Veritas Kapital Assurance Plc, one of Nigeria’s reputable insurance companies, has announced its financial results for the first quarter of 2024, revealing an extraordinary surge in Insurance revenue (Gross Written Premium), insurance service results (Underwriting profit), and overall profitability.
Insurance revenue, saw a remarkable increase of 280%, climbing from ₦1.68 billion in Q1 2023 to ₦6.37 billion in Q1 2024.
The company also reported a phenomenal 716% increase in insurance service results (Underwriting profit), from ₦260.42 million in Q1 2023 to an impressive ₦2.13 billion in Q1 2024.
Additionally, profit after tax experienced a historic rise, from ₦376.18 million in Q1 2023 to an astronomical ₦5.67 billion in Q1 2024, reflecting a year-on-year growth of ₦5.29 billion.
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The net insurance and investment results were equally impressive, demonstrating a 1001% growth. This figure surged from ₦631.61 million in the corresponding period last year 2023 to an extraordinary ₦6.96 billion in Q1 2024.
In terms of financial stability and growth, Veritas Kapital Assurance also reported a 33% increase in total assets, expanding from ₦24.64 billion in Q1 2023 to ₦32.77 billion in Q1 2024. Shareholders’ funds also experienced substantial growth, rising from ₦16.37 billion in Q1 2023 to ₦22.04 billion in Q1 2024, a 35% increase.
Dr. Adaobi Nwakuche, Managing Director/CEO of Veritas Kapital Assurance Plc, attributed this exceptional Q1 2024 performance to strategic leadership, innovative insurance solutions, and a dedicated workforce.
“Our outstanding Q1 2024 results underscore the success of our strategic initiatives and the hard work of our team. We have made significant strides in enhancing our service delivery and expanding our market presence, and these results are a testament to our commitment to excellence,” she said.
The growth in insurance revenue and profitability highlights Veritas Kapital Assurance’s ability to adapt to market demands and deliver innovative insurance solutions that meet the evolving needs of its clients.
The company’s focus on customer satisfaction, risk management, and investment strategies has played a pivotal role in achieving these milestones.
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