The Directors of Regency Alliance Insurance Plc have recommended an increase in the issued capital of the company to further strengthen, to Article 134 of the Company’s Articles of Association. The Directors recommend that the sum of N2,667,500,000 from the Retained Earnings Account be capitalised and set free for distribution amongst holders of ordinary Shares of the Company in proportion to the Shares held by them respectively on that day.
The Bonus issue is to be distributed and credited as fully paid up to and amongst the said holders of ordinary shares in proportion of 4 (four) ordinary shares of 50kobo for 5(five) ordinary shares of 50Kobo held by them on qualification date. Such new Shares shall rank for all purpose Pari passu with the existing issued Ordinary Shares of the Company.
The Group reported Gross Earnings of N7.844 billion of the year ended 31 December 2023, up by 32.68% from N5.912 billion recorded the previous year.
Profit after tax of N1.944 billion was reported for the 12 months period, up by 226.83% from N594.736 million reported in FY 2022.
Earnings per share of the Group stands at N0.29.
At the share price of N0.45, the P/E ratio of Regency Alliance Insurance stands at 1.54x with earnings yield of 64.77%.