Capital Express Assurance increases total assets to N12bn

Capital Express Assurance Limited increased its total assets to N12.86bn in 2021 financial year from N11.95bn recorded in the previous year.

The Board Chairman, Otunba Ademola Adenuga, disclosed this while speaking at the company’s 21st Annual General Meeting in Lagos on Friday.

He 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.”

The Chairman said the company’s profit after tax rose by 33.6 per cent to N90.68m from N67.88m in 2020, while total equity rose by 16.6 per cent from N5.37bn to N6.26bn.

“Claims’ expenses increased marginally to N2.98bn, while prompt settlement of claims is our flagship and we will continue to forge ahead in this regard,” he said.

He said the company’s gross written premium was N4.412bn in the year under review, a decrease when compared with the N6.33bn achieved in the preceding year.

Adenuga 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.

The Chairman praised the management, employees, and all shareholders for their responsive roles across the organisation to ensure the company continued its promise to deliver top life insurance services in the Nigerian market, leveraging its renewed digitalisation drive.

While speaking on the company’s initiative to drive insurance through digital platforms, the Managing Director/Chief Executive Officer, Mrs Adebola Odukale, said 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 could have access to the company’s diverse products from any part of the country.