A Financial Report For Mansard Insurance

1030 words - 5 pages

1.0 Introduction
The proposed project will present a detailed study of the financial reporting practices of Mansard Insurance Plc which will largely be based on it published financial statement for the year ended 2012. The project will cover all areas of the financial reporting systems that will include, reporting history, accounting policies, corporate governance, financial analysis, future outlook and limitations inherent in the Financial Statements.
The project proposal therefore presents brief information of Mansard Insurance Plc, evaluation of its current financial reporting practices, project methodology, proposed chapter headings and sub- Headings for the project report and a work ...view middle of the document...

The Company ranked amongst the top 3 insurance companies by market share in 2010 from 97th position in 2004 and became the most capitalized insurance company in Nigeria in the same year. Since then it has experienced tremendous growth with a turnover of N12.444billion($75.3million) with total asset and shareholders’ fund of N27.288billion($165.4million) and N 14.418billion ($87.4million) respectively as at December 31,2012(Mansard, 2014). The company made a return on equity of 11.6% in 2012 and a pre-tax profit of N1.3billion ($7.88million) in the third quarter in 2013. The company offers risk underwriting and related financial services which include life and non-life Insurance to its clients.
3.0 Literature Review:
There are limited study of Mansard Insurance Company in the literatures and very few related literatures on the insurance companies in Nigeria. In the recent past, Nigeria Insurance market has been described as potentially the biggest in Africa and is being repositioned. Potentially, Nigeria has the biggest insurance market in Africa but most of the large insurance businesses are ceded to foreign companies. Now the domestic industry is poised not only to penetrate deeper in the domestic market but to expand to other regions of the continent (Obaremi, 2007), ( Ogbonna & Ogwo, 2013).
The industry operational efficiency has been described as sub-optimal as a result of factors such as poor regulatory frame work, market suspicion, unfavorable macroeconomic environment, public poor attitude to insurance services, low insurance penetration of less than 1% , insurance density of 6.9% with industry global ranking of 61 (Ujunwa & Modebe, 2011)
Notwithstanding this shortcomings, Arena(2008) argued that the industry as financial intermediary, provider and transfer of risk indemnification, still remain a force in promoting economic growth and the level of economic development as measure by GDP. Close attention should therefore be given to their financial reporting system and performance.
This is the motivation behind choosing Insurance Company in Nigeria for this project.
4.0 Description of the methodology and data sources to be used
This project will involve detailed analysis of the company’s financial statement as at December 31, 2012(being the only available audited account as at the date of this proposal), its reporting history, corporate governance,...

Find Another Essay On A Financial Report for Mansard Insurance

There Should be a Financial Incentive for People to Recycle

988 words - 4 pages responsible. Often people are spurred to action if there is enough incentive to act. There should be a financial incentive for people to recycle which would increase the number of citizens who recycle and decrease the amount of recyclable items in the landfill. To re-purpose an item takes less energy than to make a new item using raw materials, in addition, recycling is good for the economy. When aluminum cans are recycled it takes ninety five percent less

DaimlerChrysler Financial Services Australia - A market analyis by Linda Schmid (extraction of an internship report)

5020 words - 20 pages Daimler Chrysler Financial Services in Australia - A market analysis by Linda SchmidExecutive SummaryThe purpose of this report is to apply theoretical approaches learned at University to a practical environment. The company which was evaluated is DaimlerChrysler, in specific, DaimlerChrysler Financial Services in Australia. A market analysis of Australia was undertaken to assess if this market would be beneficial for the company. The approach

Marketing Report for Opening a Fast Food Business

1391 words - 6 pages Marketing Report for Opening a Fast Food Business SUBJECT: Opening a new fast food restaurant 1. BACKGROUND INFORMATION From all the research I have carried out I have been able to find out what people want and what the competition is like. This information links back to my original task, of opening a new business and make it survive. This links in because in order for my business to survive I will have

Marketing Ideas for Pret a manger - University - Report

1943 words - 8 pages Introduction Opened in London Victoria in 1986 by Julian Metcalfe and Sinclair Beecham, they felt there was an untapped market for good sandwiches without addictive and preservatives that most fast food offered. In 2001. Pret sold a 33% stake to McDonald's for £50m, which was later brought by a private firm Bridgepoint in 2008. It now have shop in the US and Hong Kong. In the UK alone, it has 244 shops and 176 of them are in London and has

Vietnam was the result of American alliance for future security insurance rather than a response to the threat of communism from the North

4816 words - 19 pages Kate FitzpatrickYear 12 Modern HistoryMs SteeleDue Date: 12/6/2008Date handed in: 12/6/2008Number of words: 1735 (inc quotes)Hypothesis:Vietnam was the result of American alliance for future security insurance rather than a response to the threat of communism from the North. Australia and the Vietnam WarWhen Sir Robert Menzies announced that Australia was committing an infantry battalion for service in Vietnam on April 29 1965, he provided very

A Comparsion of Accrual Accounting and Cash Flow Accounting for Financial Transactions

877 words - 4 pages In this paper I will describe two different systems that companies use to record their financial transactions; the Accrual and the Cash Flows accounting, in the same way I will explain the reason why companies keeps accounts and what do they need it for. Accounts are records in which transactions affecting liabilities, owners’ equity, revenue, expenses, and assets are registered. These accounts are mostly used to track and corroborate the

Gillette Financial Analysis This assignment was intended to solicit a complete financial analysis of a publicly traded company in the U.S. for the fiscal year ending 2003

1728 words - 7 pages technical leadership·Compete in growing global categories·Have a high profit margin (Our, 2003).Discussion of AccountsGillette's balance sheet and income statement showed much improvement by the end of 2001. Net receivables fell $805 million and were reduced by 31% in 2001, which is the lowest level in 20 years (Annual, 2001). Inventory levels were also reduced $151 million or 13% from the previous year and accounted for just over 10% of

Solving Employee Retention, Financial Restraints and a Need for More Space to Accomodate a Growing Client Base

1584 words - 7 pages Strategy and Implementation University of Texas MD Anderson Cancer Center is searching for ways to solve their three top challenges. These challenges are employee retention, financial constraints, and a need for more space to accommodate their ever growing client base. In our statements below we have presented strategies that we believe will help to meet these challenges and make UT MD Anderson Cancer Center a Stronger company. Employee

Feasibility report done on a adverture holiday service for BSc(Hons)

9385 words - 38 pages be obtained. An annual premium of Rs. 5,000 will be paid under this policy. The amount will be paid forthright during the month of April.Furthermore since Kadavura provides its campers with a non-obligatory insurance package covering life, accidental, burglary & fire, the management will be making the arrangements with Eagle Insurance (Pvt.) Ltd if the customers require such insurance. The standard package will be Rs.6000 for a group of six

Report on the Viability of The Isle of Arran as a destination for short breaks

2614 words - 10 pages REPORT ONTHEVIABILITY OFARRANAS A DESTINATIONFOR SHORT BREAKSThis is a profile of Arran in terms of what it can offer to our clients for three or four day breaks.Often referred to as 'Scotland in Miniature', the Isle of Arran within a short compass captures many aspects of the beauty of Scotland as a whole, from towering granite peaks inviting hill walkers and climbers to peaceful sandy bays overlooked by palm trees growing in the warm climate

CAPM vs. APT: Do you think APT or the CAPM is the best approach for a financial professional to use?

1036 words - 4 pages -taking, to make profits.An arbitrage opportunity occurs where the same security sells for two different prices, usually, but not necessarily, in two different stock markets. Arbitrageurs will buy the security where it is underpriced and sell it where it is priced higher. As a result of arbitrage activity the price will quickly equalise.Arbitrageurs (or 'arbs') are market traders who make their money from identifying and exploiting market pricing

Similar Essays

A Report Into The Collapse Of Hih Insurance

2243 words - 9 pages insurance were disappearing, what's more, advances in technology were accounting for big changes across the financial services sector (Owen 2003).2. Analysis.The aggressive takeover of competitors such as FAI and entry into the U.S and U.K markets are examples of HIH's business objectives, which according to Williams (2003) were based on 'international growth and diversification'. In his report to the royal commission, Justice Owen (2003) questions

A Report On The International Financial Accounting Standards

1112 words - 5 pages of changing international accounting standards setting arrangements has transpired on the remark of a new vision by Russell G. The report will identify the history and status of international IFRS convergence; the current highlights in development between major players in international financial reporting standards and finally discuss the possible implications of these developments for the future of international financial reporting standards

Report Writing For A Research Paper

691 words - 3 pages ;DIRECTORIES AND YEAR BOOKSMECHANICS INVOLVED IN REPORT WRITING:•PREPARATION OF A DRAFT•SPACE FOR CORRECTION•MODE OF COMMUNICATION•SIZE•PESENTATION•FOOT NOTES AND BIBLIOGRAPHY•HEADINGS AND SUB HEADINGS•USAGE OF TABLES AND GRAPHS•QUALITY OF DIAGRAMMES•PAGINATIONHARD EVIDENCE SUPPORTING OBJECTIVITY:The only hard evidence that a report deals with are numbers, statistics and expression of numbers in the terms

Manage Financial Resources For A Small Business Business Management Assignment

1507 words - 7 pages the purchase of assets and either generating of jobs or training of staff. Advantages: grants are discussed and cleared by a government agency along with your business plan; they accept that it is a high venture risk. Typically won’t ask for a return on investment/ interest If not in the form of a soft loan. Disadvantages: only applicable to certain people who meet the criteria to apply for the grants. 4. Legal and Financial