Capital Express Assurance Limited’s gross written premium rose by 30 per cent to N4.42 billion by the end of 2019 financial year, the Managing Director/Chief Executive Officer, Capital Express Assurance, Mrs Adebola Odukale, has said.
She made this known during the company’s 19th and first virtual Annual General Meeting (AGM) held at its head office in Lagos.
Mrs Odukale said the company grew its gross written premium last year by 30 per cent to N4.42 billion from N3.3 billion the previous year.
She said Capital Express paid N1.6 billion claims in 219 and that fees and commission income grew by 68 per cent from N35 million in 2018 to N59 million, leading to a 71 per cent growth in underwriting profit from N1.16 billion recorded in the previous year to N1.98 billion in the year under review.
She also said the company`s total assets grew by seven per cent to N9.48 billion from N8.89 billion in 2018.
She further said with a 45 per cent growth, the shareholders’funds stood at N4.49 billion for the period from N3.1 billion recorded in 2018.
Mrs Odukale also spoke on the company’s moves to meet the recapitalisation requirements of the National Insurance Commission (NAICOM) for insurance firms.
She stated that though 2019 was challenging, it witnessed a significant growth and curtailed business expenses.
She said with an improved approach to business strategy, the company expected a better performance in the year and beyond.