Regency Alliance Insurance Plc’s total assets increased by 15.96 per cent to N21.857 bn in the 2024 financial year, compared to N18.848bn in 2023.
The board also approved plans for a rights issue and private placement to raise the minimum capital required of N15bn in accordance with the new Insurance Industry Reform Act (NIIRA) 2025.
The company chairman, Mr Clem Baiye, disclosed this while presenting the firm’s 2024 financial statements at its 31st annual general meeting, which was held over the weekend in Lagos.
He said the growth in total assets reflected the company’s sustained resilience, prudent investment strategy, and commitment to strengthening its balance sheet amid economic challenges.
According to him, the insurance group’s shareholders’ fund also recorded significant growth, rising by 19.24 per cent to N13.972billion in 2024 from N11.718billion in the previous year. The equity attributable to the company increased to N14.044 billion from N11.778billion in 2023.
The company’s insurance revenue rose to N7.302 billion in 2024, a 20.03 per cent increase over the N6.083 billion recorded in 2023, underscoring business expansion and improved underwriting activities.
However, insurance service expenses, which include incurred claims and other technical expenses, grew by 46.37 per cent from N2.813 billion in 2023 to N4.117 billion in 2024. Baiye explained that despite rising costs, the company continued to manage its resources prudently, as shown by a modest 7.66 per cent increase in management expenses year-on-year.
Investment income also rose to N1.165 billion in 2024, up from N0.923 billion in 2023. The company revalued its investment property in line with market realities, recognising a fair value gain of N170 million in the profit or loss statement.
As a result of these positive outcomes, profit before tax climbed to N2.503bn, representing a 19.49 per cent increase over N2.095bn recorded in 2023, while profit after tax grew by 16.73 per cent to N2.254bn from N1.931bn in the previous year.
The board proposed a bonus issue of one new ordinary share for every three held to reward shareholders.
Baiye added that, the board had also approved plans for a rights issue and private placement to raise the required minimum capital of N15bn in line with the new Insurance Industry Reform Act (NIIRA) 2025.
The managing drector, Mr. Bode Oseni, assured shareholders that, upon completion of the capital raising exercise, the new shares would be allotted and listed on the Nigerian Exchange, positioning Regency Alliance to become a top player in Nigeria’s non-life insurance market.
“The board is convinced that our company has the potential to become a leading force in the non-life insurance space,” Oseni stated.
