Regency Alliance Insurance Plc has 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 N5.12 billion generated in 2021.
Clem Baiye, chairman of the company, disclosed this during its 29th annual general meeting in Lagos. He 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.
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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.
He said, “The total asset base of our group as at December 31, 2022 stood at N12.84 billion, an increase of N969.92 million 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 N6.7 billion in 2021.”
He also revealed that the contribution of the subsidiaries to the overall profit after tax, after deducting that attributable non-controlling interest grew from N1.86 million in 2021 to N9.52 million in 2022.
To position the company for the future and in line with best practices, he told the shareholders that the company was considering metamorphosing into a holding company.
“Your board is working on this and in future, you will be called on to ratify this,” he said.
Biyi Otegbeye, managing director, appreciated the clients, agents and brokers for doing business with it.
He assured of the board’s commitment to continue to work for the growth and expansion of the company.