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	663	2,340	1,298	1,387	974.73
Depreciation & Amortization	542.97	386.13	186.65	102.17	199.34
Other Amortization	18.67	44.16	45.4	30.76	0.92
Gain (Loss) on Sale of Assets	-11.36	-11.36	-	-	-
Gain (Loss) on Sale of Investments	-808.51	-322.72	-1.04	-	-219.43
Change in Accounts Receivable	-137.41	-341.63	-598.53	-	-131.5
Reinsurance Recoverable	-1,086	-282.04	-99.57	-	370.75
Change in Accounts Payable	-68.52	-272.18	-23.56	-	224.23
Change in Unearned Revenue	-	-	-	-	229.76
Change in Income Taxes	-159.58	-0	-71.19	-	-
Change in Insurance Reserves / Liabilities	-4.05	1,820	533.05	-	-30.81
Change in Other Net Operating Assets	-125.26	-289.15	50.71	-	-63.67
Other Operating Activities	-806.49	-131.45	-642.34	29.57	272.87
Operating Cash Flow	-2,126	2,846	574.95	1,549	1,726
Operating Cash Flow Growth	-	394.93%	-62.89%	-10.22%	472.65%
Capital Expenditures	-253.17	-600.7	-199.07	-91.21	-57.87
Sale of Property, Plant & Equipment	26	26	-	1.3	-
Purchase / Sale of Intangible Assets	-8	-	-41.94	-90.52	-
Investment in Securities	-637.98	-710.52	-381.14	-61.39	-926.47
Other Investing Activities	1,628	426.9	341.01	-	-
Investing Cash Flow	754.97	-858.33	-281.13	-239.49	-978.97
Long-Term Debt Issued	92.75	130.5	53.49	-	-
Total Debt Repaid	-	-	-20.54	-14.16	-43.51
Net Debt Issued (Repaid)	92.75	130.5	32.95	-14.16	-43.51
Issuance of Common Stock	50	50	1,432	-	-
Common Dividends Paid	-711.41	-426.84	-	-	-
Other Financing Activities	-	-36.57	-99.61	-232.7	-
Financing Cash Flow	-568.66	-282.92	1,365	-246.86	-43.51
Foreign Exchange Rate Adjustments	487.8	487.8	1,526	-	-
Miscellaneous Cash Flow Adjustments	-	-	-	-517.25	195.94
Net Cash Flow	-1,452	2,192	3,185	545.67	899.18
Free Cash Flow	-2,379	2,245	375.89	1,458	1,668
Free Cash Flow Growth	-	497.23%	-74.22%	-12.58%	861.70%
Free Cash Flow Margin	-4.98%	5.46%	1.88%	9.11%	19.41%
Free Cash Flow Per Share	-0.17	0.16	0.03	0.17	0.19
Cash Income Tax Paid	185.92	129.99	75.81	40.62	19.29
Levered Free Cash Flow	-1,249	2,338	334.84	268.36	643.61
Unlevered Free Cash Flow	-1,244	2,361	371.94	434.59	779.63
Change in Working Capital	-1,581	634.89	-209.1	-	504.45

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