NAICOM Approves Name Change For Capital Express Assurance 

The National Insurance Commission (NAICOM) has approved the rebranding of Capital Express Assurance Limited to Capital Express Life Assurance Limited.

This development was announced by the company’s Managing Director/Chief Executive Officer, Mr. Mathew Ogwezhi, during its recent 23rd Annual General Meeting held at its head office in Lagos.

According to Mr. Ogwezhi, the name change reflects the company’s commitment to creating a unified identity within the Capital Express Insurance Group. The move follows the entry of Capital Express Indemnity Insurance Limited, a general business insurance firm under the group, into the market. He noted that this rebranding aligns with the company’s objective of fostering synergy and ensuring clarity in its market presence.

The company has also reported significant strides in its financial performance. Its paid-up share capital has grown to ₦8.0 billion from ₦5.17 billion as of December 31, 2023, while the shareholders’ fund has reached ₦12.8 billion.

Mr. Ogwezhi highlighted that the company has fully complied with NAICOM’s Risk-Based Capital requirements. Additionally, he assured shareholders that the company is strategically preparing for the requirements of the proposed Insurance Act currently being reviewed by the National Assembly, which aims to reshape the operational framework for life insurance providers.

The Chairman of the Board, Mr. Ademola Adenuga, commended the company’s achievements and resilience during his address to shareholders. He specifically highlighted the successful integration of the International Financial Reporting Standard (IFRS), a globally recognised benchmark for financial reporting. He encouraged shareholders to familiarise themselves with this standard to better evaluate the company’s performance and financial health.

Capital Express Life Assurance Limited also shared its improved financial results for 2023, with a premium income of ₦7.89 billion, representing a 57 percent increase from the ₦5.02 billion reported in 2022. The company posted a profit before tax of ₦754 million, a significant turnaround from the ₦4.6 million loss recorded the previous year.

Looking ahead, the company is focused on innovation and partnerships to enhance its service delivery. It is embracing advanced technologies, including artificial intelligence (AI), to optimise claims processing and provide personalised experiences for policyholders.

The firm is also forming strategic collaborations with fintech companies, health service providers, and technology firms to expand its offerings, attract new clients, and strengthen its role within the insurance ecosystem.