Regency Alliance Grows Premium to N5.57bn

Ebere Nwoji

Regency Alliance Insurance Plc said it generated a gross premium of N5.57 billion in 2022 financial period, which on year-on-year basis showed an increase of 8.15 per cent over N5.12bn generated in 2021.

The Chairman of the company, Clem Baiye, disclosed this during its 29th annual general meeting in Lagos.

He also said its claims payment rose by 39.7 per cent to N1.44 billion at the end of 2022 financial period.

Baiye said, “There was an increase of 39.7 per cent in the net claims position in 2022 when compared with that of 2021 as net claims grew from N1.03 billion to N1.44 billion. The increase occurred mainly in the aviation, marine and the oil and gas business lines due mainly to foreign currency exposure.”

The net premium performance, he said, decreased from N2.94 billion in 2021 to N2.75 billion in 2022.

He revealed that the company’s investment income rose by 16 per cent from N364.73 million in 2021 to N423.09 million in 2022 financial period.

Its profit before tax rose by 60.65 per cent to N551.48 million in 2022 from N343.28 million as of the end of 2021, while profit after tax also increased from N320.75 million in 2021to N528.38 million in 2022.

The shareholders’ funds, he said, grew by 7.94 per cent from N6.65 billion in 2021 to N7.18 billion at the end of 2022.

“The total asset base of our group as at December 31, 2022 stood at N12.84bn, an increase of N969.92m or 8.15 per cent, when compared to with the position as at December 31, 2021. The equity attributable of the company in the group increased to N7.24 billion in 2022 from N6.7billion in 2021,”he stated.

He also revealed that the contribution of the subsidiaries to the overall profit after tax, after deducting that attributable non-controlling interests grew from N1.86 million in 2021 to N9.52 million in 2022.