Veritas Kapital Assurance Announces 117% Profit Growth in Q3

Ebere Nwoji

Veritas Kapital Assurance Plc has said that it achieved a remarkable financial performance in the third quarter 2024, achieving 117 per cent year-on-year growth  in profit after tax, from N697.8 million in Q3 2023 to  N2.339 billion in 2024. 

The company said the significant growth reflected its focused strategy on enhancing operational efficiency, shareholder value, and delivering an exceptional experience for its customers.

The company’s Managing Director, Dr Adaobi Nwakuche, commenting on the result said the results highlighted Veritas Kapital’s robust financial foundation, with significant year-on-year growth in key metrics. 

Announcing the result she said “Net insurance and investment results increased by 168 percent reaching N4.030 billion, while insurance revenue expanded by a notable 425 percent moving from N3.068 billion to N16.099 billion. 

According to her, Gross Premium Written also saw an impressive uptick, climbing from N4.087 billion in Q3 2023 to N18.540 billion in Q3 2024, marking a positive trajectory in the company’s financial health and market standing.

 She attributed the success to the company’s continuous efforts to adapt to industry demands and prioritise customer and stakeholder satisfaction. 

“Our impressive Q3 results demonstrate the strength and resilience of our strategy in delivering value to our stakeholders, even amid challenging economic conditions. Nwakuche, echoed these sentiments, disclosing a 69 percent increase in the group’s total assets, reaching N41.580 billion, and 18 percent rise in shareholders’ funds, now at N19.235 billion.  These results reinforce Veritas Kapital Assurance’s standing as a stable and trusted player in the Nigerian insurance sector,” she said.