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Veritas Kapital Assurance Posts 287% Profit Growth in 2023  



Veritas Kapital Assurance

Veritas Kapital Assurance Plc has reported a staggering 287% increase in profit after tax for the full-year2023, soaring from N562.7 million in 2022 to an impressive N2.177 billion in 2023.

The company has just released its financial results for the fourth quarter of 2023, showcasing a remarkable surge in profitability and other numbers.

As per a statement, the insurance company ascribed the stellar financial performance to the group’s steadfast commitment to enhancing shareholder value and refining its business offerings to provide a seamless customer experience.

According to the report, the net insurance and investment results also witnessed an exceptional growth of 505%, surging from N659.9 million in the corresponding period last year to an impressive N3.990 billion.

Its Managing Director/CEO, Adaobi Nwakuche, expressed delight at the figures and in the company’s outstanding financial achievements.

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

According to her, the company remains dedicated to maintaining its position as a leading insurance provider in Nigeria and is committed to delivering value to all stakeholders.

The Executive Director of Operations, Sunkanmi Adekeye, highlighted key financial metrics, indicating a 33% increase in total assets from N17.338 billion to N23.0 billion.

Shareholders’ funds also experienced significant growth, rising from N12.6 billion to N14.74 billion, reflecting a 17% increase.

He said: “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 customer’s interests positions it as a dominant player in the Nigerian insurance industry.

“Clients and stakeholders can confidently rely on Veritas Kapital Assurance’s financial strength and commitment to excellence, making it a trusted partner in safeguarding their interests.”

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