Cynthia Ezekwe
Veritas Kapital Assurance Plc has announced a profit after tax (PAT) of N4.9 billion for the first half of 2024, representing a 630 percent increase from the N672.4 million PAT recorded in the same period of 2023.
Adaobi Nwakuche, managing director/CEO of the company, disclosed this during a media briefing at the head office in Lagos, noting that the company paid claims of N1.3 billion in the first half of 2024, H1’24, while reiterating the company’s commitment to genuinely settle the claims of policyholders.
Bolstered by ambitious growth plans and an unwavering focus on profitability, Veritas Kapital Assurance saw its financial performance soar in the first half of 2024, with a 425 percent increase in net insurance and investment results and an equally impressive 350 percent jump in revenue.
The company’s gross written premium (GWP) saw a substantial growth of 330 percent, reaching N12.574 billion in the first half of 2024 compared to N2.921 billion in the same period last year. Its shareholders’ funds also rose from N16.369 billion in half year 2023 to N21.553 billion in half year 2024, reflecting a 32 percent increase.
Nwakuche credited the company’s strong performance to successful execution of strategic initiatives and expressed confidence in the company’s ability to rise to the top of Nigeria’s insurance industry and establish a global presence.
The Veritas Kapital MD outlined the company’s ambition to expand its premium and market share before the close of the 2024 financial year. To achieve this, she stated that the company would prioritise the enhancement of its retail platform, brand visibility, and technological infrastructure in the fourth quarter of the year.
In Nwakuche’s vision for the future of Veritas Kapital, the company would cement its position among the top five insurance companies in Nigeria by 2025, propelled by an aggressive expansion into lucrative sectors such as aviation, oil and gas, special risks, and motor insurance.
