Veritas Kapital Assurance Plc, has shot into the bright space of unprecedented financial success with a calibrated performance of 630% year-on-year half year profit after tax result of 2024. The trail blazer performance saw the company’s profit grew from N672.4 million in H1 2023 to N4.908bn in H1 2024.
In a terse remark on the performance the Managing Director/CEO at Veritas Kapital Dr. Adaobi Nwakuche said Veritas Kapital “is the fastest growing insurance company right now.”
The financials of the company show that net insurance and investment results grew by 425%, a diagonal leap from N1.243bn in the same period last year (2023) to N6.523 bn in 2024. Insurance revenue also experienced a rising wave performance, increasing by 350% from N2.201bn in 2023 to N9.908bn in 2024. Moreover, the Gross Written Premium (GWP) showed a substantial 330% improvement, rising from N2.921bn in 2023 to N12.574bn in 2024.
Dr. Adaobi Nwakuche, explains the workings behind the ‘huge success,’ “Our record-breaking results in H1 2024 are a testament to our strategic vision, operational efficiency, and dedication to our clients and stakeholders.”
Cursory look at the financials show emphatic trend of uptick in stability and resilience, a 41% increase in the group’s total assets, rising from N24.641bn in 2023 to N34.828bn in 2024. Shareholders’ funds also experienced substantial growth, rising from N16.369bn in 2023 to N21.553bn in 2024, reflecting a 32% increase.
The performance has put the company the strategic billboard of companies to watch and the stream of approvals is not enough to cause the insurer rest on its oars but its steadfast, committed to excellence and customer-centric and maintain its position as a leading player in the Nigerian insurance industry.
