Veritas Kapital Assurance Plc attains 1101% growth in profit in 2023: A triumph of strategic vision and resilience

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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 exceptional financial 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.

Dr. Adaobi Nwakuche, Managing Director/CEO of Veritas Kapital Assurance Plc, expressed profound satisfaction with the company’s astronomical financial achievements. She attributed this phenomenal 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 N16.37 billion in 2023

Veritas Kapital Assurance’s remarkable financial performance in 2023 demonstrates its resilience in navigating challenging economic conditions. The company’s steadfast dedication to delivering value and ensuring the security of its customers’ interests solidifies its position as a dominant force in the Nigerian insurance industry.

As Veritas Kapital Assurance continues to build on its formidable financial foundation, clients and stakeholders can confidently rely on its financial strength and unwavering commitment to excellence.

The company’s dedication to providing comprehensive insurance solutions makes it a trusted partner in safeguarding its customers’ and stakeholders’ interests.

This extraordinary performance not only highlights Veritas Kapital Assurance’s financial triumphs but also serves as an inspirational beacon of strategic vision and resilience in the face of economic adversity.

For more information on Veritas Kapital Assurance’s 2023 financial performance, please visit Veritas Kapital Assurance Website.

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