Capital Express Assurance Boasts Profit Of N145.8 Million In 2022

By LOVETH AZODO, Lagos

Capital Express Assurance Ltd has recorded increased profit of N145.8million in 2022, being a 61 percent increase when compared to N90.686 million achieved in 2021.

The Chairman of the Board of Directors Otunba Ademola Adenuga stated this Friday at the company’s 22nd Annual General Meeting in Lagos.

The company’s total asset rose by 11 percent from N12.858 billion to N14,199 billion while total equity increased by 19% from N6.261 billion to N7.427 billion in 2021 and 2022 respectively.

According to Adenuga, the shareholders funds also grew by 19 percent from the 2021 position, he insisted that the increase shows the company’s improved underwriting skills.

Speaking on claims paid during the period under review, he disclosed that the claims paid declined by 24 percent from N3.541 billion in 2021 to N2.701 billion in 2022.

“The company within the period under review focused on result-orirnted strategic actions to remain afloat,” he said.

However, the company’s gross written premium recorded in 2022 was N5.023 billion which is slightly lower that the previous year’s N5.216 billion.

“The 4 percent decline was due to the effect of the Naira design policy, high inflation, fuel and forex scarcity at the year end. May I assure you that the performance for the following yera would be better based on our renewed strategy,” he said.

On IFRS 17, Adenuga stated that the company is almost concluding the implementation of the IFRS 17 standard in line with the released regulatory roadmap.

I assure you that we are working very hard yo moderate the outcomes of the application of the IFRS 17 standard by focusing more on profitable accounts to achieve a good financial outlook.

In his optimism, he said “looking at the year ahead and the expected gradual recovery from the mentioned economic challenges, we would still have to brace ourselves up for tough times.”

On the company’s commitment to technology, he mentioned that the company’s mobile app is available for policyholders to access their policy information adding that it has invested significantly in new technologies in other to create value for its esteemed customers.