REGENCY ALLIANCE INSURANCE : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

REGENCY ALLIANCE INSURANCE PLC

(RC 223946)

UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2023

REGENCY ALLIANCE INSURANCE PLC

UN-AUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2023

TABLE OF CONTENTS
Directors Certification	2
Statement of Significant Accounting Policies	5
Statement of Financial Position	52
Statement of Comprehensive Income	53
Statement of Changes in Equity	54
Statement of Cash Flows	56
Notes to the Financial Statements	57

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REGENCY ALLIANCE INSURANCE PLC

UN-AUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2023

CERTIFICATION PURSUANT TO SECTION 60[2] OF THE INVESTMENT AND SECURITIES ACT NO. 29 OF 2007

We the undersigned hereby certify the following with regards to our Consolidated Financial Statements for the period ended 30, June 2023, that:

1. We have reviewed the Report.
2. To the best of our knowledge, the Report does not contain:
3. 1. Any untrue statement of a material fact, or
   2. Omit to state a material fact, which would make the statements misleading in the light of the circumstances under which such statements were made.
4. To the best of our knowledge, the financial statement and other financial information included in the report fairly present in all material respects the financial condition and results of operation of the Company as of, and for the period presented in the report.
5. We:
6. 1. Are responsible for establishing and maintaining internal controls.
   2. Have designed such internal controls to ensure that material information relating to the Company and its consolidated subsidiaries are made known to such officers by
      others within those entities particularly during the period in which the periodic reports are being prepared;
   3. Have evaluated the effectiveness of the Company's internal controls, as of date,

within 90 days prior to the report;

1. 1. Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation;
2. We have disclosed to the auditors of the Company and its audit committee:
3. 1. All significant deficiency in the design or operation of internal controls which would adversely affect the Company's ability to record, process, summarize and report financial data and have identified for the Company's auditors any material weakness in internal controls, and
   2. Any fraud, whether or not material, that involves management or other employees

who have significant role in the Company's internal controls;

1. We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

MR. BIYI OTEGBEYE	MR.KEHINDE OYADIRAN
FRC/2013/NBA/00000003749	FRC/2013/ICAN/00000003559
GROUP MD/CEO	GROUP CFO

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REGENCY ALLIANCE INSURANCE PLC

UN-AUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2023

CORPORATE INFORMATION

DIRECTORS	:	Mr. Clem Baiye (Chairman)
		Mr. Biyi Otegbeye (Managing Director)
		Dr. Sammy Olaniyi (Executive)
		Mr. Kehinde Oyadiran (Executive)
		Mr. Matt Osayaba Aikhionbare, OON (Non-Executive Director)
		Chief Wale Taiwo SAN,FCArb (Non-Executive Director)
		Mr. Donald James (Indpt. Non-Executive Director)
COMPANY SECRETARY	:	Anu Shobo
		FRC/2013/NBA/00000003654
AUDITORS	:	TAC PROFESSIONAL SERVICES.
		(Chartered Accountants)
		Plot 22, Adebisi Oguniyi Crescent.
		Off Oladimeji Alao Street.
		Lekki Phase 1 Lagos
		FRC/2012/ICAN/00000000325
SOLICITORS	:	WALE TAIWO & CO.
		(Legal Practitioners)
		9B Wale Taiwo Close
		Off PSSDC Road
		Magodo GRA Phase 2
		FRC/2014/NBA/00000008128
HEAD OFFICE	:	Regency Place
		2 Ebun Street
		Gbagada Expressway
		Gbagada, Lagos.
		08053499073-74
		[e-mail]
		www.regencyalliance.com
BANKERS	:	First Bank of Nigeria Plc
		Sterling Bank Plc
		Zenith Bank Plc
		Access Bank Plc
REGISTRAR	:	Meristem Registrars Limited
		213 Herbert Macaulay Way
		Sabo, Yaba
		Lagos
RE-INSURERS	:	African Reinsurance Corporation
		WAICA Reinsurance Limited
		Continental Reinsurance Limited
ACTUARY	:	O & A Hedge Actuarial Consulting
		FRC/2019/00000012909
COMPANY RC NO.	:	RC 223946
COMPANY FRC REG. NO.	:	FRC/2013/0000000000598

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REGENCY ALLIANCE INSURANCE PLC

UN-AUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2023

Shareholding Structure and Free Float Status
Company Name:	Regency Alliance Insurance Plc
Board Listed:	Premium Board
Period End:	30-Jun-23
Reporting Period:	Ended June 30, 2023
Share Price at end of reporting period:	N0.41
Description	June 30, 2023		June 30, 2022
	Unit	Percentage	Unit	Percentage
Issued Share Capital	6,668,750,000	100	6,668,749,800	100
Substantial Shareholdings (5% and above)
ALEXANDER REISS CONS. LTD	633,531,250	9.5	633,531,250	9.5
OTEGBEYE OLUBIYI	789,328,879	11.84	789,328,879	11.84
Total Substantial Shareholdings	1,422,860,129	21.34	1,422,860,129	21.34
Directors' shareholdings (Direct)
OLANIYI SAMMY	43,580,457	0.00654	43,580,457	0.00654
KEHINDE OYADIRAN	206,250	0.00309	206,250	0.00309
CLEM BAIYE	1,000,000	0.01500	1,000,000	0.01500
MATT OSAYABA AKHIONBARE	-	0.00	-	0.00000
COL. ISAH AMINU KONTAGORA	-	0.00	-	0.00000
CHIEF WALE TAIWO, SAN	14,349,235	0.21517	14,349,235	0.21517
MR. DONALD JAMES ETIM	-
Total Directors' Shareholdings	59,135,942	0.23979	59,135,942	0.23979
Other Influential Shareholdings:
Free Floats in Units and Percentage	5,186,753,929	78.42	5,186,753,729	78.42
Free Floats in Value (N)	2,126,569,110.89		2,126,569,028.89

Declaration:

Regency Alliance Insurance Plc with a free float value of N2,126,569,110.89 (78.42%) as at June 30, 2023 is compliant with the Nigerian Exchange Limited's free float requirements for companies listed on the Premium Board.

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