From left: Sheila Ezeuka, Company Secretary/General Counsel; Ebelechukwu Nwachukwu, Managing Director/CEO, Rex Insurance Limited; Abayomi Kayode, Chief Finance Officer of the company and Adesola Akintayo, ED Technical, during the media briefing held in Lagos recently.
BY NKECHI NAECHE-ESEZOBOR—Rex Insurance Limited has release its 2024 financial statements announcing a growth of 72% in its gross written premium to N28.76 billion, from N15.47 billion achieved in 2023.
Ebelechukwu Nwachukwu, Managing Director/CEO, of the company disclosed this during a press conference held in Lagos, that despite large claim that impacted on its financial standing, the company was able to grow its GWP by 72%.
She said the company exceeded its financial targets, stating that the “results are a testament to the strength of our business model, the dedication of our exceptional team, and the success of the our long-term strategy.”
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“Our vision is to continuously reinvent ourselves to be more responsive to our customers’ needs; by adopting a customer-centric approach across all business units and investing in our people and technology, we aim not only to enhance our service offerings but also to become one of the best places to work, aligning with our core values.
“We successfully met our obligations and settled the claim in a timely manner. This highlights our operational resilience and commitment to maintaining the trust of our clients. Throughout the year, we focused on optimizing processes, including improving claims turnaround time, which helped stabilize our performance and ensure continued growth and profitability.”
Strategic Drivers of Profitability
Nwachukwu explained that the company’s 2024 performance was driven by deliberate strategic actions in three key areas:
Underwriting Discipline & Portfolio Mix: We were proactive in managing our portfolio, re-pricing risks appropriately and shifting focus towards more profitable lines of business. This disciplined approach was crucial in mitigating the impact of the high claims environment.
Operational Excellence & Cost Control: In a period of industry-wide pressure, our relentless focus on operational efficiency protected our bottom line. We leveraged technology to streamline processes and manage administrative costs, ensuring that our margins were preserved.
Strengthening Client Relationships: Our growth in revenue is a direct result of our focus on deepening relationships with our core clients and providing them with unparalleled service, which ensures loyalty and retention even in a competitive market.
REXIT – Team Effort :The past year presented significant challenges for the entire insurance industry. The elevated level of claims activity was a key test. Our ability to not only withstand this pressure, but to emerge with a strong profit is credit to the expertise, agility, and hard work of the entire Rex team. I extend my sincere gratitude to every one of our employees for their exceptional commitment.
Looking Ahead
Nwachukwu expressed optimism about the company’s future. “Our 2024 results tell the story of a resilient and well-managed company. We have proven our ability to generate profit in a tough market, and we are entering 2026 with strong momentum and clear strategic priorities.
“I, alongside the board and management of Rex Insurance, strongly believe that the future is very bright for our company, and we are on the right track for growth and sustained profitability in the years ahead,” she assured.
Presenting the figures, Abayomi Kayode, Chief Finance Officer, Rex Insurance Limited disclosed that a total of N30.2billion was paid as claims to policyholders when compared with N4.3 billion paid in 2023.
He said the General insurance company, also grew profit before tax to N880.7 million. This he said the company was able to achieve due to its focus on operational efficiency and diversified income streams.
The insurer’s total assets stood at N56.10 billion in the year under review as against N44.57billion recorded in the previous year of 2023 while shareholders’ fund rose to N19.15 billion when compare N10.04 billion in 2023.
Following its robust performance, the board recommended a dividend payment of N300 million to shareholders.
Kayode confirmed that the company’s 2024 financial statements have been audited and approved by the National Insurance Commission (NAICOM).
Key highlights/ Achievements FY2024
- Insurance revenue: N26.6 billion
- Gross Written Premium: N28.76 billion, a 72% increase from 2023.
- Claims Paid:N30.2 billion
- Shareholders’ Funds: N19.15 billion.
- Assets: N56.10 billion.
- Profit Before Tax: N880 million.
- Claims Payment: N30.2 billion
- profit before tax of N880.7 million
