This exceptional performance was disclosed by Nahim Ibraheem, the esteemed Chairman of Veritas Kapital’s Board of Directors, during the company’s 47th Annual General Meeting (AGM) held recently in Abuja.
Ibraheem emphasized that this remarkable achievement reflects the company’s unwavering dedication to enhancing shareholder value and revolutionizing its business offerings and brands.
Veritas Kapital remains committed to delivering an unparalleled customer experience, ensuring the utmost satisfaction and loyalty of its valued clientele.
“During the year under review, your company also remained resilient by recording 67 per cent growth in Gross Premium to N7.298 billion from N4.369 billion in 2022.
“Insurance revenue also grew by 41 percent to N7.1 billion in 2023 from N5.04 billion in 2022.
“Also showcasing resilience, the company’s Profit Before Tax (PBT) grew to N2.417 billion in 2023 from N221.5 million in 2022, a growth rate of 991 percent,” he explained.
Despite the challenging global and domestic economic climate, the Chairman acknowledged the leadership’s efforts in navigating the company through these difficulties during the reporting period.
“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.
“In the domestic economy, a keyword that continued to make the rounds in policy, business and consumer circles in 2023 was inflation.
“High inflation in 2023,according to analysts, was largely precipitated by the sweeping market reforms being implemented by the current administration since transition to new government in May 2023.
“From domestic standpoint, removal of fuel subsidy, which caused the price of petrol to rise by 220 percent in November 2023, as well as the depreciation of the Naira by over 50 per cent also contributed to it.
“Despite the limitation in consumer spending, the Nigerian insurance sector continued to showcase its resilience.
“According to the National Insurance Commission (NAICOM), the industry crossed the N1 trillion premium forecast in full-year 2023, compared to N726 billion recorded in 2022, a growth of 27 per cent,” he said.
The Managing Director of Veritas Kapital Assurance, Dr. Adaobi Nwakuche, conveyed her deep satisfaction with the company's performance during the recent period.
She credited the achievements to strategic business decisions, particularly in prudent underwriting and investments, which have yielded significant returns.
Dr. Nwakuche noted that the company is enhancing its commercial relationships with major players in vital sectors such as oil and gas and aviation to secure lucrative opportunities.
Shareholders present at the AGM praised the board and management for their unwavering commitment to guiding the company towards profitability, even amidst the economic challenges currently confronting businesses in Nigeria.