Regency Alliance Insurance Plc has released its financial results for the year ended December 31, 2024, posting a profit before tax of N2.5 billion.
This marks a 19.34% increase compared to the N2.1 billion recorded in 2023.
The growth was driven by a strong performance at the top line, with insurance revenue rising to N7.3 billion from N6 billion the previous year.
At the same time, insurance expenses climbed sharply to N4.1 billion, a 46.37% increase from N2.8 billion.
On the investment side, Regency earned N1.1 billion mainly from financial assets held at amortized cost, bringing net investment income to N1.7 billion, slightly lower than the N1.8 billion posted a year earlier.
Combined, insurance and investment activities generated N3.5 billion, compared with N3.1 billion in 2023.
The balance sheet also reflected solid growth, with total assets climbing to N21.8 billion from N18.8 billion, while retained earnings surged 52.7% to N5.2 billion.
Liabilities rose to N7.7 billion from N7 billion, driven mainly by insurance contract liabilities, which grew to N5 billion from N4.6 billion.
During the year, the group collected N7.2 billion in gross premiums, up from N6 billion, and settled N1.9 billion in claims, compared to N1.4 billion the year before.
Key highlights:
Shares of the company have gained 73% year-to-date, currently trading at N1.30 per share.
In August, Regency Alliance Insurance Plc occupied the 5th position with a 63.75% month-to-date gain.
The stock opened in August at N0.8, and by the 13th it had nearly doubled to N1.67, likely driven by the insurance sector rally sparked by the NIIRA Act.