Regency Alliance Insurance Plc expanded total holdings by almost 16 percent to 21.857 billion naira during 2024, compared with 18.848 billion naira the year before, Chairman Clem Baiye told investors gathered for the firm's 31st annual shareholder meeting held in Lagos. Equity attributable to owners jumped nearly 19 percent to 14.044 billion naira while insurance receipts climbed above 7.3 billion naira, reflecting a 20 percent advance over prior results. The insurer generated 2.254 billion naira in after-tax profit, marking a 17 percent gain from 1.931 billion naira recorded during 2023 as investment returns reached 1.165 billion naira.
Directors approved the distribution of one bonus share for every three held by stockholders and outlined plans for a rights offering plus private placement to meet 15 billion naira minimum capital requirements under the Insurance Industry Reform Act adopted in 2025. Managing Director Bode Oseni said completion of fundraising efforts will position the company as a major competitor in Nigeria's property and casualty sector following the listing of new equity on the Nigerian Exchange.
Directors approved the distribution of one bonus share for every three held by stockholders and outlined plans for a rights offering plus private placement to meet 15 billion naira minimum capital requirements under the Insurance Industry Reform Act adopted in 2025. Managing Director Bode Oseni said completion of fundraising efforts will position the company as a major competitor in Nigeria's property and casualty sector following the listing of new equity on the Nigerian Exchange.
