Regency Alliance Insurance Plc reported a 225% increase in profit after tax for the year ending December 31, 2023, reaching N1.93bn, up from N594.6m in 2022.
This growth was attributed to a rise in insurance revenue and investment income.
The company’s revenue grew by 21%, hitting N6.08bn, while investment income increased by 107% to N1.68bn in 2023.
The company also saw a 239% surge in profit before tax, reaching N2.1bn, with total assets rising by 53% to N18.56bn.
Shareholder funds increased by 69% to N11.72bn.
Insurance service expenses rose by 77%, while net expenses from reinsurance contracts dropped by 31%.
Regency Alliance credited its strong performance to effective asset and liability management, which helped mitigate financial risks such as interest rates, foreign currency, and credit risks. The company’s earnings per share also increased to N29.15 from 12.31 kobo in 2022.
(PUNCH)