Veritas Kapital Insurance Pays N1.3bn Claims In H1’24

 

Harboursandport.com: Lagos - Veritas Kapital Assurance Plc says it paid claims of N1.3 billion in the first half of 2024, H1’24.

Managing Director/CEO of the company, Dr. Adaobi Nwakuche who disclosed this during a press briefing at the head office in Lagos, noted that the company has an obligation to policyholders to always settle genuine claims.

Veritas Kapital Assurance MD/CEO, Nwakuche

Nwakuche stated that profit after tax increased by 630 per cent to N4.9 billion in H1’24, from N672.4 million recorded in H1’23, adding that the company is aiming to increase its premium and market share before the end of 2024 financial year.

To achieve this, she noted that the company would enhance its retail platform, brand visibility and technology infrastructure in the final quarter of the year.

According to her, the company will also focus on expanding its presence in aviation, oil and gas, special risks, and motor insurance.

She said: “The insurance company is growing its production to become one of the top five leading insurance companies by 2025.

Veritas Kapital’s financial performance in the first half of 2024, with a 425 per cent increase in net insurance and investment results and a 350 per cent revenue boost, supports its ambitious growth plans.

The company’s Gross Written Premium (GWP) also saw a substantial improvement of 330 per cent, reaching N12.574 billion in the first half of 2024 compared to N2.921 billion in the same period last year.

Its shareholders’ funds also rose from N16.369 billion in half year 2023 to N21.553 billion in half year 2024, reflecting a 32 per cent increase.

Nwakuche attributed the company’s impressive performance to well-executed strategies and expressed confidence in Veritas Kapital’s ability to become a leading insurance company in Nigeria with a global presence.