This was the submission of the chairman of the Capital Express Assurance Limited, Otunba Ademola Adenuga, at the 20th yearly general meeting, held virtually in Lagos.
He said that the underwriting profit dropped to N1.149 billion in 2020 from N1.988 billion in 2019, majorly due to the payment of claims and reserve provisions on corporate business. He noted that despite the challenges of the COVID-19 pandemic in the economy during the year under review, the resilience that the company had built into its operations enabled it to navigate the uncertainty to achieve a high percentage of its set goals and record good results.The chairman said the board of directors and executive management team explored opportunities emerging from the pandemic, built up the necessary infrastructure to align with the new normal.
While speaking on its recapitalisation stride, he said that despite the gloomy and harsh operating environment, Capital Express Assurance was able to recapitalize to the tune of N4bn minimum paid-up share capital stipulated for the first phase of the recapitalization directive of the National Insurance Commission which ended by December 31, 2020.