Sovereign Trust Insurance Cash Flow Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	1,160	2,340	1,298	1,387	974.73	687.7
Depreciation & Amortization	417.65	386.13	186.65	102.17	199.34	141.26
Other Amortization	19.14	44.16	45.4	30.76	0.92	5.16
Gain (Loss) on Sale of Assets	-11.36	-11.36	-	-	-	-
Gain (Loss) on Sale of Investments	-322.72	-322.72	-1.04	-	-219.43	-112.84
Change in Accounts Receivable	-341.63	-341.63	-598.53	-	-131.5	-216.69
Reinsurance Recoverable	-282.04	-282.04	-99.57	-	370.75	-672.35
Change in Accounts Payable	-272.18	-272.18	-23.56	-	224.23	-257.17
Change in Unearned Revenue	-	-	-	-	229.76	-163.4
Change in Income Taxes	-	-	-71.19	-	-	-
Change in Insurance Reserves / Liabilities	1,820	1,820	533.05	-	-30.81	601.99
Change in Other Net Operating Assets	-289.15	-289.15	50.71	-	-63.67	85.34
Other Operating Activities	472.74	-121.33	-634.73	29.57	272.87	193.38
Operating Cash Flow	2,267	2,846	574.95	1,549	1,726	301.36
Operating Cash Flow Growth	49.96%	394.93%	-62.89%	-10.22%	472.65%	-21.33%
Capital Expenditures	-110.83	-600.7	-199.07	-91.21	-57.87	-127.93
Sale of Property, Plant & Equipment	26	26	-	1.3	-	-
Purchase / Sale of Intangible Assets	15.25	-	-41.94	-90.52	-	-1.8
Investment in Securities	-493.08	-710.52	-381.14	-61.39	-926.47	-67.97
Other Investing Activities	0.89	0.89	341.01	-	-	-
Investing Cash Flow	-561.78	-1,284	-281.13	-239.49	-978.97	-167.1
Long-Term Debt Issued	-	130.5	53.49	-	-	-
Total Debt Repaid	-142.62	-	-20.54	-14.16	-43.51	-
Net Debt Issued (Repaid)	-12.12	130.5	32.95	-14.16	-43.51	-
Issuance of Common Stock	50	50	1,432	-	-	-
Other Financing Activities	-36.57	-36.57	-99.61	-232.7	-	-
Financing Cash Flow	1.31	143.93	1,365	-246.86	-43.51	-
Foreign Exchange Rate Adjustments	487.8	487.8	1,526	-	-	-
Miscellaneous Cash Flow Adjustments	-0	-	-	-517.25	195.94	-554.15
Net Cash Flow	2,194	2,193	3,185	545.67	899.18	-419.89
Free Cash Flow	2,156	2,245	375.89	1,458	1,668	173.43
Free Cash Flow Growth	133.69%	497.23%	-74.22%	-12.58%	861.70%	-53.25%
Free Cash Flow Margin	4.42%	5.46%	1.88%	9.11%	19.41%	2.14%
Free Cash Flow Per Share	0.15	0.16	0.03	0.17	0.19	0.01
Cash Income Tax Paid	-	129.99	75.81	40.62	19.29	15.68
Levered Free Cash Flow	-1,831	2,271	334.84	268.36	643.61	-104.8
Unlevered Free Cash Flow	-1,808	2,294	371.94	434.59	779.63	-80.14
Change in Working Capital	634.89	634.89	-209.1	-	504.45	-595.03

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.