Regency Alliance pays N1.44bn claims

Regency Alliance Insurance Plc’s claims payment rose by 39.7 per cent to N1.44bn at the end of 2022 financial period.

The Chairman of the company, Clem Baiye, disclosed this during its 29th annual general meeting in Lagos.

He said, “There was an increase of 39.7 per cent in the net claims position in 2022 when compared with that of 2021 as net claims grew from N1.03bn to N1.44bn.

“The increase occurred mainly in the aviation, marine and the oil and gas business lines due mainly to foreign currency exposure.”

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Giving highlights on the financial performance, he said, the company had a gross premium generation of N5.57bn, which on year-on-year basis showed an increase of 8.15 per cent over N5.12bn generated in 2021.

The net premium performance, he said, decreased from N2.94bn in 2021 to N2.75bn in 2022.

He revealed that the company’s investment income rose by 16 per cent from N364.73m in 2021 to N423.09m in 2022 financial period.

Its profit before tax rose by 60.65 per cent to N551.48m in 2022 from N343.28m as of the end of 2021, while profit after tax also increased from N320.75m in 2021to N528.38m in 2022.