Capital Express Assurance pays N2.7bn claims

Capital Express Assurance Limited paid N2.7bn claims to its policyholders at the end of December 2022 financial period.

The Chairman of the company, Otunba Babatunde Adenuga, disclosed this during its 22nd annual general meeting in Lagos on Friday.

The figure declined from N3.54bn claims paid in the corresponding period of 2021.

“This showed the results of our improved underwriting skills,” the chairman said.

Disclosing more of the financial performance, he said, the gross written premium recorded by the company was N5.02bn in 2022.

This, he noted, was slightly lower than the previous year’s N5.22bn.

He said the four per cent decline was due to the effect of the naira redesign policy, high inflation rate, fuel, and forex scarcity at the year end.

“May I assure you that the performance of the following year would be better based on our renewed strategy,” he assured the shareholders.

The chairman said the profit for the year rose by 61 per cent from N90.69m in 2021 to N145.8m in 2022.

He added, “The total asset and total equity of the company improved by 11 per cent and 19 per cent from N12.86bn to N14.2bn and N6.26bn to N7.43bn in 2021 and 2022 respectively.

“This was funded partially by the company’s capital injection by way of investment properties to the tune of N1.1bn.”

Despite the challenges in the economy, he said, the company leveraged inherent opportunities that enabled it to record the performance being reviewed, attesting to its resilient brand.

Adenuga said, “Capital Express Assurance remains committed to improving and enhancing technology."