow	-1,169	2,193	3,185	545.67	899.18
Free Cash Flow	1,030	2,245	375.89	1,458	1,668
Free Cash Flow Growth	-54.12%	497.23%	-74.22%	-12.58%	861.70%
Free Cash Flow Margin	2.22%	5.46%	1.88%	9.11%	19.41%
Free Cash Flow Per Share	0.08	0.16	0.03	0.17	0.19
Cash Income Tax Paid	-	129.99	75.81	40.62	19.29
Levered Free Cash Flow	-8,964	2,271	334.84	268.36	643.61
Unlevered Free Cash Flow	-8,964	2,294	371.94	434.59	779.63
Change in Working Capital	-	634.89	-209.1	-	504.45

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