Capital Express Assurance Posts N5.02bn Gross Written Premium

Capital Express Assurance Limited recorded N5.02 billion Gross Written Premium (GPW) in its 2022 financial year end.

This was, however, slightly lower than the previous year’s N5.22 billion.

Similarly, it  paid N2.7 billion claims to its policyholders at the end of December 2022 financial period even as the figure declined from N3.54 billion claims paid in the corresponding period of 2021.

The chairman of the company, Otunba Babatunde Adenuga, while speaking  during its 22nd annual general meeting in Lagos, at the weekend, noted that the drop in claims paid showed the results of the firm’s improved underwriting skills.

He said the four per cent decline in it’s GPW) was due to the effect of the naira redesign policy, high inflation rate, fuel, and forex scarcity at the year end.

“May I assure you that the performance of the following year would be better based on our renewed strategy,” he assured 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 this to bonus shares received on its stocks 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 the performance being reviewed, attesting to its resilient brand.

Adenuga said: “Capital Express Assurance remains committed to improving and enhancing technology.

“In line with this objective, we have invested significantly in new technologies in order to create value for our esteemed customers.

“The company has also made an effort to introduce repacked products to meet clients’ diverse needs. Today, our mobile app is available for policyholders to access their policy information.”