EXPANSION plans embarked on by
Regency Alliance Insurance Plc may have
begun to pay off as the firm recorded 40
per cent jump in profit after tax to N411.7
million for the six month period ended
June 30, 2017 from N294.3million.
The insurance firm’s income statement
showed that net premium income was
strengthened by 36 per cent to N2.03
billion from N1.49 billion a year ago,
while investment income closed at N280.8
million as at June 30, 2017, in contrast to
N164.5 million as at June 30, 2016.
Furthermore, the gross premium earned
in the period under review was N2.7 billion
versus N2.1 billion earned from January to
June 2016. Income from Oil/Gas that stood
at N667.1 million contributed the largest
(24 per cent) to the total gross premium.
Regency Alliance at its 22nd AGM in
Abuja had said in line with its effort to
increase market share, drive new products
and compete effectively in the market, it
was ready to take advantage of the Federal
Government Local Content Policy on Oil
and Gas.
For the first half of 2017 Regency Alliance
declared a profit before tax of N518.8
million against N350.6million in the
corresponding period of last year, while
its income tax expense stood at N107.1
million compared with N56.3 million in
the first six months of last year.

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