Half Year: Veritas Kapital’s post-tax profit up 630% to N4.91bn

Veritas Kapital Assurance Plc has recorded a profit after tax of N4.91 billion for the half year ended June 30, 2024.

This represents an increase of 630 per cent compared to the N672.4 million recorded in the corresponding period of 2023.

Dr Adaobi Nwakuche, Managing the Director of Veritas Kapital, revealed this in the half-year financial report of the insurance firm sent to the Nigerian Exchange Ltd. (NGX) on Wednesday in Lagos.

Nwakuche stated that the insurer’s net insurance and investment results grew by 425 per cent from N1.243 billion posted in the first half of 2023 to N6.523 billion in the period under review.

She mentioned that insurance revenue also experienced a significant boost, increasing by 350 per cent to N9.908 billion in the ongoing year from N2.201 billion posted as of June 30, 2023.

According to her, the gross written premium improved by 330 per cent from N2.921 billion recorded in the first half of 2023 to N12.574 billion in the corresponding period of the year.

Nwakuche noted that the company’s key financial metrics indicated a 41 per cent increase in the group’s total assets, rising from N24.641 billion in the first half of 2023 to N34.828 billion in the corresponding period of 2024.

The managing director highlighted that shareholders’ funds also rose from N16.369 billion in the first half of 2023 to N21.553 billion in the first half of 2024, reflecting a 32 per cent increase.

She said: “This unprecedented financial success underscores Veritas Kapital Assurance’s unwavering commitment to delivering unparalleled value to its stakeholders.

“Our record-breaking results in the first half of 2024 are a testament to our strategic vision, operational efficiency, and dedication to our clients and stakeholders.

“This growth underscores Veritas Kapital Assurance’s capability to generate significant value for its investors while maintaining financial stability and resilience.

“The insurance company’s exceptional financial performance continues to demonstrate its ability to navigate challenging economic conditions effectively.”

According to her, the company’s steadfast commitment to excellence and a customer-centric approach has reinforced its position as a leading player in the Nigerian insurance industry.

According to her, Veritas Kapital is poised for continued growth and success.

The managing director said the company’s strong financial health, innovative strategies, and dedication to excellence position it well for sustained value creation for all stakeholders.

She added that the underwriter’s clients and stakeholders can confidently rely on its financial strength and commitment to safeguarding their interests as a trusted partner in the Nigerian insurance landscape.