Veritas Kapital’s Profitability Rises To N4.9bn In H1

Veritas Kapital Assurance Plc, has unveiled its financial results for the half year of 2024, again revealing an incredible increase in profit after tax of 630 per cent.

Veritas Kapital Assurance Plc,’s profit grew from N672.4 million in H1 2023 to an astounding N4.908 billion in H1 2024, marking an extraordinary year-on- year growth.

This unprecedented financial success underscores Veritas Kapital Assurance’s unwavering commitment to delivering unparalleled value to its stakeholders.

The net insurance and investment results saw a remarkable growth of 425 per cent, leaping from N1.243 billion in the same period last year (2023) to N6.523 billion in 2024. Insurance revenue also experienced a significant boost, increasing by 350% from N2.201 billion in 2023 to N9.908 billion in 2024. Moreover, the Gross Written Premium (GWP) showed a substantial 330% improvement, rising from N2.921 billion in 2023 to N12.574 billion in 2024.

The managing director/CEO of Veritas Kapital Assurance, Dr. Adaobi Nwakuche, therefore, expressed immense pride in the company’s outstanding financial performance, saying, “Our record-breaking results in H1 2024 are a testament to our strategic vision, operational efficiency, and dedication to our clients and stakeholders.”

Further highlighting the company’s robust performance, key financial metrics indicate a 41 per cent increase in the group’s total assets, rising from N24.641 billion in 2023 to N34.828 billion in 2024. Shareholders’ funds also experienced substantial growth, rising from N16.369 billion in 2023 to N21.553 billion in 2024, reflecting a 32 per cent increase.

This growth, she stressed, underscores Veritas Kapital Assurance’s capability to generate significant value for its investors while maintaining financial stability and resilience.

Veritas Kapital Assurance’s exceptional financial performance continues to demonstrate its ability to navigate challenging economic conditions effectively.

The company’s steadfast commitment to excellence and customer-centric approach has reinforced its position as a leading player in the Nigerian insurance industry.

Looking ahead, she said, Veritas Kapital Assurance is poised for continued growth and success even as the company’s strong financial health, innovative strategies, and dedication to excellence, position it well for sustained value creation for all stakeholders.