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
spot_img
spot_img

Hot this week

Insurance Meets Tech 5.0 Now Holds on November 20, 2026

Insurance Meets Tech (IMT), Nigeria’s leading platform for conversations...

Sanwo-Olu, Lai Mohammed, Gbenga Daniel to Discuss 2027 Elections, Insecurity at 7th Freedom Online Lecture

Challenges facing the economy and insecurity, especially associated with...

AXA Mansard Intensifies Hepatitis Awareness with Free Community Screening

As part of efforts to promote preventive healthcare and...

Heirs Insurance Group Celebrates 1,000 Retirees at Lagos Meeting

Heirs Insurance Group, Nigeria's fastest-growing insurance group, reaffirmed its...

NLNG, Petroleum Ministry Inspect Train 7 Project Site in Bonny

From left are Dagogo Buowari, Manager, Nigerian Content Development,...

Topics

NITDA Reworks Certification of Indigenous OEMS

The management of the National Information Technology Development Agency...

Market Statistics: Wednesday, 15th November 2017

Market Cap (N'bn)                12,673.2 Market...

Nigeria Drives 23m Units African Smartphone Market in Qtr3

While market saturation and U.S.–China tensions are placing the...

Jumia Launches Jumia Bot, Nigeria’s First E-commerce Bot

True to its mission of expanding horizons, Jumia introduced...

GDP Contracts 1.3% in Q4: 2016; February PMI Data Shows Further Weakness

The National Bureau of Statistics (NBS) released Q4:2016 GDP...

A Vote for New NNPC

Change is constant! More importantly, positive change in a contemporary society is the ultimate goal of every community or nation. In Nigeria today, the one change that every lover of this country desires is that of the Nigerian National Petroleum Corporation (NNPC).

MENA Reinsurance Market Under Pressure Over Mixed Earnings

Reinsurance markets in the Middle East and North Africa...

Sustained Sell-offs Drag Equities Market… ASI Down 56bps

The downward trend in the equities market continued following price...
spot_img

Related Articles

Popular Categories

spot_imgspot_img