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Veritas Kapital Assurance reports a 287% increase in profit

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Veritas Kapital Assurance grows profit by 287

In 2023, Veritas Kapital Assurance Plc saw its profit after tax rise by 287 per cent to N2.177bn, compared to N562.7m in the previous year.

The company revealed this in a statement on its financial outcomes for the fourth quarter of 2023.

 This extraordinary financial performance was attributed to the company’s unwavering dedication to enhancing shareholder value and refining its business offerings to provide a seamless customer experience.

The company’s net insurance and investment also increased by 505 per cent to N3.99bn from N659.9m in 2022.

Expressing satisfaction with the company’s phenomenal financial accomplishments, the Managing Director and Chief Executive Officer of Veritas Kapital Assurance, Dr. Adaobi Nwakuche, credited the success to strategic investment and prudent underwriting decisions which yielded positive returns, particularly evident in the substantial leap in investment income year-on-year.

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

 The Executive Director of Operations, Mr. Sunkanmi Adekeye, highlighted key financial metrics, indicating a 33 per cent increase in total assets from N17.338bn to N23.0bn during the period under review.

Shareholders’ funds also significantly grew, rising from N12.6bn to N14.74bn, reflecting a 17 per cent 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 firm asserted.

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