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Business > Insurance
Regency Alliance Insurance grows profit by 40% in H1
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By Desola Akindele
July 31, 2017 11:05:21am GMT      |      Views: 572

WorldStage Newsonline-- 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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