Veritas Kapital Assurance Records 287% Increase In Profit

By Clement Alphonsus
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Dr Adaobi Nwakuche (Managing Director and Chief Executive Officer of Veritas Kapital Assurance)

Veritas Kapital Assurance Plc has disclosed that its profit after tax improved by 287 per cent to N2.177bn in 2023 compared to N562.7m in the prior year.

This was disclosed by the firm in a statement on its financial results for the fourth quarter of 2023.

It noted that the better-than-expected financial performance is due to its steadfast commitment to enhancing shareholder value and refining business offerings to provide a seamless customer experience.

The Managing Director and Chief Executive Officer of Veritas Kapital Assurance, Dr Adaobi Nwakuche, applauded the company’s outstanding financial achievements.

She said, “The company remained dedicated to maintaining its position as a leading insurance provider in Nigeria and is committed to delivering value to all stakeholders."

The Executive Director of Operations, Mr Sunkanmi Adekeye, on his part, explained the key financial metrics, indicating a 33 per cent increase in total assets from N17.338bn to N23.0bn during the period under review.

Shareholders’ funds also increased significantly, rising from N12.6bn to N14.74bn, reflecting a 17 per cent increase.

The firm said, “Veritas Kapital Assurance’s robust financial performance in 2023 demonstrates its resilience in navigating challenging economic conditions. The company’s unwavering commitment to delivering value and ensuring the security of its customers’ interests positions it as a dominant player in the Nigerian insurance industry."