Capital Express grows profit by 61%

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Capital Express Assurance Limited has said that its profit for the 2022 financial year increased by 61 per cent to N145.8 million from N90.7 million recorded in 2021.

Chairman of the company, Mr. Ademola Adenuga, disclosed this to shareholders at the company’s 22nd Annual General Meeting (AGM) in Lagos.

Adenuga stated that despite the hash business environment occasioned by various global and domestic space, the company was able to increase its total asset and total equity by 11% and 19% from N12.858 billion to N14,199 billion and N6.261 billion to N7.427 billion respectively.

He stated further: “Claims paid during the period under review declined by 24% from N3.541billion in 2021 to N2.701 billion in 2022 which shows the result of our improved underwriting skills.

“The company within the period under-review focused on result-oriented strategic actions to remain afloat. With these renewed efforts, the Company’s gross premium written was N5.02 billion from N5.2 billion recorded in the previous year. This was slightly lower than the previous year N5.2 billion.

“The 4% decline is attributed to the effect of the Naira redesign policy, high inflation, fuel, and forex scarcity at year-end.”

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