Regency Alliance Insurance Plc has reported a profit after tax of N422.6m for the first quarter of 2025, down 24% from the N558.3m posted in the same period last year.
The unaudited results, filed on the Nigerian Exchange, showed that while revenue improved, rising to N2.8bn from N2.42bn in Q1 2024, soaring expenses weighed on earnings.
Insurance service expenses more than doubled to N1.63bn from N746.5m, while net reinsurance costs rose to N901.4m, compared with N849.8m in the previous year.
On the upside, investment income jumped to N510.9m from N382.1m, driven by stronger interest revenue of N441.3m and net gains on financial assets of N77.5m. Finance expenses on insurance contracts dropped significantly to just N4.25m, compared with N333.8m in Q1 2024.
Operating expenses climbed to N240.7m from N210.2m, while staff costs edged up slightly to N114.7m. Profit before tax slipped to N461.1m from N617.2m, with income tax reducing to N38.4m.
Despite the profit dip, Regency Alliance strengthened its balance sheet, with total equity rising to N14.39bn as of March 31, 2025, up from N13.97bn at year-end 2024. Total assets stood at N21.68bn, compared to N21.53bn in December.
Earnings per share fell to 6.34 kobo, down from 8.37 kobo in Q1 2024.
