Capital Express Assurance Limited may acquire some underwriting firms in the insurance industry, the acting Chairman of the company, Tony Aletor, has said.
He made this known while speaking on the company’s plan on the National Insurance Commission’s recapitalisation requirement during the Annual General Meeting of the company in Lagos.
Presenting the financial report to shareholders, Aletor said despite the challenging environment and relative sluggish performance of insurance business in the 2018 financial year, the company’s gross premium written grew by 48 per cent to N3.39 billion as against N2.29 billion in the previous year
He attributed the improvement to the firm’s strategy to sustained growth momentum and reinvigoration of the marketing team
He stated that the company also paid N2.07 billion claims to the insured in the 2018 financial period.
He said the company is in the business of paying claims and has demonstrated it through its prompt claims settlement process.
He noted that they paid N2.07 billion in 2018, higher than N1.61 billion paid in 2017, representing a 28 per cent increase.
He said: “Our total assets and shareholders’ fund grew by 28 per cent and 44 per cent to N8.89billion and N3.1billion respectively, up from N6.92billion and N2.15billion in 2017. We also recorded profit before tax of N581 million from the previous year’s loss of N344.98 million.