Rex Insurance Records N880m Profit, Pays N30.2bn in Claims Amid Tough 2024 Market

Rex Insurance has reported a profit before tax of N880 million for the 2024 financial year, despite paying out N30.2 billion in claims.

The company’s Managing Director and Chief Executive Officer, Ebelechukwu Nwachukwu, announced the results during a press briefing on Friday, where she highlighted the firm’s strong performance despite industry-wide challenges.

According to Nwachukwu, Gross Written Premium (GWP) rose by 72 per cent to N28.76 billion, while total assets and shareholders’ funds stood at N56.10 billion and N19.15 billion, respectively.

“Despite a complex and dynamic global economic environment, Rex not only met but exceeded its financial targets. These results reflect the strength of our business model, the dedication of our exceptional team, and the success of our long-term strategy,” she said.

She noted that 2024 tested the resilience of the insurance sector, but Rex demonstrated stability and reliability by meeting all claim obligations promptly. “We are proud to have honoured all claims, including a major one that tested our capacity. This underscores our commitment to customer trust and operational resilience,” she added.

On the company’s performance, Nwachukwu stated that Rex generated N26.6 billion in insurance revenue and managed to stay profitable despite the surge in claims. She credited the company’s success to strong risk management, operational efficiency, and diversified income streams.

“Our profit before tax of N880.7 million amid high claims activity highlights the underlying strength of our business model,” she said, confirming that a dividend had been paid to shareholders following the performance.

The CEO attributed Rex Insurance’s profitability to three key strategic pillars—underwriting discipline, operational excellence, and strengthened client relationships.

“Our results were driven by deliberate strategic execution—re-pricing risks, focusing on profitable business lines, and leveraging technology to streamline operations,” she explained.

Reflecting on the year, Nwachukwu praised the company’s staff for their dedication, noting that Rex Insurance had emerged stronger despite industry headwinds.

“Our 2024 results tell the story of a resilient, well-managed company. We’ve proven our ability to thrive in challenging conditions and are well-positioned for continued growth and profitability as we move into 2026,” she concluded.