• Wednesday, May 22, 2024
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Veritas Kapital’s after-tax profit triples in 2023

Veritas Kapital’s after-tax profit triples in 2023

Veritas Kapital, a Nigerian-based insurance company, has recorded a 287 percent rise in its after-tax profit of N2.18 billion last year from N562.7 million in 2022.

This was revealed in the company’s latest financial statements. The company’s net insurance and investment also rose by 505 percent to N3.99 billion from N659.9 million in 2022.

Adaobi Nwakuche, managing director and CEO of Veritas Kapital Assurance, expressed satisfaction with the company’s surge in financial achievements.

She said the achievement is a strategic investment and prudent underwriting decision, emphasising the positive returns generated by those choices, particularly evident in the substantial leap in investment income year-on-year.

“The company remained dedicated to maintaining its position as a leading insurance provider in Nigeria and is committed to delivering value to all stakeholders,” she said.

Adaobi Nwakuche, executive director of operations, said key financial metrics indicated a 33 percent increase in total assets from N17.34 billion to N23.0 billion during the period under review.

Shareholders’ funds also grew from N12.6 billion to N14.74 billion, revealing a 17 percent increase.

“Veritas Kapital Assurance’s robust financial performance in 2023 demonstrates its resilience in navigating challenging economic conditions. The company’s unwavering commitment to delivering value and ensuring the security of its customers’ interests positions it as a dominant player in the Nigerian insurance industry,” the statement said.