Capital Express Life Assurance Limited has announced strong financial results for the year ended December 31, 2024, achieving significant year-on-year growth despite persistent economic headwinds in Nigeria and globally.
The company reported a 53per cent increase from N9.22billion to N14.11billion, buoyed by capital injection and improved investment income, and a 32 per cent rise in Insurance Revenue, from N5.45billion in 2023 to N7.2billion in 2024.
Gross Premium production reached N9.35billion, while Profit after Tax stood at N303 million, underscoring the company’s operational efficiency and strong risk management framework. Total assets rose by 34 per cent, to N24.38billion from N18.18billion in the previous year.
The company’s claims payout increased by 44 per cent, rising from N2.76billion in 2023 to N3.97billion in 2024.
Speaking at the company’s 24th Annual General Meeting (AGM) in Lagos, the Chairman of the Board, Otumba Ademola Adenuga, commended management and staff for steering the company through an environment marked by currency volatility, inflationary pressures, and fluctuating oil prices.
He said: “These results reflect our unwavering commitment to sustainable growth and stakeholder value.
Despite the macroeconomic challenges, we maintained steady growth and strengthened our balance sheet. The year 2024 proved that Capital Express Life Assurance is resilient, disciplined, and positioned for even stronger performance in 2025”, he noted.
Looking ahead, The Chairman said the company 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. 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.”
In his remark, the Managing Director/Chief Executive Officer, Mr. Mathew Ogwezhi, 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. In coming year, we will deepen our digitization 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.”
“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.
“Our goal is to make life insurance more accessible, transparent, and relevant to Nigerians. We are building a company that listens to its customers, leverages technology to simplify insurance, and rewards loyalty through consistent value delivery”, Ogwezhi said.
