BY NKECHI NAECHE- ESEZOBOR-+The older the wine, the sweetest the taste’ says a proverb. This was specifically coined for REX Insurance Company, who remains one of the oldest insurers in the country, hence, has a buildup experience in general insurance business that has continued to define its name.
Despite being there for long, it continues to stand the test of time with its evolving mindset, updating and upgrading its personnel and system to stay relevant.
Financial performance
REX boast of an Authorized Share Capital of NI0.04billion made up of 10.04billion ordinary shares of NI each and an Issued and.paid-up capital of N10.04billion.
As at December 31, 2023, its Shareholders’ Funds stood at N15.7billion with Total Assets of N56.21billion
Insurance revenue rose from N13,924,368 billion in 2022 to N15,417,643 billion as at the of 2023 while Profit before taxation appreciated to N4,115,255billion from N882,629million achieved in 2022.
Profit after taxation increased in excess of N3,190,348billion when compared to N938,390 million recorded in the previous year.
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Business Focus
The company is one of the few insurance companies in Nigeria that has secured an Oil and Gas treaty to enable it to position itself for active participation in the emerging domestication of Oil and gas risks underwriting due to the Local Content Policy of the Federal Government of Nigeria.
REX is a strong brand in the insurance sector, highly rated within the industry for experience in the business among other virtues. The company said, it would continue to ensure its relevance in the environment in which it operates by reinventing itself continuously, refreshing its strong brand with emphasis on experience and competence.
Speaking on the company’s objective,the MD/CEO of the company, Ebelechukwu Nwachukwu said, “for us at REX our objective is to be the insurer of choice in the Corporate, Retail, and Agriculture insurance segments of the market, and ultimately to be a Tier-1 insurance company in Nigeria within the next five years, hence, the need to project a brand that properly represents us.
“To achieve this, we needed to rebrand the company – undertake office location improvements (look and feel of our branches nationwide), develop a new corporate headquarters in Lagos, focus on enhancing the customer experience journey, use technology to service our customers faster, pay claims promptly and be the insurer of choice in Nigeria,” she pointed out.
Nwachukwu added that, “all our processes and functions are fully tech-driven, and our customers will be able to engage us digitally from anywhere in the world without hitches. We seek to innovate and lead across key market segments while ensuring we operate within regulatory boundaries.”
Products
With Rex Insurance, you’re covered against all classes of risks. Its arrays of products are designed to make sure nothing gets in the way of your happiness. The products are: Motor Insurance, Fire Insurance, Marine Insurance, Agric Insurance, Aviation Insurance and Liability insurance.
Biography
The company started operations in Nigeria represented by Barclays Bank DCO in 1918. A branch of the then parent company, Royal Exchange Assurance, London, (REA), was established in Lagos on February 28, 1921.
REA was founded in 1720 and was one of the first two insurance companies to receive legal status by Royal Charter. Originally established for marine business, REA expanded within a year to include fire and life insurance as well, thereby becoming Britain’s first composite insurer.
The establishment of the branch in Nigeria was the result of the expansion drive of REA in the early 20th century.
Pursuant to Section 396(2) of the then Companies Act of 1968, the company was, on December 29, 1969, reconstituted and incorporated as a Private Limited.
Liability Company, the Royal Exchange Assurance (Nigeria) Limited went public on July 18, 1989 and was duly listed on the Nigerian Stock Exchange on December 3, 1990.
The company elected to split its operations into Life and General Businesses during the 2007 recapitalization exercise. Upon this decision, Royal Exchange General
Insurance Company Limited (REGIC) was adopted as the name to underwrite general business.
The company transitioned into Rex Insurance Limited in June 2024.
REX has one of the largest branch networks in its sector with over 15 branches nationwide and 7 business directorates. The.company enjoys long dated relationship with local and international reinsurers.
