Capital Express Assurance Limited has posted a profit before tax of N4.93 billion in its financial year ended 2015. This is an increase of N1.9 billion over 2014’s earning, which represents an increase of 243 percent.
Also, the firm made an investment income of N163 million in the year under review. In the previous year, it made N96.7 million, a 70 per cent increase.
The company’s management expenses stood at N957 million from N850 million while its net claims expenses rose from N1.87 billion to N1.4 billion.
Its Chairman, Otunba Ademola Adenuga, who made this known in his valedictory statement at the company’s 15th Annual General Meeting (AGM), announced his resignation from the board.
He said this was in compliance with the Corporate Governance Code of the National Insurance Commission (NAlCOM) which limits the tenure of directors.
He said: “Chief A. S. Odigie and I have retired from the board after several years. I am proud of our modest contributions in the policy formulation and putting in place structures that have continued to move the company to heights. Together we have contributed to the sustainability of impressive growth recorded by the company over the years.”
“The company was able to achieve the 2015 result despite the inclement operating environment and other challenges peculiar to the insurance industry. We weathered the storm and was proactive to put in place strategic initiatives built on a solid foundation for our long term growth trajectory.”