Rex Insurance Plc has announced impressive financial results for the 2024 financial year, reporting strong top-line growth and resilient profitability despite a challenging operating environment and significant claims payout.

At a press conference held in Lagos at the weekend, the company’s management said gross written premium rose by 72 per cent to N28.76 billion, up from N16.7 billion in 2023.

Total assets stood at N56.1 billion, while shareholders’ funds closed at N19.15 billion, reflecting growing market confidence.

The company also disclosed that it paid out a total of N30.2 billion in claims during the year, demonstrating its robust capacity to meet obligations and maintain customer trust.

Despite the high-claims environment, Rex Insurance delivered a profit before tax (PBT) of N880.7 million, underscoring the strength of its business model and disciplined underwriting approach.

Speaking at the event, the Managing Director and Chief Executive Officer of Rex Insurance described 2024 as a year marked by “resilient growth, strategic discipline, and relentless focus on customers.

“Despite a complex and dynamic economic environment, the insurer is meeting its financial targets. These results reflect the dedication of our exceptional team, the strength of our strategy, and our unwavering commitment to customers,” he said.

He explained that the company’s success was driven by three key strategic levers: underwriting discipline, operational efficiency and strengthened client relationships.