Capital Express Life Assurance Limited has made a remarkable comeback to profitability, closing its 2023 financial year with significant growth and enhanced shareholder value. The company reported a Profit Before Tax of ₦754 million, a sharp turnaround from a ₦4.6 million loss recorded in 2022.
The impressive results were announced during the company’s 23rd Annual General Meeting (AGM), held in Lagos, where the leadership shared insights into the company’s financial performance and strategic direction.
Resilient Performance Amid Industry Challenges
Speaking at the AGM, the Chairman of the Board, Ademola Adenuga, praised the company’s resilience and commitment to excellence. He highlighted a 57% increase in premium income, which rose from ₦5.023 billion in 2022 to ₦7.892 billion in 2023.
Other notable financial milestones included:
- Shareholders’ Fund: Increased from ₦6.8 billion in 2022 to ₦9.22 billion in 2023.
- Investment Income: Grew from ₦519 million in 2022 to ₦1.4 billion in 2023.
- Total Assets: Expanded from ₦14.07 billion in 2022 to ₦18.18 billion in 2023.
Strategic Compliance and Rebranding
Managing Director/CEO, Mathew Ogwezhi, expressed gratitude for the company’s progress, underscoring the importance of innovation and adaptability in driving growth. He noted the company’s paid-up share capital increased to ₦8.0 billion from ₦5.174 billion as of December 31, 2022, with the Shareholders’ Fund reaching ₦12.8 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),” said Ogwezhi.
He further highlighted the company’s readiness to align with the proposed Insurance Act under consideration in the National Assembly, positioning Capital Express to meet regulatory standards for life insurance practitioners.
Ogwezhi also announced that NAICOM had approved the company’s rebranding from Capital Express Assurance Limited to Capital Express Life Assurance Limited. This change reflects the company’s focus on life insurance and aligns with the entry of Capital Express Indemnity Insurance Limited, a general business subsidiary under the Capital Express Insurance Group.
“This rebranding demonstrates our dedication to fostering synergy within the group and ensuring ease of identification in the marketplace,” Ogwezhi stated.
A Future of Innovation and Sustainability
Looking ahead, the company is prioritizing innovation to enhance operations and service delivery. Key initiatives include:
- Leveraging technology to streamline processes.
- Building strategic partnerships and collaborations.
- Emphasizing sustainability and community engagement.
- Investing in workforce development and capacity building.
With these strategies in place, Capital Express Life Assurance Limited is poised to solidify its position as a leading life insurer in Nigeria, creating long-term value for its shareholders and delivering exceptional service to its clients.
