Rex Insurance Limited has paid out N30.2 billion in claims to policyholders who incurred losses during the 2024 financial year, demonstrating its strong capacity to meet client obligations.

Despite the huge claims, largely from matured risks in the oil and gas business, Rex still recorded a profit of N880 million, which according to Ebelechukwu Nwachukwu, the Company’s managing director/CEO, the results are a testament to the strength of Rex’s business model, the dedication of its exceptional team, and the success of its long-term strategy.

Addressing the press on the company’s 2024 financial performance alongside her management team, Nwachukwu said; “Despite facing significant challenges, including a large claim that impacted 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.”

Rex Insurance recorded a Gross Written Premium of N28.76 billion in 2024, representing a 72 percent increase from 2023, while insurance revenue stood at N26.6 billion, reflecting customer confidence and the company’s solid market position.

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The balance sheet showed total assets of N56.10 billion as against N44.57 billion in 2023, while shareholders’ funds closed at N19.15 billion from N10.04 billion in the previous year.

Nwachukwu noted that the company’s focus on operational efficiency and diversified income streams enabled it to deliver a profit before tax of N880.7 million.

“The fact that we achieved this level of profitability despite significant claims underscores the strength and resilience of our business model,” she said.

She added that the company’s performance was driven by deliberate strategic execution focused on three key areas underwriting discipline and portfolio mix, operational excellence and cost control, and strengthening client relationships.

“The past year presented significant challenges for the entire insurance industry. The elevated level of claims activity was a true 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 all our employees for their exceptional commitment.”

On the company’s vision, Nwachukwu stated, “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.”