Despite the rising economic challenges in the country, underwriting firm, Capital Express Assurance, improved its total assets to N12.858 billion in the year 2021, compared to N11.95 billion recorded in the previous year.
Speaking during the firm’s 21st yearly general meeting in Lagos, the chairman of the board, Otunba Ademola Adenuga, said the performance was driven by growth across all lines of business.
According to him, despite the challenges occasioned by the COVID-19 pandemic, the company remained resilient, delivering growth in total assets and profits in the year 2021.
He said the company recorded a profit after tax of N90.68 million, an increase of 33.6 per cent as against N67.88 million posted in 2020. Its total equity rose by 16.6 per cent from N5.37 billion to N6.26 billion.
“Claims expenses increased marginally to N2.98 billion, while, “prompt settlement of claims is our flagship and we will continue to forge ahead in this regard,” he maintained.
However, the company’s Gross Written Premium (GWP) was N4.412 billion in the year under review, a decrease when compared with the N6.33 billion achieved in the preceding year.
Adenuga further stated that as global constraints began to ease paving the way for gradual restoration of the commodity supply chain, the expansion would follow, while opportunities for growth will be unlocked.
The Chairman praised the management, staff, and all shareholders for their responsive roles across the organisation to ensure the company continues its promise to deliver top life insurance services in the Nigerian market, leveraging on its renewed digitalisation drive.
In his words: “The Nigerian insurance industry witnessed a 10 per cent growth, compared to a negative 13 per cent recorded in 2020. There is a rekindled hope that the renewed insurance awareness will improve Nigeria’s insurance penetration and growth in the coming years.”
Whilst speaking on the company’s initiative to drive insurance through digital platforms, the chief executive officer of the firm, Adebola Odukale informed the gathering that Capital Express introduced its mobile app and USSD channels to make it easy for the insuring public to get life insurance covers and easily process their claims.