Underwriting firm, Veritas Kapital Assurance Plc has recorded a 117 percent year-on-year increase in profit after tax (PAT) at the end of third quarter 2024, growing from N697.8 million in Q3 2023 to N2.339 billion.
This substantial growth, the Company said reflects its focused strategy on enhancing operational efficiency, shareholder value, and delivering an exceptional experience for its customers.
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The results highlight Veritas Kapital’s robust financial foundation, with significant year-on-year growth in key metrics.
Net insurance and investment results increased by 168 percent, reaching N4.030 billion, while insurance revenue expanded by a notable 425 percent, moving from N3.068 billion to N16.099 billion.
Gross Premium Written (GPW) also saw an impressive uptick, climbing from N4.087 billion in Q3 2023 to N18.540 billion in Q3 2024, marking a positive trajectory in the company’s financial health and market standing.
Adaobi Nwakuche, managing director/CEO of Veritas Kapital Assurance, attributed this success to the company’s continuous efforts to adapt to industry demands and prioritize customer and stakeholder satisfaction.
“Our impressive Q3 results demonstrates the strength and resilience of our strategy in delivering value to our stakeholders, even amid challenging economic conditions,” she said.
Nwakuche, echoed these sentiments, noting a 69 percent increase in the group’s total assets, reaching N41.580 billion, and an 18 percent rise in shareholders’ funds, now at N19.235 billion. These results reinforce Veritas Kapital Assurance’s standing as a stable and trusted player in the Nigerian insurance sector.
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With its strong financial footing, Veritas Kapital Assurance remains dedicated to maintaining its leadership in the market while continuing to secure the interests of its clients and stakeholders. As the company builds on these achievements quarter on quarter, clients can expect steadfast dedication to excellence and commitment to sustainable growth.
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