Underwriter eyes top five insurance positions

An underwriting firm, Veritas Kapital Assurance, has laid out plans to join 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 additional capital to drive its businesses profitably in the market.

Speaking at the meeting, the Managing Director 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 a 41 per cent rise in the total assets from N24.641 billion in H1 2023 to N34.828 billion in 2024.

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 saw a growth rate of 425 per cent to hit N6.523 billion in H1 2024, from N1.24 billion in the same period of 2023.

Nwakuche attributed the company’s performance in H1 2024 to a people development programme in terms of competence and productivity, enhanced retail platform, enhanced brand visibility, robust technology infrastructure deployment and culture of corporate excellence.

Also speaking at the meeting, the Executive Director of Operations, Sunkanmi Adekeye, said the underwriter has concluded an arrangement to grow market share and be one of the top companies to reckon with in the market.

He said the company is not only aiming to be a global player but wants to domesticate global standards in the local market.