REGENCY ALLIANCE INSURANCE PLC ANNOUNCES DELAY IN FINANCIAL STATEMENT SUBMISSION

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Olori Uwem

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Mar 18, 2024
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REGENCY ALLIANCE INSURANCE PLC ANNOUNCES DELAY IN FINANCIAL STATEMENT SUBMISSION

Regency Alliance Insurance Plc has informed the Nigerian Exchange Limited (NGX), shareholders, and the investing public of a delay in filing its Audited Financial Statement (AFS) for the year ended December 31, 2023, and the Unaudited Financial Statement for the first quarter of 2024 (Q1 2024 UFS). The delay is due to challenges in migrating from IFRS 4 to IFRS 17 reporting standards.

The company assures that this is an isolated issue and emphasizes its history of timely regulatory filings. Actuaries are currently collaborating with external auditors to complete the financial statements. Regency Alliance expects to submit both the AFS 2023 and Q1 2024 UFS by August 15, 2024. Additionally, the company has received NGX approval to file its Unaudited Financial Statement for the second quarter of 2024 (Q2 2024 UFS) by August 31, 2024.

The company regrets any inconvenience caused to shareholders and the investing public.

- Date: July 9, 2024
- Contact: Anu Shobo, Company Secretary