The Managing Director/CEO of Veritas Kapital Assurance Plc, Dr. Adaobi Nwakuche, announced during a recent press briefing in Lagos that the company expects its financial performance in 2024 to significantly improve compared to its already impressive half-year results.
Key Points:
1. Half-Year Financial Growth:
– Veritas Kapital Assurance Plc achieved a 630% increase in profit after tax, rising from NGN 672.4 million in H1 2023 to NGN 4.91 billion in H1 2024.
– Net insurance and investment results grew by 425%, from NGN 1.243 billion in H1 2023 to NGN 6.523 billion in H1 2024.
– Insurance revenue surged by 350%, increasing from NGN 2.20 billion in 2023 to NGN 9.91 billion in 2024.
– The Gross Written Premium also grew by 330%, from NGN 2.92 billion in 2023 to NGN 12.57 billion in 2024.
2. CEO’s Comments on Performance:
– Dr. Nwakuche acknowledged that the impressive results were the outcome of strategic implementations and hinted at further improvements in the upcoming quarters.
– The company is focused on growing its market share by increasing premiums and improving customer-centric processes, which have already shown positive results.
3. Future Strategies:
– The company aims to enhance its retail platform and brand visibility, particularly in the last quarter of the year.
– Veritas Kapital is upgrading its technology infrastructure to provide better services.
– The firm targets becoming a market leader in the Nigerian insurance sector, with aspirations to be among the top five companies by the end of 2025.
4. Executive Director’s Input:
– Sunkanmi Adekeye, Executive Director of Operations, emphasized the growth across all nine business lines and highlighted the firm’s proactive approach to recapitalization ahead of the anticipated Insurance Reform Bill.