Ebere Nwoji

The Chairman Capital Express Life Assurance Limited, Otumba Ademola Adenuga, has said that the company made an impressive  financial results for the year ended December 31, 2024,  noting that the underwriting firm achieved a significant year-on-year growth  having grown its shareholders’ fund   by 53 percent from N9.22 billion in 2024 to N14.1 billion in 2024.

It’s Gross Premium and Profit After Tax equally maintained  positive trend of growth.

This, according to  the company’s Chairman, is despite persistent economic headwinds in Nigeria and at the global arena during the period under review.

Speaking at  the 24th Annual General Meeting of the company held in Lagos, Adenuga said buoyed by capital injection and improved investment income,the company achieved  a 32 percent rise in Insurance Revenue, from N5.45 billion in 2023 to N7.2 billion in 2024.

He said 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. 

Total assets rose by 34 percent to N24.38 billion from N18.18 billion in the prior year.

He said the company’s claims payout increased by 44 percent, rising from N2.76 billion in 2023 to N3.97 billion in 2024.

Adenuga, commended management and staff of the company 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. “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.

In his remark, the Managing Director/Chief Executive Officer, Mr. Mathew Ogwezhi, outlined the company’s forward-looking agenda for the next year, saying it was anchored on technology, operational excellence, and customer-centric innovation.

“We have entered a new phase in our transformation journey, 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 stated.

He added that Capital Express Life Assurance has planned  to launch an upgraded mobile application, offering real-time policy access, seamless premium payments, and instant service support. 

According to him,the  company also plans to expand its retail distribution network and deploy data-driven tools to improve customer insights and personalisation.