In its 2022 fiscal year, Capital Express Assurance Limited recorded a Gross Written Premium (GPW) of N5.02 billion. However, this marked a slight decrease from the previous year’s N5.22 billion.
Similarly, the company disbursed N2.7 billion in claims to its policyholders by the end of December 2022. This figure was lower than the N3.54 billion in claims paid during the same period in 2021.
During the company’s 22nd annual general meeting held in Lagos, Otunba Babatunde Adenuga, the chairman, highlighted that the reduction in claims paid reflected the positive outcome of the firm’s enhanced underwriting expertise.
He attributed the four percent decline in GPW to factors such as the naira redesign policy, elevated inflation rates, fuel costs, and forex shortages at the conclusion of the year.
“May I assure you that the performance of the following year would be better based on our renewed strategy,” he assured the shareholders.
He mentioned that the company’s generated investment income was nearly 77 percent lower than the previous period, which he attributed to the receipt of bonus shares on its stocks in 2021.
The chairman said: “Profit for the year rose by 61 percent from N90.69 million in 2021 to N145.8m in 2022.
“The total asset and total equity of the company improved by 11 percent and 19 percent 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.”
