Veritas Kapital Assurance, one of Nigeria’s leading insurance companies, has reported an impressive 1,101% increase in net profit for the 2023 fiscal year, marking a jump from N193.93 million in 2022 to an astounding N2.33 billion. This record-breaking performance was announced during the company’s 47th Annual General Meeting (AGM) held in Abuja, where shareholders lauded the company’s leadership for its remarkable achievement despite tough economic conditions.
Addressing the AGM, Mr. Nahim Ibraheem, Chairman of the Board of Directors, attributed the success to the company’s dedication to delivering shareholder value while enhancing its business offerings to improve the customer experience. “This performance reflects our commitment to revolutionizing our services and brands, ensuring that we remain competitive in the ever-evolving insurance landscape,” he said.
The company’s Gross Premium recorded a 67% increase, rising from N4.369 billion in 2022 to N7.298 billion in 2023, while insurance revenue also grew by 41% to N7.1 billion. Profit Before Tax (PBT) surged by an astonishing 991%, moving from N221.5 million in 2022 to N2.417 billion in 2023.
While Mr. Ibraheem acknowledged the global and domestic economic challenges, including high inflation and the sweeping market reforms introduced by the Nigerian government in 2023, he praised the resilience of the insurance sector. “Despite inflationary pressures and the removal of fuel subsidy, which saw the price of petrol rise by 220% and the depreciation of the Naira by over 50%, Veritas Kapital has shown remarkable resilience,” Ibraheem said.
The Nigerian insurance industry overall also experienced robust growth, with the National Insurance Commission (NAICOM) reporting that the sector surpassed the N1 trillion premium mark in 2023, representing a 27% increase from the previous year.
Dr. Adaobi Nwakuche, Managing Director of Veritas Kapital Assurance Plc, expressed immense satisfaction with the company’s performance, attributing the impressive results to strategic decisions on underwriting and investments. “We have continued to strengthen our commercial relationships with major players in critical sectors like oil and gas and aviation, driving profitable business growth,” Nwakuche stated.
Shareholders in attendance at the AGM commended the board and management for their strategic focus, praising their determination to lead the company to profitability amid challenging economic conditions. Veritas Kapital’s 2023 success story has reinforced the company’s position as a key player in Nigeria’s insurance landscape, setting a high bar for the industry in the years to come.
