Regency Alliance said its net profit for the first quarter of the rose by 2.4%.
Within the period, net profit rose to NGN470 million compared to NGN458 million. However, gross premium written for the period fell to NGN2,1 billion compared to NGN2,6 billion posted last year.
As a result of Naira (NGN) devaluation and increased costs, the company said its reinsurance expenses rose to NGN(755 million compared to NGN628 million paid last year.
Net asset for the period fell to NGN6,7 billion compared to last year when it closed with NGN7,1 billion in net asset.
Total liabilities fell to NGN1,8 billion compared to NGN2,3 billion declared last year.
Corporate information (company website)
From a small beginning, Regency Alliance Insurance Plc has grown steadily to become a leading underwriter and financial services provider in West Africa. Understanding and responding to our customers’ needs is at the heart of our business. It is something we have been doing for about two decades. We generate sustainable value for our shareholders through a relentless focus on meeting our customers’ protection needs and a disciplined approach to investing in the most profitable growth opportunities.At Regency Alliance Insurance plc, our team helps you plan for whatever life may bring – a new house or car, or property. They’re also there for you when the unexpected happens, like an accident or a loss. With Regency Alliance Insurance, you get high-quality coverage, sensible advice and a helping hand.
Drawing on deep industry and underwriting expertise, superior claims handling, and market experience, we offer customized Insurance Products in collaboration with our intermediaries and Technical Partners all over the world.
Our progressively growing clientele base and expanding business portfolio, led to the formation of four subsidiaries from one of our Strategic Business Units. We are expanding our operations to West African Coasts with the goal of unifying and growing the sub-regional insurance market.
Our Board of Directors consists of distinguished and eminently qualified persons from key sectors of the economy.
