BY NKECHI NAECHE-ESEZOBOR—Shareholders of Veritaskapital, have applauded the performance of the Company for the financial year ended December 31,2024 as it posted revenue of N23.3 billion, indicating 228% growth from N7.1 billion in 2023.
The shareholders at the company’s 48th Annual General Meeting, held in Abuja, gave the commendation and endorsed all resolutions proposed at the meeting.
Mr. Patrick Ajudua, a shareholder, commended the company for their prompt payment of claims while also appealing to the company to also ensure the early conduct of their AGM in the interest of shareholders.
He expressed optimism that the company would become one of the five leading insurance companies in the country post-recapitalization.
He also commended the company for the high number of female representatives on its board.
Another shareholder, Chief Essien Peters, said he was attracted to the company and decided to invest due to their high earnings per share, dividend payment policy, and prompt payment of their dividends.
He also appealed to the company to revive its culture of payment of dividends to encourage more shareholders to invest in the company.
The shareholders also elected the former Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Mr. Babatunde Irukera, as the Chairman of the Board of Directors of the company.
Irukera’s election followed an unanimous decision by the shareholders
Addressing some issues raised by the shareholders, Irukera assured them that his leadership would ensure they were treated equally and fairly.
On the ongoing recapitalization drive in insurance industry, Irukera described the move as essential to strengthening the sector.
He, however, assured shareholders that the company would carefully navigate the process to ensure no investor was disadvantaged
On the payment of dividends, Irukera assured shareholders that the new management of the company would ensure the prompt payment of their dividends.
“Even prior to recapitalization , we have been on a high-speed train on being able to pay dividends. We are working up to the point that you will receive your dividends.”
Strong 2024 Financial Performance
In her remarks, Dr. Adaobi Nwakuche, Managing Director/CEO of the company, said revenue rose to N23.3 billion from N7.1 billion reported in the previous year of 2023, indicating 228% growth.
While total assets grew by 60% to N33billion as against N20.66 billion in 2023 while gross premium of the company went up to N23.69 billion from N7.298, indicating a growth of 225%.
Due to significant claims of N3,698 billion paid by the company from its special risk portfolio in 2024, its Profit Before Tax (PBT) and Profit After Tax (PAT) came down by 161%, 170% respectively.
Looking ahead
Despite this, she expressed confidence in the company’s ability to drive growth and profitability.
“As a going concern, Veritas Kapital Assurance Plc remains dedicated and steadfast in achieving its goal of being the Underwriter of choice in the Nigerian insurance market.”
About Veritas Kapital Assurance Plc
Veritas Kapital Assurance Plc is one of the leading insurance companies formerly known as UnityKapital Assurance Plc. The company offers non-life insurance products and services to individuals and institutions across Nigeria.
