Veritas Kapital achieves over 100% profit growth to N2.33bn

Veritas Kapital Assurance has reported a N2.33bn net profit for the 2023 fiscal year, a 1,101 percent growth from N193.93 million in the previous year.

The Chairman of Veritas Kapital’s Board of Directors, Nahim Ibraheem, disclosed this at the company’s 47th annual general meeting in Abuja, according to a statement.

He attributed the performance to the company’s commitment to enhancing shareholder value and innovating its business offerings.

“This year’s results reflect our dedication to improving customer experience and adapting our strategies to market demands,” he stated.

The company also achieved a 67 per cent growth in gross premium, reaching N7.298bn compared to N4.369bn in 2022.

Insurance revenue grew by 41 per cent to N7.1bn from N5.04bn the previous year.

Also, the company’s profit before tax saw an increase of 991 per cent to N2.417bn from N221.5m in 2022.

Despite the growth, Ibraheem acknowledged the challenges posed by global and domestic economic conditions, stating, “The global economy faced severe headwinds in 2023, including elevated inflation and market disruptions.

“In Nigeria, high inflation, driven by market reforms and the removal of fuel subsidies, significantly impacted the economic landscape.”

The Managing Director of Veritas Kapital Assurance Plc, Adaobi Nwakuche, who assumed office last year, expressed satisfaction with the company’s performance and attributed the success to strategic business decisions and investments.

“We are focused on strengthening relationships with key sectors such as oil, gas, and aviation to attract profitable business,” she said.

Veritas Kapital Assurance recovered from a loss of N170.378m in the first half of 2022 to N1.09bn profit after tax in the corresponding period of 2023.