VERITAS Kapital Assurance Plc has reported a 287 percent increase in profit after tax, soaring from N562.7 million in 2022 to N2.177 billion in 2023, reflecting a marked year-on-year growth of N1.614 billion.
Veritas Kapital Assurance, one of the leading insurance companies released financial results for the fourth quarter of 2023, which showed a remarkable surge in profit, attributed 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.
The net insurance and investment results also witnessed growth of 505 percent, jumping from N659.9 million in the corresponding period last year to N3.990 billion.
Dr. Adaobi Nwakuche, the Managing Director/CEO of the firm, expressed delight in the company’s outstanding financial achievements.
She attributed the success to strategic investment and prudent underwriting decisions, stressing that the result was the positive returns generated by these choices, particularly evident in the substantial leap in investment income year-on-year.
According to her, the firm remains committed to maintaining its position as a leading insurance provider in Nigeria and is dedicated to delivering value to all stakeholders.
Mr Sunkanmi Adekeye, Executive Director of Operations highlighted key financial metrics, indicating a 33 percent 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 percent increase.
The company said Veritas Kapital Assurance’s robust financial performance in 2023 demonstrates its resilience in navigating challenging economic conditions, noting that 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.
The management noted that 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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