REGENCY ALLIANCE INSURANCE : QUARTER 5 - FINANCIAL STATEMENT FOR 2022

REGENCY ALLIANCE INSURANCE PLC

(RC 223946)

AUDITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

REGENCY ALLIANCE INSURANCE PLC

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022

TABLE OF CONTENTS
Directors Certification	2
Corporate Information	3
Statement of Directors' Responsibilities	4
Report of the Directors	5
Corporate Governance Report	13
Management Discussion and Analysis	29
Audit Committee Report	30
Independent Auditors' Report	31
Statement of Significant Accounting Policies	34
Statement of Financial Position	83
Statement of Comprehensive Income	84
Statement of Changes in Equity	85
Statement of Cash Flows	87
Notes to the Financial Statements	88
Enterprise Risk Management	114
Assets/Liability Management	137
Hypothecation	142
Segment Information	144
Other National Disclosures	146

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REGENCY ALLIANCE INSURANCE PLC

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022

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 year ended December 31, 2022, 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

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022

CORPORATE INFORMATION

DIRECTORS	:	Mr. Clem Baiye (Acting Chairman)
		Mr. Biyi Otegbeye (Managing Director)
		Dr. Sammy Olaniyi (Executive)
		Mr. Kehinde Oyadiran (Executive)
		Mr. Matt Osayaba Aikhionbare,ON
		Chief Wale Taiwo SAN
		Mr. Donald James (Indpt. Non Exécutive Directory)
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
		305 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

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES FOR THE PREPARATION AND APPROVAL OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

The Directors of Regency Alliance Insurance Plc are responsible for the preparation of the consolidated and separate financial statements that present fairly the financial position of the Group and Company as at 31 December 2022, and the results of its operations, cash flows and changes in equity for the year then ended, in compliance with International Financial Reporting Standards ("IFRS") and in the manner required by the Companies and Allied Matters Act (CAMA),2020, Insurance Act 2003 and the Financial Reporting Council of Nigeria Act, 2011.

In preparing the financial statements, the Directors are responsible for:

properly selecting and applying accounting policies:

presenting information, including accounting policies, in a manner that provides relevant reliable, comparable and understandable information;

providing additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Group and Company's financial position and financial performance; and

making an assessment of the Group's and Company's ability to continue as a going concern.

The Directors are responsible for:

designing, implementing and maintaining an effective and sound system of internal controls throughout the Group and Company;

maintaining adequate accounting records that are sufficient to show and explain the Group and Company's transactions and disclose with reasonable accuracy at any time, the financial position of the Group and Company, and which enable them to ensure that the financial statements of the Group and Company comply with IFRS;

maintaining statutory accounting records in compliance with the legislation of Nigeria and IFRS;

taking such steps as are reasonably available to them to safeguard the assets of the Group and Company; and preventing and detecting fraud and other irregularities.

The Directors have assessed the Group's ability to continue as a going concern and have no reason to believe the Group and Company will not remain as a going concern in the year ahead.

The consolidated and separate financial statements of the Group and Company for the year ended 31 December 2022 were approved by the Directors on 09 March 2023.

On behalf of the Directors

	……………………………..
DR. SAMMY OLANIYI	MR. KEHINDE OYADIRAN
DIRECTOR	DIRECTOR
FRC/2013/CIIN/00000003716	FRC/2013/ICAN/00000003559
DATED THIS 09TH DAY OF MARCH 2022

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