REGENCY ALLIANCE INSURANCE : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

REGENCY ALLIANCE INSURANCE PLC

UN-AUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023

REGENCY ALLIANCE INSURANCE PLC

UNAUDITED FINANCIAL STATEMENT FOR THE FIRST QUARTER ENDED MARCH 31 2023

UN-AUDITED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2023

	Note		GROUP			COMPANY
		31-Mar-23	31-Dec-22	30-Mar-22	31-Mar-23	31-Dec-22	30-Mar-22
		=N='000	=N='000	=N='000	=N='000	=N='000	=N='000
ASSETS
Cash and Cash Equivalents	4	1,557,075	1,532,631	2,248,133	1,323,364	1,319,334	2,107,719
Financial Assets	5	7,725,280	7,518,288	5,485,868	7,505,698	7,287,569	5,281,288
Trade Receivables	6	549,367	272,621	582,486	340,541	64,203	374,899
Reinsurance Assets	7	1,472,900	1,445,808	2,084,076	1,472,900	1,445,808	2,084,076
Deferred Acquisition Cost	8	171,830	151,393	135,194	171,830	151,393	135,194
Other Receivables and Prepayments	9	56,834	56,727	77,127	20,955	21,355	21,014
Inventory	10	7,741	3,658	3,663	-	-	-
Investment in Subsidiaries	11	0	-	-	553,116	553,116	473,116
Intangible Assets	12	20,550	20,879	21,275	20,516	20,845	21,244
Investment Properties	13	647,047	647,047	635,547	521,500	521,500	510,000
Property, Plant and Equipment	14	917,514	887,116	836,824	903,529	873,051	828,631
Statutory Deposits	15	300,000	300,000	300,000	300,000	300,000	300,000
Total Assets		13,426,138	12,836,168	12,410,194	13,133,949	12,558,173	12,137,183
LIABILITIES
Insurance Contract Liabilities	16	4,256,892	4,362,398	4,165,668	4,256,892	4,362,398	4,165,668
Trade Payables	17	41,181	46,719	33,201	0	15,452	-
Provision and Other Payables	18	588,821	659,371	277,720	439,147	510,945	136,594
Retirement Benefit Obligation	19	3,500	3,454	3,608	3,500	3,454	3,608
Provision for Current Income Tax Liabilities	20	188,557	156,736	169,101	173,334	141,570	150,295
Deferred Income Tax Liabilities	21	120,346	100,930	148,341	120,346	100,930	148,341
Deposit for shares	23	245,000	245,000	245,000	245,000	245,000	245,000
Total Liabilities		5,444,297	5,574,608	5,042,640	5,238,220	5,379,749	4,849,506
EQUITY
Total equity attributable to owners of the parent:
Issued and Paid up Share Capital	24	3,334,375	3,334,375	3,334,375	3,334,375	3,334,375	3,334,375
Contingency Reserve	25	1,931,067	1,787,606	1,747,958	1,931,067	1,787,606	1,747,958
Retained Earnings	26	2,693,671	2,117,012	2,262,779	2,630,287	2,056,444	2,205,343
Total		7,959,112	7,238,993	7,345,112	7,895,729	7,178,425	7,287,675
Non-controlling Interest in Equity:
Non-controlling Interest in Equity		22,728	22,567	22,443			-
Equity and Liabilities		13,426,138	12,836,168	12,410,194	13,133,949	12,558,173	12,137,183

The financial statements were approved by the board of directors on April 27, 2023 and signed on behalf of the board of diirectors by the directors listed below:

....................................................

MR CLEM BAIYE	MR BIYI OTEGBEYE	MR KEHINDE OYADIRAN
FRC/2020/003/00000021054	FRC/2013/NBA/00000003749	FRC/2013/ICAN/00000003559
(Acting Chairman)	(Managing Director/Chief Executive Officer)	(Chief Finance Officer)

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REGENCY ALLIANCE INSURANCE PLC

UNAUDITED FINANCIAL STATEMENT FOR THE FIRST QUARTER ENDED MARCH 31 2023

UN-AUDITED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2023

	Note
Gross Premium Written	27
Gross Premium Income	28
Reinsurance Expenses	29
Net Premium Income
Fees and Commission Income	30
Net Underwriting Income
Net Claims Expenses	31
Underwriting Expenses	32
Underwriting Profit
Interest Income	33(a)
Interest Expense	33(b)
Net Trading Income	34
Finance Income	35
Finance Cost	36
Investment Income	37
Other Operating Income	38
Net Gain/(loss) on Finacial Assets	39
Employee Benefit Expenses	40
Other Operating Expenses	41
Impairment on trade receivables	6(bi)
Result of Operating Activites
Profit Before Tax
Income Tax Expense	20

Profit For the year

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 Foreign exchange translation difference

Income tax relating to component of other comprehensive income

Total other comprehensive income net of tax

Total comprehensive income for the Period

Profit After Taxation

Atributable:

to Owner's of parent

to Non Controlling Interest

Total comprehensive income for the Period Atributable:

to Owner's of parent

to Non Controlling Interest

Earnings per share

Basic and diluted earnings per shares (in kobo)

	GROUP	COMPANY
	March	March	March	March
2023	2022	2023	2022
	=N='000	=N='000	=N='000	=N='000
1,931,710	1,489,788	1,931,710	1,489,788
2,011,552	1,416,835	2,011,552	1,416,835
(813,967)	(457,701)	(813,967)	(457,701)
1,197,586	959,134	1,197,586	959,134
22,673	6,251	22,673	6,251
1,220,259	965,385	1,220,259	965,385
(137,131)	(80,564)	(137,131)	(80,564)
(297,251)	(196,939)	(297,251)	(196,939)
785,876	687,881	785,876	687,881
6,478	5,040	-	-
(1,169)	(714)	-	-
3,255	2,760	-	-
12,233	11,458	-	-
(1,463)	(1,725)	-	-
262,352	102,140	260,869	101,178
4,289	2,957	640	554
15,669	185,883	14,605	181,068
(105,990)	(101,819)	(94,634)	(91,928)
(209,333)	(180,824)	(198,871)	(171,712)
(349)	1,236	-	-
771,848	714,272	768,484	707,040
771,848	714,272	768,484	707,040
(51,567)	(70,384)	(51,181)	(69,414)
720,280	643,888	717,304	637,626
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-
720,280	643,889	717,304	637,626
720,120	643,503	717,304	637,626
160	386	-	-
	720,280	643,889	717,304	637,626
720,120	643,503	717,304	637,626
160	386
	720,280	643,889	717,304	637,626
10.80	9.66	10.76	9.56

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REGENCY ALLIANCE INSURANCE PLC

UNAUDITED FINANCIAL STATEMENT FOR THE FIRST QUARTER ENDED MARCH 31 2023

GROUP

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 MARCH 2023

			Contingency			Non Controlling
		Share Capital	Reserve	Retained Earnings	Parent Total	Interest	Total
		=N='000	=N='000	=N='000	=N='000	=N='000	=N='000
At 1 January 2023	3,334,375	1,787,606	2,117,012	7,238,993	22,567	7,261,561
Profit after tax for the period	-	-	720,120	720,120	160	720,280
Transfer to Contingency Reserves		143,461	(143,461)	-	-	-
		-	143,461	576,659	720,120	160	720,280
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		-	143,461	576,659	720,120	160	720,280
Transaction with owner's of equity, recorded directly in equity					-
distribution to owners					-	-
Change in the value of Subsidiary			-	-	-	-
Dividend Approved and Paid during the year			-	-	-	-
		-	-	-	-	-	-
At 31 March2023		3,334,375	1,931,067	2,693,671	7,959,112	22,728	7,981,840
GROUP	STATEMENT OF CHANGES IN EQUITY
		FOR THE PERIOD ENDED 31 MARCH 2022
						Non Controlling
			Contingency
		Share Capital	Reserve	Retained Earnings	Parent Total	Interest	Total
		=N='000	=N='000	=N='000	=N='000	=N='000	=N=
At 1 January 2022	3,334,375	1,620,433	1,746,801	6,701,608	22,057	6,723,666
Prior year adjustment						-
Total comprehensive income for the period				-	-	-
Profit after tax for the period			643,503	643,503	386	643,889
Transfer to Contingency Reserves		127,525	(127,525)	-	-	-
		-	127,525	515,978	643,503	386	643,889
Other comprehensive income
Income tax relating to component of other comprehensive income						-
Total Comprehensive Income for the year net of tax		-	127,525	515,978	643,503	386	643,888
Transactio with Owner's of equity, recorded directly in equity
Distribution to Owners
Transfer Adjustment on Fair value reserve of disposed unquoted e	-	-
Total comprehensive income for the quarter		-	-	-	-	-	-
At 31 March 2022		3,334,375	1,747,958	2,262,779	7,345,112	22,443	7,367,555

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REGENCY ALLIANCE INSURANCE PLC

UNAUDITED FINANCIAL STATEMENT FOR THE FIRST QUARTER ENDED MARCH 31 2023

	REGENCY ALLIANCE INSURANCE PLC
THE COMPANY	STATEMENT OF CHANGES IN EQUITY
	FOR THE PERIOD ENDED 31 MARCH 2023
		Contingency
	Share Capital	Reserve	Retained Earnings	Total
	=N='000	=N='000	=N='000	=N='000
At 1 January 2023	3,334,375	1,787,606	2,056,444	7,178,426
Total comprehensive income for the period
Profit/Loss after tax for the period			717,304	717,304
Transfer to Contingency Reserves		143,461	(143,461)	-
	-	143,461	573,843	717,304
Other comprehensive income
Total comprehensive income for the year net of tax	-	143,461	573,843	717,304
Transaction with owner's of equity, recorded directly in equity
distribution to owners
Transfer Adjustment on Fair Value Reserve of Disposed Unquoted Equity		-	-
Total Transaction with owners	-	-	-	-
At 30 March, 2023	3,334,375	1,931,067	2,630,287	7,895,729
	STATEMENT OF CHANGES IN EQUITY
	FOR THE PERIOD ENDED 31 MARCH 2022
		Contingency
	Share Capital	Reserve	Retained Earnings	Total
	=N='000	=N='000	=N='000	=N='000
At 1 January 2022	3,334,375	1,620,433	1,695,243	6,650,051
Profit after tax for the period			637,626	637,626
Transfer to Contingency Reserves		127,525	(127,525)	-
	-	127,525	510,101	637,626
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	-	127,525	510,101	637,626
At 31 March 2022	3,334,375	1,747,958	2,205,343	7,287,675

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