Insurance

Regency Alliance posts strong 2024 earnings, eyes N15bn capital raise

Published

5 months ago

October 31, 2025

L-R: Non-Executive Director, Regency Alliance Insurance Plc, Dr. Sammy Olaniyi; Company Secretary, Mrs. Anu Shobo; Chairman, Mr. Clem Baiye; and Managing Director, Mr. Bode Oseni, at the company’s 31st annual General Meeting in Lagos on Thursday

Regency Alliance posts strong 2024 earnings, eyes N15bn capital raise

Regency Alliance Insurance Plc has reported a solid financial performance for the 2024 financial year, with total assets rising by 15.96 per cent to ₦21.86 billion, up from ₦18.85 billion in 2023.

The company’s Chairman, Mr. Clem Baiye, disclosed this while presenting the 2024 financial results at its 31st Annual General Meeting (AGM) held on Thursday.
He attributed the growth to the insurer’s disciplined investment strategy, prudent risk management, and sustained operational resilience amid a volatile economic climate.

According to Baiye, shareholders’ funds also recorded a healthy increase of 19.24 per cent, reaching ₦13.97 billion in 2024 compared to ₦11.72 billion in the previous year.
The equity attributable to the company likewise rose to ₦14.04 billion from ₦11.78 billion.

Regency Alliance’s insurance revenue climbed 20.03 per cent to ₦7.30 billion, reflecting improved underwriting performance and business expansion.

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However, insurance service expenses — which include claims and other technical costs — rose by 46.37 per cent to ₦4.12 billion, up from ₦2.81 billion in 2023.

Despite higher operating costs, Baiye noted that management expenses increased only modestly by 7.66 per cent, underscoring the firm’s commitment to cost discipline.

The company’s investment income also improved to ₦1.17 billion, compared with ₦923 million in the previous year. A fair value gain of ₦170 million was also recorded from the revaluation of investment property.

These gains lifted Regency Alliance’s profit before tax by 19.49 per cent to ₦2.50 billion, while profit after tax grew by 16.73 per cent to ₦2.25 billion, compared to ₦1.93 billion in 2023.

To reward shareholders, the board approved a bonus issue of one new ordinary share for every three held, while also unveiling plans to undertake a rights issue and private placement to raise the required ₦15 billion minimum capital under the new Insurance Industry Reform Act (NIIRA) 2025.

The Managing Director, Mr. Bode Oseni, assured shareholders that the new shares would be allotted and listed on the Nigerian Exchange upon completion of the capital raising exercise.

“The board is convinced that our company has the potential to become a leading force in the non-life insurance space,” Oseni stated.

Regency Alliance posts strong 2024 earnings, eyes N15bn capital raise

Related Topics:capital earnings Regency Alliance

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Insurance

Lasaco Assurance Launches N18.47bn Rights Issue to Strengthen Capital Base

Published

1 week ago

April 3, 2026

Trends Admin

L-R: Deputy Managing Director, Rilwan Oshinusi; Non-Executive Director, Biodun Dosunmu; Betridge; Managing Director, Adeyemo Shobo; Non-Executive Director, Oluwatobiloba Lawal; Fola Tinubu, during a signing ceremony on rights issue of N18.47bn.

Lasaco Assurance Launches N18.47bn Rights Issue to Strengthen Capital Base

Lasaco Assurance Plc has unveiled a ₦18.47 billion rights issue, announcing plans to offer 9,236,321,546 ordinary shares as part of efforts to reinforce its capital base and drive future growth.

The announcement was made during a signing ceremony held at the company’s head office in Lagos, following approvals from the Nigerian Exchange Group (NGX) and the Securities and Exchange Commission (SEC).

Lasaco Assurance Plc

Prior to this development, the company had secured shareholder backing at an extra general meeting, where investors approved the move to raise fresh capital through a rights issue.

Under the terms of the offer, shares are priced at ₦2.00 per share, with each share having a nominal value of 50 kobo. The rights issue is structured on the basis of five new shares for every six existing shares held by shareholders.

According to details released by the insurer, eligibility is limited to shareholders whose names appeared on the company’s register as of the close of business on February 20, 2026. The acceptance list opened on April 2, 2026, and will close on April 24, 2026.

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The capital raise is expected to generate approximately ₦18.47 billion, which will be used to strengthen the company’s underwriting capacity and position it for expansion within Nigeria’s highly competitive insurance industry.

In addition, the rights offered will be tradable on the floor of the Nigerian Exchange Limited, allowing shareholders the flexibility to either subscribe to their allotted shares or sell their rights during the offer period.

Financial advisers to the transaction include Meristem Capital Limited as the Lead Issuing House and PAC Capital as Joint Issuing House.

The move aligns with broader efforts across the insurance sector to meet regulatory capital requirements, enhance balance sheets, and improve capacity to underwrite large-ticket risks across various sectors of the economy.

Speaking on the development, the Managing Director of Lasaco Assurance Plc, Mr. Ademoye Shobo, stated:
“At Lasaco, we will continue to ensure that our capital is always robust, so that we’re able to deliver on the mandates to the general public.”

Lasaco Assurance Launches N18.47bn Rights Issue to Strengthen Capital Base

Insurance

Lasaco Assurance Deepens ESG Integration to Drive Sustainable Growth

Published

3 weeks ago

March 25, 2026

Trends Admin

Lasaco Assurance Deepens ESG Integration to Drive Sustainable Growth

Lasaco Assurance Plc has reinforced its growth strategy through the integration of Environmental, Social, and Governance (ESG) principles, aimed at strengthening resilience, improving governance standards, and delivering long-term value across its operations.

The company said its approach reflects a deliberate alignment of expansion goals with responsible underwriting, sound governance frameworks, and disciplined risk management practices.

Amid evolving regulatory requirements and rising stakeholder expectations, Lasaco noted that sustainability considerations are now being embedded into its core business processes to promote stability, transparency, and consistent performance.

Rather than treating ESG as a separate initiative, the insurer stated that it is incorporating governance oversight, compliance, integrity, and performance accountability into its strategic decision-making processes. This, it said, ensures that growth initiatives are supported by prudent financial management, structured risk evaluation, and strengthened internal controls.

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Speaking on the development, the Managing Director, Ademoye Shobo, stressed the importance of aligning business expansion with responsibility and governance.

“Sustainable growth requires discipline, accountability, and structured risk management. We are integrating ESG principles into our strategic framework to ensure that expansion remains supported by strong governance and responsible operational practices,” he said.

Lasaco further disclosed that it is enhancing its compliance architecture, reporting standards, and governance processes in line with industry requirements. The measures, according to the company, are designed to improve operational resilience, ensure regulatory compliance, and strengthen confidence among policyholders, partners, and other stakeholders.

The firm added that through disciplined governance, structured risk oversight, and responsible execution of growth strategies, it is positioning itself to remain competitive, boost market confidence, and deliver sustained value within Nigeria’s insurance sector.

Lasaco Assurance Deepens ESG Integration to Drive Sustainable Growth

Insurance

Lasaco Assurance Secures Shareholder Commitments to Drive Capitalisation Plans

Published

2 months ago

February 9, 2026

Trends Admin

Lasaco Assurance Secures Shareholder Commitments to Drive Capitalisation Plans

Lasaco Assurance Plc has secured formal commitment letters from its shareholders following its recently concluded Extraordinary General Meeting (EGM), reinforcing confidence in the company’s capitalisation strategy amid ongoing regulatory reforms in Nigeria’s insurance industry.

The commitments provide a clear pathway for the company to proceed with its approved plan to raise additional capital in compliance with the Nigerian Insurance Industry Reform Act and other relevant regulatory requirements.

Speaking on the development, the Acting Managing Director of Lasaco Assurance Plc, Mr. Ademoye Shobo, described the shareholders’ confirmation as a major milestone that brings clarity and certainty to the capital-raising process.

“The commitment letters from our shareholders give us the confidence to move forward with our capitalisation plans in line with the Nigerian Insurance Industry Reform Act and other regulatory guidelines governing the insurance industry. We intend to leverage all available opportunities to raise the approved capital, and our existing shareholders should watch out for our rights issue as part of this process,” Shobo said.

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With shareholders’ support now formally documented, the company is set to actively pursue various funding options to achieve the approved capital raise. Lasaco Assurance plans to deploy a combination of market-based instruments, including a rights issue and other permissible fundraising structures, to ensure efficient and timely capital mobilisation.

Management noted that the shareholder commitments further underscore investor confidence in the company’s growth strategy, corporate governance framework, and long-term business outlook. The planned capital raise is expected to strengthen the company’s balance sheet, enhance its underwriting capacity, and provide greater flexibility for expansion across its core insurance business segments.

As part of the capitalisation process, existing shareholders have been advised to look out for the forthcoming rights issue, which will allow them to participate proportionately in the company’s capital expansion. Lasaco Assurance reaffirmed its commitment to transparency and full regulatory compliance throughout the fundraising exercise.

The company described the capitalisation drive as a strategic move aimed at sustaining competitiveness, improving risk-bearing capacity, and positioning Lasaco Assurance for long-term growth within Nigeria’s insurance market. The initiative also aligns with broader industry efforts to enhance financial resilience and safeguard policyholders’ interests.