Regency Alliance insurance profit rises by 44% in Q1

Sakiru Oyefeso

Regency Alliance Insurance plc in its financial report for first quarter 2017 records NGN1.7 billion gross premium written compared to NGN1.1 billion recorded in the same period 2016.

The company recorded NGN1.4 billion gross premium income against NGN1.1 billion recorded in the year before.

According to the report, the insurance company posted NGN309.4 million reinsurance expenses against NGN224.4 million recorded in 2016. while its net premium income grew to NGN1.0 billion against NGN819.3 million recorded in 2016, with net underwriting income of NGN1.1 billion versus NGN844.3 million recorded in the year before.

Regency alliance said its underwriting profit increased to NGN732.2 million against NGN571.2 million recorded in 2016. Its investment income for the period was NGN186.8 million compared to NGN86.7 million posted in 2016.

The company recorded NGN367.9 mi.lion profit before taxation in 2017 against NGN247.1 million recorded in the year 2016. After its tax expenses for the period, the profit for the year rose to NGN306.7 million against NGN212.2 million recorded in 2016, which represents 44% increase year over year comparison.

Regence Alliance insurance plc reported NGN9.3 billion total assets for the period against NGN8.4 billion recorded in the year before. Its total liabilities was NGN3.4 billion against NGN2.9 billion recorded in the year 2016.

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