VERITAS KAPITAL ASSURANCE POSTS 1,101% PROFIT GROWTH AMID STRATEGIC EXPANSION
Detailed Breakdown:
Profit Surge:
Veritas Kapital Assurance achieved an extraordinary 1,101% increase in its net profit for the 2023 fiscal year. The company’s profit skyrocketed from N193.93 million in 2022 to N2.33 billion in 2023.
Growth in Premiums:
The company reported a significant growth of 67% in gross premium, with the figure rising to N7.298 billion in 2023 from N4.369 billion in 2022. Insurance revenue also saw a boost, increasing by 41% to N7.1 billion from N5.04 billion the previous year.
Profit Before Tax:
Veritas Kapital's profit before tax experienced a 991% increase, reaching N2.417 billion compared to N221.5 million in 2022.
Chairman’s Statement:
At the company’s 47th annual general meeting, Chairman of Veritas Kapital, Nahim Ibraheem, attributed the company's impressive performance to a focus on enhancing customer experience and adapting strategies to meet market demands. Despite global and domestic economic challenges, including high inflation and market disruptions, the company’s commitment to improving shareholder value played a key role in its success.
Managing Director’s Remarks:
The Managing Director, Dr. Adaobi Nwakuche, expressed satisfaction with the company’s strong performance. She highlighted the company's focus on building strategic relationships, particularly in key sectors such as oil, gas, and aviation, to attract more profitable business.
Recovery from Losses:
In a striking recovery, Veritas Kapital Assurance bounced back from a N170.378 million loss in the first half of 2022 to post a N1.09 billion profit after tax in the corresponding period of 2023. This remarkable turnaround underscores the effectiveness of the company’s strategic decisions and investments.
Veritas Kapital continues to show resilience, with strong growth across key financial metrics, despite global and local economic challenges.
Detailed Breakdown:
Profit Surge:
Veritas Kapital Assurance achieved an extraordinary 1,101% increase in its net profit for the 2023 fiscal year. The company’s profit skyrocketed from N193.93 million in 2022 to N2.33 billion in 2023.
Growth in Premiums:
The company reported a significant growth of 67% in gross premium, with the figure rising to N7.298 billion in 2023 from N4.369 billion in 2022. Insurance revenue also saw a boost, increasing by 41% to N7.1 billion from N5.04 billion the previous year.
Profit Before Tax:
Veritas Kapital's profit before tax experienced a 991% increase, reaching N2.417 billion compared to N221.5 million in 2022.
Chairman’s Statement:
At the company’s 47th annual general meeting, Chairman of Veritas Kapital, Nahim Ibraheem, attributed the company's impressive performance to a focus on enhancing customer experience and adapting strategies to meet market demands. Despite global and domestic economic challenges, including high inflation and market disruptions, the company’s commitment to improving shareholder value played a key role in its success.
Managing Director’s Remarks:
The Managing Director, Dr. Adaobi Nwakuche, expressed satisfaction with the company’s strong performance. She highlighted the company's focus on building strategic relationships, particularly in key sectors such as oil, gas, and aviation, to attract more profitable business.
Recovery from Losses:
In a striking recovery, Veritas Kapital Assurance bounced back from a N170.378 million loss in the first half of 2022 to post a N1.09 billion profit after tax in the corresponding period of 2023. This remarkable turnaround underscores the effectiveness of the company’s strategic decisions and investments.
Veritas Kapital continues to show resilience, with strong growth across key financial metrics, despite global and local economic challenges.