Regency Alliance Insurance Plc announced significant growth in its 2023 financial performance, with gross written premium rising to N6.017 billion, a 7.99% increase from the previous year’s N5.572 billion. The company’s insurance revenue reached N6.083 billion, reflecting a 21.11% jump. These figures were disclosed by the Chairman, Mr. Clem Baiye, during the company’s 30th annual general meeting in Lagos.
A notable highlight was the 118.20% surge in investment income for 2023, attributed to favorable shifts in money market and bank deposit rates. Additionally, the company revalued its investment property to align with current inflationary trends, resulting in a fair value gain of N478.500 million that contributed to the year’s profit statement.
Profit before tax soared to N2.095 billion, marking a 239.17% increase from the prior year, while profit after tax rose 224.71% to N1.931 billion. The shareholders’ fund grew by 68.55% to N11.718 billion, and total assets increased by 52.24% to N18.855 billion, showcasing Regency Alliance’s robust financial health and strong performance across key financial metrics.
