Veritas Kapital to boost premium, expand market reach

Veritas Kapital Assurance Plc says it is aiming to increase its premium and market share before the end of 2024 financial year.

The Managing Director, Veritas Kapital, Dr Adaobi Nwakuche said this in an interview with our reporter in Lagos, on Tuesday.

To achieve this, she noted that the company woud enhance its retail platform, brand visibility and technology infrastructure in the final quarter of the year.

According to her, the company will also focus on expanding its presence in aviation, oil and gas, special risks, and motor insurance.

“The insurance company is growing its production to become one of the top five leading insurance companies by 2025,” Nwakuche said.

It was reported that as at the close of trading at the Nigerian Exchange Ltd.(NGX) on Monday, Veritas Kapital traded at N1.29 per share with market capitalisation of N17.89 billion.

It posted a profit after tax of N4.91 billion for the half year ended June 30, 2024, compared to N672.4 million recorded in the corresponding period in 2023.

Veritas Kapital’s financial performance in the first half of 2024, with a 425 per cent increase in net insurance and investment results and a 350 per cent revenue boost, supports its ambitious growth plans.

The company’s Gross Written Premium (GWP) also saw a substantial improvement of 330per cent, reaching N12.574 billion in the first half of 2024 compared to N2.921 billion in the same period last year.

The company’s key financial metrics indicated a 41 per cent increase in the group’s total assets, rising from N24.641 billion in third quarter 2023 to N34.828 billion in the corresponding period 2024.

Its shareholders’ funds also rose from N16.369 billion in half year 2023 to N21.553 billion in half year 2024, reflecting a 32 per cent increase.

Nwakuche attributed the company’s impressive performance to well-executed strategies and expressed confidence in Veritas Kapital’s ability to become a leading insurance company in Nigeria with a global presence.