Capital Express Life Assurance Limited, has released its financial statement for the year ended 31st December with a growth of N754 million in Profit Before Tax.
This the insurer noted that is a remarkable turnaround from the N4.6 million loss recorded in 2022.
The Chairman of the Board, Otunba Ademola Adenuga, disclosed this at the company’s 23rd Annual General Meeting, held in Lagos, that premium income of N7.892 billion naira in 2023 as against N5.023 billion in 2022 showing an increase of 57% as against 2022.
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.
Adenuga, commended 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.
“Having achieved this feat,” he stated, “Shareholders must familiarize themselves with the new standard to understand the current financial reporting system, enabling you to evaluate the Company’s performance effectively.”
In his remarks, the Managing Director and CEO, Mr. Mathew Ogwezhi, 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 (qNAICOM),” said Mr. 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.
Mr. Ogwezhi also informed the shareholders that the National Insurance Commission (NAICOM) 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 underscores the company’s dedication to fostering synergy and ensuring ease of identification in the market.Looking ahead, the company is embracing cutting-edge advancements to enhance operations and service delivery.
Key initiatives 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: To drive business growth and market penetration, the company is forming new collaborations with fintech companies, health service providers, and technology firms. These partnerships aim to expand the value proposition offered to policyholders, attract new clientele, and strengthen its presence in the insurance ecosystem.
Sustainability and Community Engagement: Recognizing the importance of sustainability, Capital Express Life Assurance Limited is committed to initiatives that positively impact communities. Plans are underway to introduce financial literacy programs aimed at educating the public about the benefits of insurance and fostering long-term financial security.
Capacity Building and Workforce Development: The company is enhancing employee training programs to equip its workforce with the skills needed to leverage emerging technologies and deliver exceptional service.
As the company positions itself for sustained growth, the leadership reiterated its unwavering commitment to delivering superior value to shareholders and policyholders alike.
“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,” Mr. Ogwezhi concluded.
