Regency Alliance Insurance Plc has posted Gross Premium Income of N1.803 billion for the 2010 financial year, an increase of 19.93 per cent when compared with the year 2009 figure of N1.503 billion.

Net claims expensed during the year under review increased by 17.97 per cent to N382.28 from 324.06 million while under writing expenses dropped by 32.7 per cent.

Investment and Other Income was N59.072 million from N48.2 million, an increase of 20.10 per cent. Management expenses for the period were N448 million from N435 million, an increase of 3.29 per cent over the figure of 2009. In line with the guidelines of the National Insurance Commission, a provision of N126.2 million was made in respect of premium receivables, a decline of 12.07 per cent when compared with last year’s provision.

The net position after tax jumped by 258 per cent, from a loss of N68.752 million to a profit of N246.654 million in 2010. The Shareholders Fund increased to N4.633 billion in 2010 from N4.241 billion in 2009, an increase of 9.24 per cent.

The Chairman of the company, Mr. A.G Karibi-Whyte told shareholders at the company’s annual general meeting in Lagos last week that they will get a gross dividend payment of N133.375 million representing 2kobo per share.

“This is a modest payout, in view of the need to maintain a healthy balance between rewarding our shareholders and retention for future growth. The Board appreciates the support, royalty and patience of the shareholders,” the Chairman noted.

On the future, the Chairman stated that the major factor which are expected to shape the insurance sector in 2011 are; regulatory compliance especially in meeting the deadline on International Financial Reporting Standard (IFRS); the constantly changing political/legal environment as well as increased pressure on profitability.

In his words “I want to assure our various stakeholders that our company is poised to meet the challenges that will arise from the above factors. Our company is also placing high premium on staff training by exposing our staff to both local and international courses.

We are particularly focused on developing more competencies on oil and gas insurance in order to take advantage of the local content law as well as the much awaited Oil industry bill.

While improving on our ICT infrastructure for efficiency and effectiveness in service delivery, our company’s marketing team has been reinforced and strengthened. Our subsidiaries are being repositioned to ensure that they are profitable.”