Regency Alliance Insurance Announces N6.017 bn Premium

Ebere Nwoji

Regency Alliance Insurance Plc, said it grew its gross written premium to N6.017 billion in 2023 financial period, marking 7.99 per cent increase from last year’s N5.572 billion figure.

The company, said its insurance revenue surged to N6.083 billion, showing  21.11 percent growth and an increase of N1.060 billion compared to the previous year.

The Chairman, Mr. Clem Baiye, disclosed this at the company’s 30th annual general meeting held in Lagos.

He further  announced 118.20 per cent increase in investment income for 2023, compared to 2022, driven by rising money market and bank deposit rates.

“The increase in money market and bank deposit rates in the economy has led to a growth of 118.20 percent in the investment income of our company for the year 2023 when compared with the year 2022 figures,” he said.

He said in line with the inflationary trend and in order to ensure that the company’s assets were  valued at current market prices, the investment property was revalued and the fair value gain of N478.500m included in the Statement of Profit or Loss.  

He added that the gain on the value of the revaluation of head office property was included in the Other Comprehensive income statement. He further informed that profit before tax of the company soared to N2.095 billion, representing a 239.17 per cent increase from N617.691million, while profit after tax rose by 224.71 per cent to N1.931 billion in 2023 from N549.584 million in 2022. He stated that the shareholders’ fund grew by 68.55 percent from N6.952bn in 2022 to N11.718bn in the year under review, while total assets reached N18.855 billion, reflecting a 52.24 percent increase or N6.436bn from the previous year.