Capital Express Life Assurance reports strong 2024 results, grows shareholders’ funds by 53%
L-R: Company Secretary/Legal Adviser, Capital Express Life Assurance Limited, Mrs. Joy Sulucainan; Chairman, Otumba Ademola Adenuga; and Managing Director/Chief Executive Officer, Mr. Mathew Ogwezhi, during the company’s 24th Annual General Meeting (AGM) in Lagos today Thursday,
Nike Popoola
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 53% increase from ₦9.22 billion to ₦14.11 billion, buoyed by capital injection and improved investment income, and a 32% rise in Insurance Revenue, from ₦5.45 billion in 2023 to ₦7.2 billion in 2024.
Gross Premium Production reached ₦9.35 billion, while Profit After Tax stood at ₦303 million, underscoring the company’s operational efficiency and strong risk management framework. Total assets rose by 34%, to ₦24.38 billion from ₦18.18 billion in the prior year.
The company’s claims payout increased by 44 percent, rising from ₦2.76 billion in 2023 to ₦3.97 billion in 2024.
Speaking at the company’s 24th Annual General Meeting (AGM) in Lagos today Thursday, 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.
“These results reflect our unwavering commitment to sustainable growth and stakeholder value,” the Chairman said. “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.”
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,” said Mr. Ogwezhi. “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.”
He added that 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,” Mr. Ogwezhi said. “We are building a company that listens to its customers, leverages technology to simplify insurance, and rewards loyalty through consistent value delivery.”
Looking ahead, Capital Express Life Assurance 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,” the Chairman added. “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.”
The Chairman concluded by appreciating shareholders, the Board, Management, and Staff for their continued trust and commitment, expressing confidence in the company’s ability to deliver stronger results in the coming year.
