Regency Alliance is embarking on strategic expansion plans that would enable the company reach out more to its numerous customers across the country. This is in line with its effort to increase its market share, drive new products and compete effectively in the market.
In this vein, the Company is looking to have its new branches in the North West and North East, where economic activities are returning once
more after Boko Haram insurgency disrupted business over the past three years.
Baba Gana Kingibe, acting chairman of the company who disclosed this during its 22nd Annual General Meeting in Abuja said Regency was
ready to take advantage of the Federal Government Local Content Policy on Oil and Gas. “We are repositioning to increase our market share of
the businesses in that sector”.
On the Company’s financials for the year ended December 31, 2015, Regency Alliance recorded gross premium written of N3.32 billion, a drop of
5 percent from N3.53billion in 2014. However, underwriting profit increased by N242.28million from N987 million to N1.23billion. The reason,
the company said, was mainly through increased retention of business by the Company.
The Company’s investment income rose by 64 percent, from N117.14million to N191.83million. While the profit before tax appreciated 63
percent from N190.29million in 2014 to N304.41million in the review year, profit after tax closed at N294.91million.
Shareholders during the AGM approved a dividend payout of N200.06 million, representing 3 kobo per share. This is however the highest
divided pay out by the Company.
Kingibe speaking further said that Regency Alliance is here for the long haul. “We have strong confidence that the dampened socio-economic climate is temporary and Nigeria remains a land of immense opportunities and prospects”.
The Company is positioned to make the best of the brighter future ahead. We will always be guided by our corporate ideals and values of
professionalism, integrity, commitment and efficiency as to create wealth for all our stake holders while mitigating all associated risked, he
assured all shareholders.