Regency Alliance Insurance plc has recorded a gross premium written of N4.31 billion in the financial year ended December 31, 2014. This is a 14 percent growth from N3.78 billion in 2013.
Investment income during the same period rose 18 percent, from N151.19 million in 2013 to N177.77 million in the review year.
Bayo Adejumo, acting who spoke at its Annual General Meeting held in Ibadan, Oyo State said the Company achieved modest performance despite the challenging business environment.
Underwriting profit rose by 3 percent, moving from N1.38 billion in the previous year to N1.42 billion in 2014. This is as profit before tax and profit after tax stood at N505 million and N439.07 million at the end of 2014
Further look into the financials shows total asset N6.83 billion as against N6.21 billion the previous year, a difference of 10 percent, whereas shareholders value was 9 percent higher from N3.89 billion in 2013 to N4.24 billion in the review year.
Adejumo who also emphasised the commitment of the firm to keeping own side of the contract said the underwriting firm during the year under review paid claims amounting to N605.82 million.
To the shareholders, the chairman stated that the company is here for the long haul. “We have strong confidence that the socio-economic climate notwithstanding, this is a land of immense opportunities and prospects and the company will make the best of all situations.”
He said the Company will hold onto its corporate ideals and values of professionalism, integrity, commitment and efficiency while ensuring that we will create wealth for all our stakeholders and mitigate risks associated with it.
Modestus Anaesoronye
