Capital Express Life Assurance reveals its rebranding, reports financial growth, and outlines plans to adopt AI and digital technologies for future growth.
Capital Express Life Assurance Limited has officially announced that the National Insurance Commission (NAICOM) has approved the company’s name change from Capital Express Assurance Limited to Capital Express Life Assurance Limited.
The change was revealed at the company’s 23rd Annual General Meeting, held on Tuesday at its head office in Victoria Island, Lagos.
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The Managing Director/CEO, Mr. Mathew Ogwezhi, explained that the name change comes in response to the entry of Capital Express Indemnity Insurance Limited, a general business firm that is now part of the Capital Express Insurance Group.
He emphasised that the rebranding reflects the company’s commitment to fostering synergy and simplifying its identification in the market.
“This rebranding underscores the company’s dedication to fostering synergy and ensuring ease of identification in the market,” Ogwezhi stated.
Ogwezhi also highlighted the company’s solid financial position, noting that Capital Express Life Assurance Limited’s paid-up share capital had increased to N8.0bn, up from N5.17bn at the close of 2023.
Additionally, the company’s Shareholders’ Fund now stands at N12.8bn. The company’s commitment to meeting industry regulations was also underscored, with Ogwezhi announcing that Capital Express Life Assurance had fully met the Risk-Based Capital requirements set by NAICOM.
Reflecting on the company’s financial recovery, he shared that Capital Express Life Assurance had rebounded from a N4.6 million loss in 2022 to a Profit Before Tax of N754 million in 2023.
The firm also reported a 57% increase in premium income, reaching N7.89bn in 2023 compared to N5.02bn in the previous year.
Looking ahead, Ogwezhi discussed the proposed Insurance Act currently under consideration by the National Assembly.
He reassured shareholders that the company was putting strategies in place to ensure it complies with new requirements once the law is enacted.
“We are aware of the proposed Insurance Act and are making the necessary preparations to ensure we meet the requirements when the law comes into effect,” he said.
In line with its commitment to innovation, Capital Express Life Assurance is embracing new technologies to improve its operations.
The company is investing in the adoption of Artificial Intelligence (AI) and advanced digital solutions to optimise claims processing, enhance customer interactions, and deliver a more personalised experience for policyholders.
The company is also forming new partnerships with fintech companies, health service providers, and technology firms, aiming to expand its offerings and attract a broader client base.
These initiatives are expected to strengthen the company’s position in Nigeria’s competitive insurance sector and enhance its overall value proposition.
During the AGM, the Chairman of the Board, Ademola Adenuga, praised the company for successfully integrating the International Financial Reporting Standard (IFRS) into its operations.
This globally recognised standard aims to improve financial transparency and comparability, providing shareholders with clearer insights into the company’s performance.
Adenuga urged shareholders to familiarise themselves with these new standards to effectively evaluate the company’s financial position.
Capital Express Life Assurance is positioning itself for continued growth and expansion, with plans to enhance its technological capabilities and strengthen its strategic partnerships.
By focusing on innovation, financial transparency, and regulatory compliance, the company is confident that it will maintain its upward trajectory and further solidify its position in the Nigerian insurance market.
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