CAPITAL Express Life Assurance Limited has disclosed that it generated N7.892 billion as premium income in 2023.
The company, which is one of the foremost specialist life insurance firms in Nigeria, stated this at its 23rd Annual General Meeting (AGM) in Lagos.
Otunba Ademola Adenuga, Chairman of the Board lauded the company’s resilience and commitment to excellence and highlighted the successful integration of the International Financial Reporting Standard (IFRS 17) into the company’s operations, a globally recognised standard that enhances financial transparency and comparability.
He said, “Having achieved this feat, shareholders must familiarize themselves with the new standard to understand the current financial reporting system, enabling you to evaluate the Company’s performance effectively.”
He noted the company’s financial achievements, which reflected in the strong performance trajectory of generating a premium income of N7.892 billion in 2023 as against N5.023 billion in 2022 indicating 57 percent increase from 2022 figure.
The company recorded a Profit Before Tax (PBT) of N754 million in 2023, a remarkable turnaround from the N4.6 million loss recorded in 2022.
The Shareholders’ Fund rose significantly, from N6.8 billion in 2022 to N9.22 billion in 2023 while Investment Income grew from N519 million to N1.4 billion.
Total Assets also experienced significant growth, increasing from N14.07 billion in 2022 to N18.18 billion in 2023.
Mathew Ogwezhi, Managing Director/CEO of the firm expressed gratitude for the company’s progress, emphasizing the importance of adaptability and innovation.
He pointed out that the company’s paid-up share capital stood at N8.0 billion from N5.174 billion as of December 31, 2023, while the Shareholders’ Fund peaked at N12.8 billion.
He said, “We are proud to announce that Capital Express Life Assurance Limited has fully met the Risk-Based Capital requirements set by the National Insurance Commission (NAICOM).
“We are also aware of the proposed Insurance Act currently receiving attention at the National Assembly, for life insurance practitioners to operate in that sphere of the industry, and it is with pleasure that we inform our shareholders we are putting in the necessary strategies to ensure we meet up with the requirements when the law comes into effect.
Also, he said that the National Insurance Commission (NAICOM) has approved the company’s name change from Capital Express Assurance Limited to Capital Express Life Assurance Limited in view of the entry of Capital Express Indemnity Insurance Limited, a general business firm into the market, a member of the Capital Express Insurance Group.
The Managing Director/CEO noted that the rebranding underscores the company’s dedication to fostering synergy and ensuring ease of identification in the market, stressing that the company is embracing cutting-edge advancements in technology to enhance operations and service delivery.
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He listed key initiatives to include seamless operations through technology – Capital Express Life Assurance Limited is investing in the adoption of Artificial Intelligence (AI) and advanced digital technologies to optimize claims processing, improve customer interactions and deliver a personalized experience for policyholders.
Strategic Collaborations and Partnerships will enhance the drive for business growth and market penetration; the company is forming new collaborations with fintech companies, health service providers and technology firms.
These partnerships, he noted, aim to expand the value proposition offered to policyholders, attract new clientele, and strengthen its presence in the insurance ecosystem.
He said in sustainability and community engagement, the firm in recognizing the importance of sustainability, is committed to initiatives that positively impact communities, informing that plans are underway to introduce financial literacy programmes aimed at educating the public about the benefits of insurance and fostering long-term financial security.
Also, he said the company is enhancing employee training programmes to equip its workforce with the skills needed to leverage emerging technologies and deliver exceptional service.
According to him, as the company positions itself for sustained growth, the management remains committed to delivering superior value to shareholders and policyholders alike.
Mr. Ogwezhi said, “Our focus remains on leveraging innovation and strategic partnerships to drive business growth while ensuring that we maintain the trust and confidence of our stakeholders”.
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