Capital Express Life Assurance Limited was thinking ahead of the insurance industry recapitalisation, announcing already achieved 53 percent increase in shareholders’ fund, from N9.22 billion in 2023 to N14.11 billion in 2024, buoyed by capital injection and improved investment income.
The life specialist firm, during its 24th Annual General Meeting in Lagos, said the financial results for the year ended December 31, 2024, achieved significant year-on-year growth despite persistent economic headwinds in Nigeria and globally.
Its Insurance Revenue rose from N5.45 billion in 2023 to N7.2 billion in 2024, a 32 percent increase.
Gross Premium Production reached N9.35 billion, while Profit After Tax stood at N303 million, underscoring the company’s operational efficiency and strong risk management framework.
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Speaking during AGM, Ademola Adenuga, chairman of the Board, commended Management and Staff for steering the company through an environment marked by currency volatility, inflationary pressures, and fluctuating oil prices.
“These results reflect our unwavering commitment to sustainable growth and stakeholder value,” the chairman said.
“Despite the macroeconomic challenges, the Company maintained steady growth and strengthened its balance sheet. The year 2024 proved that Capital Express Life Assurance is resilient, disciplined, and positioned for even stronger performance in 2025.”
Total assets rose by 34 percent, to N24.38 billion from N18.18 billion in the prior year.
The company’s claims payout increased by 44 percent, rising from N2.76 billion in 2023 to N3.97 billion in 2024.
In his remark, Mathew Ogwezhi, managing director/CEO, outlined the company’s forward-looking agenda for the next year, anchored on technology, operational excellence, and customer-centric innovation.
“We have entered a new phase in our transformation journey,” said Ogwezhi. “In the coming year, we will deepen our digitisation strategy to enhance how customers engage, buy, and experience insurance across all touchpoints. From onboarding and policy management to claims processing and communication, technology will remain at the heart of our operations.”
He added that Capital Express Life Assurance is getting set to launch an upgraded mobile application, offering real-time policy access, seamless premium payments, and instant service support. The company also plans to expand its retail distribution network and deploy data-driven tools to improve customer insights and personalisation.
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“Our goal is to make life insurance more accessible, transparent, and relevant to Nigerians,” Ogwezhi said. “We are building a company that listens to its customers, leverages technology to simplify insurance, and rewards loyalty through consistent value delivery.”
Looking ahead, Capital Express Life Assurance aims to sustain double-digit growth through a mix of digital innovation, strategic partnerships, and disciplined financial management. The company also plans to strengthen internal systems and processes to ensure regulatory compliance, operational resilience, and superior customer experience.
“We are optimistic about the future,” the Chairman added. “With the right structures and strategy in place, and with the dedication of our people, we are confident that the New Year will mark another year of solid growth and innovation for Capital Express Life Assurance.”
The Chairman concluded by appreciating shareholders, the Board, Management, and Staff for their continued trust and commitment, expressing confidence in the company’s ability to deliver stronger results in the coming year.