Veritas Kapital records N5.67bn post-tax profit in first quarter

Veritas Kapital Assurance Plc has recorded a post-tax profit of N5.67 billion for the first quarter of the year.
This indicated an increase of N5.29 billion year-on-year, from N376.18 million posted in the same period of 2023.
The report was contained in the company’s unaudited financial statement sent to the Nigerian Exchange Ltd.(NGX) on Wednesday in Lagos.

The insurance company’s gross written premium also rose by 280 per cent, from N1.68 billion in the first quarter of 2023 to N6.37 billion in the quarter of the year under review.

Veritas Kapital’s underwriting profit also witnessed a surge of 716 per cent, from N260.42 million posted in the first quarter of 2023 to N2.13 billion made in the first quarter of the year.

The net insurance and investment results of the underwriter grew by 1,001 per cent to N6.96 billion in the first quarter of the year under review, from N631.61 million in the corresponding period of the previous year.

Veritas Kapital expanded its total asset by 33 per cent to N32.77 billion in the first quarter of the year from N24.64 billion recorded same period of 2023.

The insurer’s shareholders funds also increased by 35 per cent to N22.04 billion in the first quarter of the year under review from N16.37 billion in the first quarter of 2023.

Commenting, Dr Adaobi Nwakuche, Managing Director/CEO of Veritas Kapital Assurance, attributed the exceptional performance of the insurance company to strategic leadership, innovative insurance solutions and a dedicated workforce.

Nwakuche said: “Our outstanding first quarter 2024 results underscores the success of our strategic initiatives and the hard work of our team.

“We have made significant strides in enhancing our service delivery and expanding our market presence, and these results are a testament to our commitment to excellence.

The managing director noted that the remarkable growth in the firm’s insurance revenue and profitability highlights its ability to adapt to market demands and deliver innovative insurance solutions that meet the evolving needs of its clients.

She said that the company’s focus on customer satisfaction, risk management, and investment strategies had played a pivotal role in achieving the milestones.

“The substantial growth in total assets and shareholders’ funds reflects the company’s robust financial health and its ability to generate value for shareholders.

“By maintaining a strong balance sheet and investing in growth opportunities, Veritas Kapital continues to strengthen its position as a market leader in the insurance industry.

“With a solid foundation and a clear vision for the future, Veritas Kapital Assurance is poised for continued success and remain committed to leveraging its strengths, exploring new growth avenues, and delivering exceptional value to its stakeholders,” Nwakuche added.