Capital Express Life Assurance Limited has reported a strong financial performance for the 2024 fiscal year, recording a 32.1 per cent increase in insurance revenue to N7.2bn, up from N5.45bn in the previous year.
The company announced the results during its 24th Annual General Meeting (AGM), held recently in Lagos.
According to the financial statement presented, shareholders’ funds grew by 53 per cent, rising from N9.22bn to N14.11bn, driven by fresh capital injection and improved investment income. Gross premium production stood at N9.35bn, while profit after tax closed at N303m. Total assets also advanced by 34 per cent to N24.38bn, compared with N18.18bn in 2023.
On the claims side, Capital Express paid out N3.97bn in 2024—representing a 44 per cent increase from N2.76bn in the preceding year—demonstrating its commitment to meeting policyholder obligations.
Addressing shareholders, the Chairman of the Board, Mr. Ademola Adenuga, praised the management and staff for sustaining growth despite economic headwinds, including currency volatility, inflation, and fluctuating oil prices.
“These results reflect our unwavering commitment to sustainable growth and stakeholder value,” Adenuga said. “Despite macroeconomic challenges, we maintained steady progress 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 revealed that the company aims to maintain double-digit growth by leveraging digital innovation, strategic partnerships, and prudent financial management. He added that efforts are underway to enhance operational resilience and customer experience through process improvement and regulatory compliance.
“We are optimistic about the future,” he added. “With the right structures and strategy in place, we are confident that the new year will bring another phase of solid growth and innovation.”
The Managing Director and Chief Executive Officer, Mr. Mathew Ogwezhi, also outlined the company’s forward-looking agenda for the next year, anchored on technology and customer-focused transformation.
“We have entered a new phase in our transformation journey,” Ogwezhi said. “In the coming year, we will deepen our digitisation strategy to enhance customer engagement across all touchpoints—from onboarding and policy management to claims processing.”
He disclosed plans to launch an upgraded mobile application offering real-time policy access, seamless premium payments, and instant service support. The company also intends to expand its retail distribution network and deploy data analytics to improve customer insights and personalisation.
“Our goal is to make life insurance more accessible, transparent, and relevant to Nigerians,” Ogwezhi added. “We are building a company that listens to its customers, leverages technology to simplify insurance, and delivers consistent value.”
