Rex Insurance Limited has compensated its policyholders who suffered insured risks in its 2024 financial year with N30.2 billion.
The claims paid were meant to return the affected policyholders to the financial positions they were in before disaster struck.
Disclosing this at a media parley at the company’s headquarters in Victoria Island, Lagos, at the weekend, the managing director/CEO, Mrs Ebelechukwu Nwachukwu, disclosed that the claims paid demonstrated a strong capacity to meet client obligations.
She said, “The market-wide rise in claims activity was evident, with our claims reaching N30.2 billion. This underscores the importance of proactive risk management and prudent reserving practices, which allowed us to remain profitable despite this pressure.”
She disclosed that the insurer’s gross written premium(GPW) was N28.76 billion in 2024, a 72 per cent increase from 2023. Profit Before Tax was N880 million, Total Assets rose to N56.10 billion, and Shareholders’ Funds were N19.15 billion.
On the company’s Bottom-Line resilience, she stated that “our focus on operational efficiency and diversified income streams enabled us to deliver a profit before tax of N880.7 million. The fact that we achieved this level of profitability in the face of significant claims highlights our business model’s underlying strength and resilience. As a result of this robust performance, the company has paid a dividend to its shareholders.”
She said that the company is proactive in managing its portfolio, re-pricing risks appropriately, and shifting focus towards more profitable lines of business. This disciplined approach was crucial in mitigating the impact of the high claims environment.
Promising to strengthen Client Relationships, he noted that the revenue growth is a direct result of the firm’s focus on deepening relationships with its core clients and providing them with unparalleled service, which ensures loyalty and retention even in a competitive market.
In conclusion, she said: “Our 2024 results tell the story of a resilient and well-managed company.
We have proven our ability to generate profit in a tough market, and we are entering 2026 with strong momentum and clear strategic priorities. “
