Prime Business Africa
Regency Alliance Insurance is underperforming under Bode Oseni, the company’s managing director, whose appointment became effective on January 1, 2024.
The company’s bottom-line growth rate has been on the decline since Oseni took over, according to Prime Business Africa’s analysis of Regency Alliance’s financial statements.
Join our WhatsApp ChannelPrior to his appointment, Regency Alliance recorded a 66.73 percent growth in its profit after tax (PAT) in 2022, and a 227 percent increase in 2023; however, in 2024, the growth rate dropped to 17 percent.
The situation worsened in 2025 as the company’s post-tax profit fell by 72.56 percent, which is the highest decline since 2017, when Regency Alliance reported a 54.94 percent decline in net income, based on available financial records of the company.
Prime Business Africa gathered that the insurer’s post-tax profit plunged last year after expenses grew threefold compared to revenue, which increased by twofold within the same period.
The company had generated N9.59 billion as turnover in 2025, surpassing the N7.30 billion earned in 2024, representing a 31.46 percent growth, compared to a 122.83 percent year-on-year increase in insurance service expenses, which surged to N9.17 billion, from N4.11 billion.
This indicates expenses gulped 95.57 percent of Regency Alliance’s revenue in 2025, compared to the 56.38 percent it gulped the year before.
Although the insurer’s net expenses from reinsurance contracts held dropped to N604.73 million last year, from N1.38 billion in 2024, reflecting a 56.33 percent decline.
Consequently, Regency Alliance suffered a N179.48 million service loss in 2025, failing to replicate the N1.79 billion service result posted in 2024.
Also, fair value gain on investment properties fell by 70.58 percent year-on-year, from N170 million to N50 million, while net gain on financial assets grew by 78.55 percent, from N412.10 million to N735.82 million, offsetting the decline in the latter.
The company’s financial capacity was further impacted negatively by an N11.57 million impairment on financial assets last year, surpassing the N9.08 million impairment loss recorded in 2024, reflecting a 27.37 percent increase.
However, Regency Alliance managed to achieve a N2.07 billion net investment income in 2025, which is 19.57 percent above the N1.73 billion reported the previous year.
Expenses continued to weigh on the company’s earnings, with finance expenses from insurance contract issued gulping N98.54 million last year, up by 6.99 percent compared to the N92.09 million in 2024.
In addition, Regency Alliance suffered a N87.45 million reinsurance finance loss from the reinsurance contract held in 2025, rising by 15.27 percent compared to the N75.86 million recorded in 2024.
As a result, Regency Alliance’s net insurance finance income plunged by 31.66 percent year-on-year, from N16,23 million to N11.09 million, while net insurance and financial result fell by 46.26 percent, from N3.55 billion to N1.90 billion.
Additionally, the company’s other operating income dropped to N4.68 million in 2025, below the N26.10 million posted the year before, indicating an 82.04 percent decrease.
This, amongst others, led to Regency Alliance suffering a 72.23 percent drop in pretax profit, as the company recorded N694.95 million profit before tax (PBT) last year, failing to replicate the N2.50 billion posted in 2024.
Following the significant decline in the insurer’s PBT, its income tax fell by 69.30 percent to N76.42 million last year, compared to the N248.97 million paid as taxes in 2024.
This left Regency Alliance with N618.52 million as profit after tax in 2025, falling below the N2.25 billion recorded the previous year, representing a 72.56 percent decrease.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
