BY NKECHI NAECHE- ESEZOBOR-Veritas Kapital Assurance Plc, has recorded an impressive 991% growth in its Profit Before Tax (PBT) for the financial year ended 31st December, 2023.
The Chairman of the company, Mr Nahim Ibraheem, disclosed this during the company’s 47th Annual General Meeting (AGM), held recently in Abuja.
According to him PBT appreciated to N2.417 billion in 2023 when compared to N221.5 million achieved in the previous year of 2022.
Showcasing resilience,the insurance company grew its revenue by 41% to N7.1 billion in 2023 when compared to N5.04 billion recorded in 2022.
He also noted that Gross Premium rose to N7.298 billion from N4.369 billion recorded in 2022, this indicating 67% growth.
The insurer’s Net Profit was not left out as it increased from N193.93 million for the previous year to N2.33 billion in the year under review.
He attributed the performance of the the company as a reflection of the company’s unwavering commitment to enhancing shareholders’ value and revolutionising its business offerings and brands to deliver a consummate customer experience.
He however, noted that negative global and domestic economic realities were some challenges the leadership of the company had to contend with in steering affairs of the company during the period under review.
“Dubbed the year of resilience by analysts and economic observers alike, the growth of global economy in 2023 was indeed nothing short of miraculous, as elevated inflation and other aggressive headwinds diminished global economic growth.
Commenting, Dr. Adaobi Nwakuche, Managing Director of the company, expressed profound satisfaction with the company’s performance within the period.
She attributed the success to strategic business decisions of judicious underwriting and investments, highlighting the substantial returns generated by these choices.
She said the company was strengthening commercial contacts with significant and key companies in critical sectors such as oil and gas and aviation to attract profitable business from the sectors.
Meanwhile, Shareholders who attended the AGM, extoled the company’s board and management for remaining focused and dogged in steering the company to profitability despite the current economic challenges facing businesses in Nigeria.
