REGENCY ALLIANCE INSURANCE PLC REGENCY ALLIANCE INSURANCE PLC
UN-AUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER
2022
REGENCY ALLIANCE INSURANCE PLC
UNAUDITED FINANCIAL STATEMENT FOR THE FORTH QUARTER ENDED DECEMBER 31 2022
UN-AUDITED STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31 2022
Note | |||
DEC | DEC | ||
2022 | 2021 | ||
=N= | =N= | ||
ASSETS | |||
Cash and Cash equivalents | 1 | 1,250,638,147 | 2,100,320,781 |
Financial Assets: | 2 | 7,287,568,749 | 5,031,367,639 |
Trade Receivables | 3 | 79,806,137 | 16,011,386 |
Reinsurance assets | 4 | 2,193,789,705 | 2,206,755,857 |
Deferred Acquisition Cost | 5 | 139,814,425 | 124,381,000 |
Other Receivables and prepayments | 6 | 21,377,036 | 18,917,060 |
Investment in subsidiaries | 7 | 553,116,040 | 473,116,040 |
Investment Property | 8 | 521,500,000 | 510,000,000 |
Intangible Assets | 9 | 17,244,745 | 21,559,527 |
Property, Plant and Equipment | 10 | 873,051,149 | 796,624,648 |
Statutory Deposits | 11 | 300,000,000 | 300,000,000 |
Total Assets | 13,237,906,204 | 11,599,054,010 | |
LIABILITIES | |||
Insurance Contract Liabilities | 12 | 4,649,134,471 | 4,313,541,264 |
Trade Payables | 13 | - | 4,552,474 |
Provision and Other trade payables | 14 | 245,127,473 | 151,845,813 |
Retirement benefit obligation | 15 | 3,453,549 | 2,773,597 |
Provision for Current Income Tax Liabilities | 16 | 251,229,812 | 127,816,855 |
Deferred income tax liabilities | 17 | 103,473,909 | 103,473,909 |
Deposit for shares | 18 | 245,000,000 | 245,000,000 |
Total Liabilities | 5,497,419,214 | 4,949,003,913 | |
EQUITY | |||
Total equity attributable to owners of the parent: | |||
Issued and Paid up share capital | 19 | 3,334,375,000 | 3,334,375,000 |
Contingency Reserve | 20 | 1,838,519,902 | 1,620,432,523 |
Retained Earnings | 21 | 2,567,592,089 | 1,695,242,574 |
Total | 7,740,486,990 | 6,650,050,097 | |
Non-controlling Interest in Equity | |||
13,237,906,204 | 11,599,054,010 |
The financial statements were approved by the board of directors on January 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 FORTH QUARTER ENDED DECEMBER 31 2022
UN-AUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME AS AT DECEMBER 31, 2022
DEC | DEC | Oct-Dec | Oct-Dec | |||
Note | 2022 | 2021 | 2022 | 2021 | ||
N | N | |||||
Gross Premium Written | 22 | 5,572,455,408 | 5,118,468,125 | 1,798,529,756 | 1,398,574,632 | |
. | - | |||||
Gross Premium Income | 23 | 5,144,276,847 | 4,657,792,125 | 1,445,720,705 | 1,523,052,614 | |
Reinsurance Expenses | 24 | (1,881,653,619) | (1,716,788,264) | (451,539,180) | (350,036,353) | |
Net Premium Income | 3,262,623,229 | 2,941,003,861 | 994,181,526 | 1,173,016,261 | ||
Fees and Commission Income | 25 | 85,290,220 | 100,097,198 | 6,415,848 | 13,773,920 | |
Net Underwriting Income | 3,347,913,449 | 3,041,101,059 | 1,000,597,374 | 1,186,790,181 | ||
Claims Paid Gross | 26 | (1,242,597,297) | (2,127,571,763) | (411,970,200) | (526,146,999) | |
Recovery from Reinsurance | 231,898,884 | 1,096,287,021 | 41,861,394 | (46,743,661) | ||
Underwriting Expenses | 27 | (718,176,136) | (695,086,412) | (203,526,728) | (211,381,001) | |
Underwriting Profit | 1,619,038,900 | 1,314,729,905 | 426,961,840 | 402,518,520 | ||
Investment Income | 28 | 423,085,503 | 364,730,051 | 112,702,514 | 120,947,984 | |
Other Operating Income | 29 | 10,809,922 | 11,580,771 | 7,258,072 | 7,209,889 | |
Fair value on Investment Properties | 8 | 11,500,000 | 5,000,000 | 11,500,000 | 5,000,000 | |
Net Gains on Financial Asset | 30 | 23,685,984 | 108,720,071 | (76,988,149) | 89,921,053 | |
Employee Benefit Expenses | 31 | (324,374,778) | (334,369,635) | (57,977,636) | (68,943,087) | |
Other Operating Expenses | 32 | (537,997,254) | (574,062,225) | (112,085,255) | (161,637,576) | |
Impairment on Subsidiary | 2.2 | - | (553,053,645) | - | (370,545,942) | |
Result of Operating Activites | 1,225,748,278 | 343,275,293 | 311,371,387 | 24,470,841 | ||
Income Tax Expense | 16 | (135,311,385) | (22,529,569) | (34,708,294) | (69,644,137) | |
Profit After Taxation | 1,090,436,893 | 320,745,724 | 276,663,093 | (45,173,296) | ||
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 | 1,090,436,893 | 320,745,724 | 276,663,092 | (45,173,296) | ||
Earnings per share | ||||||
Basic (in kobo) | 16.35 | 4.81 | 4.15 | (0.64) |
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REGENCY ALLIANCE INSURANCE PLC
UNAUDITED FINANCIAL STATEMENT FOR THE FORTH QUARTER ENDED DECEMBER 31 2022
THE COMPANY | ||||
STATEMENT OF CHANGES IN EQUITY | ||||
Share Capital | Contingency Reserve | Retained Earnings | Total Equity | |
=N= | =N= | =N= | =N= | |
At 1 January 2022 | 3,334,375,000 | 1,620,432,523 | 1,695,242,574 | 6,650,050,097 |
Total comprehensive income for the period | - | |||
Profit after tax for the period | 1,090,436,893 | 1,090,436,893 | ||
Transfer to Contingency Reserves | 218,087,379 | (218,087,379) | - | |
- | 218,087,379 | 872,349,515 | 1,090,436,893 | |
Dividend to equity owners | - | - | ||
Appreciation in the value of Unquoted investment | - | |||
Total comprehensive income for the period | - | 218,087,379 | 872,349,515 | 1,090,436,893 |
At 31 DECEMBER 2022 | 3,334,375,000 | 1,838,519,902 | 2,567,592,089 | 7,740,486,990 |
STATEMENT OF CHANGES IN EQUITY | ||||
FOR THE YEAR ENDED DECMBER 31, 2021 | ||||
Share Capital | Contingency Reserve | Retained Earnings | Total Equity | |
=N= | =N= | =N= | =N= | |
At 1 January 2021 | 3,334,375,000 | 1,466,878,479 | 1,528,050,894 | 6,329,304,373 |
Total comprehensive income for the period | - | |||
Profit after tax for the period | 320,745,724 | 320,745,724 | ||
Transfer to Contingency Reserves | 153,554,044 | (153,554,044) | - | |
- | 153,554,044 | 167,191,680 | 320,745,724 | |
Total comprehensive income for the year net of tax | - | |||
Transaction with owner's of equity, recorded directly in equity | - | |||
Distribution to Owners | - | |||
Transfer Adjustment on Fair Value Reserve of Disposed Unquoted Equity | - | - | ||
Appreciation in the value of Unquoted investment | - | |||
Total comprehensive income for the quarter | - | 153,554,044 | 167,191,680 | 320,745,724 |
At 30 DECEMBER 2021 | 3,334,375,000 | 1,620,432,523 | 1,695,242,574 | 6,650,050,097 |
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REGENCY ALLIANCE INSURANCE PLC
UNAUDITED FINANCIAL STATEMENT FOR THE FORTH QUARTER ENDED DECEMBER 31 2022
STATEMENT OF CASH FLOWS
2022 | 2021 | ||
CASH FLOW FROM OPERATING ACTIVITIES | |||
N | N | ||
Premium Received | 5,508,660,657 | 5,109,659,000 | |
Reinsurance Premium Paid | (1,819,142,665) | (2,015,095,000) | |
Commission Received | 85,290,220 | 105,240,548 | |
Gross Claim paid | (1,335,182,650) | (1,246,512,589) | |
Claim Expenses Recovered from Reinsurance | 231,898,884 | 313,339,832 | |
Acquisition Expenses | (422,092,454) | (441,244,000) | |
Maintenance Expenses | (280,650,257) | (293,154,179) | |
Cash Paid to and On behalf of Employees | (324,374,778) | (370,768,739) | |
Cash Payments for Other Operating Expenses | (498,008,866) | (817,945,342) | |
Tax Paid | (11,898,428) | (93,815,280) | |
Net Cash Generated From Operating Activities | 1,127,574,676 | 249,704,251 | |
CASHFLOW FROM INVESTING ACTIVITIES | |||
Purchase of Financial Asset-HTM | (6,453,504,420) | (1,312,791,043) | |
Proceeds From Disposal of HTM | 4,120,039,127 | 1,406,200,623 | |
Receipt From Repayment Of Loan & Advances | 5,290,549 | 8,037,392 | |
Additional to Loan & Receivables | (8,406,528) | (5,932,000) | |
Investment Income Received | 423,085,503 | 364,730,051 | |
Other Operating Income Received | 969,922 | 412,502 | |
Acquisition of Property, Plant & Equipment/Capital work in Progress | (93,597,298) | (115,812,091) | |
Proceeds From Disposal of Property, Plant & Equipment | 1,790,000 | 1,884,963 | |
Rental Income Received | 8,050,000 | 9,283,306 | |
Acquisition of Intangible Asset | (750,000) | (18,000,000) | |
Deposit for Shares | (80,000,000) | - | |
Net Cash Generated From Investing Activities | (2,077,033,144) | 338,013,703 | |
Cash Flow From Financing Activities | |||
Unclaim Dividend Received From Registrar | |||
Deposit for Shares | |||
Net Cash Generated From Financing Activities | - | - | |
Net Increase/(Decrease) In Cash and Cash Equivalents | - | 949,458,468.08 | 587,717,953.52 |
Effect of Derecognition of Ghana Subsidiary on Cash and Cash Equivalients | - | ||
Effect of Movement in Exchange Rate on Cash and Cash Equivalents | 99,775,000 | 81,130,662 | |
Net Increase/(Decrease) In Cash and Cash Equivalents during the year | (849,683,468) | 668,848,615 | |
Cash and Cash Equivalents as at 1 January | 2,100,321,615 | 1,431,473,000 | |
Cash and Cash Equivalent as at 31 December 2022 | 1,250,638,147 | 2,100,321,615 |
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Regal Insurance plc published this content on 30 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2023 16:23:22 UTC.
