Wednesday, February 11, 2026
33.3 C
Lagos

Veritas Kapital Assurance Reports N5bn Profit in H1, Targets Top 5 in 2025

Veritas Kapital Assurance Plc has reported profit after tax of N4.908 billion in the first half of 2024, as against N672.4 million in the same period of 2023, representing an increase of 630 percent.

The company also achieved claims payment record of N1.3 billion as at June 30, 2024.

Dr. Adaobi Nwakuche, the Managing Director/CEO of Veritas Kapital Assurance Plc said at a media parley in Lagos that the insurer also achieved a 41 percent rise in the total assets of the group from N24.641 billion in 2023 to N34.828 billion in 2024 and N16.369 billion in shareholders’ funds in 2023 to N21.553 billion in 2024, representing an increase of 32 percent. In the same period of H1 2024, the Gross Written Premium (GWP) went up by 330 percent to N12.574 billion compared to N2.921 billion in H1 2023.

The insurance revenue also rose from N2.201 billion in H1 2023 to N9.908 billion in H1 2024, an increase of 350 percent while the net insurance and investment income had a growth rate of 425 percent to N6.523 billion in H1 2024 from N1.243 billion in the same period of 2023.

Nwakuche attributed the performance of the company in H1 2024 to the company’s people development program in terms of competence and productivity, enhanced retail platform, enhanced brand visibility, robust technology infrastructure deployment and the enduring culture of corporate excellence at the firm.

On the drivers of its corporate growth, the CEO said: “The implementation of our strategies, support from customers and the Board are the key drivers of our growth trajectory in H1 2024. All our businesses have recorded tremendous growth. We are deliberate in growing all our lines of business. We set our targets and pursue them accordingly.”

She added that Veritas Kapital Assurance has a roadmap for raising and operating with adequate capital to drive its businesses profitably.

The future plans of the company according to Nwakuche is to rank amongst the top five quoted general insurance firms in Nigeria, sustainable growth in premium income, excellent customer delivery and global brand reputation.

The Veritas Kapital Assurance MD emphasised that the core objective of the media engagement is to consolidate the existing relationship between the media and the company, brief members of the Press on the current operational performance of the firm and enhance its brand visibility and reputation in the insurance market.

“We have a passionate team that is driven by resilience and synergy to achieve and surpass our corporate goals.”

spot_img
spot_img
spot_img

Hot this week

BudgIT Claims 92 Fraudulent Projects Out of 2,760 in 2024/2025 Tracka Report

Tracka, BudgIT’s service delivery promotion platform, which allows citizens...

Transcorp, DMO, MTN, Dangote Cement, CardinalStone, among Winners at NGX Made of Africa Awards

Transnational Corporation Plc, the Debt Management Office, CardinalStone, Chapel...

NGX Group, SEC, Nigeria Police Force Collaborate on Capital Market Integrity

Nigerian Exchange Group Plc (NGX Group) has hosted a...

Union Bank Staff Celebrates Induction by ARCON

L-R: (Front Row Seated) Chief Brand and Marketing Officer,...

Topics

Capacity Building: Polaris Bank Empowers over 5,000 Journalists Pan-Nigeria in 10 Years

Polaris Bank Limited has empowered more than 5,000 journalists...

Royal Exchange Reports N8.43bn Premium in 6 Months

Royal Exchange Plc, one of Nigeria’s premier insurance and financial services group, has announced that it has generated a Gross Written Premium of N8.43 billion from its business activities in the first half of the 2016 financial year, representing an increase of 34 percent over the figure of 2015, which stood at N6.28 billion.

World Bank Report: Remittances to Developing Nations Hits $432bn in 2015

The World Bank in its report entitled “Migration and Development:...

Saudi Arabia: Expect Crude $60 Oil by Year End

That's what powerful new Saudi Energy Minister, Khalid Al...

INEC Ready for Election as Yakubu Arrives Awka, Meets Anambra Police Chief

L-R: Commssioner of Police, Anambra State, Mr. Echeng E....

NCC: Nigeria to Achieve 50% Broadband Target by End 2023

L-R: Director, Public Affairs, Nigerian Communications Commission (NCC), Reuben Muoka; Chairman, Nigerian Union...

Justus Uranta: Celebrating ICON of Insurance Industry in Nigeria

When Sir (Dr) Justus Uranta bowed out of office...
spot_img

Related Articles

Popular Categories

spot_imgspot_img