Regency Alliance gross written premium up 38% to N3.2bn

Underwriting firm, Regency Alliance plc, during the 2013 financial year recorded a 38 percent growth in gross premium written income, moving from N865.85 million in 2012 to N2.28 billion, while the net premium income stood at N1.66 billion as against N363.25 million the previous year, a 22 percent increase.

The company also witnessed growth in investment income, moving from N69.66 million in 2012, to N112.52 million in 2013, a 62 percent increase.

Karibi Whyte, chairman of the company, who disclosed this at the 20^th annual general meeting of the company in Lagos, said its profit before tax grew by 9 percent from N649.77 million to N705.14 million, while profit after tax rose by 4 percent to N403.60 million.

A further analysis of the result shows a growth in assets of 16 percent from N5.16 billion in the previous year to N5.98 billion in the year under review, while shareholders fund also appreciated 11 percent to N4.11 billion as against N3.71 billion in the year under review.

Whyte said with the issue of ‘No premium, No Cover Policy,’ implemented in the industry in 2013, the issue of delay in premium remittances by the insured and the insurance intermediaries were drastically reduced, but however lamented the issue of rate cutting in the face of increased competition among operators as having intensified.

“The National Insurance Commission expanded its role of monitoring and regulating insurance business and carried out increased on and off site inspection of the various operators. There has been an increase in the nature, scope and depth of reports with a view of ensuring increased confidence of the insuring public,” Whyte said.

According to him, the year under review witnessed increased interest by foreign players seeking to have stake in the local insurance companies, and local investors also seeking to acquire stakes in existing companies.

Regency Alliance is here for the long haul, the chairman said on future outlook, expressing confidence that despite the tough operating environment, Nigeria is a land of immense opportunities and prospects and the company will make the best of all situations. “We will also hold to our corporate ideals and values of professionalism, integrity, commitment and efficiency while ensuring that we will create wealth for all our stakeholders and mitigate risks associated with it,” he said.

 

Modestus Anaesoronye