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1. New Africa
House,
31, Marina,
P. O. Box 112,
Lagos.
Tel: 234-01-2663120, 2663143, 2663191,
2663197, 2663202, 2663218;
Fax: 134-01-2664431;
Telegrams: FOXHOUND Lagos.
Telex: 26614 REAN NG.
E-mail info@royalexchangeplc.com.
Website: www.royalexchangeplc.com
2. Nature of Business:
Insurance, Indemnity, Trusteeship, Management of Investment and Funds
3. Date of Incorporation:
A branch of the hitherto parent company, Royal Exchange
Assurance London was established in Lagos
on February 28th, 1921. The company was incorporated as a Private Limited
Liability Company on 29th December, 1969. Also registered as a Public
Limited Liability Company on 18th July, 1989
4. Date Listed on The Exchange:
3rd December, 1990
5. NSE Classification:
Other Financial Institutions
6. Board of Directors:
Mr. Kenneth Ezewani Odogwu - (Chairman)
Mr. Allan Walmsley, (GMD/CEO)
Mr. Daniel Magerle
Chief Uwadi Okpa-Obaji
Mr. Adegboyega Ojora (mni)
Alhaji Muhtar Bello
Yola
Alhaji Ahmed Rufai Mohammed
Chief Anthony Ikemefuna Idigbe, SAN
Mrs. Cecilia Ekanen Madueke
7. Company Secretary:
Sheila Ezeuko (MS)
New Africa House
31, Marina, Lagos.
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8. Auditors:
Akintola Williams Deloitte
(Chartered Accountants)
KPMG House
235, Ikorodu
Road,
Ilupeju, Lagos.
Tel: 234-01-4930720-4
Fax: 234-01-4970023
Website: www.deloitte.com
9. Company Registrars:
City Securities (Registrars) Limited,
Primrose Tower (2nd Floor)
17A, Tinubu
Street, Lagos.
Tel: 234-01-2665944 - 53, 2641298, 7924462
Fax: 234-01-2714729
10. Number of employees
219
11. End of Accounting Year
31st December
12. Analysis of Shareholding:
Spennymoor Ltd, Jersey C.
I. - 39.12%
Royal Exchange Assurance UK - 0.00%
Nigerian Governments
- 0.29%
Dantata Invest. & Securities Ltd. - 19.12%
Phoenix Holdings Limited
- 3.57%
Mandilas Trust Compay Limited - 2.77%
Chief (Dr.) S. I. Odogwu, OFR 5.19%
Other Nigerian Citizens and Asso. - 29.94%
12. Capital Structure
i. Authorised:
N4,250,000,000.00
ii. Paid-Up:
N1,529,949,000.00
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FIVE-YEAR FINANCIAL SUMMARY
ASSETS
EMPLOYED 2007 2006 2005 2004 2003
N‘000 N‘000 N‘000 N‘000 N‘000
Cash and bank deposits 1,041,752 890,635 1,365,432 807,775 244,099
Short-term investments 2,057,824 112,800 122,349 155,082 252,707
Debtors and prepayments 1,582,611 897,082 446,522 554,887 409,647
Deferred acquisition costs 70,297 69,242 59,675 - -
FGN treasury bills 81,907 10,000 20,000 21,845 1,162,134
Long term investments 36,030,292 2,949,662 2,373,343 2,759,248 1,062,833
Investment properties 2,533,785 888,617 858,187 853,105 744,108
Statutory deposit with CBN 555,000 35,000 35,000 35,000 13,500
Fixed assets 635,336 188,503 138,103 134,399 135,013
Goodwill 993 - - - -
————— ————— ————— ————— ————
Total assets 15,582,117 6,041,541 5,418,611 5,321,341 4,024,041
======== ======= ======= ======= ======
Bank overdraft 77,765 204,668 74,884 4,465 -
Creditors and accruals 1,290,055 853,300 486,634 619,403 530,112
Outstanding claims 606,860 413,754 292,391 323,077 276,874
Insurance funds 1,267,301 169,913 291,921 362,559 409,011
Deposit for shares 130,226 - - - -
Tax payable 243,112 34,048 57,308 69,585 60,800
Dividend payable 1,301 36,327 252,806 265,715 182,194
Deferred taxation 49,141 2,306 19,907 20,968 21,581
————— ————— ————— ————— ————
3,665,761 2,833,948 2,691,023 2,828,097 2,260,100
======== ======= ======= ======= ======
CAPITAL AND RESERVES:
Share capital 1,679,949 800,903 800,903 533,935 427,148
Contingency reserve 445,786 378,880 330,093 292,860 240,621
General reserve 765,717 452,797 365,000 302,383 256,081
General reserve fund 193,493 94,171 44,611 74 -
Share premium account 3,583,672 69,641 69,641 69,641 336,609
Bonus issue reserve 167,995 - - 266,968 106,787
Revaluation reserve 2,041,863 396,695 396,695 396,695 396,695
Investment revaluation reserve 3,037,881 1,014,506 765,256 630,762 -
————— ————— ————— ————— ————
Shareholders’ funds 11,916,356 3,207,593 2,727,588 2,493,244 1,763,941
————— ————— ————— ————— ————
15,582,117 8,041,541 5,418,611 5,321,244 4,024,041
======== ======= ======= ======= ======
TURNOVER AND PROFIT:
Gross premium 3,097,268 2,394,325 2,068,760 1,893,518 1,626,461
======== ======= ======= ======= ======
Premiums earned 2,168,534 1,500,708 1,095,974 953,669 860,379
======== ======= ======= ======= ======
Profit/(loss) before
taxation
and exceptional income 678,695 (38,258) 171,908 308,576 267,911
Exceptional income - 219,269 - - -
Profit after taxation 543,645 178,711 133,549 258,227 217,138
Dividend - - 80,090 160,181 128,145
Earnings per 50k share
(basic) 0.16 0.11 0.08 0.24 0.25
Earnings per 50k share
(diluted) - 0.11 0.08 0.16 0.14
Net assets per share 3.55 2.00 1.70 2.33 2.06
Dividend per 50k share
(actual) - - 0.05 0.15 0.15
Dividend per 50k share
(adjusted) - - 0.05 0.08 0.08
Dividend cover (times) - - 1.67 1.62 1.69
NOTE:
Earnings per share are based
on profit after taxation and the number of issued ordinary share capital at
31st December of each year.
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