BY NGOZI ONYEAKUSI

L-R: Mrs. Sheila Ezeuko (General Counsel/Company Secretary/Chief Compliance Officer); Mrs Ebelechukwu Nwachukwu (Managing Director/CEO); Abayomi Kayode (Chief Financial Officer) and Adesola Akintayo (Executive Director, Technical) all of Rex Insurance Limited during a press conference at the Company’s Corporate headquarters in Victoria Island, Lagos on Friday, October 31, 2025.

Rex Insurance Limited has recorded an impressive performance  for the financial year ended 31st December, 2024, as it settled claims worth  N30.2 billion, thus demonstrating a strong capacity to meet client obligations.
The insurer as well posted a Gross Written Premium to the tune of N28.76 billion, representing a 72% increase when compared with the 2023 figure while Total Assets  soared to  N56.10 billion and Shareholders’ Funds recored N19.15 billion. Also Profit Before Tax recorded N880 million within the period.

Briefing the media in Lagos, the Managing Director/CEO, Rex Insurance Limited, Mrs Ebelechukwu Nwachukwu stated,

“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.”
• Our vision is to continuously reinvent ourselves to be more responsive to our customers’ needs; by adopting a customer-centric approach across all business units and investing in our people and technology, we aim not only to enhance our service offerings but also to become one of the best places to work, aligning with our core values.”
• 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.

• Top-Line Growth & Market Position: We generated strong insurance revenue of N26.6 billion, reflecting the trust our customers place in us and our solid position in the market.
• Navigating the Claims Environment: The market-wide rise in claims activity was evident, with our claims incurred, reaching N30.2 billion. This underscores the importance of our proactive risk management and prudent reserving practices, which allowed us to remain profitable despite this pressure.
• Bottom-Line Resilience: Our focus on operational efficiency and diversified income streams enabled us to deliver a profit before tax of N880.7 million. The fact that we achieved this level of profitability in the face of significant claims highlights the underlying strength and resilience of our business model.
• Shareholder Returns: As a result of this robust performance, the company has paid a dividend to its shareholders.

The Strategic Drivers: How We Managed Profitability
• “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.”

REXIT – Team Effort
• 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 withstand this pressure, but to emerge with a strong profit is 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.”

• 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.
• I, alongside 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”, she assured.