Q4 2023: Veritas Kapital Achieves 287% Profit Growth

Underwriting firm, Veritas Kapital Assurance Plc, has said that it achieved a remarkable 287 per cent growth in its Profit Afrter Tax, from N562.7 million in 2022 to N2.177 billion in 2023, marking a year-on-year profit growth of N1.614billion.

The company attributed the performance to its steadfast commitment to enhancing shareholders’value and refining its business offerings to provide a seamless customer experience/

Veritas said its net insurance and investment results also witnessed an exceptional growth of 505 per cent from N659.9 million in the corresponding period last year to N3.990 billion in 2023.

The company’s Managing Director/CEO, Dr Adaobi Nwakuche, expressed delight in this outstanding financial achievements.

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

“The company remains dedicated to maintaining it’s position as a leading insurance provider in Nigeria and is committed to delivering value to all stakeholders”; she said

Also speaking, the Executive Director Operations of Veritas Kapital. Mr. Sunkanmi Adekeye, highlighted key financial metrics of the company, indicating a 33 percent increase in total assets from N17.338 billion to N23.0 billion. with shareholders’ funds also experiencing significant growth, rising from N12.6 billion to N14.74 billion, showing 17 percent increase.

He said Veritas Kapital Assurance’s robust financial performance in 2023 demonstrates it’s resilience in navigating challenging economic conditions, adding that the company’s unwavering commitment to delivering value and ensuring the security of its customers interest was a contributory factor.