Underwriter declares N7.8 billion revenue

An underwriter, Capital Express Life Assurance, said it generated a premium income of N7.892 billion in 2023 as against N5.023 billion in 2022, showing an increase of 57 per cent.

The insurer’s profit before tax was N754 million in 2023, a remarkable turnaround from the N4.6 million losses recorded in 2022.

Speaking to shareholders at the 23rd yearly general meeting, the firm’s chairman of the board, Otunba Ademola Adenuga, said the shareholders’ fund rose significantly, from N6.8 billion in 2022 to N9.22 billion in 2023, while investment income grew from N519 million to N1.4 billion.

The total assets, it said, also experienced significant growth, increasing from N14.07 billion in 2022 to N18.18 billion in 2023.

Adenuga commended the company’s resilience and commitment to excellence while highlighting the successful integration of the International Financial Reporting Standard (IFRS 17) into the company’s accounting.

Also commenting on the financial performance of the insurer, the Managing Director/Chief Executive Officer, Mathew Ogwezhi, expressed gratitude for the company’s progress, stressing the importance of adaptability and innovation.

Ogwezhi noted that the company’s paid-up share capital now stands at N8 billion from N5.174 billion on December 31, 2023, while the shareholders’ fund reached N12.8 billion.

“We are proud to announce that Capital Express Life Assurance Limited has fully met the Risk-Based Capital requirements set by the National Insurance Commission (NAICOM).

“We are also aware of the proposed Insurance Act currently receiving attention at the National Assembly, for life insurance practitioners to operate in that sphere of the industry, and it is with pleasure that we inform our shareholders we are putting in the necessary strategies to ensure we meet up with the requirements when the law comes into effect,” he added.

Ogwezhi also informed the shareholders that the regulator has approved the company’s name change from Capital Express Assurance Limited to Capital Express Life Assurance Limited given the entry of Capital Express Indemnity Insurance Limited, a general business firm into the market.

The rebranding, he said, underscores the company’s dedication to fostering synergy and ensuring ease of identification in the market.