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Capital Express Life Assurance Limited has reported a 32.11 per cent increase in its insurance revenue, rising to N7.2 billion at the end of 2024 from N5.45 billion in the previous year.
The company disclosed this during its 24th Annual General Meeting held recently in Lagos, where shareholders also approved its financial statements and future growth plans.
The firm’s shareholders’ funds surged by 53.04 per cent, from N9.22 billion to N14.11 billion, driven by capital injection and improved investment returns. Gross Premium Production rose to N9.35 billion, while Profit After Tax stood at N303 million. The company’s total assets also grew by 34 per cent, reaching N24.38 billion from N18.18 billion in 2023.
On claims settlement, Capital Express Life Assurance paid out N3.97 billion in 2024, representing a 43.84 per cent increase from N2.76 billion the previous year — a move the firm said underscores its commitment to prompt claims payment and customer trust.
Speaking at the AGM, the Chairman of the Board, Ademola Adenuga, praised the management and staff for achieving strong performance despite Nigeria’s challenging economic environment marked by inflation, currency volatility, and unstable oil prices.
“These results reflect our unwavering commitment to sustainable growth and stakeholder value,” Adenuga said. “Despite the macroeconomic headwinds, 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.”
Looking ahead, Adenuga said the company would sustain double-digit growth through digital innovation, strategic partnerships, and disciplined financial management. He added that efforts were underway to strengthen internal systems to ensure compliance, operational efficiency, and improved customer experience.
“We are optimistic about the future,” he noted. “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 phase of solid growth and innovation for Capital Express Life Assurance.”
In his remarks, the Managing Director/Chief Executive Officer, Mathew Ogwezhi, said the company had entered a new phase of its transformation journey, with technology and customer-focused innovation at the core of its operations.
“We have entered a new phase in our transformation journey,” Ogwezhi said. “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 revealed that the company plans to launch an upgraded mobile application that will allow customers to access their policies in real time, make seamless premium payments, and receive instant support. The company also intends to expand its retail network and adopt data analytics to gain better customer insights and offer more personalised services.
“Our goal is to make life insurance more accessible, transparent, and relevant to Nigerians,” Ogwezhi stated. “We are building a company that listens to its customers, leverages technology to simplify insurance, and rewards loyalty through consistent value delivery.”
The company’s performance in 2024, according to its leadership, demonstrates a balance between growth, innovation, and customer commitment. As the Nigerian insurance market continues to evolve, Capital Express Life Assurance aims to strengthen its position through digital expansion and service efficiency in 2025 and beyond.
