Capital Express Assurance records 32.9% growth rate in PAT for 2021 financial year


By Philemon Adedeji

Capital Express Assurance, a leading specialist life Insurance company in Nigeria has reported its audited financial statements for the year ended 31st December 2021, reporting profit after tax (PAT) which rose significantly to N90.7 million in full year 2021 from N67.9 million achieved in full year 2020, this results revealed a marginal difference of 32.9 per cent.

The company reported its profit before tax (PBT), which moved impressively from N68.6 million in 2020, compared to N92.5 million in 2021, accounting 33.6 per cent year-on-year growth rate.

Earnings per share recorded for the period grew by 33.5 per cent to 2.23 kobo in 2021 from 1.67 kobo in 2020

Capital Express Assurance recorded loss in some of the parameters like Gross premium Income, Net premium income, Net under writing income , Total underwriting expenses and also fees and commission income.

From the analysis, Gross premium income deployed by the company stood at the sum of N4.615 billion in full year 2021 compared to N5.491 billion generated in full year 2020, this result showed a significant decrease to a 15.9 per cent, As net premium income decline to a 16 per cent to N4.384 million  derived in 2021 from N5.233 million achieved in 2020

Capital Express Assurance also recorded loss in its net underwriting income which depreciated to a 15 per cent to N4.448 billion achieved in 2021 from N5.223 billion achieved in 2020, while total underwriting expenses decline just a bit to a 3.2 per cent to N4.005 billion derived in 2021, from N4.139 billion derived in 2020, decline occurred due to the payment of claims and reserve provision on corporate business.

Fees and commission income recorded by the company stood at the sum of N64.3 million in 2021, compared to N65.1 million achieved in 2020, a decline of 1.3 per cent.


In the audited results, Capital Express Assurance recorded total assets as growth in total equity and total liabilities improved further.

The company total assets deployed gained 7.6 per cent to N12.9 billion in 2021 from N11.948 billion in 2020 audited result and account for the period ended December 31st, 2020.

The break down under total assets showed, property, plant and equipment that gained 9.9 per cent to N1.250 billion in 2021 from N1.137 billion achieved in 2020, even intangible asset also appreciated to 405.6 per cent to N17.907 in 2021 from N3.542 million in 2020

In addition, total equity deployed by the company stood at the sum of N6.261 billion in 2021 from N5.368 billion in 2020, a significant difference of 16.6 per cent.

The total liabilities of the company increased just a bit to 0.26 per cent from N6.580 billion in 2020 to N6.597 billion in 2021, while deferred tax liabilities moved from N55.036 million in 2020 to N64.6 million in 2021, marginal difference of 17.4 per cent.