REGENCY ALLIANCE INSURANCE : QUARTER 2 - FINANCIAL STATEMENT FOR 2022

REGENCY ALLIANCE INSURANCE PLC

UN-AUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022

REGENCY ALLIANCE INSURANCE PLC

UN-AUDITED ACCOUNT FOR THE PERIOD ENDED 30 JUNE 2022

UN-AUDITED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022
	Note		GROUP			COMPANY
		30-Jun-22	31-Dec-21	30-Jun-21	30-Jun-22	31-Dec-21	30-Jun-21
		=N='000		=N='000	=N='000		=N='000
ASSETS
Cash and Cash Equivalents	4	2,396,701	2,256,131	2,264,778	2,186,991	2,100,321	1,886,604
Financial Assets	5	5,997,401	5,244,303	6,516,762	5,760,562	5,031,368	4,971,445
Trade Receivables	6	253,519	216,984	192,219	43,068	16,011	3,365
Reinsurance Assets	7	2,378,022	2,206,757	1,916,540	2,378,022	2,206,757	1,328,183
Deferred Acquisition Cost	8	130,790	124,381	278,298	130,790	124,381	143,976
Other Receivables and Prepayments	9	62,671	53,710	281,333	10,882	18,917	8,458
Inventory	10	2,207	4,725	6,982	-	-	-
Investment in Subsidiaries	11	-	-	-	553,116	473,116	1,026,170
Intangible Assets	12	19,810	21,595	7,381	19,777	21,560	4,248
Investment Properties	13	635,547	635,547	621,919	510,000	510,000	505,000
Property, Plant and Equipment	14	887,846	805,114	835,872	879,902	796,625	761,523
Statutory Deposits	15	300,000	300,000	434,345	300,000	300,000	300,000
Total Assets		13,064,514	11,869,248	13,356,430	12,773,110	11,599,055	10,938,973
LIABILITIES
Insurance Contract Liabilities	16	4,723,805	4,313,541	4,896,697	4,723,805	4,313,541	3,503,932
Trade Payables	17	52,754	43,247	32,212	-	4,552	-
Provision and Other Payables	18	301,182	294,697	483,268	158,286	151,846	99,825
Retirement Benefit Obligation	19	3,610	2,774	5,719	3,610	2,774	5,719
Provision for Current Income Tax Liabilities	20	188,842	142,848	250,506	173,676	127,817	198,860
Deferred Income Tax Liabilities	21	120,442	103,475	96,352	120,442	103,475	104,148
Deposit for shares	23	245,000	245,000	245,000	245,000	245,000	245,000
Total Liabilities		5,635,635	5,145,582	6,009,754	5,424,819	4,949,005	4,157,485
EQUITY
Total equity attributable to owners of the parent:
Issued and Paid up Share Capital	24	3,334,375	3,334,375	3,334,375	3,334,375	3,334,375	3,334,375
Contingency Reserve	25	1,760,081	1,620,433	1,992,039	1,760,081	1,620,433	1,557,848
Retained Earnings	26	2,312,042	1,746,801	1,587,811	2,253,835	1,695,243	1,889,265
Fair Value Reserves on Available for sale	27	-	-	9,248	-	-	-
Other Reserves-Translation Reserve	28	-	-	(163,593)	-	-	-
Total		7,406,498	6,701,609	6,759,880	7,348,290	6,650,051	6,781,488
Non-controlling Interest in Equity:
Non-controlling Interest in Equity		22,381	22,057	586,796			-
Equity and Liabilities		13,064,514	11,869,248	13,356,430	12,773,110	11,599,055	10,938,973

The financial statements were approved by the board of directors on 28 July, 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)

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REGENCY ALLIANCE INSURANCE PLC

UN-AUDITED ACCOUNT FOR THE PERIOD ENDED 30 JUNE 2022

UN-AUDITED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME
FOR THE PERIODENDED 30 JUNE 2022
		GROUP		GROUP	GROUP	COMPANY	COMPANY	COMPANY
		Jan-Jun		Jan-Jun	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Apr-Jun	Apr-Jun
	Note	2022		2021	2022	2021	2022	2021	2022	2021
		=N='000	=N='000			=N='000	=N='000
Gross Premium Written	29	3,156,932		4,183,939	1,667,144	2,018,824	3,156,932	3,032,322	1,667,144	1,593,854
									-	-
Gross Premium Income	30	2,523,670		3,387,616	1,106,835	1,343,391	2,523,670	2,455,775	1,106,835	1,008,207
Reinsurance Expenses	31	(1,111,124)		(1,199,793)	(653,423)	(704,682)	(1,111,124)	(1,037,132)	(653,423)	(674,333)
Net Premium Income		1,412,546		2,187,823	453,413	638,710	1,412,546	1,418,643	453,413	333,874
Fees and Commission Income	32	17,864		121,355	11,613	95,599	17,864	44,166	11,613	38,562
Net Underwriting Income		1,430,410		2,309,178	465,026	734,309	1,430,410	1,462,808	465,026	372,435
Claims Expenses (Gross)	33	(214,089)		(1,096,065)	(104,422)	(400,836)	(214,089)	(692,714)	(104,422)	(410,107)
Claim Expenses Recovered from Reinsurance	34	87,279		391,863	58,176	166,943	87,279	260,969	58,176	257,903
Underwriting Expenses	35	(366,535)		(383,886)	(169,596)	(155,842)	(366,535)	(279,424)	(169,596)	(106,212)
Underwriting Profit		937,065		1,221,089	249,184	344,574	937,065	751,640	249,184	114,020
Interest Income	34(a)	15,645		15,918	10,605	7,185	-	-	-	-
Interest Expense	34(b)	(1,199)		(699)	(485)	(454)	-	-	-	-
Net Trading Income	37	4,553		3,630	1,793	1,770	-	-	-	-
Finance Income	38	21,915		13,014	10,457	4,972	-	-	-	-
Finance Cost	39	(3,450)		(2,886)	(1,725)	(621)	-	-	-	-
Investment Income	40	200,107		238,280	97,967	106,756	197,813	158,295	96,635	67,107
Other Operating Income	41	8,351		17,365	5,394	13,951	2,324	8,172	1,770	8,099
Net Gain/(loss) on Finacial Assets	42	110,478		65,016	(75,405)	101,621	112,288	57,941	(68,780)	94,160
Employee Benefit Expenses	43	(196,746)		(401,646)	(94,927)	(183,934)	(176,251)	(177,163)	(84,323)	(74,119)
Other Operating Expenses	44	(317,773)		(553,264)	(136,949)	(254,819)	(300,274)	(309,306)	(128,562)	(140,187)
Result of Operating Activites		780,074		615,522	65,802	141,766	772,966	489,579	65,926	69,080
Profit Before Tax		780,074		615,522	65,802	141,766	772,966	489,579	65,926	69,080
Income Tax Expense	20	(75,648)		(70,686)	(5,264)	(24,811)	(74,725)	(37,396)	(5,311)	(47)
Profit For the year		704,426		544,836	60,537	116,955	698,240	452,184	60,614	69,034
Other Comprehensive Income/(Loss)						-			-	-
Items that may be subsequently reclassified
to the profit or loss account:
Net Unrealised fair value gain/(loss) on AFS financial asset	5.3(a&b)	-		2,113	-	1,796	-	-	-	-
Foreign exchange translation difference	28	-		(634)	-	(634)	-	-	-	-
Income tax relating to component of other comprehensive income	27	-		(226,980)	-	(279,201)	-	-
Total other comprehensive income net of tax		-		(225,501)		(277,944)	-		-	-
						-			-	-
Total comprehensive income for the Period		704,426		319,334	60,537	(160,990)	698,240	452,184	60,614	69,034
Profit After Taxation
Atributable:
to Owner's of parent		704,064		511,645	60,561	93,924	698,240	452,184	60,614	69,034
to Non Controlling Interest		362		33,191	(24)	23,031	-	-
		704,426		544,836	60,537	116,955	698,240	452,184	60,614	69,034
Total comprehensive income for the Period
Atributable:
to Owner's of parent		704,064		285,286	60,561	(184,694)	698,240	452,184	60,614	69,034
to Non Controlling Interest		362		34,048	(24)	23,705
		704,426		319,334	60,537	(160,989)	698,240	452,184	60,614	69,034
Earnings per share
Basic and diluted earnings per shares (in kobo)		10.56		8.17	1	3.28	10.47	6.78	0.00	0.00

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REGENCY ALLIANCE INSURANCE PLC

UN-AUDITED ACCOUNT FOR THE PERIOD ENDED 30 JUNE 2022

GROUP

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 JUNE 2022

					Foreign
					Exchange
		Contingency		Fair Value	Translation		Non Controlling
	Share Capital	Reserve	Retained Earnings	Reserves	Reserve	Parent Total	Interest	Total
	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000
At 1 January 2022	3,334,375	1,620,433	1,746,801	-	-	6,701,609	22,057	6,723,666
Profit after tax for the period	-	-	704,064	-	-	704,064	362	704,426
Transfer to Contingency Reserves		139,648	(139,648)			-	-	-
	-	139,648	564,416	-	-	704,064	362	704,426
Other comprehensive income							-	-
						-	-	-
Total comprehensive income for the Year net of tax	-	139,648	564,416	-	-	704,064	362	704,426
Transaction with owner's of equity, recorded directly in equity							-
distribution to owners							-	-
Change in the value of Subsidiary			825	-		825		825
	-	-	825	-	-	825	-	825
At 30 June 2022	3,334,375	1,760,081	2,312,042	-	-	7,406,498	22,381	7,428,917
GROUP	STATEMENT OF CHANGES IN EQUITY
	FOR THE PERIOD ENDED 30 JUNE 2021
				Foreign Exchange		Non Controlling
		Contingency		Fair Value	Translation
	Share Capital	Reserve	Retained Earnings	Reserves	Reserve	Parent Total	Interest	Total
	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N=
At 1 January 2021	3,334,375	1,866,521	1,201,684	7,769	63,387	6,473,736	553,605	7,027,341
Profit after tax for the period			511,645			511,645	33,191	544,836
Transfer to Contingency Reserves		125,518	(125,518)			-	-	-
	-	125,518	386,127	-	-	511,645	33,191	544,836
Other comprehensive income
Change in the value of Unquoted investment				2,113		2,113		2,113
Exchange Difference		-		(634)		(634)		(634)
Income tax relating to component of other comprehensive income					(226,980)	(226,980)		(226,980)
Total Comprehensive Income for the year net of tax	-	125,518	386,127	1,479	(226,980)	286,144	33,191	319,334
Transactio with Owner's of equity, recorded directly in equity
Distribution to Owners
Total comprehensive income for the quarter	-	-	-	-	-	-	-	-
At 30 JUNE 2021	3,334,375	1,992,039	1,587,811	9,248	(163,593)	6,759,879	586,796	7,346,675

3

REGENCY ALLIANCE INSURANCE PLC

UN-AUDITED ACCOUNT FOR THE PERIOD ENDED 30 JUNE 2022

	REGENCY ALLIANCE INSURANCE PLC
THE COMPANY	STATEMENT OF CHANGES IN EQUITY
	FOR THE PERIOD ENDED 30 JUNE 2022
		Contingency		Fair Value
	Share Capital	Reserve	Retained Earnings	Reserves	Total
	=N='000	=N='000	=N='000	=N='000	=N='000
At 1 January 2022	3,334,375	1,620,433	1,695,243	-	6,650,050
Total comprehensive income for the period
Profit/Loss after tax for the period			698,240		698,240
Transfer to Contingency Reserves		139,648	(139,648)		-
	-	139,648	558,592	-	698,240
Other comprehensive income
Total comprehensive income for the year net of tax	-	139,648	558,592	-	698,240
Transaction with owner's of equity, recorded directly in equity
distribution to owners
Transfer Adjustment on Fair Value Reserve of Disposed Unquoted Equity		-	-	-
Total Transaction with owners	-	-	-	-	-
At 30 JUNE, 2022	3,334,375	1,760,081	2,253,835	-	7,348,290
	STATEMENT OF CHANGES IN EQUITY
	FOR THE PERIOD ENDED 30 JUNE 2021
		Contingency		Fair Value
	Share Capital	Reserve	Retained Earnings	Reserves	Total
	=N='000	=N='000	=N='000	=N='000	=N='000
At 1 January 2021	3,334,375	1,466,878	1,528,051		6,329,304
Changes in equity for 2021
Profit after tax for the period			452,184		452,184
Transfer to Contingency Reserves		90,970	(90,970)		-
	-	90,970	361,214	-	452,184
Other comprehensive income
Change in the value of Unquoted investment					-
Income tax relating to component of other comprehensive income					-
Total comprehensive income for the quarter	-	90,970	361,214	-	452,184
At 30 JUNE 2021	3,334,375	1,557,848	1,889,265	-	6,781,488

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