Quarter 3 - financial statement for 2025

Statement of the Corporate Responsibility for the Financial Statements For the period ended 30 September 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 September 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; (iii) Have evaluated the effectiveness of the Group's internal controls, as of date, within 90 days prior to the report;

   (iv) 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.

……………………………… ……………………………..

STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 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

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 October 28, 2025 and signed on behalf of the board of diirectors by the directors listed below:

The statement of significant accounting policies and accompany notes form an integral part of these financial statements.

Insurance Revenue 27

Insurance Service Expenses 28

Net Expenses from Reinsurance Contracts Held 29

Interest on Revenue Calculated Using the Effective Interest Meth 30

Dividend Income 31

Fair value Gain on Investment Properties 12

Net Gain/(loss) on Financial Assets 31

(Impairment)/Writeback on Financial Assets 32

Finance Expenses From Insurance Contract Issued 33

Reinsurance Finance Income From Reinsurance Contract held 33

Other Operating Income

Employee benefit expense 35

Other Operating Expenses 36

Income Tax Expense 19

Gain on revaluation of properties

Income tax relating to component of other comprehensive income

to Owner's of parent

to Non Controlling Interest

to Owner's of parent

to Non Controlling Interest

Basic and diluted earnings per shares (in kobo)

REGENCY ALLIANCE INSURANCE PLC

THE COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 SEPTEMBER 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 Amortised Cost

Proceed from disposal of Financial Asset-at armotised cost Receipt From Repayment Of Loan & Advances

Additional to Loan & Receivables Investment Income Received Other Operating 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 Movement in Exchange Rate on Cash and Cash Equivalents

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

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

NOTES TO THE ACCOUNT

1. Cash and Cash Equivalents

   Cash in Hand

   Bank Balances-Current Account

   Shortterm placements:

   Fixed Deposit

   ecl

   Total

   The carrying amounts disclosed above reasonably approximate fair va For the purpose of the cashflow statement, cash and cash equivalent The Group does not have significant restriction on its ability to access within which the group operate. The supervisory framework requir

   Impairment Allowance on Cash and Cash Equivalients

   At the Beginning of the period Movement During the period Balance as at end of period

2. Financial Assets

   The financial assets are summarised below by measurement Fair Value through Profit or Loss - quoted Investment - (note 5.1) Held to maturity (note 5.2)

   Current

   Non- Current

   1. Analysis of quoted financial assets FVTPOL are shown:

      a. Quoted Investments

      At the beginning of the period Addition during the period Disposal/Repayment during the period Fair Valua Gain/(Loss)

      Market value as at end of period

      The Group classiffied its quoted investment at market value which is The sensitivity analysis for quoted equity financial instruments illustra financial instrument will fluctuate because of changes in market rates

   2. Financial Assets at armotised cost Treasury Bill with Maturity period >90 days Government of Nigeria Bond

      Deposit with Corporate Institution with Maturity period >90 day Loans and Receivables ( note 5.3a)

      Treasury bills:

      At the beginning of the period Addition during the period Disposal/Repayment during the period Accrued Interest

      Market Value as at end of period Less Alowance for impairment Carrying value

      Movement on Impairement Allowance on Treasury Bills

      At the Beginning of the period Movement During the period Balance as at end of period

      Federal Government Bonds:

      At the beginning of the period Addition during the period Disposal/Repayment during the period Accrued Interest

      Market Value as at end of period Less Alowance for impairment Carrying value

      Movement on Impairement Allowance on on FGN Bond

      At the beginning of the period Movement During the period Balance as at end of period

      Fixed Deposit (with maturity above 90 days):

      At the beginning of the period Addition during the period Disposal/Repayment during the period Accrued Interest

      Market Value as at end of period Less Alowance for impairment Carrying value

      Movement on Impairement Allowance on on Fixed Deposit

      At the Beginning of the period Movement During the period Balance as at end of period

   3. Loans and receivables comprise as shown below:

      Staff Loan (note 5.3a)

      (a)Staff Loan and Advances

      Balance as at the beginning of the period Addition during the period

      Repayment During the period Accrued Interest

      Staff loans and advances are measured at amortised cost using effec Loan granted to staff at below market rate are fair valued by reference to ex (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

   				COMPANY
   	30-Sep-25			Dec-24	30-Sep-24
   	N'000			N'000	N'000
   		23,168		9,393	9,393
   -		12,732		14,005	2,445
   10,436				23,168	11,838
   2,781,265				5,721,618	5,721,618
   -				-	-
   (891,265)			-	3,739,836
   240,473				799,483	329,729
   2,130,473				2,781,265	6,051,347
   (29,376)				(13,906)	(30,256)
   2,101,098				2,767,359	6,021,091
   					6,109,747
   13,906				29,839	29,839
   15,470				(15,933)	417
   29,376				13,906	30,256
   784,675				750,569	750,569
   17,501				-
   -				-	-
   115,825				34,106	51,859
   918,001				784,675	802,428
   (4,652)				(11,770)	(4,012)
   913,349				772,905	798,416
   11,770				3,753	6,754
   (7,118)				8,017	(2,742)
   4,652				11,770	4,012
   7,546				9,903	4,494
   7,546				9,903	4,494
   9,903				3,456	3,458
   5,932				9,287	8,643
   (8,290)				(3,047)	(7,704)
   -				207	97
   7,546				9,903	4,494
   tive interest rate,the effective ineres pected future cashflows and current			t rate for the purpose of staff loan valuation is the applicable intere market interest rates for instruments in a comparable or similar risk class
   7,546				9,903	4,494
   7,546				9,903	4,494
   14,794				49,354	37,573
   14,794				49,354	37,573
   14,794				49,354	37,573
   14,794				49,354	37,573
   -				-	-
   14,794				49,354	37,573

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 Assets and Group Life Policy

b Prepaid rent

c Sundry Receivable & Prepayment

Current

Non-Current

1. Investment in Subsidiaries

   1. RIC Properties & Investment Ltd

   2. RIC Microfinance Bank Limited

   3. RIC Technologies Limited

      Total (a+b+c)

      Current

      Non-Current

      1. RIC Properties & Investment Ltd Opening balance as at beginning of the period Addition during the period

         Balance as at end of the period

      2. RIC Microfinance Bank Limited

         Opening balance as at beginning of the period Addition during the period

         Balance as at end of the period

      3. RIC Technologies Limited

      Opening balance as at beginning of the period Addition during the period

      Balance as at end of the period

      Regency Alliance is the Parent Company with significant inte Subsidiary

      Domestic / non-Insurance subsidiaries:

      RIC Microfinance Bank Limited RIC Technologies Limited

      RIC Properties and Investment Limited

      Significant restrictions

      The Company does not have significant restriction on its ability to acc l supervisory frame work within which the group operate. The superv

      regulatory capital and liquid asset.

      	COMPANY
      30-Sep-25	Dec-24	30-Sep-24
      N'000	N'000	N'000
      1,489,261	942,657		684,791
      1,508,075	1,508,088		302,931
      2,997,335	2,450,746		987,723
      2,997,335	2,450,746		987,723
      -	-		-
      30,253	30,253
      7,331	7,331
      36,133	19,467		33,128
      73,717	57,051		33,128
      73,717	57,051		33,128
      300,000	300,000		300,000
      382,896	382,896		424,396
      11,720	11,720		11,720
      694,616	694,616		736,116
      -			-
      300,000	300,000		300,000
      (0)	-		-
      300,000	300,000		300,000
      382,896	241,396		241,396
      -	141,500		183,000
      382,896	382,896		424,396
      11,720	11,720		11,720
      -	-		-
      11,720	11,720		11,720
      rest in the subsidiary Compan Place of Incorporation	ies as at 30 September 2025 were as follows: Date of incorporation /Acquisition 17th December, 2008 18th April, 2009 4th January, 2005 iabilities other than those resulting from the rance subsidiaries to keep certain levels of
      Nigeria Nigeria Nigeria
      ess or use its assets and settle its isory framework requires the insu

      30-Sep-25		Dec-24		30-Sep-24
      N'000		N'000		N'000
      	186,614		163,125		163,125
      	1,800		23,489		3,489
      188,414			186,614		166,614
      109,776			100,621		100,621
      3,433			9,155		6,372
      113,209			109,776		106,993
      75,205			76,839		59,621
      75,205 ith life span of five years. The comp ortisation and less accumulated imp ht line method in line with the Comp e no indication of impairment on t 1,170,000 - - -		59,621 uter softwares airment. The amortization is charged to the any's policy. he intangible asset, hence no impairment was recognised. 1,000,000 1,000,000 - - 170,000 -
      1,170,000		1,170,000 1,000,000
      1,170,000			1,170,000		1,000,000

      COMPANY

2. Intangible Assets

   Intangible Assets- Computer Software COST

   Opening balance as at the beginning of the Year

   ADDITIONS

   Balance as at end of the period

   Accumulated Amortisation

   Opening balance as at the beginning of the Year Charge for the year

   Balance as at end of the period

   Carrying Amount as at the end of the period

   Current

   Non-Current

   The intangible assets of the group comprise the computer software w are accounted for using the cost model i.e cost less accumulated arm statement of profit or loss and other comprehensive income on straig The computer software has been assesed for Impairment, there wer

3. Investment Properties/Capital work inprogress Opening balance as at beginning of the period Addition during the period

   Disposal

   Fair value Gain

   Balance as at end of the period

   Current

   Non-Current

4. PROPERTY, PLANT AND EQUIPMENT

   COMPANY 2025

   	LEASEHOLD LAND	BUILDING	MOTOR VEHICLE	OFFICE EQUIPMENT	FURNITURE AND FITTINGS	PLANTS AND MACHINERY	LIBRARY	TOTAL
   	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000
   COST/VALUATION								-
   Opening Balance as at January 1 2024	2,600,000	2,500,000	405,696	174,645	113,837	27,522	241	5,821,941
   Addition/Capital Work in Progress	-	91,252	422,932	143,976	33,630	193	-	691,984
   Revaluation			-	-	-	-	-	-
   Disposal	-	-	(57,977)	(13,767)	(1,700)	-	-	(73,444)
   Closing Balance as at December 31, 2024	2,600,000	2,591,252	770,651	304,854	145,767	27,715	241	6,440,481
   Addition/Capital Work in Progress	-	5,858	3,500	15,243	2,102	5,740	-	32,443
   Revaluation	-	-	-	-	-	-	-	-
   Disposal	-	-	(3,500)	(550)	(340)	-	-	(4,390)
   Closing Balance as at September 2025 2,600,000 2,597,111			770,651	319,547	147,529	33,455	241	6,468,534
   Additions ACCUMULATED DEPRECIATION Opening Balance as at January 1 2024 - 84,188			396,820	168,254	64,619	26,954	240	741,075
   Charged for the Year - 5,020			58,097	18,524	18,096	556	-	100,294
   Revaluation Disposal	-	-	(57,977)	(13,767)	(1,700)	-	-	-(73,444)
   Closing Balance as at December 31, 2024	-	89,207	396,940	173,010	81,016	27,510	240	767,924
   Charged for the Year	-	27,957	18,787	5,946	5,786	209	-	58,684
   Revaluation	-	-						-
   Less:Disposal	-	-	(3,500)	(550)	(340)	-	-	(4,390)
   Closing Balance as at September 2025	-	117,164	412,227	178,407	86,462	27,719	240	822,218
   Carrying Amount as at December 31, 2024	2,600,000	2,502,045	373,710	131,844	64,752	205	1	5,672,558
   Carrying Amount as at September 30, 2025	2,600,000	2,484,967	358,545	145,897	77,464	6,293	1	5,673,166

   1. There are no other lease asset included in the Company's property,plants and equipments apart from leasehold land as at 30 September 2025

   2. The Company had no capital commitment as at reporting date, there were no restriction on the title of Company asset and no Company asset was pledge as a security for liabil

   3. The Company asset has been tested for impairment and there were no indication of impairment on the asset, hence no impairment was recorgnised

   4. The decision to dispose the Company asset was made during the year and effected before year end. This does not give room for classification as held for sale on the face of statement of Financial Position

   COMPANY

5. Statutory Deposits Openning balance Movement

   Carrying Amount as at the end of the period Current

   Non-Current

   The Statutory Deposit represents amounts deposited with the Central not available for use by the Group on a normal course of day to day Insurance Act,2003 .

6. Insurance Contract Liabilities

   Liability on incured Claims:

   Liabilities for Remaining Coverage (LRC) Liabilities for Incurred claims (LIC)

   Current

   Non-Current

   Allocation of Asset To Policy holders fund

   Cash and Cash Equivalients Reinsurance asset

   FGN Treasury bills/bond

7. Other Technical liabilities

   Due to Treaty Reinsurer

   Current

   Non-Current

8. Provision and Other Payables

   (b). Others Provision and Payable

   Current

   Non-Current

   17(b).Analysis of Other Provision and Payables

   Accrued Rental Income Accrued Expenses Unclaimed Dividend

   30-Sep-25		Dec-24		30-Sep-24
   N'000		N'000		N'000
   	300,000		300,000	300,000
   	-		-	-
   300,000			300,000	300,000
   300,000 Bank of Nigeria(CBN) pursuant to business.The Company has statuto 1,697,888 3,002,910		300,000 300,000
   		Section 10(3) of the Insurance Act,2003. The deposits are
   		ry deposit of =N=300,000,000.00 with (CBN) in line with
   		1,650,581 1,649,215
   		3,376,929 2,924,399
   4,700,798			5,027,510	4,573,614
   4,700,798			5,027,510	4,573,614
   -			-	-
   1,460,168			2,180,681	814,918
   2,943,533			1,677,032	987,723
   719,166			1,226,179	2,770,974
   5,122,866			5,083,892	4,573,614
   -			-	9,599
   -			-	9,599
   -			-	9,599
   -				-
   312,460			485,052	384,687
   312,460			485,052	384,687
   312,460			489,052	384,687
   -			-	-
   2,667			2,667	383
   249,941			422,529	332,785
   59,857			59,857	59,857
   312,460			489,052	393,026

9. Pension Benefits Obligations

   COMPANY

   30-Sep-25 Dec-24 30-Sep-24

   N'000 N'000

   Balance as at the beginning of the period 4,795 1,940 1,940

   Charge to Income Statement 17,550 38,428 19,548

   22,346 40,368 21,488

   Benefit Paid During the Period (17,801) (35,573) (16,512)

   Balance as at end of period 4,545 4,795 4,976

   Current 4,545 4,795 4,976

   Non-Current

   The Company runs a defined contributory plan in accordance with the Pensions Reform Act where contributions are made to approved pension fund administrator.

10. Income Tax Liabilities

a Per Statement of Profit or Loss and Comprehensive Income

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

   Income from statutory Deposit

   Income from placement with Financial Institution With Maturity < 90 Income from placement with Financial Institution With Maturity > 90 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 Incom Fund shall be presented as a sub-note under the Note on Investmen

5. Net gain/(Loss) in Financial Assets

   Exchange gain /(Loss)

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

   Balance at the end of the period

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

   30-Sep-25	Dec-24	30-Sep-24
   N'000	N'000	N'000
   7,994,871	7,301,956	5,701,663
   -	-
   7,994,871	7,301,956	5,701,663
   7,459,800	2,970,950	1,477,004
   909,271	785,883	694,095
   -	-	-
   (374,019)	360,253	100,612
   7,995,051	4,117,087	2,271,711
   (492,801)	34,960	193,461
   3,259,320	3,873,351	2,272,683
   2,766,519	3,908,311	2,466,144
   (3,066,604)	(2,523,241)	(174,326)
   (300,085)	1,385,070	2,291,818
   61,775	37,995	37,665
   63,003	42,014	26,980
   957,571	1,083,299	813,685
   757	1,731	-
   1,083,106	1,165,039	878,330
   260,881	260,881	26,980
   822,225	904,158	851,681
   1,083,106	1,165,039	878,330
   e attributable to policyholder's fun t Income (10,908) 346,306	d and those attributable to Shareholders' 339,227 72,876	16,611 7,859
   335,397	412,103	24,470
   (3,316)	2,998	1,625.00
   (12,963)	14,005	(2,444.98)
   15,469	(15,933)	(417.33)
   (7,118)	8,017	2,742
   -	-	-
   (7,927)	9,088	1,505
   (12,915)	(146,417)
   (12,915)	(35,001)
   68,842	28,552
   68,842	-	28,552
   750	7,117	1,150
   -	207	97
   -	199	-
   3,586	18,579	803
   4,336	26,101	2,050

   Sep-25		Dec-24		30-Sep-24
   N'000				N'000
   	258,722		241,381		244,924
   	34,887		32,391		17,990
   	13,192		17,225		15,054
   	17,550		38,428		19,548
   	16,673		8,307		21,409
   341,024			337,732		318,925
   83,401			66,329		50,682
   62,118			109,449		123,421
   90,650			53,333		78,789
   30,418			36,873		23,750
   39,025			28,006		29,810
   89,907			28,959		42,110
   23,020			30,090		12,790
   7,262			7,149		5,023
   51,648			67,333		45,535
   100,394			67,260		90,250
   59,334			33,384		32,357
   94,559			87,153		79,309
   20,028			10,934		13,204
   50,633			32,684		33,409
   5,258			11,556		4,876
   6,136			6,348		4,250
   29,362			23,877		26,954
   37,809			19,938		14,875
   3,061			1,479		2,052
   11,200			14,518		3,512
   3,670			1,140		2,522
   12,491			1,550		3,550
   911,382			739,341		723,030
   58,684			100,294		117,049
   3,433			9,155		6,372
   62,118			109,449		123,421

   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)