The earnings of Veritas Kapital Assurance Plc, an insurance company in Nigeria rose to N5.67 billion in the first three months of the year, its highest profit in at least ten years, according to an analysis of its financial report.
According to an analysis of the company’s results, this indicates a 1,407 percent rise from N367 million reported in Q1 2023. The rise in profit reflects Veritas Kapital insurance revenue (Gross Written Premium), which saw an increase of 280 percent, climbing to N6.37 billion in Q1 2024 from N1.68 billion reported in Q1 2023.
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Adaobi Nwakuche, managing director/chief executive officer of Veritas Kapital Assurance Plc, said, “The remarkable growth in insurance revenue and profitability highlights the company’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.”
Further analysis of the financial statement disclosed that the company also reported a 716 percent increase in insurance service results (underwriting profit), from N260.42 million in Q1 2023 to N2.13 billion in Q1. Similarly, the net insurance and investment result demonstrated a 1,001 percent growth to N6.96 billion in the first three months from N631.61 million in the corresponding period of last year.
Regarding its financial stability and growth, Veritas Kapital Assurance also reported a 33 percent increase in total assets, expanding to N32.77 billion in Q1 from N24.64 billion in Q1 2023.
Meanwhile, shareholders’ funds experienced substantial growth during the period, rising to N22.04 billion in Q1 from N16.37 billion in Q1 2023, a 35 percent increase.
Nwakuche added that the substantial growth in total assets and shareholders’ funds reflects the company’s financial health and ability to generate value for shareholders. “By maintaining a strong balance sheet and investing in growth opportunities, Veritas Kapital Assurance continues to strengthen its position as a market leader in the insurance industry,” she said.
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The company disclosed that its Q1 2024 underscores the success of its strategic initiatives and the hard work of its 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,” the CEO added.
