Capital Express Life Assurance Limited, a specialist in life insurance, has announced its recent name change following approval from the National Insurance Commission (NAICOM). This decision was announced by the Managing Director and CEO, Mr. Mathew Ogwezhi, during the company’s 23rd Annual General Meeting held at their headquarters in Victoria Island, Lagos. The name change from Capital Express Assurance Limited to Capital Express Life Assurance Limited is part of the company’s strategy to streamline its identity within the market, especially with the entry of Capital Express Indemnity Insurance Limited, which focuses on general insurance services. Ogwezhi emphasized that this rebranding demonstrates the firm’s commitment to fostering market synergy and enhancing brand recognition amid growing competition.
The meeting also served as a platform for Ogwezhi to reflect on the company’s significant growth and the importance of adapting to market changes. He revealed that the company’s paid-up share capital had increased from N5.17 billion as of December 31, 2022, to N8.0 billion, while the Shareholders’ Fund reached N12.8 billion. Highlighting the company’s robust financial health, he stated that Capital Express Life Assurance Limited has successfully met the Risk-Based Capital requirements mandated by NAICOM. Furthermore, he mentioned the new Insurance Act under consideration by the National Assembly, indicating the company’s proactive strategies to comply with future regulatory requirements as they emerge.
During his address, Chairman of the Board, Ademola Adenuga, praised the company’s resilience and commitment to high standards. He pointed out the successful adoption of the International Financial Reporting Standard (IFRS), which enhances the company’s financial transparency and ability to effectively compare with global peers. Adenuga encouraged shareholders to familiarize themselves with this new financial reporting system, as understanding these standards will enable a better evaluation of the company’s performance and strategic direction moving forward.
Financial performance for the year 2023 showed considerable progress, with premium income rising sharply to N7.89 billion compared to N5.02 billion in 2022, indicating a remarkable 57% increase. Additionally, the company’s profitability rebounded, reporting Profit Before Tax of N754 million, a substantial improvement over the preceding year, which saw a loss of N4.6 million. These results mirror the strategic initiatives undertaken by the management to capitalize on market opportunities while navigating challenges from the previous year, showcasing a resilient recovery.
Looking ahead, Capital Express Life Assurance is focusing on embracing innovative technologies to enhance its operational capabilities and service delivery. Key initiatives include investing in Artificial Intelligence and advanced digital technologies aimed at optimizing claims processing and improving customer service interactions. The firm also plans to forge partnerships with fintech, health service providers, and technology firms to broaden its offerings and enhance the value proposition for policyholders. By adopting these strategies, the company aims not only to attract new clientele but also to solidify its position in the highly competitive insurance landscape.
In conclusion, the recent developments at Capital Express Life Assurance Limited signify a crucial transition towards greater relevance and effectiveness in the insurance sector. With a new name that aligns with its business focus, robust financial health, and strategic investments in technology, the company is poised to navigate the evolving market dynamics. The integration of modern financial reporting standards and proactive approaches to regulatory changes further reinforces the company’s commitment to transparency and compliance. As it leverages innovation and strategic partnerships to enhance its service delivery, Capital Express Life Assurance is well-positioned to grow its customer base and solidify its reputation as a leading player in the life insurance industry.
