2015 FINANCIAL HIGHLIGHTS FOR THE COMPANY
The company’s performance modestly improved during the 2015 financial year. The gross premium written decreased by 5.8% from =N=3.535bn to =N=3.329bn. However underwriting profit increased by =N=242.286m from =N=0.987bn to =N=1.229bn. This was achieved mainly through increased retention of businesses by the company. During the year, the company had a net claim expense of =N=-427.366m showing a decrease of =N=178.454m or 29.46% compared with the figure for the previous year.
Overall, the profit after tax for the company increased from=N=294.908m in 2014 to =N=333.329m in 2015.
For the group, the contribution of the subsidiaries to the overall profit after tax, after deducting that attributable to Non-Controlling Interests, decreased from =N=135.889m in 2014 to =N=33.715m in 2015. The drop arose mainly from the drop in profit from Regency Alliance Insurance Ltd., Ghana occasioned by huge claims payout owing to the floods of 2015.
In line with International Financial Reporting Standards, the financial statements of 2014 had to be restated by transferring to retained earnings, balances on Asset Revaluation Reserve and Fair Value Reserves, as it affects quoted entities. Together with the effect of change in depreciation policy on leasehold land, the group’s retained earnings balance as at 2015 year end stood at=N=259.036m
The total assets for the group and the company as at December 31st 2015, stood at =N=7.291bn and =N=6.726bn respectively.