Insurance companies quoted on the floor of the Nigerian Exchange Limited (NGX) have announced their intention to delay the filing of their 2023 financial results.
The companies include; AIICO Insurance Plc, NEM insurance, Guinea Insurance Plc, Veritas Kapital Assurance Plc, Axa Mansard Insurance Plc, Sunu Assurance Plc.
The companies in separate notices sent to the NGX, noted that the development was necessitated by the likely delays in concluding the approval process within the stipulated time, particularly with the introduction of the IFRS 17 Accounting Standards which require several changes in the disclosure method.
For instance, Veritas Kapital Assurance Plc, in a statement, whilst urging the NGX for extension of dates to file its 2023 financial statements, said given this challenge, the National Insurance Commission (NAICOM) has obtained, on behalf of Insurance Companies a general approval for an extension of the time for submission of the accounts.
“Please be assured that the Company is making great efforts to ensure that this exercise is expedited so that the Audited Financial Statement (AFS) for the year ended 31st December 2023 and Unaudited Financial Statement (UFS) for the quarter ending 31st March 2024 are filed not later the 30th of May 2024”, the company said.
Also speaking, AIICO in a statement, said that the adoption of IFRS 17 is pursuant to the directive issued by the Company’s primary regulator, National Insurance Commission (NAICOM) effective 1st January 2024.
The company stated that it has deployed all necessary resources to ensure the Audited Financial Statements (AFS) for the year ended 31 December 2023 and the first quarter results for the period ending 31st March 2024 are filed on or before 29th May 2024.
Such delays in filing financial results are not uncommon in the financial industry, as companies strive to maintain transparency and compliance with regulatory requirements while also ensuring the accuracy and integrity of their financial reporting.
SOURCE; THE SUN
