Regency Alliance Insurance Reports Plc, a leading insurance company, witnessed a substantial rise in claims payment, reaching N1.44 billion by the end of the 2022 financial period. This announcement was made by the Chairman of the company, Clem Baiye, during the 29th Annual General Meeting (AGM) held in Lagos.
Baiye highlighted a significant 39.7% surge in net claims compared to the previous year, with the figure rising from N1.03 billion in 2021 to N1.44 billion in 2022. This increase was primarily attributed to higher claims in the aviation, marine, and oil and gas business lines, largely influenced by foreign currency exposure.
Providing further insights into the company’s financial performance, Baiye noted a gross premium generation of N5.57 billion, representing an 8.15% growth over the N5.12 billion generated in 2021. However, the net premium performance slightly decreased from N2.94 billion in 2021 to N2.75 billion in 2022. On a positive note, the company’s investment income saw a notable 16% rise from N364.73 million in 2021 to N423.09 million during the 2022 financial period.
Baiye further revealed impressive figures in profitability, as the company’s profit before tax soared by 60.65% to N551.48 million in 2022, compared to N343.28 million in 2021. Similarly, profit after tax experienced significant growth, surging from N320.75 million in 2021 to N528.38 million in 2022. Shareholders’ funds also witnessed a healthy increase of 7.94%, rising from N6.65 billion in 2021 to N7.18 billion at the end of 2022.
Highlighting the group’s overall performance, Baiye shared that the total asset base reached N12.84 billion by December 31, 2022, reflecting an 8.15% increase of N969.92 million compared to the previous year. Additionally, the equity attributable to the company within the group rose to N7.24 billion in 2022 from N6.7 billion in 2021. Baiye also noted the subsidiaries’ contributions to the overall profit after tax, which increased from N1.86 million in 2021 to N9.52 million in 2022, after deducting non-controlling interests.
Looking ahead, Baiye informed shareholders about the company’s plans to transform into a holding company to align with industry best practices. He assured them that the board is actively working on this transition and will seek their ratification in due course.
The Managing Director, Biyi Otegbeye, expressed gratitude to the company’s valued clients, agents, and brokers for their continued support and business. He reassured shareholders of the board’s unwavering commitment to driving growth and expanding the company’s operations.
As Regency Alliance Insurance Reports focuses on sustained development, shareholders and stakeholders eagerly anticipate the company’s evolution into a holding company and its future endeavors in the insurance sector.
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