Specialist life insurance company, Capital Express Life Assurance Limited, has revealed that the insurance industry regulator, the National Insurance Commission, has approved its name change.
This was disclosed by the Managing Director/Chief Executive Officer, Mr Mathew Ogwezhi, at the 23rd Annual General Meeting of the company which was held on Tuesday at the company’s head office in Victoria Island, Lagos.
Ogwezhi said NAICOM approved the company’s name change from Capital Express Assurance Limited to Capital Express Life Assurance Limited given the entry of Capital Express Indemnity Insurance Limited, a general business firm into the market, that is a member of the Capital Express Insurance Group.
“This rebranding underscores the company’s dedication to fostering synergy and ensuring ease of identification in the market,” he asserted.
He also expressed gratitude for the company’s progress, emphasising the importance of adaptability and innovation. He noted that the company’s paid-up share capital stood at N8.0bn from N5.17bn on December 31, 2023, while the Shareholders’ Fund has hit N12.8bn.
“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.
“We are also aware of the proposed Insurance Act currently receiving attention at the National Assembly, for life insurance practitioners to operate in that sphere of the industry, and it is with pleasure that we inform our shareholders we are putting in the necessary strategies to ensure we meet up with the requirements when the law comes into effect,” Ogwezhi said.
While addressing shareholders, the Chairman of the Board, Ademola Adenuga, commended the company’s resilience and commitment to excellence.
He highlighted the successful integration of the International Financial Reporting Standard into the company’s operations, a globally recognised standard that enhances financial transparency and comparability.
“Having achieved this feat,” he stated, “Shareholders must familiarise themselves with the new standard to understand the current financial reporting system, enabling you to evaluate the Company’s performance effectively.”
In the 2023 financial year, the firm reported a premium income of N7.89bn in 2023 as against N5.02bn in 2022 showing an increase of 57 per cent. The company recorded a Profit Before Tax of N754m in 2023, a rebound from the N4.6m loss recorded in 2022.
On its outlook, the company said it is embracing cutting-edge advancements to enhance operations and service delivery with the key initiatives including investing in the adoption of Artificial Intelligence and advanced digital technologies to optimise claims processing, improve customer interactions, and deliver a personalised experience for policyholders, forming new collaborations with fintech companies, health service providers, and technology firms.
“These partnerships aim to expand the value proposition offered to policyholders, attract new clientele, and strengthen its presence in the insurance ecosystem,” the firm said.
