REGENCY ALLIANCE INSURANCE PLC REGENCY ALLIANCE INSURANCE PLC
UN-AUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022
UN-AUDITED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2022
NoteASSETS
Cash and Cash Equivalents 4
Financial Assets 5
Trade Receivables 6
Reinsurance Assets 7
Deferred Acquisition Cost 8
Other Receivables and Prepayments 9
Inventory 10
Investment in Subsidiaries 11
Intangible Assets 12
Investment Properties 13
Property, Plant and Equipment 14
Statutory Deposits 15 Total Assets
LIABILITIES
Insurance Contract Liabilities 16
Trade Payables 17
Provision and Other Payables 18
Retirement Benefit Obligation 19
Provision for Current Income Tax Liabilities 20
Deferred Income Tax Liabilities 21
Deposit for shares 23
Total Liabilities
EQUITY
Total equity attributable to owners of the parent:
Issued and Paid up Share Capital 24
Contingency Reserve 25
Retained Earnings 26
Fair Value Reserves on Available for sale 27
Other Reserves-Translation Reserve 28
Total
Non-controlling Interest in Equity: Non-controlling Interest in Equity Equity and Liabilities
31-Mar-22 =N='000 2,248,133 5,485,868 582,486 | 31-Mar-22 =N='000 2,107,719 5,281,288 374,899 | |
2,084,076 | 2,084,076 | |
135,194 77,127 3,663 (0) 21,275 | 135,194 21,014 - 473,116 21,244 | |
635,547 836,824 300,000 | 510,000 828,631 300,000 | |
12,410,194 | 11,869,248 12,500,454 | 12,137,183 |
4,165,668 33,201 277,720 3,608 169,101 | 4,313,541 3,590,115 43,247 26,077 294,697 761,389 2,774 8,891 142,848 315,859 103,475 45,457 245,000 245,000 | 4,165,668 - 136,594 3,608 150,295 |
148,341 245,000 | 148,341 245,000 | |
5,042,640 | 5,145,582 4,992,788 | 4,849,506 |
3,334,375 1,747,958 2,262,779 | 3,334,375 3,334,375 1,620,433 1,952,097 1,746,801 1,533,830 - 7,991 - 115,608 | 3,334,375 1,747,958 2,205,343 |
- - | - - | |
7,345,112 | 6,701,609 6,943,900 22,057 563,765 | 7,287,676 |
22,443 | ||
12,410,194 | 11,869,248 12,500,454 | 12,137,183 |
31-Dec-21 =N='000
GROUP
4,552 6,525
151,846 164,999
2,774 8,891
3,334,375 3,334,375
1,620,433 1,543,508
COMPANY
2,100,321 1,078,143
5,031,368 4,824,002
16,011 550,106
2,206,757 976,897
124,381 86,299
18,917 29,337
- 473,116
21,560 5,326
510,000 505,000
796,625 730,218
300,000 300,000
11,599,055
4,313,541
127,817 260,363
103,475 79,562
245,000 245,000
4,949,005
1,695,243 1,834,571
- - 6,650,051
11,599,055
The financial statements were approved by the board of directors on April 24, 2022 and signed on behalf of the board of diirectors by the directors listed below:
....................................................
MR CLEM BAIYE FRC/2020/003/00000021054 (Acting Chairman)
.................................................................
MR BIYI OTEGBEYE FRC/2013/NBA/00000003749
(Managing Director/Chief Executive Officer)
........................................................
MR KEHINDE OYADIRAN FRC/2013/ICAN/00000003559 (Chief Finance Officer)
31-Mar-21 =N='000
- 1,026,170
10,111,499
2,633,703
3,399,044
(0)
- 6,712,454
-
10,111,499
UN-AUDITED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2022
GROUP
COMPANY
Note | 2021 | |
=N='000 | ||
Gross Premium Written | 29 | 1,438,468 |
Gross Premium Income | 30 | 1,447,568 |
Reinsurance Expenses | 31 | (362,799) |
Net Premium Income | 1,084,770 | |
Fees and Commission Income | 32 | 5,604 |
Net Underwriting Income | 1,090,374 | |
Claims Expenses (Gross) | 33 | (282,607) |
Claim Expenses Recovered from Reinsurance | 34 | 3,066 |
Underwriting Expenses | 35 | (173,212) |
Underwriting Profit | 637,620 | |
Interest Income | 34(a) | - |
Interest Expense | 34(b) | - |
Net Trading Income | 37 | - |
Finance Income | 38 | - |
Finance Cost | 39 | - |
Investment Income | 40 | 91,188 |
Other Operating Income | 41 | 73 |
Net Gain/(loss) on Finacial Assets | 42 | (36,219) |
Employee Benefit Expenses | 43 | (103,044) |
Other Operating Expenses | 44 | (169,119) |
Impairment on trade receivables | 6(bi) | - |
Result of Operating Activites | 420,499 | |
Profit Before Tax | 420,499 | |
Income Tax Expense | 20 | (37,349) |
Profit For the year | 383,150 | |
Other Comprehensive Income/(Loss) | ||
Items that may be subsequently reclassified | ||
to the profit or loss account: | ||
Net Unrealised fair value gain/(loss) on AFS financial asset | 5.3(a&b) | - |
Foreign exchange translation difference | 28 | - |
Income tax relating to component of other comprehensive income | 27 | - |
Total other comprehensive income net of tax | ||
Total comprehensive income for the Period | 383,150 | |
Profit After Taxation | ||
Atributable: | ||
to Owner's of parent | 383,150 | |
to Non Controlling Interest | - | |
383,150 | ||
Total comprehensive income for the Period | ||
Atributable: | ||
to Owner's of parent | 383,150 | |
to Non Controlling Interest | ||
383,150 | ||
Earnings per share | ||
Basic and diluted earnings per shares (in kobo) | 5.75 |
2022 | 2022 | |
=N='000 1,489,788 | =N='000 1,489,788 | |
1,416,835 (457,701) | 2,044,225 (495,111) | 1,416,835 (457,701) |
959,133 | 1,549,114 25,756 | 959,133 |
6,251 | 6,251 | |
965,384 | 1,574,870 (695,229) 224,920 (228,044) | 965,384 |
(109,667) 29,103 (196,939) | (109,667) 29,103 (196,939) | |
687,881 5,040 (714) 2,760 11,458 (1,725) 102,140 2,957 185,883 (101,819) | 876,516 8,733 (245) 1,860 8,042 (2,265) 131,524 3,414 (36,605) (217,712) (298,445) (1,061) | 687,881 - - - - - 101,178 554 181,068 (91,928) |
(180,824) 1,236 | (171,712) - | |
714,272 | 473,757 | 707,040 |
714,272 | 473,757 (45,875) | 707,040 |
(70,384) | (69,414) | |
643,889 | 427,881 317 52,221 (95) | 637,626 |
- - - | - - - | |
- | 52,443 | - |
643,889 | 480,324 | 637,626 |
643,503 386 | 417,721 10,160 | 637,626 - |
643,889 | 427,881 | 637,626 |
643,503 386 | 469,980 10,343 | 637,626 |
643,889 | 480,323 | 637,626 |
9.66 | 9.56 |
Other comprehensive income Revaluation Gain
Change in the value of Unquoted investment
-
-
-
Income tax relating to component of other comprehensive income Exchange Difference
-
-- - - -- - -
-- - - - -
Total comprehensive income for the Year net of tax
-
127,525
515,978
643,503
386
Transaction with owner's of equity, recorded directly in equity distribution to owners
Transfer from Fair value reserve Deposit For Shares
Dividend Approved and Paid during the year
- - -- - -- - -
-
-
-
-
-
-
At 31 March 2022
3,334,375
1,747,958
2,262,779
7,345,112
22,443
7,367,555
643,889 - - - - -
GROUP
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 March 2021
Foreign Exchange
Non ControllingAt 1 January 2021
Contingency ReserveFair ValueShare Capital
Retained Earnings Reserves
=N='000 3,334,375
=N='000 1,866,521
=N='000 1,201,684
=N='000 7,769
Translation Reserve =N='000 63,387
Parent Total =N='000 6,473,736
Interest =N='000 553,605
Total =N= 7,027,341
Changes in equity for 2021 Profit after tax for the period Transfer to Contingency Reserves
Other comprehensive income
Change in the value of Unquoted investment Exchange Difference
Income tax relating to component of other comprehensive income Total Comprehensive Income for the year net of tax
Transactio with Owner's of equity, recorded directly in equity Distribution to Owners
317
Transfer Adjustment on Fair value reserve of disposed unquoted equity
85,576
417,721 (85,576)
- 417,721 -
- 10,160 -
- 427,881 -
-
85,576
332,145
-
-417,721
10,160
427,881
317 317
-
52,221
52,221 52,221
(95)
(95) (95)
-85,576
332,145
222
52,221
470,164
10,160
480,324
-
-Total comprehensive income for the quarter At 31 March 2021
- 3,334,375
- 1,952,097
- 1,533,830
- 7,991
--
--
115,6086,943,901
563,765
7,507,664
THE COMPANY
REGENCY ALLIANCE INSURANCE PLC STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 March 2022
ContingencyShare Capital =N='000
Reserve =N='000
Retained EarningsAt 1 January 2022
3,334,375
1,620,433
=N='000 1,695,243
Total =N='000 6,650,050
Total comprehensive income for the period Profit/Loss after tax for the period
Transfer to Contingency Reserves
-127,525 127,525
637,626 (127,525) 510,101
637,626 - 637,626
Other comprehensive income
Total comprehensive income for the year net of tax Transaction with owner's of equity, recorded directly in equity distribution to owners
-
127,525
510,101
637,626
Transfer Adjustment on Fair Value Reserve of Disposed Unquoted Equity Total Transaction with owners
-
--
-
-
-At March 31, 2022
3,334,375
1,747,958
2,205,343
7,287,676
At 1 January 2021
Changes in equity for 2021
Profit after tax for the period Transfer to Contingency Reserves
Other comprehensive income
Change in the value of Unquoted investment
Income tax relating to component of other comprehensive income Total comprehensive income for the quarter
At 31 March 2021
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2021
Contingency
Share Capital Reserve | Retained Earnings | Total |
=N='000 =N='000 | =N='000 | =N='000 |
1,528,051 | 6,329,304 | |
383,150 | 383,150 | |
(76,630) | - | |
306,520 | 383,150 | |
- | ||
- | ||
306,520 | 383,150 | |
1,834,571 | 6,712,454 |
3,334,375
1,466,878
76,630
-
76,630
-
76,630
3,334,375
1,543,508
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Regal Insurance plc published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 16:52:10 UTC.
