Veritas Kapital Assurance PLC, one of Nigeria’s leading insurance firms, has announced an impressive 1,101% increase in net profit, reaching N2.33 billion for the 2023 fiscal year, up from N193.93 million in 2022.
At the company’s 47th Annual General Meeting (AGM) held in Abuja, Chairman of the Board, Mr. Nahim Ibraheem, attributed the remarkable growth to Veritas Kapital’s strategic focus on enhancing shareholder value and transforming its business operations to deliver superior customer experiences.
“In 2023, the company demonstrated resilience, achieving a 67% increase in Gross Premium, rising from N4.369 billion in 2022 to N7.298 billion. Insurance revenue also climbed by 41% to N7.1 billion, up from N5.04 billion the previous year,” Ibraheem stated. He further highlighted that Profit Before Tax (PBT) surged by 991%, reaching N2.417 billion, compared to N221.5 million in 2022.
Despite global and domestic economic challenges, including high inflation and significant market reforms, the Nigerian insurance industry remained resilient. "The sector surpassed the N1 trillion premium mark in 2023, a 27% growth from N726 billion in 2022," Ibraheem noted.
Dr. Adaobi Nwakuche, Managing Director of Veritas Kapital, expressed satisfaction with the company’s performance, attributing the success to prudent underwriting, strategic investments, and stronger commercial ties with key sectors like oil and gas and aviation.
Shareholders at the AGM praised the board and management for steering the company through challenging economic conditions, maintaining profitability in a tough business climate.
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