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Regency Alliance Ins. Posts 62% rise in Claims to N712.7 million in Q1 2020

Thursday, 18 June 2020, 6:08 pm
in Business, Companies
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Regency Alliance Ins. Posts 62% rise in Claims to N712.7 million in Q1 2020
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Regency Alliance Insurance Plc (NSE ticker – REGALINS) has released its first quarter 2020 financial statements for the period ended 31 March 2020 to the Nigeria Stock Exchange and the Investing public.

The company’s Gross Premium Written grew slightly to N2.05 billion from N2.03 billion recorded in Q1 2019. Whereas Net Premium Income rose significantly to N1.35 billion from N1.16 billion recorded in the same period last year.

Profit for the period rose slightly to N218.54 million from N213.72 million recorded in the same period in 2019. The Earnings per Share stood at 3.28 kobo against 3.20 kobo in Q1 2019.

Motor insurance made the largest contribution to the Gross Premium Income for the company, to the tune of N390.33 million, followed by Oil & Gas which contributed N362.69 million.

The company recorded N1.37 billion Net underwriting income in Q1 2020 against NN1.21 billion posted in the same period in 2019.

However, Claims in the first quarter of 2020 rose by over 62% to N712.70 million from N439.68 million in the same period in 2019.

Although the company recovered total of N326.80 million from re-insurers in Q1 2020 against N87.77 million recovered in the same period in 2019.

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Regency Alliance suffered a increase in Net realized loss from financial assets to minus N140.89 million from minus N10.17 million in Q1 2019.

The company presented a strong balance sheet, with 11% (N1.11 billion) increase in asset to N11.16 billion from N10,05 billion. Cash and Cash equivalents (N2.57 billion) and Financial assets (N3.87 billion) make up over 57% of the total assets.

In the liability section, insurance contract liabilities made up over 80% of the companies N4.495 billion total liabilities.

The company’s total equity rose from N5.39 billion to N6.06 billion

On Thursday the company’s share price closed at 22 kobo per share on the flow of the NSE. The 52 week high and low prices are 23 kobo and 20 kobo respectively.

For more information on Regency Alliance Insurance Plc read; The Case of Regency Assurance Insurance Plc: Merger or Recapitalization?

Written by;

Ifunanya Ikueze

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