Thursday, November 7, 2024
25.5 C
Lagos

Veritas Kapital Assurance Reports 117% Profit Growth in Q3 2024, Underscoring Resilience, Strategic Excellence

Veritas Kapital Assurance Plc has announced a remarkable financial performance in the third quarter of 2024, achieving a 117% year-on-year increase in profit after tax, growing from ₦697.8 million in Q3 2023 to an impressive ₦2.339 billion this year 2024.

This substantial growth reflects the company’s focused strategy on enhancing operational efficiency, shareholder value, and delivering an exceptional experience for its customers.

The results highlight Veritas Kapital’s robust financial foundation, with significant year-on-year growth in key metrics. Net insurance and investment results increased by 168%, reaching ₦4.030 billion, while insurance revenue expanded by a notable 425%, moving from ₦3.068 billion to ₦16.099 billion. Gross Premium Written (GPW) also saw an impressive uptick, climbing from ₦4.087 billion in Q3 2023 to ₦18.540 billion in Q3 2024, marking a positive trajectory in the company’s financial health and market standing.

Dr. Adaobi Nwakuche, Managing Director/CEO of Veritas Kapital Assurance, attributed this success to the company’s continuous efforts to adapt to industry demands and prioritise customer and stakeholder satisfaction.

“Our impressive Q3 results demonstrate the strength and resilience of our strategy in delivering value to our stakeholders, even amid challenging economic conditions,” she said.

Nwakuche, echoed these sentiments, noting a 69% increase in the group’s total assets, reaching ₦41.580 billion, and an 18% rise in shareholders’ funds, now at ₦19.235 billion. These results reinforce Veritas Kapital Assurance’s standing as a stable and trusted player in the Nigerian insurance sector.

With its strong financial footing, Veritas Kapital Assurance remains dedicated to maintaining its leadership in the market while continuing to secure the interests of its clients and stakeholders.

As the company builds on these achievements quarter on quarter, clients can expect steadfast dedication to excellence and commitment to sustainable growth.

spot_img
spot_img
spot_img

Hot this week

Awele Elumelu Seeks Increased Female Leadership in Insurance Sector

L-R: Lady Margaret Moore, President, Africa Insurance Women Association...

NCDMB ES, Lagos Gov Commission Bell Oil and Gas’ Pipe Threading, Valve Assembly Plant

A multi-million-dollar pipe threading and valve assembly facility built...

Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

Polaris Bank's commitment to digital innovation and excellence has...

SUNU Nigeria’s Free Mammogram/Breast cancer Screening Receives Positive Feedback

SUNU Assurances Nigeria Plc, a leading insurance company and...

MTN Nigeria Targets N50bn from Debt Market after N515bn Net Loss

MTN Nigeria has announced a plan to raise up...

Topics

Stanbic IBTC: N30m Cash Prize for Customers in Reward4Saving Promo

Emmanuel Aihevba, Head, Main Market Clients, Stanbic IBTC Bank...

NCC: Telecom Sector Contribution to GDP Rose to 13.5% in Q4, 2022

  The Nigerian Communications Commissions (NCC) says the contribution of...

Universal Insurance to Host Brokers on April 26

Benedict Ujoatuonu Managing Director/Chief Executive Officer Universal Insurance Plc Universal...

Africa Pension Awards 2016: Call for Nomination

African countries now have the platform to showcase their...

Fitch Ratings: LG – Improved Financials in Midst of Present Risks

­Fitch Ratings says LG Electronics still faces an unfavourable...

Gombe State, Simba TVS to Empower Residents with 1000 Tricycles

The Gombe State Government has commenced moves to improve...

Market Statistics Monday, 9th January, 2017

Market Cap (N'bn)              ...
spot_img

Related Articles

Popular Categories

spot_imgspot_img