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) |
1
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 |
2
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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Regal Insurance plc published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 12:07:06 UTC.