Regency Alliance posts N422.6m Q1 profit

Regency Alliance Insurance Plc has recorded a profit after tax of N422.63m for the first quarter ended March 31, 2025, marking a decline from the N558.28m posted in the corresponding period of 2024.

The company’s unaudited financial statements filed on the Nigerian Exchange recently showed that total insurance revenue rose to N2.8bn in the period under review from N2.42bn in the same quarter of 2024. Insurance service expenses also increased sharply to N1.63bn, up from N746.51m, while net expenses from reinsurance contracts rose to N901.4m from N849.8m previously.

Net investment income for the period improved to N510.9m from N382.1m, supported by interest revenue of N441.3m and net gains on financial assets of N77.5m. However, finance expenses from insurance contracts issued fell to N4.25m from N333.8m, partially offset by reinsurance finance income of N38.38m.

Operating expenses rose to N240.7m from N210.2m, while employee benefit costs slightly increased to N114.7m from N110.7m. The company’s profit before tax declined to N461.1m from N617.2m, with income tax expense reducing to N38.42m from N58.89m.

Total equity of the company stood at N14.39bn as of March 31, 2025, up from N13.97bn at the end of 2024. Total assets were valued at N21.68bn, slightly higher than the N21.53bn recorded at December 31, 2024.

Earnings per share for the period fell to 6.34 kobo from 8.37 kobo in the same quarter of 2024.