Regency Alliance Insurance Plc has reported a robust financial performance for the 2024 financial year, with total assets rising by 15.96% to ₦21.86 billion, up from ₦18.85 billion in 2023.
Chairman of the company, Mr. Clem Baiye, disclosed this during the firm’s 31st Annual General Meeting (AGM) held in Lagos, describing the performance as a reflection of the insurer’s resilience, prudent investments, and commitment to maintaining a strong balance sheet despite prevailing economic headwinds.
According to Baiye, shareholders’ funds also grew significantly by 19.24%, reaching ₦13.97 billion in 2024 compared to ₦11.72 billion in the previous year. Similarly, equity attributable to the company increased from ₦11.78 billion in 2023 to ₦14.04 billion in 2024.
The company recorded impressive growth in its insurance revenue, which climbed 20.03% to ₦7.30 billion, compared with ₦6.08 billion in 2023 — a development attributed to business expansion and improved underwriting performance.
However, insurance service expenses, including incurred claims and other technical costs, rose by 46.37% from ₦2.81 billion in 2023 to ₦4.12 billion in 2024. Baiye explained that despite rising costs, the company maintained strict cost discipline, as reflected in the modest 7.66% increase in management expenses.
Investment income also grew to ₦1.17 billion in 2024, up from ₦0.92 billion in the preceding year. In addition, the company recorded a ₦170 million fair value gain from the revaluation of its investment properties.
Consequently, profit before tax rose by 19.49% to ₦2.50 billion, compared to ₦2.10 billion in 2023, while profit after tax increased by 16.73% to ₦2.25 billion, up from ₦1.93 billion in the previous year.
To reward shareholders, the board proposed a bonus issue of one new ordinary share for every three held. Baiye also revealed plans for a rights issue and private placement to raise the firm’s minimum capital to ₦15 billion, in line with the requirements of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Managing Director, Mr. Bode Oseni, assured shareholders that once the capital raising exercise is completed, the new shares would be allotted and listed on the Nigerian Exchange, further positioning Regency Alliance as a major player in Nigeria’s non-life insurance market.
“The Board is convinced that our company has the potential to become a leading force in the non-life insurance sector,” Oseni stated.
