REGENCY ALLIANCE INSURANCE PLC REGENCY ALLIANCE INSURANCE PLC
UN-AUDITED ACCOUNT FOR THE PERIOD ENDED DECEMBER 31, 2021
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REGENCY ALLIANCE INSURANCE PLC
UN-AUDITED ACCOUNT FOR THE PERIOD ENDED 31 DECEMBER 2021
UN-AUDITED STATEMENT OF FINANCIAL POSITION
Note | DECEMBER | DECEMBER |
2021 | 2020 | |
=N= | =N= |
ASSETS
Cash and Cash equivalents | 1 |
Financial Assets: | 2 |
Trade Receivables | 3 |
Reinsurance assets | 4 |
Deferred Acquisition Cost | 5 |
Other Receivables and prepayments | 6 |
Investment in subsidiaries | 7 |
Investment Property | 8 |
Intangible Assets | 9 |
Property, Plant and Equipment | 10 |
Statutory Deposits | 11 |
Total Assets | |
LIABILITIES | |
Insurance Contract Liabilities | 12 |
Trade Payables | 13 |
Provision and Other trade payables | 14 |
Retirement benefit obligation | 15 |
Provision for Current Income Tax Liabilities | 16 |
Deferred income tax liabilities | 17 |
Deposit for shares | 18 |
Total Liabilities | |
EQUITY | |
Total equity attributable to owners of the parent: | |
Issued and Paid up share capital | 19 |
Contingency Reserve | 20 |
Retained Earnings | 21 |
Total |
TOTAL EQUITY AND LIABILITIES
2,141,993,9661,431,472,757
5,031,368,5554,804,959,517
5,140,4477,201,668
1,645,423,3161,127,474,667
129,778,03285,068,783
18,879,09520,235,695
655,623,7431,026,169,685
510,000,000505,000,000
21,559,5277,820,228
796,624,648737,550,739
300,000,000300,000,000
11,256,391,40310,052,953,739
3,539,597,7332,971,806,090
-6,525,179
136,393,592194,728,221
2,773,5973,013,402
231,790,229201,499,222
109,354,076101,077,253
245,000,000245,000,000
4,264,909,2273,723,649,367
3,334,375,0003,334,375,000
1,620,415,7231,466,878,479
2,036,691,4531,528,050,894
6,991,482,1766,329,304,373
11,256,391,40310,052,953,739
The financial statements were approved by the board of directors on January 27, 2022 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) |
1
REGENCY ALLIANCE INSURANCE PLC
UN-AUDITED ACCOUNT FOR THE PERIOD ENDED 31 DECEMBER 2021
UN-AUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | |||||
DECEMBER | DECEMBER | Oct-Dec | OCT-DEC 2020 | ||
Note | 2021 | 2020 | 2021 | 2020 | |
=N= | =N= | =N= | =N= | ||
Gross Premium Written | 23 | 5,117,908,125 | 3,878,536,121 | 1,398,574,632 | 606,290,117 |
. | |||||
Gross Premium Income | 24 | 4,627,881,657 | 3,934,024,121 | 1,523,052,614 | 895,289,246 |
Reinsurance Expenses | 25 | (1,583,896,378) | (1,458,821,398) | (350,036,353) | (357,641,323) |
Net Premium Income | 3,043,985,278 | 2,475,202,723 | 1,173,016,260 | 537,647,923 | |
Fees and Commission Income | 26 | 80,214,611 | 66,646,478 | 13,773,920 | 12,173,001 |
Net Underwriting Income | 3,124,199,890 | 2,541,849,200 | 1,186,790,181 | 549,820,924 | |
Claims Paid Gross | 27 | (1,324,277,763) | (1,290,562,409) | (526,146,999) | (164,654,653) |
Recovery from Reinsurance | 412,625,203 | 419,283,267 | (46,743,661) | (51,901,772) | |
Underwriting Expenses | 28 | (671,639,167) | (533,343,247) | (211,381,001) | (121,090,282) |
Underwriting Profit | 1,540,908,162 | 1,137,226,811 | 402,518,519 | 212,174,217 | |
Investment Income | 29 | 364,730,051 | 331,557,254 | 120,947,984 | 84,099,689 |
Other Operating Income | 30 | 11,423,077 | 12,372,528 | 7,209,889 | 64,330 |
Fair value on Investment Properties | 5,000,000 | 9,037,748 | 5,000,000 | 10,000,000 | |
Net Gains on Financial Asset | 31 | 152,542,859 | 87,269,070 | 89,921,053 | (24,472,448) |
Employee Benefit Expenses | 33(a) | (333,753,032) | (370,436,489) | (68,943,087) | (93,218,831) |
Other Operating Expenses | 33(b) | (575,744,262) | (525,889,797) | (161,637,576) | (120,873,599) |
Impairment of Investment in Subsidiary | 7 | (370,545,942) | - | (370,545,942) | - |
Result of Operating Activites | 794,560,913 | 681,137,126 | 24,470,840 | 67,773,358 | |
Income Tax Expense | 15 | (132,383,110) | (52,549,783) | (69,644,137) | (16,649,700) |
Profit After Taxation | 662,177,803 | 628,587,343 | (45,173,297) | 51,123,658 | |
Other comprehensive income, net of tax | |||||
items that may be subsequently reclasified | - | ||||
to the profit or loss account: | - | ||||
Net unrealised fair value gain/(loss) on AFS financial asset | - | - | - | ||
Income tax relating to component of other comprehensive income | - | ||||
Total other comprehensive income | - | - | |||
Total comprehensive income for the Period | 662,177,803 | 628,587,343 | (45,173,297) | 51,123,658 | |
Earnings per share | |||||
Basic (in kobo) | 9.93 | 9.43 | (0.67) | 0.77 |
2
REGENCY ALLIANCE INSURANCE PLC
UN-AUDITED ACCOUNT FOR THE PERIOD ENDED 31 DECEMBER 2021
STATEMENT OF CHANGES IN EQUITY | |||||
FOR THE PERIOD ENDED DECEMBER 31, 2021 | |||||
Fair Value | |||||
Share Capital | Contingency Reserve | Retained Earnings | Reserves | Total Equity | |
=N= | =N= | =N= | =N= | =N= | |
At 1 January 2021 | 3,334,375,000 | 1,466,878,479 | 1,528,050,894 | - | 6,329,304,373 |
Profit after tax for the period | 662,177,803 | 662,177,803 | |||
Transfer to Contingency Reserves | 153,537,244 | (153,537,244) | - | ||
- | 153,537,244 | 508,640,559 | - | 662,177,803 | |
Other comprehensive income for the period | |||||
Gain/(loss) on fair value reserve net of deferred tax | - | - | - | - | |
Total comprehensive income for the period | - | 153,537,244 | 508,640,559 | - | 662,177,803 |
Transaction with owner's of equity, recorded directly in equity | |||||
distribution to owners | |||||
Dividend to equity owners | - | - | - | - | - |
Total Transaction with owners | - | - | - | - | - |
At 31 DECEMBER 2021 | 3,334,375,000 | 1,620,415,723 | 2,036,691,453 | - | 6,991,482,176 |
STATEMENT OF CHANGES IN EQUITY | |||||
FOR THE PERIOD ENDED DECEMBER 31, 2020 | |||||
Share Capital | Contingency Reserve | Retained Earnings | Fair Value Reserve | Total Equity | |
=N= | =N= | =N= | =N= | =N= | |
At 1 January 2020 | 3,334,375,000 | 1,341,161,011 | 1,021,793,377 | 3,387,642 | 5,700,717,030 |
Profit after tax for the period | 628,587,343 | 628,587,343 | |||
Transfer to Contingency Reserves | 125,717,469 | (125,717,469) | - | ||
- | 125,717,469 | 502,869,874 | - | 628,587,343 | |
Other comprehensive income for the period | - | ||||
Gain/(loss) on fair value reserve net of deferred tax | - | - | - | - | |
Total comprehensive income for the period | - | 125,717,469 | 502,869,874 | - | 628,587,343 |
Transaction with owner's of equity, recorded directly in equity | - | ||||
Distribution to Owners | - | ||||
Transfer Adjustment on Fair Value Reserve of Disposed Unquoted Equity | 3,387,642 | (3,387,642) | - | ||
Total Transaction with owners | - | - | 3,387,642 | (3,387,642) | - |
At 31 DECEMBER 2020 | 3,334,375,000 | 1,466,878,479 | 1,528,050,893 | (0) | 6,329,304,373 |
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REGENCY ALLIANCE INSURANCE PLC
UN-AUDITED ACCOUNT FOR THE PERIOD ENDED 31 DECEMBER 2021
STATEMENT OF CASH FLOWS
Notes | 2021 | 2020 | |
Cash Flow From Operating Activities | |||
=N= | =N= | ||
Premium Received | 5,119,969,346 | 3,876,965,055 | |
Reinsurance Premium Paid | 4(a) | (1,962,706,224) | (1,445,931,333) |
Commission Received | 74,176,952 | 90,820,332 | |
Gross Claim paid | (1,246,512,589) | (581,635,016) | |
Claim Expenses Recovered from Reinsurance | 305,043,083 | 291,585,980 | |
Acquisition Expenses | (396,535,201) | (331,807,000) | |
Maintenance Expenses | (275,103,966) | (210,073,464) | |
Cash Paid to and On behalf of Employees | (383,366,848) | (442,175,661) | |
Cash Payments for Other Operating Expenses | (599,182,450) | (600,832,180) | |
Tax Paid | (93,815,280) | (63,558,892) | |
Net Cash Generated From Operating Activities | 541,966,823 | 583,357,820 | |
Cash Flow From Investing Activities | |||
Purchase of Financial Asset-HTM | (1,312,791,043) | (2,038,089,214) | |
Proceeds From Disposal of HTM | 1,112,084,159 | - | |
Receipt From Repayment Of Loan & Advances | 2.4 | 5,290,549 | 90,733,155 |
Additional to Loan & Receivables | 2.4 | (3,323,767) | (3,915,308) |
Investment Income Received | 28 | 364,730,051 | 331,557,254 |
Other Operating Income Received | 29 | 282,808 | 7,303,503 |
Acquisition of Property, Plant & Equipment | 10 | (115,812,091) | (10,006,293) |
Proceeds From Disposal of Property, Plant & Equipment | 1,856,963 | 11,526,929 | |
Proceeds From Disposal of Unquoted Investment | - | 3,054,097 | |
Rental Income Received | 29 | 9,283,306 | 7,638,334 |
Acquisition of Intangible Asset | 9 | (18,000,000) | (3,151,267) |
Net Cash Generated From Investing Activities | 43,600,936 | (1,686,081,000) | |
Cash Flow From Financing Activities | |||
Deposit for Shares | - | 245,000,000 | |
Net Cash Generated From Financing Activities | - | 245,000,000 | |
Net Increase/(Decrease) In Cash and Cash Equivalents | 585,567,759 | (857,723,180) | |
Effect of Movement in Exchange Rate on Cash and Cash Equivalents | 124,953,450 | 69,204,680 | |
Net Increase/(Decrease) In Cash and Cash Equivalents during the year | 710,521,208 | (788,518,500) | |
Cash and Cash Equivalents as at 1 January | 1,431,472,757 | 2,219,991,258 | |
Cash and Cash Equivalent as at 31 December 2021 | 2,141,993,966 | 1,431,472,757 |
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Regal Insurance plc published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 14:22:25 UTC.
