Veritas Kapital grows profit by 287% to N2.2bn in Q4 2023

Veritas Kapital Assurance Plc says it recorded 287 per cent increase in its Profit After Tax (PAT) in the fourth quarter of 2023 financial year.

The Managing Director of the insurance company, Dr Adaobi Nwakuche, said this in a statement on Wednesday in Lagos.

Nwakuche said that the insurer’s PAT soared from N562.7 million in 2022 to N2.2 billion in 2023, marking a year-on-year growth of N1.614 billion.

She attributed the remarkable surge in the profit of the insurer to its steadfast commitment to enhancing shareholder value and refining its business offerings to provide a seamless customer experience.

According to her, the strategic investment and prudent underwriting decisions of the firm contributed to its growth.

The managing director said the positive returns generated by these choices were particularly evident in the substantial leap in the underwriter’s investment income year-on-year.

“Veritas Kapital remains dedicated to maintaining its position as a leading insurance provider in Nigeria and is committed to delivering value to all stakeholders,” she said.

The Executive Director, Operations of the insurance firm, Mr Sunkanmi Adekeye, said key financial metrics indicated 33 per cent increase in the total assets of the underwriter from N17.338 billion to N23.0 billion.

Adekeye stated that the shareholders’ funds also experienced significant growth, rising from N12.6 billion to N14.74 billion, reflecting 17 per cent increase.

He noted that the company’s robust financial performance in 2023 demonstrated its resilience in navigating challenging economic conditions.

According to him, the insurer’s unwavering commitment to delivering value and ensuring the security of its customers’ 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,” the executive director said.