Lagos, Aug. 8, 2023: Veritas Kapital Assurance Plc, on Tuesday, said that its group’s total assets increased by 21 per cent to N21.4 billion in the first half of the year.
The Managing Director of the insurance company, Mr Kenneth Egbaran, stated this in a statement made available to newsmen in Lagos.
Egbaran said there was a surge in the company’s total assets by N3.75 billion in the period under review, reflecting a remarkable increase.
He said that the insurer’s group shareholders’ value recorded a significant increase of N0.97 billion in the shareholders’ funds, to reach N13.5 billion in the period under review.
Egbaran stated that the group’s net insurance and investment result experienced an impressive growth of 679 per cent, compared to the same period in the previous year, to further solidify its position as a key player in the industry.
According to him, the group’s Profit After Tax (PAT) indicated an unprecedented growth of 740 per cent, compared to the same period last year.
The managing director attributed the remarkable results to the company’s strategic and prudent investment decisions.
“This outstanding achievement highlights the group’s robust financial strategies, steadfast commitment to excellence and unwavering dedication to creating value for its stakeholders.
“The financial result for Q2 2023 has been exceptional for Veritas Kapital Assurance and underscores its position as a front-runner in the insurance sector.
“The result is a testament to the company’s relentless pursuit of excellence and its commitment to delivering a seamless and customer-centric experience to its clients,” he said.
According to him, the insurance firm remains steadfast in its mission to be one of the leading insurance companies in Nigeria.
Egbaran said that the company would continuously deliver exceptional value to its shareholders, clients and partners.
He said that the company’s relentless pursuit of growth and innovation had led to substantial financial gains.
The managing director noted that the firm’s relentless pursuit had solidified the insurer’s reputation as a trusted partner for individuals and businesses seeking bespoke insurance solutions.
