Prime Business AfricaRegency Alliance’s insurance revenue for the period ended December 31, 2024, recorded a double-digit growth, rising from N6.08 billion in 2023 to N7.26 billion.
According to the unaudited financial statement for the reviewed period, the 19.47 per cent increase in turnover was overshadowed by the 43.38 per cent growth in insurance service expenses.
Join our WhatsApp ChannelThe company said its insurance service expenses were N4.03 billion for last year, surpassing the N2.81 billion reported the previous year.
Similarly, the net expenses from reinsurance contracts held grew by 33.68 per cent year-on-year, up from N1.87 billion to N2.50 billion.
This led to a 47.64 per cent decline in insurance service result (income), the difference from insurance revenue and expenses, as it plunged to N732.02 million in 2024, from the N1.39 billion posted in 2023.
Consequently, the profit before tax nosedived from N2,09 billion to N955.66 million during the period in review, indicating a decrease of 54.38 per cent.
Regency Alliance’s bottom line was further compounded by the 19.68 percent increase in income tax last year, which translated to the company paying N32.35 million more than the N164.34 million it was taxed in the year before.
As a result, the insurance company wrapped up 2024 with N758.96 million in profit after tax (PAT), which is 60.68 per cent lower than the N1.93 billion net income recorded in 2023.
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