Royal Exchange Plc has released its full year (FY) 2015 financial results showing a N897 million loss compared to a profit of N304.7 million declared in 2014.
Total expenses of the group of companies also extended by 6.1 percent or N187.3 million to a negative position of N3.3 billion from N3.1 billion recorded in 2014.
Royal Exchange Plc had earlier this month sought for the possibility of further extending the release date of its financial statements in a bid to deter sanctions from regulatory authorities as it has been marked as one of the companies operating below listing standard (BLS) by the Nigerian Stock Exchange (NSE) for Non-Rendition of its 2015 Audited Financial Statements and Non Rendition of First Quarter Interim Report 2016.
Further perusal of the recently released 2015 financials show that the group of companies recorded a net premium income of N8.08 billion an improvement from N7.37 billion declared in 2014.
Royal Exchange Plc which has a group structure comprising of five subsidiaries namely: Royal Exchange General Insurance Company Limited (Non-Life Insurance Services), Royal Exchange Prudential Life Plc (Life Assurance Services), Royal Exchange Finance and Investments Limited (Financial Advisory Services), Royal Exchange Healthcare Limited (HMO and Health Insurance), and Royal Exchange Microfinance Bank Limited (Banking Services) also recently confirmed the appointment of Alhaji Auwalu Muktari, as the substantive group managing director.
The chairman of the company affirmed the board of directors believe in Muktari’s ability to drive the group towards greater profitability and growth in the years ahead, adding that with Muktari’s extensive experience and knowledge of the insurance industry, his primary assignment would be to drive the continuous growth and profitability of Royal Exchange and make the company a market leader in the financial services industry in Nigeria.