Veritas Kapital Assurance Plc has reported 46 per cent increase in its Profit After Tax from N570.4 million in 2021 to N833.6 million in its 2022 audited financial statement.
The insurance company’s Managing Director, Mr Kenneth Egbara, said this in a statement made available on Tuesday in Lagos.
Egbera stated that the insurer increased its Profit Before Tax by 169 per cent year-on-year, from N344.43 million in 2021 to N825.9 million in 2022.
It also increased its underwriting profit by N169.23 million, from N1.28 billion in 2021 to N1.45 billion in 2022.
He disclosed that the underwriting firm’s gross premium written declined by 26 per cent year-on-year, while its net premium income increased by N60.9 million to N3.0billion from N2.94billion, indicating a two per cent rise.
The Managing Director explained that the year-on-year decline on its gross premium was due to lower return premiums in the Agric business, which was influenced by a shift in climate conditions.
In line with its mantra of “Enhanced Shareholder Value,” Egbaran said the company increased its shareholders’ fund by N1.86 billion to N12.66 billion from N10.80 billion.
He noted that the figure represented a 17 per cent increase year-on-year, while the group’s total assets increased by N947 million to N17.51 billion from N16.56 billion, indicating a six per cent year-on-year increase.
In another development, Egbaran said the insurance company in continuation of its Corporate Social Responsibility (CSR) presented cheques of N450,000 to the top three winners of its maiden Insurance Quiz Challenge for exceptional students in Nigeria’s tertiary institutions.
Veritas Kapital Assurance is a Nigerian insurance company which offers non-life insurance products and services including Marine Insurance, Aviation, Engineering, Oil and Gas, Auto and Home Insurance to individuals and institutions across Nigeria.