Veritas Kapital Earns N2.33bn Profit in 2023
Veritas Kapital Assurance Plc. has recorded an increase in its Profit After Tax(PAT) from N193.93 million in year 2022 to N2.33 billion for the financial year ended Dec.31, 2023.
The insurance company revealed this in a statement made available to newsmen on Friday in Lagos.
The company, having complied its financial statement with the IFRS 17-standard, recorded monumental year-on-year growth of N2.14 billion to set a new benchmark in the industry.
The insurer stated that its net insurance and investment results soared by an 163 per cent, leaping from N1.46 billion in the previous year to N3.84 billion in 2023.
The underwriter’s revenue also rose by 41 per cent, from N5.05 billion in 2022 to N7.10 billion in 2023, representing N2.06 billion increase.
Commenting, Dr Adaobi Nwakuche, Managing Director/CEO of Veritas Kapital Assurance, expressed profound satisfaction with the company’s astronomical financial achievements.
Nwakuche attributed the phenomenal success of the firm to strategic business decisions of judicious underwriting and investments,which generated substantial returns.
She noted that this exceptional financial performance underscores the insurance firm’s unwavering commitment to enhancing shareholder value and revolutionising its business offerings to deliver an unparalleled customer experience.
“The impressive growth in our financial metrics underscores our strategic focus on sustainable growth and value creation for our stakeholders.
“Our commitment to smart underwriting and investments has yielded significant returns, reinforcing our position as a leading insurance provider in Nigeria,” she said.
According to her, as part of the insurer’s strong financial performance, its group’s total assets increased from N17.25 billion in 2022 to N24.64 billion in 2023, indicating 43 per cent growth.
The managing director stated that the underwriter’s shareholders’ funds also grew by 31 per cent, from N12.46 billion in 2022 to N16.37 billion in 2023.
Nwakuche noted that Veritas Kapital’s remarkable financial performance in year 2023 demonstrated its resilience in navigating challenging economic conditions.
She added that the company’s steadfast dedication to delivering value and ensuring the security of its customers’ interests solidifies its position as a dominant force in the Nigerian insurance industry.
The managing director said: “As Veritas Kapital continues to build on its formidable financial foundation, clients and stakeholders can confidently rely on its financial strength and unwavering commitment to excellence.
“The company’s dedication to providing comprehensive insurance solutions makes it a trusted partner in safeguarding its customers’ and stakeholders’ interests.
“This extraordinary performance not only highlights Veritas Kapital’s financial triumphs but also serves as an inspirational beacon of strategic vision and resilience in the face of economic adversity,” she said. #Veritas Kapital Earns N2.33bn Profit in 2023
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