A total of N1.031 billion claims have been paid by Regency Alliance Plc to its customers in the 2021 financial year.
This was made known by Clem Baiye, the acting Chairman of the company,during the company’s 28th annual general meeting in Lagos, which was also held virtually.
He said, “There was an increase of 18.36 percent in the net claims position in 2021 when compared with that of 2020 as net claims grew from N871.279 million to N1.031 billion.
"The increase notwithstanding, the claims ratio for 2021 (35.07 percent) is lower than the 35.20 percent recorded in 2020.”
Commenting on the financial report, Baiye said the gross premium generation rose by 31.97 per cent to N5.118 billion in 2021 from N3.878 billion generated in 2020.
The company’s net premium rose to N2.941 billion in 2021 from N2.475 billion in 2020 which shows an 18.82 per cent increase, he said
Baiye further explained that, profit before tax was N343.275 million as against N681.137 million recorded last year, noting that the profit after tax also decreased from N628.587 million in 2020 to N320.746 million in 2021.
He said shareholders’ funds rose to N6.650 billion in 2021 from N6.329 billion at the end of 2020, adding that the total asset base of the group as of December 31, 2021 stood at N11.869 billion, a decrease of N876.498 million when compared with the position on December 31, 2020.
“At the company level, various options are being worked on to ensure that the company is on a good stead whenever the recapitalisation exercise resumes.
“I want to reassure all our shareholders and other stakeholders that your company’s fundamentals remain strong, and we are well-positioned to meet the new minimum capital requirements.”
NEM INSURANCE PLC started an insurance business in Nigeria in 1948 through the a...LEARN MORE