Regency Alliance Insurance Plc grew its gross written premium (GPW) to N6.017 billion in 2023 financial period, marking a 7.99 per cent increase from last year’s N5.572 billion figure.
Additionally, the insurance revenue surged to N6.083 billion, reflecting a robust 21.11 per cent growth and an increase of N1.060 billion compared to the previous year.
The company’s chairman, Clem Baiye, disclosed this on Thursday, at the company’s 30th annual general meeting(AGM) in Lagos.
The chairman also announced a 118.20 per cent increase in investment income for 2023, compared to 2022, driven by rising money market and bank deposit rates.
Speaking further on the financial performance, he said: “The increase in money market and bank deposit rates in the economy has led to a growth of 118.20 per cent in the investment income of our Company for the year 2023 when compared with the year 2022 figures.
“In line with the inflationary trend and in order to ensure that the Company’s assets are valued at current market prices, the investment property was revalued and the fair value gain of N478.500 million included in the Statement of Profit or Loss.”
The gain on the value of the revaluation of head office property is included in the Other Comprehensive Income Statement.”
The chairman further established that profit before tax soared to N2.095 billion, representing a 239.17 per cent increase from N617.691 million, 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 per cent from N6.952 billion in 2022 to N11.718 billion in the year under review, while total assets reached N18.855 billion, reflecting a 52.24 per cent increase or N6.436 billion from the previous year.
As a way of rewarding existing shareholders for their loyalty and in order to properly position the company in view of the anticipated increase in the capital base of Insurance companies, he said: “Your board is recommending for your approval, that Bonus Shares be issued to existing shareholders in the form of four new ordinary Shares for every five ordinary Shares held.”
Regency Alliance Insurance Plc expressed gratitude to its dedicated management and staff for their loyalty and commitment, emphasising that their efforts will be recognised and rewarded.
The company also acknowledged its clients, agents, and brokers for their continued support, assuring them of its long-term presence in Nigeria’s insurance market despite current socio-economic challenges.
“I must also appreciate our esteemed clients, agents, and brokers for continuing to do business with us. We trust we have earned your enduring confidence, and we look forward to your increased support and patronage going forward,” Baiye added.
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