Rex Insurance has released its financial results for the full year 2024, declaring a profit before tax of N880m despite paying N30.2bn in claims.

This was disclosed by the Managing Director/Chief Executive Officer of Rex Insurance, Ebelechukwu Nwachukwu, at a press conference on Friday, during which the company shared its performance in the 2024 financial year.

In the period under review, its Gross Written Premium rose by 72 per cent to N28.76bn, total assets stood at N56.10bn, and shareholders’ funds at N19.15bn.

“Despite a complex and dynamic global economic environment, I am proud to report that Rex has not only met but exceeded its financial targets. 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,” Nwachukwu stated.

She described 2024 as a year that tested the industry but demonstrated its ability to remain stable under pressure, saying, “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. This highlights our operational resilience and commitment to maintaining the trust of our clients.”

On the improved GWP, the MD/CEO said, “We generated strong insurance revenue of N26.6bn, reflecting the trust our customers place in us and our solid position in the market. The market-wide rise in claims activity was evident, with our claims incurred reaching N30.2bn.

This underscores the importance of our proactive risk management and prudent reserving practices, which allowed us to remain profitable despite this pressure.

“Our focus on operational efficiency and diversified income streams enabled us to deliver a profit before tax of N880.7m. The fact that we achieved this level of profitability in the face of significant claims highlights the underlying strength and resilience of our business model.”

As a result of the performance, the company confirmed that it has paid a dividend to its shareholders.

Rex Insurance’s MD attributed the company’s profitability to three key strategic drivers: underwriting discipline, operational excellence, and strengthened client relationships.

“Our 2024 results were not by chance; they were the result of deliberate strategic execution focused on three key areas. We were proactive in managing our portfolio, re-pricing risks appropriately, and shifting focus towards more profitable lines of business. This disciplined approach was crucial in mitigating the impact of the high-claims environment. In a period of industry-wide pressure, our relentless focus on operational efficiency protected our bottom line.

“We leveraged technology to streamline processes and manage administrative costs, ensuring that our margins were preserved. Our revenue growth is a direct result of our focus on deepening relationships with our core clients and providing them with unparalleled service, which ensures loyalty and retention even in a competitive market,” she asserted.

Reflecting on the past year, Nwachukwu said, “The elevated level of claims activity was a key test. Our ability to not only withstand this pressure but to emerge with a strong profit is a credit to the expertise, agility, and hard work of the entire Rex team. I extend my sincere gratitude to every one of our employees for their exceptional commitment.

“Our 2024 results tell the story of a resilient and well-managed company. We have proven our ability to generate profit in a tough market, and we are entering 2026 with strong momentum and clear strategic priorities. We strongly believe that the future is very bright for our company, and we are on the right track for growth and sustained profitability in the years ahead.”