Wednesday, April 30, 2025
32.1 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

emPLE Unveils BETA Life: A Three-in-One Endowment Plan for Smarter Savings and Protection

emPLE Life Assurance Limited has announced the launch of...

STI CEO, Soyinka, Lauds Nigerian Workers on May Day

As the world marks this year’s edition of Workers’...

NGX Group, Min of Industry, Trade and Investment, Collaborate to Advance Economic Transformation

Nigerian Exchange Group Plc (NGX Group) recently hosted the...

Inspenonline Summit to Stimulate Interest for Good Retirement

The 2025 Inspenonline Retirement Summit is aimed at stimulating...

Banks, Telecoms, Mobility Brands Dominate Q1 2025 Media Performance Charts

Following the Central Bank of Nigeria’s directive to harmonize...

Topics

Christmas: Access Bank Unveils Season of Rewards to Excite Customers

Santa came early for Access Bank customers as the...

Broadband-N400bn GDP Growth Dividend for Nigeria

Nigeria is set to reap Gross Domestic Product (GDP) growth dividend of over N400 billion via Broadband by 2018 if the various stakeholders in the ICT industry get their acts together. Mr. Mathew Willsher, Chief Executive Officer, Etisalat Nigeria, painted the rosy picture at the Commonwealth Broadband Forum 2015 hosted by the Nigerian Communications Commission (NCC) in Abuja. “Broadband is clearly no longer just a service but a critical economic enabler. It is therefore important that all stakeholders take necessary action to ensure that Nigeria’s Broadband is developed to its full potential.

Online Voting Commences for Nominees of Nigerian Healthcare Excellence Award 2023

Online voting has commenced for the Nigerian Healthcare Excellence Award...

Embracing Healthy Food Culture in Nigeria

By Reginald Onabu Culture separates, yet connects, the world. People...

Stanbic IBTC: ‘Most Outstanding Commercial Bank Brand in Nigeria’

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC...

CIIN: Insurance Industry Partnership with Media Should Drive Economic Growth

ADDRESS BY SIR MUFTAU O. OYEGUNLE CHAIRMAN, INSURANCE INDUSTRY...

NTITA: NCC, Danbatta Bag Fresh Awards for Broadband Development

L-R: Akin Naphtal, Chief Executive Officer, InstictWave; Prof. Umar...

AMCON to Disengage Non-performing AMPs over N740bn Debt

Mr. Ahmed Kuru, Managing Director/CEO, Asset Management Corporation of...
spot_img

Related Articles

Popular Categories

spot_imgspot_img