LAGOS, Nigeria ( VOICE OF NAIJA)-Veritas Kapital Assurance Plc has reported an increase in post-tax profit to N2.75 billion in 2023, up by N2.04 billion from N712.43 million in the previous year.
This information was revealed in the company’s IFRS 17-compliant audited financial results for the year ending December 31, 2023, submitted to the Nigerian Exchange Limited.
Commenting on the results, Veritas Kapital Assurance Plc‘s Managing Director/Chief Executive Officer, Dr. Adaobi Nwakuche, credited the performance to strategic business decisions involving prudent underwriting and investments, which led to substantial returns.
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“The impressive growth in our financial metrics underscores our strategic focus on sustainable growth and value creation for our stakeholders. Our commitment to smart underwriting and investments has yielded significant returns, reinforcing our position as a leading insurance provider in Nigeria,” said Nwakuche.
She noted the robust financial performance, with the group’s total assets increasing by 43 percent to N24.68 billion from N17.25 billion in 2022.
Shareholders’ funds also saw a 31 percent increase, rising from N12.46 billion in 2022 to N16.37 billion in 2023.
The company’s insurance revenue grew by 41 percent, climbing from N5.05 billion in 2022 to N7.10 billion in 2023.