Wednesday, May 20, 2026
26.9 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

Nnamdi Azikiwe University Students Clinch ₦5m Top Prize at Heirs Insurance Hackathon Competition

Winners of the 2026 Heirs Insurance Hackathon from Nnamdi...

Leadway Assurance Claims Payout of N137bn in 2025 Reinforces Market Leadership, Customer Trust

Against the backdrop of a challenging yet progressively stabilising...

AIICO Deepens Commitment to Education, Capacity Development with Upgrade of CIFM Learning Hall

AIICO Insurance Plc, one of Nigeria’s leading insurance and...

Repton GMD Underlines Diligence, Determination in Goal Realisation

L-R: Otunba Odeyeyiwa Kazeem Olayemi, GMD/CEO Repton Group, Keynote...

CIG Motors: Pay ₦3m For a Brand New Car in May Splash Promo on Electric, Petrol Vehicles

New campaign introduces EasyPay auto-financing, major discounts and nationwide...

Topics

Aiteo Founder, Peters, Wins Forbes Oil & Gas Leader of the Year Award 2018

R-L: Benedict Peters, Founder of AITEO Group receiving the...

Investor Confidence: Stanbic IBTC Holdings Surpasses ₦100 Stock Price Threshold

Stanbic IBTC Holdings Plc has achieved a remarkable milestone,...

Swiss Re Misses $1.3bn Expected Profit in 2019

Reinsurer, Swiss Re reported weekend a smaller-than-expected profit in...

Allianz Nigeria Unveils Funeral Insurance Plan for Family Protection

L-R: Abimbola Lawson, Chief Operating Officer; Afolabi Lawal, Chief...

Invitation to Business Journal 2nd Annual Lecture/Awards 2019

The Board, Management & Staff of Business Journal (print...

FG Tackles CBN, NTA over Un-remitted N450bn

The Federal Ministry of Finance has announced the constitution...

ITU Unveils Guidelines to Help Countries Develop Telecom Plans

In the face of the global coronavirus crisis, as...

World Bank: ‘End Cycle of Poverty Now’

The social status of one’s parents is as influential...
spot_img

Related Articles

Popular Categories

spot_imgspot_img