BusinessDay
NigeriaDecides2023

Capital Express Assurance total asset hits N12.8 billion in 2021

Capital Express Assurance Limited has increased its Total Assets to the tune of N12.858 billion in the year 2021, an increase over theN11.95 billion recorded in the previous year.

Otunba Ademola Adenuga, chairman of the board made the disclosure while speaking at the Company’s 21st Annual General Meeting (AGM) in Lagos.

He stated that despite the challenges occasioned by the COVID-19 pandemic, the company remained resilient, delivering growth in total assets and profits respectively in the year 2021.

He stressed that the company recorded a Profit after tax of N90.68 million, an increase of 33.6 percent as againstN67.88 million in 2020,while Total Equity rose by 16.6 percent from N5.37 billion to N6.26 billion.

Claims expenses increased marginally to N2.98 billion, while “prompt settlement of claims is our flagship and we will continue to forge ahead in this regard” he maintained.

However, the company’s Gross Written Premium (GWP) was N4.412 billion in the year under review, a decrease when compared with the N6.33 billion achieved in the preceding year.

Adenuga further stated that as global constraints began to ease following the COVID-19 pandemic, paving the way for gradual restoration of commodity supply chain, expansion surged with opportunities for growth unlocked.

The Chairman praised the management, staff, and all shareholders for their responsive roles across the organization to ensure the company continues its promise to deliver top life insurance services in the Nigerian market, leveraging on its renewed digitalization drive.

In his words, “the Nigerian insurance industry witnessed a 10 percent growth, compared to a negative 13 percent recorded in 2020. There is a rekindled hope that the renewed insurance awareness will improve Nigeria’s Insurance penetration and growth in the coming years.”

Whilst speaking at the AGM on the company’s initiative to drive insurance through digital platforms, Adebola Odukale, MD/chief executive officer informed the gathering that Capital Express introduced its Mobile App and USSD channels to make it easy for the insuring public to get life insurance covers and easily process their claims.

Read also: Why Every Home Needs an Insurance Protection?

She said, “We’ve created and launched our Mobile App for customers to be able to get different life insurance policies, make premium payments, monitor the status of their policies in the company and process their claims faster without walking into our physical branches.

“These platforms are interactive and give our policyholders the opportunity to engage us and seek clarification on things they need to know about their policies with the company.”

By using the USSD code, *347*01#, the managing director said existing customers and intending policyholders can have access to the company’s diverse products from any part of the country.

She also notes that the digital platforms allow the users to renew their policies, lodge any complaint and track all transaction records which are well detailed on the App.”

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