Capital Express records N1.89bn premium

Capital Express Assurance Limited has said that the company recorded a gross premium of N1.89bn in 2010 financial year. The Chairman of the company, Chief Babatunde Adenuga, disclosed this during the companys 10th Annual General Meeting in Lagos on Wednesday. He said, "In spite of the challenges we had to face as a company, we were able to increase our gross premium from N1.8bn in 2009 to N1.89bn in 2010." The chairman said the new initiatives and strategies embarked upon during the year had remarkable impact on the company. He also said the companys total liabilities decreased by about 14 per cent, while the shareholders funds stood at N2.24bn as at the end of the year under review. According to him, Capital Express plans to develop its retail business, by employing an aggressive marketing strategy to increase patronage for its newly approved retail products, which are aimed at satisfying the needs of the insuring public. "On the international front, we will continue to be a formidable player in the African markets to enable us benefit from the various opportunities that are now springing up within the continent," Adenuga said. The Group Managing Director of the company, Mr. Tony Aletor, said the claims paid by the company rose by six per cent to N746m in the year under review. According to him, the bulk of the payments went to various death claims under its group life business. He noted that the usual pricing problem and the stiff competition that had bedeviled the insurance industry had some effects on its operations. Aletor explained, "Ordinarily, one would have expected the premium rates to increase in line with the high risks being assumed. But sadly, the market continued to push premium rates down with the resultant effect of high mortality experience." The group managing director also said the company had continued to strive to adopt the most sophisticated technology and manpower in achieving its set objectives. He said, "The company also acquired some state-of-art call centre management software which has helped in enhancing our customer relationship management."
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