MBENEFIT Notifies on Delay in Filing its 2018 Audited Financial Statement

Proshare

Friday, March 01, 2019 04:59PM / NSE

 

Mutual Benefits Assurance Plc (Mutual Benefits Assurance or the Company) wishes to inform its valued shareholders, investing public and key stakeholders that the Company may be unable to meet the deadline of 31 March 2019, to file the Audited Financial Statements for the year ended 31st December 2018 in line with the Listing Rules of The Exchange.

As an entity subject to a Primary Government Regulator (National Insurance Commission) and being an insurance organization we are affected by the adoption and implementation of IFRS 9 which deals with Financial Instruments and IFRS 4(as amended) on Insurance Contracts.

Our primary regulator (NAICOM) only recently released the guidance on the implementation of the two accounting standards and held the consultative meeting with the industry on 12 February 2019.

These events have affected the finalization of our Audited Financial Statements and we envisage that the primary regulator would not have approved the Financial Statements by 30th March 2019.

The results will be published as soon as we obtain the approval of the primary regulator.


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