Capital Express Assurance Grows Profit by 61%

Ebere Nwoji

Capital Express has announced that its profit growth rose to 61 per cent in 2022.

The Chairman of the  underwriting company’s board, Ademola Asenuga, made the disclosure while speaking at the  22nd Annual General Meeting (AGM) of the firm in Lagos.

He said  despite the harsh  business environment operating firms waded through during the year under review, the  company was able to grow  it’s total asset and equity by 11 percent and 19 percent respectively from N12.858 billion to N14,199 billion and N6.261 billion to N7.427 billion in 2021 and 2022 respectively. 

This he said was funded partially by  capital injection into the company  by way of Investment.

On Claims paid during the period, he said paid claims figure  declined by 24 percent from N3.541billion in 2021 to N2.701 billion in 2022 , a situation which he attributed  to improved underwriting skills by the firm.

He said Capital Express  within the period under-review focused on result-oriented strategic actions to remain afloat, adding that with  these renewed efforts, the Company’s gross premium written was N5.02 billion from N5.2 billion recorded in the previous year. This was slightly lower than the previous year’s  N5.2 billion. 

He attributed the  4 percent decline  to the effect of the Naira redesign policy, high inflation, fuel, and forex scarcity during the  year 

He further said Investment Income generated by the Company was less than that of the preceding period by almost 77 explaining that this was attributable to the bonus shares received on  stocks in 2021. 

On the management’s effort towards  achieving success he 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.”