The Board of Regency Alliance Insurance Plc (NSE: REGALINS) met on Wednesday the 24th day of March, 2021 to consider and approve the Company’s Audited Financial Statements for the year ended 31st December 2020.
In Compliance with the provisions of the Post – Listing requirements of The Nigerian Stock Exchange (The Exchange) for quoted companies, the Insurer released the decisions taken by the Board in a corporate action to The Exchange and Investing Public.
The following resolutions were proposed and duly passed.
- That the Audited Financial Statements of the Company for the year ended 31st December 2020 is approved.
- That the Management is hereby authorized to submit the Audited Financial Statements for the year ended 31st December 2020 to the National Insurance Commission (NAICOM) for approval.
- That the Management is authorized to file The Audited Financial Statements with The Exchange upon receipt of NAICOM’s approval.
- That further decision on the 27th Annual General Meeting of the Company will be taken upon the approval of the Audited Financial Statements by NAICOM.
As REGALINS continues to push towards attaining the new NAICOM recapitalization, it will not be paying dividend to Shareholder for the 3rd consecutive year.
The Insurer paid 3 Kobo dividends in 2016, 2017 and 2018, although it’s Board recommended a 3 Kobo dividend in 2019, Shareholders did not approve it at the Company’s AGM. No Dividend was recommended nor paid in 2020.
About the Company
The company was incorporated in Nigeria under the Companies and Allied Matters Decree 1990 as Regency Insurance Company Limited on the 16th day of June 1993 and was licensed by the National Insurance Commission (NAICOM) to underwrite all classes of Non-Life insurance business.
On the 11th day of March 2005, the company obtained license to underwrite Life Insurance business in addition to the Non-Life Insurance business thereby becoming a composite insurance company.
However, after a successful merger with three other companies in 2007, the company‟s name was changed to Regency Alliance Insurance Plc. The company, which is listed on the Nigerian Stock Exchange, was registered and
now licensed to underwrite all classes of Non-Life Insurance business risk associated with accident, fire, marine and oil and gas among others. The registered address of the company is at 2, Ebun Street, Gbagada Lagos, Nigeria.
Regency Alliance Insurance Plc. and its subsidiaries (the Group) are engaged in various business lines ranging from general accident insurance, oil/gas insurance, property leasing and investment and banking business.
The underwriting strategy adopted by the group attempts to ensure that the underwritten risks are well diversified in terms of type, amount of risk and industry. The Company’s principal activity continues to include risk management and claims advisory services to corporate and retail customers in Nigeria.
The investment portfolio of the company ranges from financial instruments, investment in unquoted shares and subsidiaries.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur