Life specialist underwriter, Capital Express Life Assurance Limited has returned to profitability at the end of 2023 financial year, having positioned itself growth and increased shareholder value.
The company recorded a Profit Before Tax of N754 million in 2023, a turnaround from the N4.6 million loss recorded in 2022, according to result announced at its 23rd Annual General Meeting (AGM) held in Lagos.
Ademola Adenuga, chairman, Board of Directors speaking at the AGM commended the company’s resilience and commitment to excellence.
He shared notable financial achievements, showing a premium income of N7.892 billion naira in 2023 as against N5.023 billon in 2022, indicating a 57 percent increase.
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The Shareholders’ fund also rose, moving 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 grew, increasing from N14.07 billion in 2022 to N18.18 billion in 2023.
Mathew Ogwezhi, managing director/CEO expressed gratitude for the company’s progress, emphasizing the importance of adaptability and innovation.
He noted that the company’s paid-up share capital today stood at N8.0 billion from N5.174 billion of December 31, 2023, while the Shareholders’ Fund reached N12.8 billion.
“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),” said Ogwezhi.
“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.
Ogwezhi also informed the shareholders 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.
This rebranding he noted underscores the company’s dedication to fostering synergy and ensuring ease of identification in the market.
Looking ahead, the company is embracing innovations to advance operations and service delivery.
Key initiatives include seamless operations through technology, strategic collaborations and partnerships; sustainability and community engagement; as well as capacity building and workforce development.
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