By Amaka Obiefuna
Rex Insurance, Nigeria’s leading insurance company with over 100 years of experience in the insurance industry and offering general and special risks protection policies, has declared a Gross Written Premium of N28.76 billion of the financial year ended December 31, 2024, reflecting a 72 percent growth compared to the figure of 2023.
This was disclosed by the Managing Director/Chief Executive, Mrs. Ebelechukwu Nwachukwu during a press conference with Insurance Editors in Lagoe recently.
According to her, “today, we are pleased to announce Rex’s financial results for the full year 2024—a year we defined by resilient growth, strategic discipline, and a relentless focus on our customers.
A review of the results shows a Gross Premium Income of N28.76billion while Gross Claims paid to Policyholders stood at N30.2, showing an increased capacity to meet all obligations to our customers, no matter the quantum of the claim.
Total Assets for the
company for the year stands at N56.10billion with Shareholders Funds standing at N19.15billion at the end of the 2024 financial year. Profit before Tax (PBT) amounted to
N880million.
Despite a complex and dynamic global economic environment, I am proud to report that Rex has not only met but exceeded its financial targets.
These results are a testament to the strength of our business model, the dedication of our exceptional team, and the
success of our long-term strategy”, Mrs. Nwachukwu added.
“Despite facing significant challenges, including a large claim that impacted on our
financial standing, we are pleased to report that the company successfully met its obligations and settled the claim in a timely manner. This highlights our operational resilience and commitment to maintaining the trust of our clients.
Throughout the year,
we focused on optimizing processes, including improving claims turnaround time, which
helped stabilize our performance and ensure continued growth and profitability”
SheRex Insurance’s GWP Hits N28.76bn in 2024 Financial Performance Update further added that the company’s focus on operational efficiency and diversified income streams enabled the firm to deliver a profit before tax of N880.7 million, despite the significant claims, highlights the underlying strength and resilience of the business model.
Also, the company was able to pay a dividend to its shareholders.
