Lagos – Regency Alliance Insurance Plc has recorded robust financial performance for the 2024 fiscal year, with total assets rising 15.96% to ₦21.857 billion, up from ₦18.848 billion in 2023.

The announcement was made by Mr. Clem Baiye, Chairman of the company, while presenting the 2024 financial statements at the firm’s 31st Annual General Meeting in Lagos. He attributed the growth to the company’s resilience, prudent investment strategy, and commitment to strengthening its balance sheet despite prevailing economic challenges.

Key highlights from the report include:

• Shareholders’ fund increased by 19.24% to ₦13.972 billion from ₦11.718 billion in 2023.
• Equity attributable to the company rose to ₦14.044 billion from ₦11.778 billion.
• Insurance revenue grew 20.03% to ₦7.302 billion, reflecting business expansion and improved underwriting performance.

However, insurance service expenses, which cover claims and technical costs, rose 46.37% to ₦4.117 billion, while management expenses increased modestly by 7.66%, showing disciplined resource management.

The company’s investment income climbed to ₦1.165 billion, up from ₦0.923 billion in 2023, and a fair value gain of ₦170 million was recorded from the revaluation of investment property.

As a result, profit before tax increased 19.49% to ₦2.503 billion, and profit after tax grew 16.73% to ₦2.254 billion.

To reward shareholders, the board proposed a bonus issue of one new ordinary share for every three held. Additionally, plans for a rights issue and private placement were approved to raise the minimum capital of ₦15 billion, in line with the Insurance Industry Reform Act (NIIRA) 2025.

Mr. Bode Oseni, Managing Director, assured shareholders that upon completion, the new shares would be listed on the Nigerian Exchange, positioning Regency Alliance as a leading player in Nigeria’s non-life insurance market.