Quarter 1 - financial statement for 2025

Company Name: Regency Alliance Insurance Plc

Board Listed: Premium Board

Period End: 31-Mar-25

Reporting Period: Period Ended March 31, 2025

Share Price at end of reporting period:

Statement of the Corporate Responsibility for the Financial Statements For the year ended 31 March 2025

Certification Pursuant to Section 405(1) of Companies and Allied Matter Act, 2020

We the undersigned hereby certify the following with regards to our Financial Statements for the year ended March 31, 2025, that:

1. We have reviewed the Report.

2. To the best of our knowledge, the Report does not contain:

   1. Any untrue statement of a material fact, or

   2. Omit to state a material fact, which would make the statements misleading in the light of the circumstances under which such statements were made.

3. To the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operation of the Company as of, and for the period presented in the report.

4. We:

   1. Are responsible for establishing and maintaining internal controls.

   2. Have designed such internal controls to ensure that material information relating to the Company and its consolidated subsidiaries are made known to such officers by others within these entities particularly during the period in which the periodic reports are being prepared.

   3. Have evaluated the effectiveness of the Company's internal controls, as of date within

      90days prior to the report.

   4. Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation.

5. We have disclosed to the auditors of the Company and its Audit Committee:

   1. All significant deficiency in the design or operation of internal controls which would adversely affect the Company's ability to record, summarize and report financial data and have identified for the Company's auditors any material weakness in internal controls, and

   2. Any fraud, whether material or not, involves management or other employees who have significant roles in the Company's internal controls.

6. We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

……………………………… ……………………………..

MR. CLEM BAIYE MR. TUNDE ALAO

FRC/2013/CIIN/00000003716 FRC/2013/ICAN/00000003592

(Chairman) (Chief Finance Officer)

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025

Note

COMPANY

ASSETS

Cash and Cash Equivalents 4

Financial Assets 5

Insurance Receivables 6

Reinsurance Contract Assets 7

Other Receivables and Prepayments 8

Investment in Subsidiaries 10

Intangible Assets

Investment Properties 12

Property, Plant and Equipment 13

Statutory Deposits 14

Total Assets

LIABILITIES

Insurance Contract Liabilities 15

Provision and Other Payables 17

Retirement Benefit Obligation 18

Provision for Current Income Tax Liabilities 19

Deferred Income Tax Liabilities 20

Deposit for shares 21

Total Liabilities

EQUITY

Total equity attributable to owners of the parent:

Issued and Paid up Share Capital 22

Contingency Reserve 23

Retained Earnings 24

Asset Revaluation Reserve 25

Other Reserves-Translation Reserve 26

Total

Non-controlling Interest in Equity:

Non-controlling Interest in Equity

Equity and Liabilities

The financial statements were approved by the board of directors on June 5, 2025 and signed on behalf of the board of diirectors by the directors listed below:

`

UN-AUDITED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025

COMPANY

Note

Insurance Revenue 27

Insurance Service Expenses 28

Net Expenses from Reinsurance Contracts Held 29

Insurance Service Result

Interest on Revenue Calculated Using the Effective Interest Method 30

Net Gain/(loss) on Financial Assets 31

(Impairment)/Writeback on Financial Assets 32

Net Investment Income

Finance Expenses From Insurance Contract Issued 33

Reinsurance Finance Income From Reinsurance Contract held 33

Net Insurance Finance Income/(Expenses)

Net Insurance and Financial Result

Other Operating Income

Employee benefit expense 35

Other Operating Expenses 36

Profit Before Tax

Income Tax Expense 19

Profit For the year

Items that may be subsequently reclassified to the profit or loss account:

items within OCI that will not be reclasified to the profit or loss:

Gain on revaluation of properties

Income tax relating to component of other comprehensive income

Total other comprehensive income net of tax Total comprehensive income for the Period

Profit After Taxation Atributable:

to Owner's of parent

to Non Controlling Interest

Total comprehensive income for the Period Atributable:

to Owner's of parent

to Non Controlling Interest

Earnings per share

Basic and diluted earnings per shares (in kobo)

At March 2025 3,334,375 2,715,372 5,510,224 2,834,896 14,394,869

STATEMENT OF CHANGES IN EQUITY FOR THE Year ENDED 31 MARCH 2024

Contingency

Fair Value

Share Capital

Reserve Retained Earnings

Reserves Total

=N='000 =N='000 =N='000 =N='000 =N='000

Premium Received Paid Claim

Other Direcet Atributable Expenses Insurance acquisition expenses paid Reinsurance premiums paid Amounts received from reinsurance

Cash Paid to and On behalf of Employees Cash Payments for Other Operating Expenses Tax Paid

Investment Income Received 38

Other Operating Income Received 39

Acquisition of Property, Plant & Equipment/Capital work in Progress 13

Proceeds From Disposal of Property, Plant & Equipment

Addition to Investment properties 12

Rental Income Received 39

Deposit for Shares

Net Increase/(Decrease) In Cash and Cash Equivalents

Effect of Movement in Exchange Rate on Cash and Cash Equivalents

Net Increase/(Decrease) In Cash and Cash Equivalents during the year

Cash and Cash Equivalents as at 1 January Expected Credit loss provision

COMPANY

Mar-25 Dec-24 Mar-24

1. Cash and Cash Equivalents N'000 N'000 N'000

   Cash in Hand 8,137 6,858 3,891

   Bank Balances-Current Account 1,089,731 1,600,428 464,742

   Shortterm placements: - - -

   Fixed Deposit 651,515 579,395 488,894

   1,749,383 2,186,681 957,527

   ecl (5,375) (8,691) (4,768)

   Total 1,744,008 2,177,990 952,759

   The carrying amounts disclosed above reasonably approximate fair value at the reporting date.

   For the purpose of the cashflow statement, cash and cash equivalent comprise of the following balances with less than 3 months maturity from the date of acquisition.

   The Group does not have significant restriction on its ability to access or use its assets and settle its liabilities other than those resulting from the supervisory frame work within which the group operate. The supervisory framework require the insurance subsidiaries to keep certain levels of regulatory capital and liquid asset.

   Impairment Allowance on Cash and Cash Equivalients
   At the Beginning of the year		8,691	5,693	5,693
   Movement During the year	-	3,316	2,998	(925)
   Balance as at 31 December		5,375	8,691	4,768

2. Financial Assets

   The financial assets are summarised below by measurement category: Fair Value through Profit or Loss - quoted Investment - (note 5.2)	755,309	677,766	609,839
   Held to maturity (note 5.1)	8,604,959	8,206,792	8,903,097
   	9,360,268	8,884,557	9,512,935
   Current Non- Current	9,360,268 -	8,884,557	9,512,935 -

   5.2 Analysis of quoted financial assets FVTPOL are shown:

   a. Quoted Investments
   At the beginning of the year	677,766	601,980	601,980
   Addition during the year	-	2,910	-
   Disposal/Repayment During the Year	-	-	-
   Fair Valua Gain/(Loss)	77,544	72,876	7,859
   Market value as at 31 December	755,309	677,766	609,839

   The Group classiffied its quoted investment at market value which is a reasonable measurement of fair value since price of the shares are quoted in an active market.

   The sensitivity analysis for quoted equity financial instruments illustrates how changes in the fair value or future cash flows of a financial instrument will fluctuate because of changes in market rates at the reporting date.

   1. Financial Assets at armotised cost

      Treasury Bill with Maturity period >90 days		4,917,289	4,656,625	2,218,248
      Government of Nigeria Bond		2,864,489	2,767,359	5,918,466
      Deposit with Corporate Institution with Maturity period >90 day		815,864	772,905	763,366
      Loans and Receivables ( note 5.4)		7,317	9,903	3,017
      		8,604,959	8,206,792	8,903,097
      Treasury bills: At the beginning of the year		4,680,024	2,144,817	2,144,817
      Addition during the year		0	2,225,097	-
      Accrued Interest		247,969	310,110	84,578
      Market Value as at 31 December		4,927,725	4,680,024	2,229,395
      Less Alowance for impairment		(10,436) -	23,399	(11,147)
      Carrying value		4,917,289	4,656,625	2,218,248
      Movement on Impairement Allowance on Treasury Bills At the Beginning of the year		23,168	9,393	9,393
      Movement During the year	-	12,732	14,005	1,754
      Balance as at 31 December		10,436	23,168	11,147
      Federal Government Bonds: At the beginning of the year		2,781,265	5,721,618	5,721,618
      Addition during the year		-	-	-
      Disposal/Repayment During the Year	-		-	3,739,836
      Accrued Interest	112,600		799,483	196,848
      Market Value as at 31 December	2,893,865		2,781,265	5,918,466
      Less Alowance for impairment	(29,376)		(13,906)	(29,592)
      Carrying value	2,864,489		2,751,265	5,888,874
      Movement on Impairement Allowance on on FGN Bond At the Beginning of the year	13,906		29,839	29,839
      Movement During the year	15,470		(15,933)	(247)
      Balance as at 31 December	29,376		13,906	29,592
      Fixed Deposit (with maturity above 90 days): At the beginning of the year	784,675		750,569	750,569
      Addition during the year Disposal/Repayment During the Year	- -		- -	-
      Accrued Interest	35,841		34,106	16,633
      Market Value as at 31 December	820,516		784,675	767,202
      Less Alowance for impairment	(4,652)		(11,770)	(3,836)
      Carrying value	815,864		772,905	763,366
      Movement on Impairement Allowance on on Fixed Deposit At the Beginning of the year	11,770		3,753	3,753
      Movement During the year	(7,118)		8,017	83
      Balance as at 31 December	4,652		11,770	3,836

      Mar-25		Dec-24	Mar-24
      N'000			N'000
      	7,317	9,903		3,017
      	-	-		-
      7,317		9,903		3,017
      9,903		3,456		3,458
      -		-		-
      5,932		9,287		5,932
      (8,518)		(3,047)		(6,374)
      -		207		-
      7,317		9,903		3,017
      e for the purpose of staff loan valua and current market interest rates		ion is the applicable interest rate at the time of availment for instruments in a comparable or similar risk class
      7,317		9,903		3,017
      7,317		9,903		3,998
      7,973		49,354		14,191
      7,973		49,354		14,191
      7,973		49,354		14,191
      7,973		49,354		14,191
      -		-		-
      7,973		49,354		14,191

      COMPANY

      5.3 Loans and receivables comprise as shown below:

      Staff Loan (note 5.4a)

      Loans and Advances_Ric Microfinance Bank (note 5.4b)

      (a)Staff Loan and Advances

      Balance as at the beginning of the year Derecognition of Ghana subsidiary Asset Addition during the Year

      Repayment During the Year Accrued Interest

      Staff loans and advances are measured at amortised cost using effective interest rate,the effective inerest rat t

      Loan granted to staff at below market rate are fair valued by reference to expected future cashflows

      (a+b)

      Current

      Non-Current

3. Premium Receivables

   a Due from Brokers and Other Intermidaries

   Current

   Non-Current

   6a (i) Due from brokers and Other Intermidiaries

   Premium receivable

   Impairment -premium receivables

   1,051,317 1,508,075	942,657 1,508,088	776,412 302,931
   2,559,392	2,450,746	1,079,343
   2,559,392	2,450,746	1,079,343
   -	-	-
   30,253	30,253	10,695
   7,331	7,331	5,757
   33,611	19,467	5,481
   71,195	57,051	21,932
   71,195	57,051	21,932

4. Reinsurance Contract Assets Asset for Remaining Coverage note-7(i) Asset for Incured Claim note-7(ii)

   Current

   Non-Current

5. Other Receivables and Prepayments

a Prepaid Insurance on Group assets and Group Life Policy

b Prepaid rent

c Sundry Receivable & Prepayment

Current

Non-Current

COMPANY

10 Investment in Subsidiaries

1. RIC Properties & Investment Ltd

2. RIC Microfinance Bank Limited

3. RIC Technologies Limited

Total (a+b+c+d)

Current

Non-Current

1. RIC Properties & Investment Ltd Opening balance as at 1 January Addition during the year

   Balance as at 31 December

2. RIC Microfinance Bank Limited Opening balance as at 1 January Addition during the year

   Balance as at 31 December

3. RIC Technologies Limited Opening balance as at 1 January Addition during the year Balance as at 31 December

Regency Alliance is the Parent Company with significant interest in the subsidiary Companies as at 31 December 2024 were as follows:

Significant restrictions

The Group does not have significant restriction on its ability to access or use its assets and settle its liabilities other than those resulting from the supervisory frame work within which the group operate. The supervisory framework requires the insurance subsidiaries to keep certain levels of regulatory capital and liquid asset.

11 Intangible Assets

COMPANY

Mar-25 Mar-24

N'000 N'000

The intangible assets of the group comprise the computer software with life span of five years. The computer softwares

are accounted for using the cost model i.e cost less accumulated armortisation and less accumulated impairment. The amortization is charged to the statement of profit or loss and other comprehensive income on straight line method in line with the Company's policy.

The computer software has been assesed for Impairment, there were no indication of impairment on the intangible asset, hence no impairment was recognised.

12 Investment Properties/Capital work inprogress

Opening balance as at 1 January 1,170,000 1,000,000

Addition during the year - -

Disposal - -

Fair value Gain - -

Balance as at 31 December 1,170,000 1,000,000

Current

Non-Current 1,170,000 1,000,000

(a).Below is a breakdown of investment properties showing movement during the year;

PROPERTY, PLANT AND EQUIPMENT

14

COMPANY 2025

COMPANY

1. Statutory Deposits Openning balance Movement

   Carrying Amount as at the end of the year Current

   Non-Current

   The Statutory Deposit represents amounts deposited with the Central Bank of Nigeria(CBN) not available for use by the Group on a normal course of day to day business.The Compan Insurance Act,2003 .

2. Insurance Contract Liabilities

   Liability on incured Claims: Liabilities for Remaining Coverage (LRC) note -15(a)	1,592,477	1,650,581	1,657,399
   Liabilities for Incurred claims (LIC) note 15(b)	3,129,235	3,376,929	2,724,379
   	4,721,713	5,027,510	4,381,778
   Current	4,721,713	5,027,510	4,381,778
   Non-Current	-	-	-
   Allocation of Asset To Policy holders fund Cash and Cash Equivalients	1,744,008	2,180,681	957,527
   Reinsurance asset	2,576,430	1,677,032	1,086,126
   FGN Treasury bills/bond	683,826	1,226,179	2,038,125
   	5,004,264	5,083,892	4,081,778
   		COMPANY

   Mar-25 N'000 (0)	-	Mar-24 N'000 -
   (0)	-	-
   (0)	-	-
   -		-
   471,163	485,052	372,132
   471,163	485,052	372,132
   471,163	489,052	372,132
   -	-	-
   2,667	2,667	1,533
   408,639	422,529	310,741
   -	-	-
   		-
   59,857	59,857	59,857
   471,163	489,052	372,132

3. Trade Payables

   Due to Treaty Reinsurer

   Current

   Non-Current

4. Provision and Other Payables

   (b). Others Provision and Payable

   Current

   Non-Current

   17(b).Analysis of Other Provision and Paybles

   Accrued Rental Income Accrued Expenses

   Other trade payable (Subsidiaries) Unearned Commission received(note-18b(i) Unclaimed Dividend

   Mar-25		Dec-24 Mar-24
   N'000		N'000
   	4,795	1,940 1,940
   	9,550	38,428 9,421
   14,346		40,368 11,360
   (9,536)		(35,573) (8,462)
   4,810		4,795 2,899
   4,810 where contributions are made 42,323 76		4,795 2,899 to approved pension fund administrator. 157,621 67,511 361 50
   42,399		157,982 67,561
   4,766		21,471 10,017
   238		1,074 501
   47,403		180,526 78,079
   (8,980)		68,445 (19,188)
   38,423		248,971 58,891
   293,638		154,971 154,971
   47,403		180,526 -
   -		(41,859) -
   341,041		293,638 233,050
   341,041		267,938 233,050
   etermined in line with the rele		vant tax legislation.
   1,505,478		1,437,033 1,437,032
   (8,980)		68,445 (19,188)
   1,496,497		1,505,478 1,417,844

   COMPANY

5. Pension Benefits Obligations Balance as at the beginning of the year Charge to Income Statement

   Benefit Paid During the Year

   Balance as at 31 December

   Current

   Non-Current

   The Company runs a defined contributory plan in accordance with the Pensions Reform Act

6. Income Tax Liabilities

   a Per Statement of Profit or Loss and Comprehensive Income

   Income Tax Expense for the year Income Tax, based on current results Education Tax

   Information Technology Levy Police trust fund levy Charged for the year

   Deferred Income Tax movement (note 21 b)

   b Per Statement of Financial Position

   The movement on tax payable account during the period is as follows: Balance as at 1 January

   Charge for the year Tax Paid

   Current

   Non-Current

   Current income tax is the amount of income tax payable on the taxable profit for the year d

   current tax asset against curr me taxation authority on eithe 245,000 -	ent tax liabilities and r the taxable entity 245,000 245,000 - -
   245,000	245,000 245,000
   alisation excercises in line with	requlatory requirement .

7. Deferred Tax Liabilities Balance as at 1 January Movement during the year Balance as at 31 December

   Deferred tax asset and liabilities are offset when there is legally enforceable right to offset when the deferred income taxes asset and liabilities relate to income taxes levied by the sa or different taxable entities where there is an intention to settle the balances on net basis.

8. Deposit For Shares Balance as at 1 January Addition during the Year

   Balance as at 31 December

   This represent the private placement received by the company in preperation for it's recapit

   Mar-25 N'000 6,000,000	Dec-24 Mar-24 N'000 6,000,000 6,000,000
   3,334,375	3,334,375 3,334,375
   2,624,625 -90,748	2,173,739 2,173,739 - 450,886 111,741
   2,715,372	2,624,625 2,285,480
   fe insurance business is credite r of mininum paid up capital or 5,178,341 422,632 (90,748)	d with the greater of 3% of total 50% of net premium. 3,374,798 3,374,798 2,254,429 558,281 (450,886) (111,741)
   5,510,224	5,178,341 3,821,339
   2,834,896 - -	2,834,896 2,834,896 0 - - -
   2,834,896	2,834,896 2,834,896

   COMPANY

9. Share Capital

   Share capital comprises:

   Authorised Share Capital

   12,000,000,000 Ordinary shares of 50k each Issued and fully Paid Share Capital 6,668,750,000 Ordinary shares of 50k each

10. Contigency Reserves Balance as at 1 January

    Derecognition of Ghana subsidiary Reserves Transfer from retained earnings

    Balance as at 31 December

    In compliance with Section 21 (1) of Insurance Act 2003, the contingency reserve for non-li premiums, or 20% of the profit. This shall accumulate until it reaches the amount of greate

11. Retained Earnings Balance as at 1 January

    The movement in this account was as follows:

    Transfer from Statement of profit or loss Transfer to contigency reserve

    Balance as at 31 December

12. Assets Revaluation reserves

Balance as at 1 January Addation During the Year

Income tax relating to component of revaluation gain

Balance as at 31 December

COMPANY

1. Insurance Revenue

   Insurance Revenue from Contract measured under the PAA Insurance Revenue from Contract not measured under the PAA

   a Analysis by product line

   General Accident Oil/Gas

   Fire Motor Aviation Bond

   Engineering Marine Emp/Liability Total

2. Insurance Service Expenses

   Incurred claims and other expenses Amortisation of insurance acquisition cash flows

   Losses on onerous contracts and reversals of those losses Changes to liabilities for incurred claims

3. Net Expenses from Reinsurance Contracts Held Changes in asset for remaining coverage and loss component Reinsurance premiums paid

   Allocation of reinsurance premium (Note 8.i)

   Amounts recoverable from reinsurers (Note 8.i)

   Net Income or Expenses From Reinsurance Contracts Held

4. Interest on Revenue Calculated Using the Effective Interest Method

   Income from statutory Deposit

   Income from placement with Financial Institution With Maturity < 90 days Income from placement with Financial Institution With Maturity > 90 days Dividend Received

   30.(a)Analysis of Investment Income

   1. Investment Income Attributable to Policyholders' Fund

   2. Investment Income Attributable to Shareholders'Fund

      In line with NAICOM Prudential Guldline: Portion of Investment Income attributable to polic Fund shall be presented as a sub-note under the Note on Investment Income

5. Net gain 0r (Loss) in Financial Assets

   Exchange gain or (Loss)

   Unrealised fair value gain/(loss) on quoted equity (Note 5.2)

   Balance at the end of the year

6. (Impairment)/Writtenback on Financial Assets

   Allowance for Credit loss on Cash and Cash Equivalients(see note 4.1) Impairment Allowance on Traesury Bills (see note 5.2(a)

   Impairment Allowance on Bonds (see note 5.2(b)

   Impairment Allowance on Deposit (Above 90 days) (see note 5.2(c) Impairment on bank loan (Note 5.2(d))

7. (a) Finance Expenses from Insurance Contracts Issued

From change in interest rate on Insurance Contract Issued

1. (b)Finance Income from Reinsurance Contracts Held

   From change in interest rate on reinsurance assets held

2. Other operating Income

   Rental Income

   Interest Income (Staff Loan) Sundry Income

   Realised gain/(Loss) on PPE

   Mar-25	Mar-24
   N'000	N'000
   2,800,477	2,422,237
   -
   2,800,477	2,422,237
   419,306	555,654
   1,065,902	624,163
   80,182	62,522
   410,321	334,961
   451,298	157,642
   1,108	1,066
   247,080	287,530
   124,663	397,567
   615	1,131
   2,800,477	2,422,237
   1,706,873	583,690
   170,091	233,664
   -
   (247,694)	92,585
   1,629,271	909,939
   (125,698) 1,486,030
   1,360,332	0
   (458,934)
   901,398	0
   29,174	13,929
   133,876	8,695
   278,233	293,831
   -	235
   441,283	316,689
   260,881	-
   180,402	316,689
   441,283	316,689
   holder's fund and those attrib -77,544	utable to Shareholders' 56,871 -
   77,544	56,871
   (3,316)	(886)
   (12,963)	9,393
   15,469	(3,430)
   (7,118)	2,784
   -
   (7,927)	7,862
   (4,255)
   (4,255)
   38,381
   38,381
   750	-
   -	-
   -	-
   823	72
   1,573	72

   Mar-25		Mar-24
   N'000		N'000
   	88,212		87,537
   	8,505		4,647
   	4,996		4,687
   	9,550		9,421
   	3,402		4,384
   114,665		110,675
   28,788		17,343
   26,107		47,154
   26,143		26,306
   17,871		10,842
   16,462		14,078
   12,574		6,906
   14,662		1,875
   5,020		5,023
   26,541		16,046
   19,967		18,472
   7,652		12,558
   5,404		6,119
   3,500		2,600
   5,913		5,086
   723		1,281
   414		2,210
   10,524		6,554
   12,200		9,101
   122		121
   -		-
   100		570
   -		-
   240,687		210,244
   23,818		42,906
   2,289		2,124
   26,107		47,154

   COMPANY

3. Employee Benefit Expenses

   Salaries and Wages Medical Expenses Staff Training

   Pension contribution cost Staff Welfare

4. Other Operating Expenses Motor Running Expenses Depreciation & Amortization Advert/Marketing Expenses

Office Repairs & Maintenance Expenses Professional fees

Subscription & Fees Director's Emolument Auditor's Remuneration

Electricity/Generator Maintenance Transport & Travelling

Printing & stationery

Statutory Annual Dues and Levies Rent

Insurance Expenses Telephone Expenses Postages

Contract Service Expenses Bank charges

Newspaper & Periodicals Board & AGM Expenses Entertainment Expenses Donations

36.(i) Depreciation (note 14) 36.(ii) Amortisation (note 12)