Lagos – Capital Express Life Assurance Limited has posted strong financial results for the year ended December 31, 2024, reporting 53% growth in shareholders’ funds to ₦14.11 billion from ₦9.22 billion in 2023. The performance was driven by capital injections and improved investment income, reflecting resilience amid global and domestic economic pressures.

The company also recorded:

• Insurance revenue up 32%, rising from ₦5.45 billion to ₦7.2 billion.
• Gross premium production reaching ₦9.35 billion.
• Profit after tax of ₦303 million, highlighting strong operational efficiency and risk management.
• Total assets increasing 34%, from ₦18.18 billion to ₦24.38 billion.
• Claims payout rising 44%, from ₦2.76 billion to ₦3.97 billion.

Speaking at the company’s 24th Annual General Meeting (AGM) in Lagos, Chairman Otumba Ademola Adenuga praised the management and staff for navigating challenges such as currency volatility, inflationary pressures, and fluctuating oil prices. He said the results demonstrate Capital Express Life’s commitment to sustainable growth and stakeholder value.

Looking ahead, Adenuga outlined plans to maintain double-digit growth through digital innovation, strategic partnerships, and disciplined financial management, while strengthening internal systems for regulatory compliance and superior customer experience.

The Managing Director/CEO, Mathew Ogwezhi, emphasized the company’s focus on technology-driven transformation. He highlighted plans to launch an upgraded mobile application for real-time policy access, seamless premium payments, and instant service support. Ogwezhi also shared intentions to expand the retail distribution network and use data-driven tools to enhance customer insights and personalization.

“Capital Express Life Assurance is building a company that listens to its customers, leverages technology to simplify insurance, and rewards loyalty through consistent value delivery,” Ogwezhi said.