Veritas Kapital Assurance Eyes Top Five Spots in Insurance Sector by 2025
Kayode Tokede
The management of Veritas Kapital Assurance Plc said it is poised to be among top five insurance companies in Nigeria as it has developed some strategies to drive its production capacity.
The Managing Director/CEO, Veritas Kapital Assurance Dr. Adaobi Nwakuche at a media parley held recently in Lagos stated that the listed insurance company on the Nigerian Exchange Limited (NGX).
The MD said the company would grow its market share, improve on customer service delivery and upgrade the technology infrastructure for better service delivery.
She added that “We want to carve a niche for ourselves in various lines of businesses. In Aviation, Oil and gas and then off course motor and other lines of businesses.
“We are a customer-centric company. We take our customers very seriously. This is part of the strategies that have brought us to where we are today. Processes, turnaround time, service delivery and all that, we have finetuned them to be able to suit our customers and every other stakeholder in the industry,” the MD said.
She said it has paid N1.3billion in claims for the period ended June 2024 (H1 2024), in fulfilment of its pledge to promptly settle claims to the delight of its customers.
According to her, the company’s profit grew from N672.4 million in H1 2023 to N4.908 billion in H1 2024, marking an extraordinary year-on- year growth.
Within the period, she said the net insurance and investment results saw a remarkable growth of 425per cent, leaping from N1.243 billion in the same period last year (2023) to N6.523 billion in 2024.
According to her, the insurance revenue also experienced a significant boost, increasing by 350per cent from N2.201 billion in 2023 to N9.908 billion in 2024.
Moreover, the Gross Written Premium (GWP) showed a substantial 330per cent improvement, rising from N2.921 billion in 2023 to N12.574 billion in 2024
While further highlighting the company’s robust performance, she said key financial metrics indicate a 41per cent increase i the group’s total assets, rising from N24.641 billion in 2023 to N34.828 billion in 2024. Shareholders’ funds also experienced substantial growth, rising from N16.369 billion in 2023 to N21.553 billion in 2024, reflecting a 32per cent increase.
Nwakuche described the financial records as magical, saying “the ongoing quarter will be more magical.”
