Q3 2024: Veritas Kapital Grows Profit by 117% to N2.34bn
Veritas Kapital Assurance Plc has grown its profit after tax to N2.339 billion for third quarter 2024 financial year.
The figure represents a 117 per cent increase, year-on-year, from the N697.8 million re-recorded in the same period of 2023.
Dr Adaobi Nwakuche, Managing Director, Veritas Kapital Assurance, said this in a statement on Monday in Lagos.
Nwakuche said that the underwriter’s net insurance and investment results for the quarter under review increased by 168 per cent, reaching N4.030 billion.
She stated that the insurance revenue of the company expanded by 425 per cent, from N3.068 billion posted in third quarter of 2023 to N16.099 billion in 2024.
According to her, the insurance company’s Gross Premium Written (GPW) also climbed N18.540 billion in the quater assessed, from N4.087 billion reported in the corresponding quarter.
Nwakuche added that Veritas Kapital recorded 69 per cent increase in the group’s total assets, reaching N41.580 billion and 18 per cent rise in shareholders’ funds, to stand at N19.235 billion.
The managing director noted that this marked a positive trajectory in the company’s financial health and market standing.
Nwakuche said that the substantial growth reflected the company’s focused strategy on enhancing operational efficiency, shareholder value and delivering an exceptional experience for its customers.
She added that the results highlight Veritas Kapital’s robust financial foundation, with significant year-on-year growth in key metrics.
The managing director attributed the success recorded to the company’s continuous efforts to adapt to industry demands and prioritise customer and stakeholder satisfaction.
“Our impressive third quarter results demonstrate the strength and resilience of our strategy in delivering value to our stakeholders, even amid challenging economic conditions.
“These results reinforce Veritas Kapital Assurance’s standing as a stable and trusted player in the Nigerian insurance sector.
“With its strong financial footing, Veritas Kapital Assurance remains dedicated to maintaining its leadership in the market, while continuing to secure the interests of its clients and stakeholders.
“As the company builds on these achievements quarter-on-quarter, clients can expect steadfast dedication to excellence and commitment to sustainable growth,”she said. #Q3 2024: Veritas Kapital Grows Profit by 117% to N2.34bn#
