Rex Insurance demonstrates strength with N30.2bn claims settlement, reinforces customer trust
L-R: General Counsel/Company Secretary/Chief Compliance Officer, Rex Insurance Limited, Mrs. Sheila Ezeuko; Managing Director/CEO, Mrs Ebelechukwu Nwachukwu; Chief Financial Officer, Abayomi Kayode; and Executive Director, Technical, Adesola Akintayo, a press conference at the Company’s Corporate headquarters in Victoria Island, Lagos on Friday
Nike Popoola
Rex Insurance Limited has reaffirmed its reputation for reliability and resilience, settling claims worth N30.2 billion in 2024 despite a challenging economic environment.
Speaking during a press briefing on the company’s financial results for the full year 2024, the Managing Director/Chief Executive Officer, Mrs. Ebelechukwu B. Nwachukwu, said the company’s performance reflects its unwavering commitment to customers and its operational strength.
“Despite facing significant challenges, including a large claim that impacted our financial standing, we are pleased to report that the company successfully met its obligations and settled the claim in a timely manner,” she said. “This highlights our operational resilience and commitment to maintaining the trust of our clients.”
Mrs. Nwachukwu noted that Rex Insurance recorded Gross Written Premium of N28.76 billion, representing a 72 per cent increase from 2023, while Total Assets stood at N56.10 billion and Shareholders’ Funds rose to N19.15 billion.
She explained that the company generated strong insurance revenue of N26.6 billion, underscoring customers’ confidence and the firm’s solid market position. Despite the rise in market-wide claims activity, Rex Insurance delivered a Profit Before Tax of N880.7 million, demonstrating bottom-line resilience and sound risk management practices.
“Our focus on operational efficiency, prudent reserving, and diversified income streams enabled us to remain profitable,” she added. “These results are a testament to the strength of our business model, the dedication of our exceptional team, and the success of our long-term strategy.”
Highlighting the company’s customer-centric vision, the Rex Insurance boss said the firm continues to reinvent itself by investing in technology, talent development, and process optimization to improve claims turnaround time and overall service delivery.
“We will continue to be responsive to our customers’ needs, ensuring that we deliver value and maintain the trust they have placed in us,” she said.
As a reflection of its solid financial performance, Rex Insurance also announced the payment of dividends to shareholders, reaffirming its commitment to creating sustainable value for investors and customers alike.
