New Telegraph 
The Chairman, Capital Express Life Assurance Limited, Otunba Ademola Adenuga, has commended the company’s resilience and commitment to excellence over the successful integration of the International Financial Reporting Standard (IFRS 17) into the company’s operations, just as it posted a profit before tax of N754 million in the last financial year.
Adenuga, who also disclosed the approval of a new name for the company from Capital Express Assurance Limited to Capital Express Life Assurance Limited by National Insurance Commission (NAICOM), said the event marked a significant milestone.
The chairman, while addressing shareholders at the company’s 23rd Annual General Meeting (AGM) in Lagos, said the company’s resillience reflected its strong performance trajectory, generating a premium income of N7.892 billion in 2023 as against N5.023 billion in 2022, showing an increase of 57 per cent as against 2022.
The company recorded a profit before tax of N754 million in 2023, a remarkable turnaround from the N4.6 million loss recorded in 2022.
The shareholders’ fund rose significantly, from N6.8 billion in 2022 to N9.22 billion in 2023, while Investment Income grew from N519 million to N1.4 billion.
Total assets also experienced significant growth, increasing from N14.07 billion in 2022 to N18.18 billion in 2023. In his remarks, the Managing Director and CEO, Mr. Mathew Ogwezhi, expressed gratitude for the company’s progress, emphasizing the importance of adaptability and innovation.
He noted that the company’s paid-up share capital today stood at N8.0 billion from N5.174 billion of December 31, 2023, while the Shareholders’ Fund reached N12.8 billion.
Ogwezhi said: “We are proud to announce that Capital Express Life Assurance Limited has fully met the Risk-Based Capital requirements set by the National Insurance Commission (NAICOM).
