Regency Alliance Insurance plc in its financial report for the nine months ended in 2017 is reporting 9% fall in profit to NGN500.3 million compared to NGN503.7 million reported same period in the financial year 2016.
The insurance company reported NGN4.0 billion gross premium written in contrast to NGN2.8 billion reported same period in the year before while gross premium income was NGN3.9 billion against NGN2.9 billion in the year before.
Reinsurance expenses was higher at NGN925.8 million against NGN879.2 million while net premium income was higher at NGN2.9 billion from NGN2.0 billion in the year 2016.
Investment income for the period also increased to NGN347.4 million against NGN197.1 million in the fiscal year 2016 while operating profit stood at NGN582.1 million against NGN628.3 million in the previous year.
Total Assets declared by Regency Alliance Insurance was NGN9.2 billion against NGN7.7 billion in the year 2016 while total liabilities was NGN3.2 billion versus NGN2.6 billion in the year before.