Veritas Kapital records over N1bn profit

<p>Insurance group, Veritas Kapital Assurance Plc, has rebounded from a loss of N170.378m in the first half of 2022 to a profit after tax of N1.09bn in the corresponding period of 2023.</p>, <p>This was revealed in the company’s unaudited financial statement for the period ended June 30, 2023, which was filed with the Nigerian Exchange Limited.</p>, <p>According to the insurance firm, the outstanding achievement highlighted the group’s robust financial strategies, steadfast commitment to excellence, and unwavering dedication to creating value for its stakeholders.</p>, <p>The group’s net insurance and investment results experienced a growth of 679 per cent compared to the same period in the previous year.</p>, <p>Its shareholders’ fund also increased by N979.7m. Similarly, the total assets of the group appreciated by N3.75bn, reaching a total of N21.4bn, marking a 21 per cent increase in the first six months of 2023.</p>, <p>In his comments on the H1 results, the Managing Director/Chief Executive Officer, of Veritas Kapital Assurance, Kenneth Egbaran, highlighted the company’s strategic and prudent investment decisions.</p>, <p>He emphasised that the results were a testament to the company’s relentless pursuit of excellence, and its commitment to delivering a seamless and customer-centric experience to its clients.</p>, <p>Egbaran said, “We are thrilled to witness the tangible outcomes of our strategic initiatives and prudent investments.</p>, <p>“Veritas Kapital Assurance remains steadfast in its mission to be one of the leading insurance companies in Nigeria, while continuously delivering exceptional value to our shareholders, clients, and partners.”</p>