Veritas Kapital Assurance Plc has announced a remarkable financial performance in the third quarter of 2024, achieving a 117% year-on-year increase in profit after tax, growing from ₦697.8 million in Q3 2023 to an impressive ₦2.339 billion this year 2024.
This substantial growth reflects the company’s focused strategy on enhancing operational efficiency, shareholder value, and delivering an exceptional experience for its customers.
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%, reaching ₦4.030 billion, while insurance revenue expanded by a notable 425%, moving from ₦3.068 billion to ₦16.099 billion.
Gross Premium Written (GPW) also saw an impressive uptick, climbing from ₦4.087 billion in Q3 2023 to ₦18.540 billion in Q3 2024, marking a positive trajectory in the company’s financial health and market standing.
Dr. 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 demonstrate the strength and resilience of our strategy in delivering value to our stakeholders, even amid challenging economic conditions,” she said.
Dr Nwakuche, echoed these sentiments, noting a 69% increase in the group’s total assets, reaching ₦41.580 billion, and an 18% rise in shareholders’ funds, now at ₦19.235 billion. These results reinforce Veritas Kapital Assurance’s standing as a stable and trusted player in the Nigerian insurance sector.
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.