News Column

Regency Alliance Records N3.15 Billion Premium

July 27, 2014

NOTWITHSTANDING the harsh business environment in the country, Regency Alliance Insurance Plc has announced a premium income of N3.146 billion for the year ended 31 December, 2013.

This represent an increase of 38 per cent over N2.280 billion recorded in the previous year. The underwriting profit decreased by N27.1 million from N1.060 billion to N1,033 billion. This decrease is as a result of huge jump in claims and management expenses in the year when compared with the previous year.

The chairman of the company, Justice A.G. Karib-Whyte, addressing shareholders at the 20th yearly general meeting held in Lagos said, in the year management expenses increased by 30 per cent, when compared with that of last year.

Overall, he said, the profit after tax for the company improved from N386.785 million in 2012 to N403.603 million in 2013.

For the group, he said, the contribution of the subsidiaries to the group's profit after tax, aster deducting that attributable to non-controlling interests, increased from N38.685 million in 2012 to N51.188 in 2013.

He said the management and staff of the company are highly commended for the deep sense and display of loyalty, commitment, honesty and dedication to duty in the year.

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Source: AllAfrica

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