Veritas Kapital Assurance grows profit by 287%

Veritas Kapital Assurance Plc profit after tax improved by 287 per cent to N2.177bn in 2023 compared to N562.7m in the prior year.

The firm disclosed this in a statement on its financial results for the fourth quarter of 2023.

 It attributed the better-than-expected financial performance to its steadfast commitment to enhancing shareholder value and refining business offerings to provide a seamless customer experience.

The firm’s net insurance and investment also rose by 505 per cent to N3.99bn from N659.9m in 2022.

The Managing Director and Chief Executive Officer of Veritas Kapital Assurance, Dr Adaobi Nwakuche, expressed delight in the company’s outstanding financial achievements.

She attributed the success to strategic investment and prudent underwriting decisions, emphasising the positive returns generated by those choices, particularly evident in the substantial leap in investment income year-on-year.

 “The company remained dedicated to maintaining its position as a leading insurance provider in Nigeria and is committed to delivering value to all stakeholders,” she said.

 On his part, the Executive Director of Operations, Mr Sunkanmi Adekeye, highlighted key financial metrics, indicating a 33 per cent increase in total assets from N17.338bn to N23.0bn during the period under review.

Shareholders’ funds also grew significantly, rising from N12.6bn to N14.74bn, reflecting a 17 per cent increase.

“Veritas Kapital Assurance’s robust financial performance in 2023 demonstrates its resilience in navigating challenging economic conditions. The company’s unwavering commitment to delivering value and ensuring the security of its customers’ interests positions it as a dominant player in the Nigerian insurance industry,” the firm asserted.

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