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Capital Express Assurance Grows Assets to N12.8b in 2021

Capital Express Assurance Limited has announced that it increased its total assets to N12.858 billion in the year ended December 31, 2021, an increase of 1.19 per cent over the N11.95 billion recorded the previous year.

Speaking at the company’s 21st Annual General Meeting (AGM) in Lagos, the company’s Chairman, Otunba Ademola Adenuga said despite the challenges occasioned by the COVID-19 pandemic, the company remained resilient, delivering growth in total assets and profits respectively in the year 2021.

He said the company recorded a Profit after tax of N90.68 million, an increase of 33.6 over N67.88 million earned in 2020, while Total Equity rose by 16.6 percent from N5.37 billion to N6.26 billion. Claims expenses increased marginally to N2.98 billion.

The chairman said prompt settlement of claims was the company’s flagship adding that it would continue to forge ahead in this regard.

He however said the company’s Gross Written Premium (GWP) was N4.412 billion in the year under review, showing a decrease when compared with the N6.33 billion achieved in the preceding year.

Adenuga further stated that as global constraints began to ease following the COVID-19 pandemic, paving the way for gradual restoration of commodity supply chain, expansion surged with opportunities for growth unlocked.

He praised the management, staff, and all shareholders for their responsive roles across the organisation to ensure that the company continues its promise to deliver top life insurance services in the Nigerian market, leveraging on its renewed digitalisation drive.

“The Nigerian insurance industry witnessed a 10 percent growth, compared to a negative 13 percent 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.”

On the company’s initiative to drive insurance through digital platforms, the company’s Managing Director Mrs. Adebola Odukale, informed the shareholders 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.

She said, “We’ve created and launched our Mobile App for customers to be able to get different life insurance policies, make premium payments, monitor the status of their policies in the company and process their claims faster without walking into our physical branches.

“These platforms are interactive and give our policyholders the opportunity to engage us and seek clarification on things they need to know about their policies with the company.”

By using the USSD code, *347*01#, the managing director said existing customers and intending policyholders can have access to the company’s diverse products from any part of the country.

She also noted that the digital platforms allow the users to renew their policies, lodge any complaint and track all transaction records which are well detailed on the App.”

The Apps, she explained, could be installed on mobile phones from both the App Store (iOS) and Play Store (Android).