Veritas Kapital Assurance Plc, one of the fastest-growing insurance companies in the Nigerian insurance sector, has unveiled its audited financial results for the year ended December 31, 2023, showcasing a spectacular surge in profitability.
The company’s IFRS 17-compliant financial statement revealed an astounding 1101% increase in profit after tax, skyrocketing from N193.93 million in 2022 to a remarkable N2.33 billion in 2023. This monumental year-on-year growth of N2.14 billion sets a new benchmark in the industry.
This performance underscores Veritas Kapital Assurance’s unwavering commitment to enhancing shareholder value and revolutionizing its business offerings to deliver an unparalleled customer experience.
The net insurance and investment results soared by an impressive 163%, leaping from N1.46 billion in the previous year 2022 to N3.84 billion in 2023. Moreover, the company’s insurance revenue experienced a substantial 41% rise, growing from N5.05 billion in 2022 to N7.10 billion in 2023, an increase of N2.06 billion.
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Dr. Adaobi Nwakuche, Managing Director/CEO of Veritas Kapital Assurance Plc, expressed profound satisfaction with the company’s astronomical financial achievements.
She attributed the success to strategic business decisions of judicious underwriting and investments, highlighting the substantial returns generated by these choices.
“The impressive growth in our financial metrics underscores our strategic focus on sustainable growth and value creation for our stakeholders,” said Dr. Nwakuche.
“Our commitment to smart underwriting and investments has yielded significant returns, reinforcing our position as a leading insurance provider in Nigeria.”
Dr Adaobi highlighted the strong financial performance with the group’s total assets increasing from N17.25 billion in 2022 to N24.64 billion in 2023 which is a 43% growth. Shareholders’ funds also grew by 31% from N12.46 billion in 2022.to N16.37 billion in 2023.
Veritas Kapital Assurance’s remarkable financial performance in 2023 demonstrates its resilience in navigating challenging economic conditions.
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