Veritas Kapital Assurance Plc Records Over N1bn Profit

Veritas Kapital Assurance Plc, an insurance group, has recovered from a loss of N170.378m it recorded in the first half of 2022 to a profit after tax of N1.09bn in the same period of 2023.

The company's unaudited financial statement for the fiscal year ended June 30, 2023, which was submitted with the Nigerian Exchange Limited, indicated this.

The exceptional result, according to the insurance business, showed the group's strong financial strategy, steadfast dedication to excellence, and unwavering commitment to producing value for its stakeholders.

When compared to the same time the previous year, the group's net insurance and investment results increased by 679%.

Its capital from investors has also grown by N979.7 million. Also, the group's total assets increased by N3.75 billion, reaching N21.4 billion, a 21% gain in the first six months of 2023.

Kenneth Egbaran, Managing Director/Chief Executive Officer of Veritas Kapital Assurance, underlined the company's strategic and prudent investment decisions in his remarks on the H1 results.

He stated that the achievements were an appreciation of the company's continuous pursuit of excellence and dedication to providing its clients with a smooth and customer-centric experience.

“We are thrilled to witness the tangible outcomes of our strategic initiatives and prudent investments," Egbaran stated.

“Veritas Kapital Assurance remains steadfast in its mission to be one of the leading insurance companies in Nigeria, while continuously delivering exceptional value to our shareholders, clients, and partners.”