DETAILED BREAKDOWN OF REGENCY ALLIANCE INSURANCE PLC'S FINANCIAL PERFORMANCE FOR THE YEAR ENDING DECEMBER 31, 2023:
1. Profit After Tax (PAT):
Regency Alliance Insurance reported a 225% increase in PAT, growing to N1.93bn from N594.6m in the previous year.
2. Revenue Growth:
The company saw a 21% increase in revenue, reaching N6.08bn compared to N5.02bn in 2022.
3. Investment Income:
Investment income and other related income increased by 107%, growing to N1.68bn from N810.5m in 2022.
4. Profit Before Tax (PBT):
Profit before tax saw a significant 239% increase, rising to N2.1bn from N617.7m.
5. Total Assets:
The company’s total assets increased by 53%, reaching N18.56bn.
6. Shareholder Funds:
Shareholder funds surged by 69% to N11.72bn.
7. Insurance Service Expenses:
Insurance service expenses rose by 77%, amounting to N2.81bn compared to N1.59bn in the previous year.
8. Net Expenses from Reinsurance Contracts:
Reinsurance expenses dropped by 31%, reducing to N1.87bn.
9. Earnings Per Share (EPS):
EPS increased significantly, reaching N29.15 in 2023 from 12.31 kobo in the previous year.
10. Asset and Liability Management (ALM):
The company attributed its financial stability to strong ALM, effectively managing risks related to interest rates, currency fluctuations, equity prices, and credit risks. They emphasized the importance of matching assets to liabilities, especially concerning insurance and investment contracts.
This performance reflects a strong year for Regency Alliance, with notable improvements across several financial metrics.
1. Profit After Tax (PAT):
Regency Alliance Insurance reported a 225% increase in PAT, growing to N1.93bn from N594.6m in the previous year.
2. Revenue Growth:
The company saw a 21% increase in revenue, reaching N6.08bn compared to N5.02bn in 2022.
3. Investment Income:
Investment income and other related income increased by 107%, growing to N1.68bn from N810.5m in 2022.
4. Profit Before Tax (PBT):
Profit before tax saw a significant 239% increase, rising to N2.1bn from N617.7m.
5. Total Assets:
The company’s total assets increased by 53%, reaching N18.56bn.
6. Shareholder Funds:
Shareholder funds surged by 69% to N11.72bn.
7. Insurance Service Expenses:
Insurance service expenses rose by 77%, amounting to N2.81bn compared to N1.59bn in the previous year.
8. Net Expenses from Reinsurance Contracts:
Reinsurance expenses dropped by 31%, reducing to N1.87bn.
9. Earnings Per Share (EPS):
EPS increased significantly, reaching N29.15 in 2023 from 12.31 kobo in the previous year.
10. Asset and Liability Management (ALM):
The company attributed its financial stability to strong ALM, effectively managing risks related to interest rates, currency fluctuations, equity prices, and credit risks. They emphasized the importance of matching assets to liabilities, especially concerning insurance and investment contracts.
This performance reflects a strong year for Regency Alliance, with notable improvements across several financial metrics.