An underwriting firm, Veritas Kapital Assurance has said revealed plans to be among the top five quoted general insurance firms in the Nigerian market through sustainable premium revenue growth by the end of 2025.
The insurer at a media briefing in Lagos, also said that it has developed a new roadmap for raising and operating with adequate capital to drive its businesses profitably in the market.
Speaking at the meeting, the Managing Director/Chief Executive Officer of the underwriter, Dr. Adaobi Nwakuche, added that the insurer is obliged to policyholders always to settle genuine claims timely.
Nwakuche, who also highlighted the financial performance of the underwriter, said it achieved 41 per cent rise in the total assets of the group from N24.641 billion in 2023 to N34.828 billion in 2024 and N16.369 billion in shareholders’ funds in 2023 to N21.553 billion in 2024, representing an increase of 32 per cent in the same period of H1 2024, while the Gross Written Premium (GWP) went up by 330 per cent to N12.574 billion compared to N2.921 billion in H1 2023.
According to her the revenue also rose from N2.201 billion in H1 2023 to N9.908 billion in H1 2024, an increase of 350 per cent while the net insurance and investment income had a growth rate of 425 per cent to N6.523 billion in H1 2024 from N1.243 billion in the same period of 2023.
Nwakuche attributed the company’s performance in H1 2024 to the company’s people development program in terms of competence and productivity, enhanced retail platform, enhanced brand visibility, robust technology infrastructure deployment, and the enduring culture of corporate excellence at the firm.
Also speaking at the meeting, the Executive Director. Operations, Sunkanmi Adekeye, said, the underwriter has concluded arrangement to grow market share and be one of the top companies to reckon with in the market.
