Underwriter declares N5.02 GWP

Capital Express Assurance Limited has recorded growth across key performance indicators in its 2022 financial year-end, recording N5.02 billion gross written premium (GWP) in the 2022 financial year.

Similarly, it paid N2.7 billion claims to policyholders at the end of December 2022 financial year, declining from N3.54 billion claims paid in the corresponding period of 2021.

Speaking at the firm’s 22nd yearly general meeting, the Chairman, Otunba Adenuga, said a drop in claims paid showed the results of the firm’s improvement in underwriting skills.

He said the four per cent decline in its GPW was due to the effect of the naira redesign policy, high inflation rate and forex scarcity.

“I assure you that the performance of the following year will be better based on renewed strategy,” he told the shareholders.

According to him, the investment income generated by the company was less than that of the preceding period by almost 77 per cent. He attributed it to bonus shares received in 2021.

The chairman said: “Profit for the year rose by 61 per cent from N90.69 million in 2021 to N145.8m in 2022.

“The total asset and total equity of the company improved by 11 per cent and 19 per cent from N12.86 billion to N14.2 billion and N6.26bn to N7.43 billion in 2021 and 2022 respectively. This was funded partially by the company’s capital injection by way of investment properties to the tune of N1.1 billion,” he said.

Despite the challenges in the economy, he said, the company leveraged inherent opportunities that enabled it to record improved performance being reviewed.

Adenuga said: “Capital Express Assurance remains committed to improving and enhancing technology. In line with this objective, we have invested significantly in new technologies to create value for our esteemed customers.”