Insurance firm pays N1.031bn claims to customers

Regency Alliance Insurance Plc paid N1.031bn claims to its customers in 2021 financial year.

The acting Chairman of the company, Mr Clem Baiye, disclosed this during the company’s 28th annual general meeting in Lagos, which also held virtually.

He said, “There was an increase of 18.36 per cent in the net claims position in 2021 when compared with that of 2020 as net claims grew from N871.279m to N1.031bn. The increase notwithstanding, the claims ratio for 2021 (35.07 per cent) is lower than the 35.20 per cent recorded in 2020.”

While speaking on the financial report, the chairman said the gross premium generation rose by 31.97 per cent to N5.118bn in 2021 from N3.878bn generated in 2020.

The company’s net premium rose by 18.82 per cent from N2.475bn in 2020 to N2.941bn in 2021, he said.

Baiye said its profit before tax was N343.275m as against N681.137m recorded last year.

He noted that the profit after tax also decreased from N628.587m in 2020 to N320.746m in 2021.

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