Quarter 2 - financial statement for 2025

For the period ended 30 June 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 period ended 30 June 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 statement and other financial information included in the report fairly present in all material respects the financial condition and results of operation of the Group 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 Group and its consolidated subsidiaries are made known to such officers by

      others within those entities particularly during the period in which the periodic reports are being prepared;

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

      within 90 days 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 Group and its audit committee:

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

   2. Any fraud, whether or not material, that involves management or other employees

      who have significant role in the Group'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/2020/003/00000021054 FRC/2013/ICAN/00000003592

(Chairman) (Chief Finance Officer)

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 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

Other Technical Liabilities 16

Provision and Other Payables 17

Retirement Benefit Obligation 18

Provision for Current Income Tax Liabilities 19

Deferred Income Tax Liabilities 20

Bank Overdraft -

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

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 September 04, 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 30 JUNE 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 34

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 June 2025 3,334,375 2,807,675 5,235,494 2,834,896 14,212,441

STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 June 2024

Premium Received Paid Claim

Other Direcet Atributable Expenses Insurance acquisition expenses paid Reinsurance premiums paid

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

Purchase of Financial Asset-at armotised cost Receipt From Repayment Of Loan & Advances Additional to Loan & Receivables

Investment Income Received

Acquisition of Property, Plant & Equipment/Capital work in Progress Proceeds From Disposal of Property, Plant & Equipment

Rental Income Received Acquisition of Intangible Asset

Share Issue/Deposit for Shares in Subsidiaries

Deposit for Shares

Net Increase/(Decrease) In Cash and Cash Equivalents

Effect of Derecognition of Ghana Subsidiary on Cash and Cash Equivalients

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

Jun-25 Dec-24 Jun-24

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

   Cash in Hand 9,816 6,858 5,182

   Bank Balances-Current Account 1,276,346 1,600,428 204,532

   Shortterm placements: - - -

   Fixed Deposit 671,796 579,395 491,076

   1,957,958 2,186,681 700,790

   ecl (5,375) (8,691) (3,478)

   Total 1,952,583 2,177,990 697,312

   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	(2,215)
   Balance as at 31 December		5,375	8,691	3,478

2. Financial Assets

   The financial assets are summarised below by measurement category: Fair Value through Profit or Loss - quoted Investment - (note 5.2)	907,224	677,766	609,839
   Held to maturity (note 5.1)	8,785,919	8,206,792	9,142,735
   	9,693,143	8,884,557	9,752,573
   Current Non- Current	9,693,143 -	8,884,557	9,752,573 -

   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)	229,458	72,876	7,859
   Market value as at 31 December	907,224	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		4,917,008		4,656,625	2,292,519
      Government of Nigeria Bond		2,989,331		2,767,359	6,109,747
      Deposit with Corporate Institution with Maturity period >90 day		870,997		772,905	784,620
      Loans and Receivables ( note 5.4)		8,583		9,903	1,783
      		8,785,919		8,206,792	9,188,669
      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		247,689		310,110	158,849
      Market Value as at 31 December		4,927,444		4,680,024	2,303,666
      Less Alowance for impairment		(10,436)	-	23,399	(11,147)
      Carrying value		4,917,008		4,656,625	2,292,519
      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		124,841	-	3,739,836
      Accrued Interest		112,600		799,483	417,721
      Market Value as at 31 December		3,018,706		2,781,265	6,139,339
      Less Alowance for impairment		(29,376)		(13,906)	(29,592)
      Carrying value		2,989,331		2,767,359	6,109,747
      Movement on Impairement Allowance on on FGN Bond					6,109,747
      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		17,501 -		- -	-
      Accrued Interest		73,473		34,106	39,246
      Market Value as at 31 December		875,649		784,675	789,815
      Less Alowance for impairment		(4,652)		(11,770)	(5,195)
      Carrying value		870,997		772,905	784,620
      Movement on Impairement Allowance on on Fixed Deposit At the Beginning of the year		11,770		3,753	6,754
      Movement During the year		(7,118)		8,017	(1,559)
      Balance as at 31 December		4,652		11,770	5,195

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

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 Co Subsidiary Activity

Domestic / non-Insurance subsidiaries:

RIC Microfinance Bank Limited Banking operation

RIC Technologies Limited Sale of vehicle trackers

RIC Properties and Investment Limited Property leasing and investment

Significant restrictions

The Group does not have significant restriction on its ability to access or use its assets and set supervisory frame work within which the group operate. The supervisory framework requires regulatory capital and liquid asset.

11 Intangible Assets

COMPANY

Jun-25 Jun-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

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) pur not available for use by the Group on a normal course of day to day business.The Company ha Insurance Act,2003 .

2. Insurance Contract Liabilities

   Liability on incured Claims:

   Liabilities for Remaining Coverage (LRC) note -15(a) Liabilities for Incurred claims (LIC) note 15(b)

   Current

   Non-Current

   Allocation of Asset To Policy holders fund

   Cash and Cash Equivalients Reinsurance asset

   FGN Treasury bills/bond

   Jun-25 N'000 (0)	Dec-24 -	Jun-24 N'000 9,544
   (0)	-	9,544
   (0)	-	9,544
   -		-
   356,592	485,052	440,337
   356,592	485,052	440,337
   356,592	489,052	440,337
   -	-	-
   2,667	2,667	383
   294,068	422,529	332,785
   59,857	59,857	59,857
   356,592	489,052	393,026

   COMPANY

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 Unclaimed Dividend

   Jun-25		Dec-24	Jun-24
   N'000		N'000
   	4,795	1,940	1,940
   	17,550	38,428	17,760
   22,346		40,368	19,699
   (18,110)		(35,573)	(14,791)
   4,236		4,795	4,909
   4,236		4,795 4,909 approved pension fund administrator. 157,621 179,301 361 92
   re contributions are made to
   48,587
   153
   48,740		157,982 179,393
   3,333		21,471	8,666
   167		1,074	433
   52,240		180,526	188,492
   28,729		68,445	(17,695)
   80,968		248,971	170,797
   293,638		154,971	154,971
   52,240		180,526	188,492
   (233,230)		(41,859)	(33,513)
   112,648		293,638	309,950
   112,648		267,938	309,950
   rmined in line with the relevan		t tax legislation.
   1,505,478		1,437,033	1,437,032
   28,729		68,445	(17,695)
   1,534,206		1,505,478	1,419,338
   rent tax asset against current taxation authority on either th 245,000 -		tax liabilities and e taxable entity 245,000 245,000 - -
   245,000		245,000	245,000
   ation excercises in line with re		qulatory requirement .

   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 whe

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 dete

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 cur when the deferred income taxes asset and liabilities relate to income taxes levied by the same 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 recapitalis

   Jun-25	Dec-24	Jun-24
   N'000		N'000
   6,000,000	6,000,000	6,000,000
   3,334,375	3,334,375	3,334,375
   2,624,625	2,173,739	2,173,739
   -	-
   183,051	450,886	140,960
   2,807,675	2,624,625	2,314,699
   surance business is credited w mininum paid up capital or 50 5,178,341 240,204 (183,051)	ith the greater of 3% of total
   	% of net premium.
   	3,374,798	3,374,798
   	2,254,429	740,449
   	(450,886)	(140,960)
   5,235,494	5,178,341	3,974,287
   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-life in premiums, or 20% of the profit. This shall accumulate until it reaches the amount of greater of

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

COMPANY

1. Insurance Revenue

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

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 policyhol 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

   Jun-25	Jun-24
   N'000	N'000
   5,727,372	3,617,713
   -
   5,727,372	3,617,713
   3,566,235	1,151,521
   637,670	324,496
   -	-
   881,698	(281,015)
   5,085,604	1,195,003
   (379,274)	123,150
   2,370,783	1,705,833
   1,991,508	1,828,983
   (1,649,504)	(153,896)
   342,004	1,675,087
   29,174	13,968
   42,196	18,316
   544,571	578,782
   754	235
   616,696	611,301
   260,881	26,980
   355,815	827,418
   616,696	611,301
   der's fund and those attributab (247) 229,458	le to Shareholders' 118,821 7,859
   229,211	126,679
   (3,316)	2,215.00
   (12,963)	(1,753.98)
   15,469	246.67
   (7,118)	1,559
   -	-
   (7,927)	2,267
   (12,915)	(35,001)
   (12,915)	(35,001)
   68,842	204,781
   68,842	204,781
   750	97
   -	-
   -	-
   1,873	803
   2,623	900

   Mar-25		Jun-24
   N'000		N'000
   	178,581	177,099
   	16,425	9,724
   	7,177	11,442
   	17,550	9,421
   	6,092	21,077
   225,826		228,762
   58,163		29,935
   52,078		106,252
   61,744		55,859
   40,563		19,867
   37,810		24,523
   56,095		28,600
   22,420		13,625
   12,282		5,023
   35,970		21,624
   59,721		53,890
   23,690		23,537
   89,989		74,699
   9,688		5,150
   20,383		18,213
   4,690		3,577
   5,789		4,015
   21,601		12,965
   26,114		10,534
   2,718		1,936
   -		-
   670		2,570
   7,116		2,150
   649,296		518,543
   49,790		123,421
   2,289		4,248
   52,078		106,252

   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)