BY NKECHI NAECHE- ESEZOBOR–With its business driven by up-to-the-minute technology, Veritas Kapital, whose head office is located at Plot 497, Abogo Largema Street, Off Constitution Avenue, Central Business District(CBD), Abuja, and branches across major cities in Nigeria, has grown to become a strong, reliable, and trustworthy brand in the Insurance market.
Operational Model
Veritas Kapital was registered as a General Business Company and this move was ratified and approved by the National Insurance Commission, (NAICOM) and offers non-life (General) insurance products and services to individuals and institutions across Nigeria which covers the protection of customers’ assets and indemnification of the other parties that have suffered damages as a result of customer’s accident.
Whilst also offering medical insurance solutions and pension fund administration through its two subsidiaries HealthCare Security Limited (94%) and Veritas Pensions Limited (70%), the company was listed on the Nigerian Stock Exchange in November 2009 and has a market capitalisation in excess of N7billion.
It prides itself on operational excellence which can be directly attributed to our highly competent workforce, as it is positioned to meet the dynamic needs of various customers as well as provide tailored solutions to emerging challen
ges in the years ahead.
Board Composition
Its business is driven by up-to-the-minute technology; managed by accomplished
professionals; and led by a vibrant and resourceful board of directors.
The affairs of the company is being directed by the able leadership of Dr.Adaobi Nwakuche, who is the managing director/ CEO of the company.
In her position as MD/CEO of Veritas Kapital Assurance Plc, Dr. Adaobi is responsible for the overall day-to-day management of the company and its operations, geared towards ensuring profitability and long-term value creation for shareholders.
Nwakuche is a seasoned insurance professional, who brings to the fore, over Twenty-Five (25) years of distinguished and hands-on service encompassing; but not limited to, Execution and management of strategic partnerships and alliances; Deal structuring and contract negotiations; Channel development and marketing; and team development and leadership. All were acquired across several leading national organisations.
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A seasoned business executive with an enviable track record of achieving exceptional results, Adaobi earned her first degree in Government and Public Administration from Abia State University. She furthered her education by earning an MBA in Business Administration from ESUT Business School.
She has a Doctorate in Insurance and risk. Mgt and Corporate Governance from the prestigious European American University. She is also a member of the Chartered Insurance institute of Nigeria (CIIN), and the Chartered Insurance Institute, UK(CII).
Adaobi is an Alumnus of Harvard Kennedy School and Lagos Business School. She has attended various national and international executive-level training programs and seminars.
Mission & Vision & Core Values
While its mission is to help its stakeholders have peace of mind, its vision is to be one of the Top Insurance Companies of choice in Africa.
It’s core values are; Teamwork, Integrity, proactiveness, professionalism, Service Excellence, Respect, Responsibility, Shareholders’ value.
Financial Performance
Veritas Kapital Assurance financial results for the financial year ended 2023 was impressive, showcasing a remarkable surge in profitability.
The company reported a staggering 1,101% increase in Net profit soaring from N193.93 million for the previous year to N2.33 billion.
Showcasing resilience,the insurance company grew its revenue by 41 percent to N7.1 billion in 2023,from N5.04 billion recorded in 2022.
Profit Before Tax (PBT) rose to N2.417 billion in 2023 from N221.5 million in 2022 while Gross Premium appreciated by 67 per cent to N7.298 billion from N4.369 billion in 2022.
Veritas Kapital is growth-oriented, with impressive share price gains and offers a stable, higher dividend yield.
The company is performing well above inflation, making it a good investment options in the current economic environment.
