Veritas Kapital Assurance Plc has disclosed that it paid N1.3bn in claims for the period ending June 2024 (H1 2024), demonstrating its commitment to timely and satisfactory claim settlements for its clients.
The company’s profit increased from N672.4m in H1 2023 to N4.908bn in H1 2024, reflecting a remarkable year-on-year growth.
The Managing Director and CEO of the company, Dr. Adaobi Nwakuche shared these updates during a media briefing held at the company’s office in Lagos.
During this period, the net insurance and investment results experienced substantial growth of 425 per cent, rising from N1.24bn in the same period last year (2023) to N6.52bn in 2024.
Additionally, insurance revenue saw a significant increase of 350 per cent, growing from N2.20bn in 2023 to N9.91bn in 2024.
Furthermore, the Gross Written Premium (GWP) showed a notable improvement of 330 per cent, increasing from N2.92bn in 2023 to N12.57bn in 2024.
Nwakuche further emphasized the company’s performance, highlighting a 41 per cent increase in the group’s total assets, which rose from N24.64bn in 2023 to N34.83bn in 2024.
Shareholders’ funds also saw significant growth, increasing from N16.37bn in 2023 to N21.55bn in 2024, reflecting a 32 per cent rise.
“During this period, we have paid claims amounting to N1.3bn as of June 30, 2024,” stated Nwakuche.
Describing the financial results as extraordinary, she added, “The ongoing quarter will be even more impressive.”
Looking to the future, Nwakuche outlined the company’s strategies to enhance its production capacity, aiming to secure a position among the top five insurance companies by the end of 2025.
Veritas Kapital Assurance Plc plans to expand its market share, improve customer service, and upgrade its technology infrastructure to deliver superior service.
“We aim to establish a strong presence in various sectors, including aviation, oil and gas, and motor insurance, among others,” Nwakuche explained.
She emphasized the company’s commitment to being customer-centric, stating, “We take our customers very seriously.
This focus is part of the strategy that has brought us to where we are today. We have refined our processes, turnaround times, and service delivery to meet the needs of our customers and stakeholders in the industry.”