Insurance group, Veritas Kapital Assurance Plc, has rebounded from a loss of N170.378m in the first half of 2022 to a profit after tax of N1.09bn in the corresponding period of 2023.

This was revealed in the company’s unaudited financial statement for the period ended June 30, 2023, which was filed with the Nigerian Exchange Limited.

According to the insurance firm, the outstanding achievement highlighted the group’s robust financial strategies, steadfast commitment to excellence, and unwavering dedication to creating value for its stakeholders.

The group’s net insurance and investment results experienced a growth of 679 per cent compared to the same period in the previous year.

Its shareholders’ fund also increased by N979.7m. Similarly, the total assets of the group appreciated by N3.75bn, reaching a total of N21.4bn, marking a 21 per cent increase in the first six months of 2023.

In his comments on the H1 results, the Managing Director/Chief Executive Officer, of Veritas Kapital Assurance, Kenneth Egbaran, highlighted the company’s strategic and prudent investment decisions.

He emphasised that the results were a testament to the company’s relentless pursuit of excellence, and its commitment to delivering a seamless and customer-centric experience to its clients.

Egbaran said, “We are thrilled to witness the tangible outcomes of our strategic initiatives and prudent investments.

“Veritas Kapital Assurance remains  steadfast in its mission to be one of the leading insurance companies in Nigeria, while continuously delivering exceptional value to our shareholders, clients, and partners.”