BY NKECHI NAECHE-ESEZOBOR–Capital Express Assurance Limited on Friday said it’s profit for the year rose by 61 per cent from N90.686 million in 2021 to N145.8 million in 2022.
Otunba Ademola Adenuga, Chairman of the board made the disclosure while speaking at the Company’s 22nd Annual General Meeting (AGM) in Lagos, that despite the hash business environment occasionied by various global and domestic space, the company was able to up it’s total asset and total equity by 11% and 19% from N12.858 billion to N14,199 billion and N6.261 billion to N7.427 billion in 2021 and 2022 respectively.
This he said was funded partially by the Company’s capital injection by way of Investment.
On Claims paid during the period under review declined by 24% from N3.541billion in 2021 to N2.701 billion in 2022 which shows the result of our improved underwriting skills.
The Company within the period under-review focused on result-oriented strategic actions to remain afloat. With these renewed efforts, the Company’s gross premium written was N5.02 billion from N5.2 billion recorded in the previous year. This was slightly lower than the previous year N5.2 billion.
The 4% decline he attributed to the effect of the Naira redesign policy, high inflation, fuel, and forex scarcity year end.
The Investment Income generated by the Company was less than that of the preceding period by almost 77% and this was attributable to the bonus shares received on our stocks in 2021.
On its commitment to the company he said ” Capital Express Assurance remains committed to improving and enhancing technology. “In line with this objective, we have invested significantly in new technologies in order to create value for our esteemed customers.”
He noted that the company has also made efforts at introducing repackaged products to meet clients’ diverse needs.
“Today, our mobile app is available for policyholders to access their policy information.”
On IFRS 17, he said “the Company is almost concluding the implementation of the IFRS 17 Standard in line with the released regulatory roadmap and this would most likely depress the result read here today.
“This trend would continue over time until the Company attains stability with the implementation of the Standard. I assure you that we are working very hard to moderate the outcomes of the application of the IFRS 17 Standard by focusing more on profitable accounts to achieve a good financial outlook.”