Rex Insurance restores policyholders with N30.2bn claims in 2024
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Chuks Udo Okonta
Rex Insurance, Nigeria’s leading insurer with over 100 years of experience in the underwriting industry and offering general and special risks protection policies, has continued to offer rest to policyholders by paying N30.2 billion claims, even as it declared a Gross Written Premium (GWP) of N28.76 billion of the financial year ended December 31, 2024, reflecting a 72 per cent 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 N28.76 billion while Gross Claims paid to Policyholders stood at N30.2 billio 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 N56.10 billion 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”
She 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.
“Our 2024 results were not by chance; they were the result of deliberate strategic execution focused on three key areas:
Underwriting Discipline & Portfolio Mix: We were proactive in managing our portfolio, re-pricing risks appropriately and shifting focus towards more profitable lines of business. This disciplined approach was crucial in mitigating the impact of the high claims environment.
Operational Excellence & Cost Control: In a period of industry-wide pressure, our relentless focus on operational efficiency protected our bottom line. We leveraged technology to streamline processes and manage administrative costs, ensuring that our margins were preserved.
Strengthening Client Relationships: Our growth in revenue is a direct result of our focus on deepening relationships with our core clients and providing them with unparalleled service, which ensures loyalty and retention even in a competitive market.”
The past year presented significant challenges for the entire insurance industry. The elevated level of claims activity was a key test. Our ability to not only to withstand this pressure, but to emerge with a strong profit, is a credit to the expertise, agility and hard work of the entire Rex team. I extend my sincere gratitude to every one of our employees for their exceptional commitment.”, the Managing Director added.
In conclusion, our 2024 results tell the story of a resilient and well-managed company. We have proven our ability to generate profit in a tough market, and we are entering 2026 with strong momentum and clear strategic priorities.
The board and management of Rex Insurance, strongly believe that the future is very bright for our company, and we are on the right track for growth and sustained profitability in the years ahead.
About Rex Insurance Limited (Rex)
Rex Insurance Limited (Rex) is licensed by the National Insurance Commission (NAICOM) to offer the full range of general and special risks insurance products to the insuring public. With decades of experience in the Nigerian market, Rex Insurance has an enviable reputation for technical competence and financial strength.
With a vision of being the “Preferred Nigerian Insurance Company”, our strategic direction within the next 5 years is to focus on growth and profitability with the aim of growing the company’s gross premium written and be amongst the Top-Top-Tier general insurance companies in the market.
Operating from twelve (12) business locations nationwide to ensure maximum outreach and accessibility, we have an unwavering dedication to our core values of Resilience, Efficiency, eXellence, Integrity & Teamwork (REXIT).
