Royal Exchange records N897m loss

Auwalu Muktari, Group Managing Director, Royal Exchange Plc
Auwalu Muktari, Group Managing Director, Royal Exchange Plc

Auwalu Muktari, Group Managing Director, Royal Exchange Plc

Royal Exchange Plc has released its full year (FY) 2015 financial results with a N897 million loss compared with a profit of N304.7 million in 2014. Total expenses of the group grew by 6.1 percent or N187.3 million to a negative position of N3.3 billion from N3.1 billion recorded in 2014.

The result further showed that the firm recorded a net premium income of N8.08 billion, an improvement from N7.37 billion declared in 2014.

Royal Exchange earlier in June sought for more time to release its financial statements in a bid to deter sanctions from regulatory authorities. Royal Exchange Plc has a group structure comprising 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).

It recently confirmed the appointment of Auwalu Muktari as the substantive group managing director.

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