Veritas Kapital Assurance Plc has recorded a profit after tax of N4.91 billion for the half year ended June 30, 2024. This represents an increase of 630 per cent compared to the N672.4 million recorded in the corresponding period of 2023.

Dr Adaobi Nwakuche, Managing the Director of Veritas Kapital, revealed this in the half-year financial report of the insurance firm sent to the Nigerian Exchange Ltd. (NGX) on Wednesday in Lagos.

Nwakuche stated that the insurer’s net insurance and investment results grew by 425 per cent from N1.243 billion posted in the first half of 2023 to N6.523 billion in the period under review.

She mentioned that insurance revenue also experienced a significant boost, increasing by 350 per cent to N9.908 billion in the ongoing year from N2.201 billion posted as of June 30, 2023.

According to her, the gross written premium improved by 330 per cent from N2.921 billion recorded in the first half of 2023 to N12.574 billion in the corresponding period of the year.

Nwakuche noted that the company’s key financial metrics indicated a 41 per cent increase in the group’s total assets, rising from N24.641 billion in the first half of 2023 to N34.828 billion in the corresponding period of 2024.

The managing director highlighted that shareholders’ funds also rose from N16.369 billion in the first half of 2023 to N21.553 billion in the first half of 2024, reflecting a 32 per cent increase.

She said: “This unprecedented financial success underscores Veritas Kapital Assurance’s unwavering commitment to delivering unparalleled value to its stakeholders. “Our record-breaking results in the first half of 2024 are a testament to our strategic vision, operational efficiency, and dedication to our clients and stakeholders.