Firm posts N4.9b profit

Poised to increase shareholders, value and boost profitability in the insurance sector of the economy, Capital Express Assurance Limited, has posted a profit before tax of N4.93 billion in its financial year ended 2015. This is an increase of N1.9 billion over 2014’s earning, which signifies increase of 243 per cent.

The firm through an investment income of N163 million in the year under review, in the previous year, it made N96.7 million, a 70 per cent increase.The company’s management expenses stood at N957 million from N850 million while its net claims expenses rose from N1.87 billion to N1.4 billion.

The Chairman, Otunba Ademola Adenuga, who made this known in his valedictory statement at the company’s 15th Annual General Meeting (AGM), announced his resignation from the board.

He said this was in compliance with the Corporate Governance Code of the National Insurance Commission (NAlCOM), which limits the tenure of directors.Adenuga said that the company’s key drivers behind the financial success were its focused growth plan and a culture of high performance.

He said that the desire to deliver superior customer service had continuously driven it to push the limit of service innovation and that its service delivery was centered on its core value of excellence.

The chairman said that it was aware of future challenges and the difficult terrain but that it would be diligent in realigning its strategies to harness emerging opportunities in the market.

He said that the value chain of its traditional strength in its corporate business would be fully exploited to impact on the retail business production and its newly acquired technology platform would be optimised to drive its operations.“Our modest achievement in 2015 provides us the confidence to scale even greater heights in the years ahead,” he said.