Veritas Kapital Assurance Grows Profit By 1101%

Ebere Nwoji

Veritas Kapital Assurance Plc has said it grew its profit  by 1101 per cent for the year ended December 31, 2023. This shows a remarkable surge in  the company’s profitability during the period under review.

Managing Director and Chief Executive Officer of the Company,  Dr. Adaobi Nwakuche disclosing the result of the company’s business activities within the period, said  the company’s IFRS 17-compliant financial statement revealed an astounding 1101 percent increase in profit after tax, growing  from N193.93 million in 2022 to a remarkable N2.33 billion in 2023. She  said this year-on-year growth of N2.14 billion sets a new benchmark in the industry.

She further said the  exceptional financial performance underscored Veritas Kapital Assurance’s unwavering commitment to enhancing shareholder value and revolutionising its business offerings to deliver an unparalleled customer experience.

She said, “The net insurance and investment results soared by an impressive 163 percent leaping from N1.46 billion in the previous year 2022 to N3.84 billion in 2023. Moreover, the company’s insurance revenue experienced a substantial 41 percent rise, growing from N5.05 billion in 2022 to N7.10 billion in 2023, an increase of N2.06 billion.”

She expressed profound satisfaction with the company’s  financial achievements, attributing it to  phenomenal success to strategic business decisions of judicious underwriting and investments, highlighting the substantial returns generated by these choices.

She highlighted the strong financial performance, with the group’s total assets increasing from N17.25 billion in 2022 to N24.64 billion in 2023 which is a 43 percent growth. Shareholders’ funds also grew by 31 percent from  N12.46 billion in 2022 to N16.37 billion in 2023.

She said Veritas Kapital Assurance’s remarkable financial performance in 2023 demonstrated its resilience in navigating challenging economic conditions. The company’s steadfast dedication to delivering value and ensuring the security of its customers’ interests solidifies its position as a dominant force in the Nigerian insurance industry.

She said the extraordinary performance not only highlighted Veritas Kapital Assurance’s financial triumphs but also serves as an inspirational beacon of strategic vision and resilience in the face of economic adversity.