Understanding firm Capital Express Assurance Limited said it has paid N2.97billion claims in 2020 financial period.
The Chairman of the company, Otunba Ademola Adenuga, disclosed this during the 20th annual general meeting which held virtually in Lagos.
He assured that the company is commitment to meeting it’s laims obligations to it’s policyholders.
“Claims paid during the period was N2.972bn, 82 per cent more than that of the year 2019.”
On it’s financial performance for the year under review, he said gross premium written appreciated to N6.328billion in 2020 from N4.421billion achieved in 2019, indicating
43 per cent increase.
Proffit after tax stood at N67.8 in the year under review from N463.9million in 2019, while underwriting profit dropped to N1.149billion in 2020 from N1.988billion in 2019, majorly due to the payment of claims and reserve provisions on corporate business.
He noted that yotal asset went up to N11.948billion, an increase of 26 per cent when compared with the preceding year’s figure, while total equity improved to N5.368billion from N4.49billion up by 19.5 per cent from 2019.
He noted that despite the challenges of COVID-19 pandemic in the economy during the year under review, the resilience that the company had built into its operations enabled it to navigate the uncertainty to achieve a high percentage of its set goals and record good result.
“With enhanced IT and repositioning, we ensured that unavoidable losses were controlled to their barest minimum,” he said.
While speaking on its recapitalization stride, he said that despite the gloomy and harsh operating environment, Capital Express Assurance was able to recapitalize to the tune of N4billion minimum paid up share capital stipulated for the first phase of the recapitalization directive of the National Insurance Commission which ended by December 31, 2020.
He said that a sum of N1.019billion was injected to shore-up the company’s paid-up share capital to N4.074billion and the shareholders fund to N5.368billion.
“This will go a long way to protect the business financially, strengthen our balance sheet and position us for long-term growth.”
