Veritas Kapital Assurance Plc, a leading insurance company, has released its financial results for the fourth quarter of 2023, showcasing a remarkable surge in profitability.
The company reported a staggering 287% increase in profit after tax, soaring from N562.7 million in 2022 to an impressive N2.177 billion in 2023, marking a substantial year-on-year growth of N1.614 billion.
The stellar financial performance is attributed 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 an exceptional growth of 505%, surging from N659.9 million in the corresponding period last year to an impressive N3.990 billion.
Dr. Adaobi Nwakuche, the Managing Director/CEO of Veritas Kapital Assurance, expressed delight 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.
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, Mr 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.
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.
