Monday, February 23, 2026
26 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

Mutual Benefits Begins 2026 with ₦5.9bn January Claims Settlement

Mutual Benefits Assurance Plc, a leading Nigerian insurance company,...

Unity, Providus Banks Merger a Done Deal as Integration Progresses

Following the recently held Court-Ordered Meeting and subsequent overwhelming...

NCC Seeks Stakeholders’ Input on National Telecoms Policy Review 

The Nigerian Communications Commission (NCC) has called on interested...

CBN Chief, Olayemi Cardoso, Tasks Central Banks, DFIs on Africa’s Growth

The Governor of the Central Bank of Nigeria, Mr....

NCC Management Hosts ATCON EXCO on Courtesy Visit

L- R: Abraham Oshadami, Executive Commissioner Technical Services, Nigerian...

Topics

Sterling Bank Champions Cancellation of Transfer Charges

In a landmark move that sets a new benchmark...

Market Statistics: Thursday, 12th October 2017

Market Cap (N'bn)              12,643.9 Market...

Dotun Adesua Symposium Paves Way for Nigeria’s Creative Industry Advancement

L - R: President and Chairman, Governing Council of...

Bearish Performance Extends into 2nd Consecutive Session…ASI Down 61bps

Yesterday, the bearish performance in the local bourse was...

NGX Group Applauds German Govt, DEG for Commitment to Sustainability

Nigerian Exchange Group Plc (NGX Group) has lauded the...

FG Committed to Passage of Petroleum Industry Bill, says Osinbajo

The Vice President, Prof. Yemi Osinbajo says the present...

ETA-Zuma Plans 300 MW Coal-fired Plant in Nigeria

Miner ETA-Zuma announced it plans to build a 300...

Stanbic IBTC Bank to Boost Entrepreneurship with 2024 Edition of SME Training

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img