Regency Alliance Insurance records 44% rise in Q1 2017 PAT
Regency Insurance has shown remarkable growth potentials in its first quarter 2017 result witch showed growth quarter 2017 records in profit and loss lines, as gross premium written rose to NGN1.7 billion from NGN1.1 billion in Q1 2016.
The company’s result released recently by the Nigerian Stock Exchange (NSE) revealed that the company recorded NGN367.9 million profit before taxation in 2017 Q1, against NGN247.1 million recorded in the year 2016.
Profit After tax rose to NGN306.7 million against NGN212.2 million recorded in 2016, which represents 44 per cent year on year.
The group’ s result released by the Nigeria stock Exchange showed that the group in Q1 2017 recorded N N367,999 million result of Operating Activates , against N247,145 million recorded in the corresponding period of 3016, but that of the company stood at N 205,415 million in Q1 2017 and N187,485 million in Q1 2016.
According to the report, the insurance company posted NGN309.4 million reinsurance expenses against NGN224.4 million recorded in 2016, while its net premium income grew to NGN1.0 billion against NGN819.3 million recorded in 2016, with net underwriting income of NGN1.1 billion versus NGN844.3 million recorded in the year before.
The result further showed that Regency’s underwriting profit increased to NGN732.2 million against NGN571.2 million recorded in 2016. Its investment income for the period was NGN186.8 million compared to NGN86.7 million posted in 2016.
Total asset s rose to NGN9.3 billion for the period against NGN8.4 billion recorded in 2016, while Its total liabilities were NGN3.4 billion against NGN2.9 billion recorded in the year 2016.
